Our take: SoFi® offers some of the best private student loans available, particularly for graduate students—and especially as Grad PLUS loans are being eliminated. We’ve also named SoFi the best student loan refinance company this year.
Private Student Loans
- Rewards for good gradesⓘ
- Competitive starting APRs
- Flexible repayment options
- Wide range of grad school loan options
- Short cosigner release period availableⓘ
- Lowest rate only available by utilizing all available discounts
- Max repayment term capped at 15 years
| Fixed Rates (APR) | 4.13% – 17.99% with autopay |
| Variable Rates (APR) | 4.13% – 17.99% with autopay |
| Loan amounts | $1,000 up to the total cost of education |
| Repayment terms | 5, 7, 10, or 15 years |
Refinance Student Loans
- Competitive starting APRs
- Flexible repayment options
- Available for wide range of student debt types
- No origination, prepayment, or late payment fees
- No cosigner release
- Minimum borrowing amount of $5,000
- Lowest rate only available by utilizing all available discounts
| Fixed Rates (APR) | 4.49% – 9.99% with all discounts |
| Variable Rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
SoFi private student loans
Undergraduate loans
What to know
Undergraduate students can apply fee-free for a SoFi student loan in minutes, and students who maintain a 3.0 GPA or higher get a cash bonus to a SoFi bank account of up to $250.ⓘ
- No origination fees, prepayment fees, or late fees
- Cosigner release available after 12 consecutive months of on-time paymentsⓘ
- Four repayment methods (deferred, interest only, immediate, and more)
- Low starting APRs
- Cash bonus for good gradesⓘ
- Rewards bonuses available to help pay down loan
- Lowest rate only available with discounts
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
- Not available for career training
| Fixed rates (APR) | 3.43% – 15.99% with autopay |
| Variable rates (APR) | 4.64% – 15.99% with autopay |
| Loan amounts | $1,000 up to the total cost of education |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | Available after 12 consecutive on-time paymentsⓘ |
Graduate loans
What to know
SoFi boasts rates that are potentially lower than federal Grad PLUS loans (soon to be discontinued), and 3.0+ GPA students can unlock the same $250 bonus.
- Cosigner release available after 12 consecutive months of on-time paymentsⓘ
- No origination, prepayment, or late payment fees
- Flexible repayment options (deferred, interest only, immediate, and more)
- Low starting APRs
- Available for grad-level certificate programs
- Cash bonus for good gradesⓘ
- Rewards bonuses available to help pay down loan
- A helpful option as Grad PLUS loans are eliminated
- Lowest rate only available with discounts
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
| Fixed rates (APR) | 3.43% – 14.83% with autopay |
| Variable rates (APR) | 4.64% – 15.86% with autopay |
| Loan amounts | $1,000 up to the total cost of education |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | Available after 12 consecutive on-time paymentsⓘ |
Law school loans
What to know
- Cosigner release available after 12 consecutive months of on-time paymentsⓘ
- No origination, prepayment, or late payment fees
- Flexible repayment options (deferred, interest only, immediate, and more)
- Low starting APRs
- Cash bonus for good gradesⓘ
- Rewards bonuses available to help pay down loan
- Job offer letter can serve as proof of income
- Lowest rate only available with discounts
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
- Some law schools may not be eligible (SoFi claims “most” public and private schools are, but not all)
| Fixed rates (APR) | 3.43% – 14.83% with autopay |
| Variable rates (APR) | 4.64% – 15.86% with autopay |
| Loan amounts | $1,000 up to 100% of school-certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | Available after 12 consecutive on-time paymentsⓘ |
MBA loans
What to know
- Cosigner release available after 12 consecutive months of on-time paymentsⓘ
- No origination, prepayment, or late payment fees
- Flexible repayment options (deferred, interest only, immediate, and more)
- Low starting APRs
- Cash bonus for good gradesⓘ
- Rewards bonuses available to help pay down loan
- Job offer letter can serve as proof of income
- Lowest rate only available with discounts
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
- Some MBA programs may not be eligible (SoFi claims “most” public and private schools are, but not all)
| Fixed rates (APR) | 3.43% – 14.83% with autopay |
| Variable rates (APR) | 4.64% – 15.86% with autopay |
| Loan amounts | $1,000 up to 100% of school-certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | Available after 12 consecutive on-time paymentsⓘ |
Health professions loans
What to know
- Longer (9-month) grace period
- Cosigner release available after 12 consecutive months of on-time paymentsⓘ
- No origination, prepayment, or late payment fees
- Flexible repayment options (deferred, interest only, immediate, and more)
- Low starting APRs
- Cash bonus for good gradesⓘ
- Rewards bonuses available to help pay down loan
- Lowest rate only available with discounts
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
- Some med schools may not be eligible (SoFi claims “most” public and private schools are, but not all)
| Fixed rates (APR) | 3.43% – 14.83% with autopay |
| Variable rates (APR) | 4.64% – 15.86% with autopay |
| Loan amounts | $1,000 up to 100% of school-certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | Available after 12 consecutive on-time paymentsⓘ |
Parent loans
What to know
Unlike cosigning SoFi private student loans, SoFi’s parent loans make the debt solely the responsibility of the parent. Parents who can afford this option can save their kids a lot of post-graduation debt.
- Reduce child’s debt load, with no impact to child’s credit
- A helpful option as Parent PLUS loans are more limited
- No origination, prepayment, or late payment fees
- Rewards bonuses available to help pay down loan
- Lowest rate only available with autopay and multiple loans
- Only two repayment methods (interest only and full immediate)
- Cash bonus only available with SoFi bank account
- Max repayment term capped at 15 years
| Fixed rates (APR) | 4.12% – 16.73% with autopay |
| Variable rates (APR) | 5.95% – 16.73% with autopay |
| Loan amounts | $1,000 up to 100% of school certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | N/A |
International loans
What to know
International students can get the same loan rates as U.S. students, but they’ll need a Social Security Number or Individual Tax Identification Number, plus a physical U.S. address and proper immigration documentation.
- Cosigners not required (though highly beneficial)
- No origination, prepayment, or late payment fees
- Low starting APRs
- Cash bonus for good gradesⓘ
- Not for U.S. students studying abroad
- Fewer details publicly available
- Lowest rate only available with autopay and multiple loans
- Cash bonus only available with SoFi bank account
| Fixed rates (APR) | 3.18% – 15.99% with autopay |
| Variable rates (APR) | 4.39% – 15.99% with autopay |
| Loan amounts | $1,000 up to 100% of school-certified costs |
| Repayment terms | Not disclosed (SoFi promises “flexible repayment options”) |
| Cosigner release | Not disclosed |
SoFi student loan refinancing
Student loan refinancing
What to know
SoFi is our top choice for student loan refinancing because of the low rates and high borrowing amount (up to the full balance of qualified loans).
- No origination, prepayment, or late payment fees
- Low starting APRs
- Flexible repayment terms
- Rewards bonuses available to help pay down loan
- Cosigner release not available
- Minimum borrowing amount of $5,000 for most loans
- Lowest rate only available with discounts
| Fixed rates (APR) | 4.99% – 9.99% with all discounts |
| Variable rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
Medical professional refinancing
What to know
- Low starting APRs
- Flexible repayment terms
- Available for current residents and fellows (more in next section)
- No origination, prepayment, or late payment fees
- Dedicated student loan specialist
- Available to doctors, dentists, residents, and nurses
- Referral bonusⓘ
- Cosigner release not available
- Minimum borrowing amount of $5,000
- Lowest rate only available with discounts
| Fixed rates (APR) | 4.37% – 9.99% with all discounts |
| Variable rates (APR) | 5.87% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
Medical resident refinancing
What to know
- Only $100/month minimum payment during residency, for up to seven yearsⓘ
- Flexible repayment terms
- No origination, prepayment, or late payment fees
- Dedicated student loan specialist
- Referral bonusⓘ
- Higher starting APY for residents and fellows
- Cosigner release not available
- Minimum borrowing amount of $10,001
- Lowest rate only available with discounts
| Fixed rates (APR) | 6.14% – 9.84% with all discounts |
| Variable rates (APR) | 6.14% – 9.84% with all discounts |
| Loan amounts | $10,001 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
Parent PLUS refinancing
What to know
- No origination, prepayment, or late payment fees
- Low starting APRs
- Ability to refinance in student’s name
- 20-year repayment term not available
- Minimum borrowing amount of $5,000
- Lowest rate only available with autopay and multiple loans
| Fixed rates (APR) | 4.49% – 9.99% with all discounts |
| Variable rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, or 15 years |
| Cosigner release | N/A |
Law school refinancing
- Flexible repayment terms
- No origination, prepayment, or late payment fees
- Low starting APRs
- Cosigner release not available
- Minimum borrowing amount of $5,000
- Lowest rate only available with autopay and multiple loans
- Can’t refinance while still in law school
| Fixed rates (APR) | 4.49% – 9.99% with all discounts |
| Variable rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
MBA refinancing
What to know
- Flexible repayment terms
- No origination, prepayment, or late payment fees
- Low starting APRs
- Cosigner release not available
- Minimum borrowing amount of $5,000
- Lowest rate only available with autopay and multiple loans
- Can’t refinance while still in MBA program
| Fixed rates (APR) | 4.49% – 9.99% with all discounts |
| Variable rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 up to the total student loan balance |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
SoFi eligibility
SoFi’s requirements vary slightly between new private student loans and refinancing, but both lean toward borrowers with strong credit or a creditworthy cosigner.
| Requirement | Private student loans | Student loan refinancing |
| Credit score | Not disclosed | Not disclosed |
| Cosigner option | Allowed, and often required for undergraduates. Cosigner release after 12 consecutive on-time payments. | Allowed, but no cosigner release offered. |
| Income and employment | Student income not always required if cosigner qualifies. | Must show stable income or employment offer; SoFi reviews debt-to-income ratio. |
| Enrollment status | At least half-time enrollment at an eligible Title IV school. Graduate and professional programs eligible. | Need to have graduated with associate’s or higher. |
| Citizenship | U.S. citizen or permanent resident only. | U.S. citizen or permanent resident only. |
SoFi student loans customer reviews
Though SoFi is not accredited with the Better Business Bureau (BBB), the lender carries an A+ rating across all its personal finance products. SoFi also has a 4.2 out of 5 rating with Trustpilot, based on roughly 10,000 customer reviews.
To hear what other borrowers think about SoFi student loans and student loan refinancing, check out these Reddit threads.
Though SoFi is not accredited with the Better Business Bureau, the lender carries an A+ rating across all its personal finance products. SoFi also has a 4.2 out of 5 rating with Trustpilot, based on roughly 10,000 customer reviews.
Borrower feedback on forums like Reddit offers a more mixed picture. Some customers highlight SoFi’s streamlined application process, competitive rates, and strong online tools for managing loans, noting that the platform makes refinancing feel simple and convenient.
Others caution that servicing quality can vary. Several posts mention frustrations with customer support, billing errors, and limited flexibility when issues arise, which can sour the experience.
Overall, customer sentiment suggests that SoFi works well for borrowers who prioritize speed and technology, but those who value hands-on, consistent support may want to weigh the potential trade-offs.
Alternatives to SoFi private student loans
Private student loans should generally be your last resort after scholarships, grants, federal loans, and personal funds. If you’re comparing SoFi to other top lenders, here’s how it stacks up.
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
SoFi vs. College Ave
SoFi offers no origination fees, flexible in-school repayment (full, interest-only, or deferred), and member perks. Its streamlined digital experience makes applying and managing loans easy.
College Ave is also fee-free and shines with flexibility. You can choose repayment terms from 5 to 20 years and pick how you want to pay while in school. The application process is fast and user-friendly, though most borrowers will need a cosigner, and cosigner release only comes halfway through repayment.
- Choose SoFi if you want a polished borrower experience and perks beyond lending.
- Choose College Ave if repayment flexibility and quick approvals are your top priorities.
SoFi vs. Sallie Mae
SoFi stands out for its modern interface and relatively smooth servicing. Its range of loan options is solid but narrower compared to Sallie Mae.
Sallie Mae, one of the biggest names in private lending, covers nearly every loan type: undergrad, grad, medical, dental, and even career training. It allows cosigner release after 12 consecutive months of on-time payments. However, Sallie Mae has a mixed customer service reputation, with some borrowers reporting billing and communication issues.
- Choose SoFi if you want simplicity and a more positive borrower experience.
- Choose Sallie Mae if you need a wider menu of loan programs or want faster access to cosigner release.
Alternatives to SoFi student loan refinancing
Refinancing can help lower your rate or simplify repayment, but you’ll lose federal benefits like forgiveness or income-driven repayment. Here’s how SoFi compares to top refinance lenders.
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
SoFi vs. ELFI
SoFi is known for competitive rates, multiple term options (5 to 20 years), and extras like financial planning resources and member events.
ELFI also offers strong rates and no fees, but it differentiates itself with dedicated loan advisors assigned to each borrower. That personal touch helps guide borrowers through the refinance process. The downside: no cosigner release.
- Choose SoFi if you want a fast, largely digital process with perks included.
- Choose ELFI if you’d like hands-on, personalized guidance with your refinance.
SoFi vs. Earnest
SoFi appeals to borrowers seeking a straightforward experience, long repayment terms, and additional financial tools. It’s designed for convenience and scale.
Earnest is highly flexible, letting you customize your repayment term down to the month and set a payment that fits your budget. It also gets strong reviews for customer service. The trade-off is that Earnest’s underwriting may be stricter, which could limit approval for some borrowers.
- Choose SoFi if you want convenience, long terms, and bundled perks.
- Choose Earnest if you want repayment flexibility and strong customer support.
How to apply for a SoFi student loan or refinance
Applying with SoFi is entirely online and designed to be fast, but it helps to know what to expect before you begin. The process looks slightly different depending on whether you’re taking out a new private student loan or refinancing existing debt.
1. Prequalify online
- Private student loans: You’ll enter basic information about yourself, your school, your program, and your cosigner (if you have one). SoFi will show estimated rates if you qualify.
- Refinancing: You’ll provide your income, current loan balances, and credit details. SoFi does a soft credit check at this stage, so your score won’t be impacted just for checking.
2. Compare your options
SoFi will show you multiple repayment term lengths and rate types (fixed or variable). You can weigh the trade-offs between a lower monthly payment vs. paying your debt off faster.
3. Complete the application
- Upload documents like proof of income (pay stubs or an offer letter), identification, and school enrollment verification.
- If you have a cosigner, they’ll also need to fill out their part of the application and provide supporting documents.
4. Certification (for private student loans)
SoFi will contact your school to certify your enrollment and the cost of attendance. This step ensures you’re not borrowing more than you need.
5. Final approval and loan funding
- Private student loans: Once certified, the funds are sent directly to your school. Any leftover funds will be released to you.
- Refinancing: Once approved, SoFi pays off your old loans and replaces them with your new refinanced loan. You’ll then make a single payment to SoFi going forward.
SoFi doesn’t charge a fee to prequalify, so there’s no harm in checking your rates to compare against other lenders before committing. It also doesn’t charge application or origination fees.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- SoFi, Private Student Loans
- SoFi, Student Loan Refinancing
About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.