SoFi Student Loan Refinancing Review

Company Overview: SoFi

SoFi, also known as Social Finance, is a market leader that helped pioneer the technology-driven private student lending market. Based in San Francisco, SoFi positions itself as the “anti-bank” and prides itself on being consumer-centric, with some of the lowest student loan refinance rates in the industry. In addition to student loan refinancing, SoFi offers its members a number of perks such as free career services, unemployment protection, customer support seven days a week, and free SoFi events.

SoFi Student Loan Refinancing Overview

SoFi offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:2.56% - 7.40%
Fixed Rates:3.25% - 7.13%
Average Savings:$15,767
Minimum Credit Score:Good or Excellent
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.

How SoFi Compares: Key Benefits For Student Loan Refinancing

Here are some of the reasons that SoFi borrowers love SoFi student loan refinancing:

  • Significant Savings: The average SoFi borrower saves $22,359 when they refinance their student loans.
  • Federal & Private: SoFi allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
  • Unemployment Protection: If you lose your employment, SoFi will temporarily pause your payments for up to 12 months.
  • Career Services: SoFi offers free career services to help you advance your career and negotiate your salary.
  • Parent PLUS Refinance: If you are a parent and want to refinance student loans that you borrowed for your child’s college, SoFi offers Parent PLUS Refinancing.

Eligibility Criteria

To apply for SoFi student loan refinancing, you need to meet the following eligibility criteria:

Requirements To Apply For SoFi Student Loan Refinancing

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment to start within next 90 days

Eligible Schools: You graduated from a Title IV accredited university or graduate program

Generally, SoFi lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, career experience, and monthly income vs. expenses. SoFi does not focus on your FICO (credit) score in its underwriting process.

Bottom Line: Is SoFi right for you?

SoFi has a top reputation for student loan refinancing and has received an A+ from the Better Business Bureau.Overall, SoFi has saved its members billions of dollars in student loan interest.

Remember, SoFi caters to borrowers with good to excellent credit and high incomes. Technically, SoFi does not have a minimum credit score or a minimum income. Practically, however, the average SoFi borrower has an average credit score of about 760+ and an average income of about $130,000.

You also need to be employed or have a job offer that begins in the next 90 days. SoFi also wants to see strong monthly cash flow that is sufficient to cover your life expenses and any other debt obligations. Finally, SoFi wants to ensure that you make all your student loan payment each month on-time.

Next Steps: How To Apply To SoFi

You can apply for SoFi student loan refinancing in 3 easy steps.

Step 1: You can apply for SoFi student loan refinancing in 3 easy steps.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new student loan rate online with SoFi before you complete the full application. This way, you’ll know whether you can be approved for SoFi student loan refinancing. Therefore, SoFi will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):

  • Your most recent pay stubs
  • Your most recent student loan billing statements
  • Driver’s license or passport (or other form of government-issued identification)
  • Transcript or diploma to verify your degree

Applying is super easy – get your personalized rate in 2 minutes


The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.25% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes
2.56% - 7.40%
Good or Excellent

Overview

Variable Rates:2.56% - 7.40%
Fixed Rates:3.25% - 7.13%
Average Savings:$15,767
Minimum Credit Score:Good or Excellent
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.58% - 7.96%
Fixed Rates:3.15% - 8.12%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.69% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 3.95%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.75% - 7.25%
Fixed Rates:3.25% - 7.75%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$75,000
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 15
Borrower Residency:All states
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 5.90%
Fixed Rates:3.37% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:3.48% - 7.26%
Fixed Rates:3.50% - 7.28%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

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