SoFi Refinance Review: How You Could Save Big on Student Loans

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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SoFi reviews

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Refinancing with Earnest

Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.

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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

SoFi review

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.

Sofi refinance

Image credit: SoFi. Rates shown are for example purposes only and may not reflect current rates.

The site will prompt you to enter your personal information, including your name, email, and place of residence.

SoFi refinance application

Image credit: SoFi

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 student loan refinance reviews

Image credit: SoFi

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.

SoFi offers mobile apps for both iPhone and Android users. You can apply for a loan, make payments, and adjust your investments through the app.

SoFi mobile app

App screenshots courtesy of SoFi

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

If you’re ready to apply for refinancing after reading SoFi reviews, visit SoFi’s website or contact them at 855-456-7634. You can also follow them on Twitter or Facebook.

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!
LenderVariable APREligible Degrees 
Get real rates from up to 4 Lenders at once

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

3 Important Disclosures for CommonBond.

CommonBond Disclosures

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit We also have several resources available to help the borrower make a decision at, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.