Refinancing with Earnest
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SoFi, short for Social Finance, is one of the largest student loan refinancing companies in the industry. With over $7 billion in loans distributed to date, they specialize in helping young professionals manage their finances.
Check out what customers say in SoFi reviews and find out how they can assist you with your student loan debt.Visit SoFi
Refinancing student loans has been SoFi’s primary focus since its launch. Its approach to refinancing is different than that of many other lenders.
Along with favorable repayment terms, SoFi also offers career support. Its career coaches can help you build your personal brand, negotiate your salary, and more. If you’re ready to start investing and planning for the future, its wealth advisors can help you navigate your options.
SoFi refinance products
SoFi is an industry leader when it comes to refinancing. Rather than looking solely at an applicant’s credit score and income, SoFi also considers factors such as education and career choice to decide whether to approve you for a loan.
If you’re a parent who took out Parent PLUS Loans or private loans to pay for your child’s education, SoFi has solutions for you, too. They offer comprehensive refinancing services for parent loans, helping you manage the debt you took out to help your kids.
SoFi refinance loans are what the company is best known for, but they offer a range of other financial products, including personal loans and mortgages. The company offers competitive mortgage loans with just 10 percent down.
Using SoFi online
Refinancing with SoFi is quick and easy. On the website, the company claims you can get a rate and loan estimate in as little as two minutes.
To get started, click on “Find My Rate” on the right side of your screen.
The site will prompt you to enter your personal information, including your name, email, and place of residence.
Once you have created an account, SoFi will ask you to enter additional details about your education, career, and current loans. After you enter your information, it will ask you to consent to a soft credit inquiry, which will not affect your credit score.
SoFi will give you a quote based on your information for a new loan and interest rate. If you’re happy with the results, you can then submit your full application. To complete the process, SoFi will make a hard credit inquiry — which does impact your credit — before approving your application.Find Your Rate Now
SoFi refinance loans: Interest rates and fees
SoFi has competitive interest rates, too. They offer fixed rates as low as 3.99% and variable rates as low as 2.48%.
With a variable interest rate, you can get a lower rate initially but the interest can rise along with market changes. Those adjustments also mean your monthly payment can change, too. Variable rates can make sense if you want to pay off your debt aggressively and get the lowest interest rate possible.
Fixed rates remain set for the entire duration of your repayment period and your monthly payment stays the same. While the interest rate may initially be higher than a variable rate, you never have to worry about it changing.
There are no origination or prepayment fees with SoFi, so if your career takes off and you want to pay off your loans early, you can do so without worrying about extra fees.
SoFi refinancing eligibility requirements
Refinancing can be a great solution if you have high-interest federal or private loans, but you must meet certain criteria to qualify for a loan. You must be:
- A U.S. citizen or permanent resident
- At least 18 years old
- Employed or have an offer of employment
- A graduate of a Title IV university, with at least an associate’s degree
- Able to refinance at least $5,000 in loans
Although SoFi does not make the minimum credit score public, generally they only lend to borrowers with good to excellent credit.
At this time, SoFi serves residents in all states.
SoFi student loan refinance reviews and customer service
When it comes to reputation and service, SoFi gets high marks. The Better Business Bureau awarded SoFi an A-plus rating, recognizing the company’s dedication to business transparency and timely responses to customers.
However, when it comes to actual borrowers, SoFi reviews are mixed. Most complaints cite issues with its refinance applications; many were denied and the customers were frustrated they had gone through the process without receiving a loan. That’s why it’s a good idea to review SoFi’s eligibility requirements for refinancing.
If you do need to contact SoFi, its customer service team is available by phone or email. Its staff is available to answer your questions seven days a week so it’s easy to reach customer support if you have an issue.
SoFi is one of the few lenders that allow you to defer payments for up to 12 months if you lose your job. That can give you some much-needed breathing room during your job search and eliminate the stress of keeping up with payments when you’re unemployed.
More about SoFi
SoFi is an online finance company that offers refinancing loans, personal loans, and mortgages. Headquartered in San Francisco, the company’s founders launched SoFi in 2011.
So far, SoFi has over 250,000 members and distributed over $500 million in student loans.Let SoFi Help You With Your Debt
SoFi contact information
For more information about managing your debt, check out the top questions you should ask before refinancing your loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
2 Important Disclosures for SoFi.
3 Important Disclosures for CommonBond.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.57% – 5.87%||Undergrad & Graduate||Visit Earnest|
|2.80% – 6.38%1||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 7.52%2||Undergrad & Graduate||Visit SoFi|
|2.47% – 7.99%||Undergrad & Graduate||Visit Lendkey|
|2.57% – 6.65%3||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.17%4||Undergrad & Graduate||Visit Citizens|