SoFi Private Student Loans: 2026 Review
SoFi is a leader in the student loan refinancing space. It also offers private student loans for graduate students and undergraduates.
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- 19 student loans lenders reviewed and rated by our team of experts.
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Student loan ratings
SoFi is an online lender that offers student loan refinancing and private student loans. Its refinancing loan offers hardship options, while its private loans have flexible repayment options.
SoFi® Undergraduate Student Loan review
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.
Cons
- Does not offer bi-weekly payments via autopay.
Best for flexible repayment options and no fees options.
SoFi’s rates on private student loans are competitive, and like many lenders it offers a 0.25-percentage-point rate discount with automatic payments. But SoFi also offers a 0.125-percentage-point rate discount for repeat borrowers and a 0.125-percentage-point family rate discount for co-signers who are taking out loans for multiple student borrowers. Most other lenders don’t offer those specific discounts. Both the repeat borrower and family discounts are automatically applied to eligible loans.
In addition, SoFi offers a few perks that go a long way: Customer service that’s available seven days a week, access to a dedicated advisor (if requested), hardship forbearance and co-signer release that is available after 12 months. SoFi also has a multi-year approval feature, making it easy for students looking to borrow for longer programs.
More about SoFi
Loan and borrower requirements
Loan terms: 5, 7, 10 and 15 years
Loan amounts: $1,000 minimum up to the cost of attendance.
Minimum credit score: Does not disclose.
Minimum income: Does not require.
Median offered interest rate over last 12 months: 10.01%
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: SoFi does not lend to those who have filed bankruptcy.
Co-signer: Allows but does not require a co-signer. Co-signer release available after 12 months.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No
Grace period following graduation: Six months.
In-school repayment options: Full payment, interest-only, partial payment of $25 per month, fully deferred.
Post-school repayment options:
Permanent loan modification
Temporary income-based payments
Internship deferment (not counted against other deferment options)
Residency deferment (not counted against other deferment options)
Administrative forbearance (not counted against other forbearance options)
Natural disaster forbearance (not counted against other forbearance or deferment options)
Temporary lower payments
Skip-a-payment program
Fellowship deferment (not counted against other deferment options)
Military deferment (not counted against other deferment options)
Customer experience
Customer service: Has in-house customer service representatives. Customer service is available via phone, chat bot and live chat (extended hours, seven days a week). Borrowers can request a dedicated advisor.
Time for application approval: If you don’t have to submit documentation, you can see your approval status in minutes. Those who need to submit documentation will find out if they were approved in one to two days.
Loan servicer: Does not disclose.
SoFi extras
Good Grades Bonus: Students can earn up to $250 per academic year for maintaining a GPA of 3.0 or higher.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.39-17.49% | Mid-600s | 3.75-16.95% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.39-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.29-17.06% | Low-Mid 600s | 3.60-16.26% | Check Rate on Ascent's website |
 Check Rate on Monogram's website | 3.35-17.17% | Mid-600s | 3.65-17.38% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
SoFi® Graduate Student Loan review
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.
Cons
- Does not offer bi-weekly payments via autopay.
Best for flexible repayment options and no fees options.
All of the following graduate-specific programs offer four repayment types: Immediate repay, interest only, fixed payment ($25/month), and fully deferred payment. All of the following programs except law allow borrowers who do not have an income or a co-signer to utilize their future income in place of current income.
Dental:
Terms: 5, 7, 10, 15 and 20 years.
12-month grace period.
Physician and Veterinary programs
Terms: 5, 7, 10, 15 and 20 years.
36-month grace period.
Access to an additional 48-month deferment for internship/residency renewable annually.
Medical, Law, Pharmacy and Nursing programs
Terms: 5, 7, 10 and 15 years.
9-month grace period.
MBA
Terms: 5, 7, 10 and 15 years.
6-month grace period.
SoFi® Parent PLUS Refinancing review
Pros
- You can refinance parent PLUS loans from the parent’s name to the student’s.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
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.
SoFi® Student Loan Refinancing review
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Dedicated Student Loan Debt Specialist available for borrowers.
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.
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 student loans editorial team surveyed 20 banks, credit unions and online lenders that offer student loans and student loan refinancing. These include the top lenders by market share and online search volume, as well as some lenders that serve specialty or nontraditional markets.
We considered and scored more than 60 features and data points for each financial institution in the categories of loan flexibility, affordability, transparency, customer experience and variety of borrowers served.
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 methodology for student loans and our editorial guidelines.
Frequently asked questions
Does SoFi hurt your credit?
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.
Are SoFi student loans federal or private?
SoFi offers private student loans and refinancing. It does not make or service federal loans.
Is SoFi a legitimate lender?
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. It also offers mortgages, personal loans, insurance and investment accounts, as well as SoFi Money online cash management accounts.