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 our SoFi review and find out how they can assist you with your student loan debt.Visit SoFi
Refinancing loans has been SoFi’s primary focus since the beginning. Their approach to refinancing is different than that of many other lenders, helping young professionals climb the corporate ladder as they help them manage their loans.
Along with favorable repayment terms, SoFi also offers career support. Their 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, their wealth advisors can help you navigate your options.
SoFi student loan refinance reviews and products
SoFi is an industry leader when it comes to refinancing; they’re one of the few lenders that can consolidate both federal and private loans easily, simplifying your payments.
Rather than looking solely at an applicant’s credit score and income, SoFi considers other factors such as education and career choice to decide whether or not 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 specializes in student loan refinancing, but they offer a range of other financial products, including personal loans and mortgages. The company offers competitive mortgage loans with just 10% down.
Using SoFi online
Refinancing with SoFi is quick and easy — SoFi says you can get a rate and loan estimate in as little as two minutes. To get started, click on “Find My Rate” on the righthand 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, they 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.
The SoFi website is even optimized for mobile, so you can complete your application on the go from your smartphone.Find Your Rate Now
SoFi refinance loans: Interest rates and fees
Members who refinance their loans save an average of $22,359 — that’s a lot of extra dough to help you save for your other goals. SoFi has competitive interest rates, too. They offer fixed rates as low as 3.25% and variable rates as low as 2.75%.
With a variable 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 to be eligible for refinancing, you must be:
- a U.S. citizen or permanent resident, at least 18 years old, and a graduate of a Title IV-accredited university.
- be at least 18 years old
- have graduated from a Title IV-accredited university
The minimum amount of loans you can refinance is $5,000, and the maximum amount is the full balance of your loans. While SoFi looks at many different factors before deciding whether to approve your loan, they have a lower credit score criteria than other lenders; the credit score minimum for SoFi is 650.
At this time, SoFi serves residents in all states except Nevada.
SoFi customer service
SoFi’s customer service team is available by phone or email. Their staff is available to answer your questions seven days a week (Mon-Thu 4a – 9p PST, Fri-Sun 4a – 5p PST) so it’s no wonder that SoFi offers some of the most robust customer support available.
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 as your job search and eliminates 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 founders launched the company in 2011.
So far, SoFi has over 250,000 members and distributed over $16 billion in loans. Because of SoFi, customers have saved $1.45 billion in student loan interest.Let SoFi Help You With Your Debt
SoFi contact information
For more information about managing your debt, see the 10 questions you should ask before refinancing your loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!|
|2.75% - 7.24%||Undergrad & Graduate||Visit SoFi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit CommonBond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.58% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%||Undergrad & Graduate||Visit Citizens|
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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.