SoFi Student Loan Refinancing Review

SoFi Student Loan Refinancing Review

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.

SoFi

Overview

KeyValue
Variable Rates:2.81% - 8.01%
Fixed Rates:4.25% - 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
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

Pros:
  • 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.
KeyValue
Loan Term:5, 7, 10, 15 or 20 years
Loan Amount:$5,000 to the full balance of your student loans
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal, private and Parent PLUS Loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:Yes; $5 late fee if your student loan payment is 15 days past due
Soft Credit Check:Yes

KeyValue
Minimum Credit Score:Good to excellent credit
Minimum Income:No
Employment:Yes, or you have sufficient income from other sources, or you have a written job offer for employment starting within 90 days.
Must have graduated:Yes, but you can refinance if your degree will be completed at the end of the semester.
Citizenship/Residency:U.S. citizen or permanent resident. If you are a permanent resident, your permanent residency card must have a total validity (from issuance to expiry) of more than 2 years.
Eligible Schools:You graduated from a Title IV accredited college or university with an associate’s degree or higher.
Bankruptcy:You do not have a bankruptcy on your credit report or any accounts recently in collection.

 

In addition to these requirements, SoFi also evaluates several factors for approval:

  • Financial history
  • Credit score
  • Career experience
  • Monthly income vs. expenses
KeyValue
Student Loan Servicer:Missouri Higher Education Loan Authority (MOHELA)
Academic Deferment:Yes, upon request
Military Deferment:Yes, upon request
Forbearance:Yes, up to 12 months if you lose your job
Death or Disability Discharge:Yes
Cosigner Release:No, but you can refinance existing student loans with a cosigner so that your new SoFi student loan is in your name only.
  • 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

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with SoFi. The application comes about 10-15 minutes to complete.
* Checking your rate does not affect your credit score.

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.

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
3.50% – 8.77%
650

Overview

KeyValue
Variable Rates:3.50% – 8.72%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Hardship Deferment:Yes
Co-signer Option:No
3.50% – 6.69%
680

Overview

KeyValue
Variable Rates:3.50% – 6.01%
Fixed Rates:4.25% – 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
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

1.99% – 7.02%
660

Overview

KeyValue
Variable Rates:1.99% – 6.65%
Fixed Rates:3.50% – 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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

1.90% – 8.59%
680

Overview

KeyValue
Variable Rates:1.90% – 8.59%
Fixed Rates:3.49% – 7.75%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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

2.81% – 8.77%
650

Overview

KeyValue
Variable Rates:2.81% – 8.01%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
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

1.58% – 8.28%

660

Overview

KeyValue
Variable Rates:1.58% – 8.28%
Fixed Rates:2.88% – 7.48%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 – 20 years
Borrower Residency:All states
Hardship Deferment:Varies
Co-signer Option:Yes

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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