SoFi is a leading student loan refinancing lender that was the first company to offer student loan refinancing for federal and private student loans together. SoFi caters to borrowers with excellent credit and a history of financial responsibility.
In this SoFi student loan refinancing review, we will discuss:
SoFi student loan refinancing: Best For
Best For: SoFi is best for borrowers who want good customer service and additional benefits.
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% - 6.18% |
| Fixed Rates: | 2.99% - 6.18% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
SoFi student loan refinancing: Pros and Cons
- Ability to check new interest rate for free before you apply
- Refinance Parent PLUS Loans in your child’s name
- Extra perks such as career counseling and job search support
- Student loan refinancing available in all 50 states and Washington, D.C.
Cons:
- Refinancing not available if you didn’t complete your degree
- No cosigner release option
- Higher minimum loan balance for California residents
SoFi student loan refinancing: Overview
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 focuses on borrowers with excellent credit. While there is no minimum income, many borrowers who refinance with SoFi have graduate degrees. In addition to student loan refinancing, SoFi offers its members several perks such as free career services, unemployment protection, customer support seven days a week, and free SoFi events.
Advantages of Refinancing With SoFi
Here is what we like about SoFi student loan refinancing:
- If you lose your job, SoFi will temporarily pause your payments for up to 12 months.
- You can refinance Parent PLUS Loans in your child’s name.
- SoFi offers free career services to help you advance your career and negotiate your salary.
Drawbacks of Refinancing With SoFi
SoFi can improve in these key areas:
- Offer co-signer release.
- Offer more than 12 months of forbearance.
- Refinance student loans for borrowers without a degree.
SoFi student loan refinancing review: Details
- You have strong credit.
- You don’t need a cosigner.
- You completed your degree.
- You want to refinance Parent PLUS Loans in a child’s name.
In addition to these requirements, SoFi also evaluates several factors for approval:
- Financial history
- Credit score
- Career experience
- Monthly income vs. expenses
- Low fixed and variable rates
- Available in all 50 states, plus Washington, D.C.
- Ability to refinance Parent PLUS Loans in a child’s name
- Career counseling
How to refinance student loans with SoFi
Is SoFi student loan refinancing right for you?
SoFi is a trusted student loan refinancing lender that offers competitive rates and terms. SoFi student loan refinancing may be right for you if:
- You have a credit score of at least 650
- You have stable and recurring monthly income
- You have a higher interest rate than what SoFi offers
- You don’t plan to use income-driven repayment or federal student loan forgiveness
SoFi targets borrowers with good to strong credit scores and high income who have a lower risk of becoming unemployed. Many SoFi members have a graduate degree and credit score over 700. In addition to forbearance and deferral, SoFi also offers benefits such as career coaches and networking opportunities. If you have a low credit score, you can apply to SoFi with a qualified cosigner with a good to excellent credit score and income. A qualified cosigner may help you get approved and get a lower rate.
Compare The Best Student Loan Refinance Rates For 2020
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 5.64% |
| Fixed Rates: | 2.98% – 5.79% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except KY or NV |
| Hardship Deferment: | Yes |
| Co-signer Option: | No |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.39% – 6.01% |
| Fixed Rates: | 2.79% – 5.99% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 6.77% |
| Fixed Rates: | 2.80% – 6.72% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5 – 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Varies |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 6.18% |
| Fixed Rates: | 2.99% – 6.18% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 5.90% |
| Fixed Rates: | 2.80% – 6.00% |
| Minimum Credit Score: | 700 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Overall Rate: | 1.95% – 3.85% |
| Variable Rates: | – |
| Fixed Rates: | 1.95% – 3.85% |
| Minimum Credit Score: | None |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $25,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming |
| Hardship Deferment: | No |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 8.57% |
| Fixed Rates: | 2.99% – 8.77% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states, except ME, ND, NV, RI, WV |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
