SoFi Reviews: Student Loan Refinancing and Private Student Loans

SoFi is a leader in the student loan refinancing space. It also offers private student loans for graduate students and undergraduates.
By Cecilia Clark  

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Student loan ratings

SoFi Student Loan Refinance

  • Student loan refinancing

  • Private student loan

5.0

NerdWallet rating 

The bottom line:

SoFi is a legitimate online lender that offers student loan refinancing and private student loans. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan. Its private loan is best for flexible repayment options and no fees.

Student loan refinancing review

SoFi Student Loan Refinance
SoFi Student Loan Refinance

5.0

/5 NerdWallet rating 
Min. credit score
650
Fixed APR
4.99-9.99%
Variable APR
5.99-9.99%
Check rate

on SoFi's website

Pros

  • You can refinance parent PLUS loans in your name.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

  • Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

  • No co-signer release available.

  • Loan size minimum is higher than most lenders.

Best for borrowers who want plenty of benefits with their refinanced student loan.

Full Review

SoFi is a leading student loan refinance lender. In 2012, it became the first company to refinance federal and private student loans together.

The typical credit score of approved borrowers is above 750, so you'll increase your chances of approval if you can build your creditworthiness before applying.

SoFi accepts borrowers whose highest education level is an associate degree.

SoFi announced in June that borrowers with federal student loans can lock-in an interest rate now and still benefit from the federal payment pause. Borrowers who do so will keep their federal student loans until Oct. 1 before they are officially refinanced with SoFi at the locked-in rate.

This student loan refinancing program will allow borrowers to cancel and stay with their federal student loans if they decide they don’t want to refinance.

SoFi at a glance

  • Personalized rate estimates without affecting credit.

  • Perks include free career coaching, no-fee investing.

  • No co-signer release option.

How SoFi student loan refinancing could improve

SoFi, like other five-star lenders, isn't perfect. SoFi could improve by offering additional programs such as:

  • More than 12 months of forbearance.

  • Co-signer release.

  • Refinancing for borrowers who didn't earn a degree.

SoFi student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 7, 10, 15 or 20 years.

  • Loan amounts: $5,000 up to your total outstanding loan balance.

  • Can transfer a parent loan to the child : Yes.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: No.

Compare SoFi’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate SoFi will offer you, apply on its website.

Financial

  • Minimum credit score: 650.

  • Minimum income: Does not disclose.

  • Typical credit score of approved borrowers or co-signers: 750+.

  • Typical income of approved borrowers: Does not disclose.

  • Maximum debt-to-income ratio: Does not disclose.

  • Can qualify if you’ve filed for bankruptcy: Does not disclose.

Other

  • Citizenship: Must be a U.S. citizen or permanent resident. Non-permanent residents, including DACA recipients, must show documentation of current immigration status, Green Card or I-485 (Application to Register Permanent Residence).

  • Location: Available to borrowers in all 50 states.

  • Must have graduated: Yes, with an associate degree or higher.

  • Must have attended a school authorized to receive federal aid: Yes.

  • Percentage of borrowers who have a co-signer: Roughly 15%.

Additionally, borrowers must be employed, have enough income from other sources or have a job offer to start within the next 90 days.

  • Academic deferment: Yes, borrowers can postpone payments if they return to school.

  • Military deferment: Yes, borrowers can postpone payments while they’re on active military duty.

  • Natural disaster forbearance: Yes.

  • Temporary reduce payment: Yes.

  • Skip-a-payment: Yes, borrowers can skip a payment due to a short-term economic hardship.

  • Disability deferment: Determined on a case-by-case basis and after specific requirements are verified.

  • Forbearance: Cases for hardship forbearance are evaluated on an individual basis so that SoFi can determine the best option.

  • Co-signer release available: No.

  • Death or disability discharge: Yes.

  • Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences:

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • Loan servicer: MOHELA.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: Varies by borrower. Depends on the documentation provided and the unique circumstances of the borrower.

  • $100 monthly payments for medical residents while still in residency

  • $500 welcome bonus with select affiliate partners.

  • Access to workshops, speaker series and social events.

  • Career coaching and financial Advising.

  • Discounts on SoFi products, like no-fee investing, rate-discounts on other loans.

» MORE: How to refinance student loans in 6 steps

Before refinancing with SoFi

Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.

» MORE: Earnest vs. SoFi: Which is better for refinancing student loans?

If you aren’t eligible to refinance with SoFi

If SoFi denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

» MORE: CommonBond vs. SoFi: Which is better for refinancing student loans?

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Read more about our ratings methodologies for student loan refinance and our editorial guidelines.

How does this loan compare?

SoFi Student Loan Refinance
NerdWallet rating 
Check rate
Splash Financial Student Loan Refinance
NerdWallet rating 
Check rate
Earnest Student Loan Refinance
NerdWallet rating 
Check rate
Min. credit score

650

Min. credit score

650

Min. credit score

680

Fixed APR

4.99-9.99%

Fixed APR

5.34-8.37%

Fixed APR

4.96-8.99%

Variable APR

5.99-9.99%

Variable APR

7.27-7.27%

Variable APR

5.15-8.94%

Private student loan review

SoFi Private Student Loan
SoFi Private Student Loan

4.5

/5 NerdWallet rating 
Min. credit score
Mid-600s
Fixed APR
4.49-13.80%
Variable APR
5.16-13.07%
Check rate

on SoFi's website

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

  • Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.

  • Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

  • Does not offer bi-weekly payments via autopay.

Best for flexible repayment options and no fees.

Full Review

SoFi began offering private student loans for undergraduates in April 2019. It's a solid option for borrowers who have exhausted their federal student loan options and need additional money to fund college costs. It also offers perks like career coaching, community events and no-fee investing.

You can make greater-than-minimum payments via autopay through SoFi — a great option for borrowers who want to pay off their student loans quickly. As SoFi offers several other financial products, it is also a good choice for borrowers who want a one-stop-shop for their financial services.

SoFi private student loans at a glance

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

  • Multiple in-school repayment options available, including interest-only, partial and deferred.

How SoFi could improve

SoFi, like other five-star lenders, isn’t perfect. SoFi could improve its private student loan product by offering bi-weekly payments via autopay.

SoFi private student loan details

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 7, 10 or 15 years.

  • Loan amounts: $1,000 up to your total cost of attendance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: No.

Compare SoFi's range of interest rates with private student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate SoFi will offer you, apply on its website.

Financial

  • Minimum credit score: 650.

  • Minimum income: Does not disclose.

  • Typical credit score of approved borrowers or co-signers: Does not disclose.

  • Typical income of approved borrowers: Does not disclose.

  • Maximum debt-to-income ratio: Does not disclose.

  • Can qualify if you’ve filed for bankruptcy: Yes, after 7 years.

Other

  • Citizenship: Must be a U.S. Citizen or permanent resident.

  • DACA borrowers: Eligible with a valid U.S. address, social security number or international tax identification number — and current immigration documentation.

  • Location: Available in all 50 U.S. states.

  • Must be enrolled half-time or more: Yes.

  • Loan can be used for past due tuition: Yes, for balances within the past 12 months.

  • Types of schools served: Any school authorized to receive federal aid. Most four-year public and private institutions are accepted.

  • Percentage of borrowers who have a co-signer: 83%.

In-school repayment options:

  • Interest-only repayment: Pay only interest while you're in school.

  • Partial repayment: Pay $25 a month during school.

  • Immediate repayment: Make full payments as soon as the loan is disbursed, while you’re still in school.

  • Full in-school deferment: Yes.

Post-school repayment options

  • Grace period: 9 months.

  • Income-based repayment option: No.

  • In-school deferment: Yes.

  • Natural disaster forbearance: Yes.

  • Temporary reduce payment: Yes.

  • Skip-a-payment: Yes, borrowers can skip a payment due to a short-term economic hardship.

  • Military deferment: Yes.

  • Forbearance: Yes, up to 12 months.

  • Co-signer release available: Yes, after 24 months.

  • Death discharge: Yes, loans will be forgiven due to a borrower's death while in school and/or repayment.

  • Disability discharge: Yes.

  • Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • Loan servicer: MOHELA.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Many applicants can get their approval decision within seconds.

  • $100 monthly payments for medical residents while still in residency

  • $500 welcome bonus with select affiliate partners.

  • Access to workshops, speaker series and social events.

  • Career coaching and financial Advising.

  • Discounts on SoFi products, like no-fee investing, rate-discounts on other loans.

Before applying for a SoFi student loan

Before taking out a SoFi student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for a SoFi student loan

If SoFi denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Read more about our ratings methodologies for student loans and our editorial guidelines.

Find the Right Student Loan

Frequently asked questions