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.
Student loan ratings

Student loan refinancing
Private student loan
The bottom line: SoFi is a legitimate online lender that offers student loan refinancing and private student loans, as well as mortgages, personal loans, insurance and investment accounts. 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
Best Student Loan Refinancing for Doctors

on SoFi's website
SoFi Student Loan Refinance
5.0
NerdWallet ratingon SoFi's website
Fixed APR
2.99 - 6.88%
Variable APR
2.25 - 6.43%
Min. Credit Score
Does not disclose
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 average income among approved borrowers is over $100,000. However, SoFi could also be a fit for borrowers with more modest lifestyles; it has no specific minimum income requirement and accepts borrowers whose highest education level is an associate degree.
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
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.
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.
How does this loan compare?
Fixed APR2.99 - 6.88% | Fixed APR2.98 - 5.79% | Fixed APR2.63 - 5.49% |
Variable APR2.25 - 6.43% | Variable APR1.99 - 5.61% | Variable APRN/A |
Min. Credit ScoreDoes not disclose | Min. Credit Score680 | Min. Credit Score650 |
Private student loan review

on SoFi's website
SoFi Private Student Loan
4.5
NerdWallet ratingon SoFi's website
Fixed APR
4.13 - 11.52%
Variable APR
1.78 - 11.89%
Min. Credit Score
Does not disclose
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.
Compared with the largest private student loan companies in the industry, SoFi stands out by offering personalized rate estimates without affecting your credit. This allows you to shop for the best rate without penalty. SoFi is also a good option for borrowers who want to pay off their student loan quickly — you can make greater-than-minimum payments via autopay.
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.
Must be a U.S. citizen.
How SoFi could improve
SoFi, like other five-star lenders, isn’t perfect. SoFi could improve its private student loan product by:
Lending to international students.
Offering more repayment options for borrowers who are struggling.
SoFi private student loan details
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 LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.
Find the Right Student Loan
Frequently asked questions
SoFi offers a soft credit check to estimate the rate you might qualify for; a soft credit check will not affect your scores. If you choose to apply, SoFi will conduct a hard credit check to verify your information. That may temporarily ding your credit score.
SoFi offers private student loans and refinancing. It does not make or service federal loans.
SoFi is an established online student loan refinance lender. In 2012, it became the first company to refinance federal and private student loans together. It began offering private student loans in April 2019.