SoFi, a leading provider of student loans and refinancing, excels in innovative financial solutions for undergraduates and graduates seeking education funding. Prospective borrowers can conveniently estimate interest rates without a hard credit check using SoFi’s online prequalification tool. Even more impressive, SoFi’s private student loans boast no fees — even late fees — and members can access benefits such as free financial coaching. However, those without top credit scores may pay a maximum annual percentage rate (APR) of over 10%, and forbearance is capped at 12 months. Loan amounts start at $1,000 and can cover up to the total cost of attendance. Repayment terms are reasonable, ranging from five to 15 years. Overall, SoFi student loans are an excellent choice for borrowers who prioritize benefits and fee-free loans. However, those with poor credit scores or who need more extended forbearance periods may have to look elsewhere.
- Borrowers are not charged any fees — not even late fees, prepayment fees, origination fees, or acceptance fees
- Access to rewards, financial planning assistance and other exclusive member-only benefits
- A 0.25% discount if you set autopay and a 0.125% discount for in-school returning borrowers
- Strict eligibility criteria to qualify for refinancing
- The repayment term is limited to 15 years, compared to the 20 years offered by some competitors
SoFi Student Refi Loans Ratings at a Glance
SoFi Student Loans Overview
SoFi private student loans are primarily for educational expenses, such as tuition, accommodation, textbooks and other school-related costs. Permitted uses extend to living expenses, personal, family or household purposes. Student loans may also cover costs like campus meal plans or transportation fees.
However, noneducational expenses such as vacations or gambling are typically forbidden. You may not use SoFi loans for real estate, business purposes, investments, securities purchases, postsecondary education or short-term bridge financing.
SoFi Private Student Loan Details
SoFi offers flexible repayment terms, competitive interest rates and discounts to help borrowers save on their student loans.
- Loan amounts: Starts at $1,000 and can cover up to the total cost of attendance.
- Repayment terms: five to 15 years.
- Fees: No loan fees, including late fees, application fees or origination fees.
- Interest Rates:
- Variable APR: 5.99% to 14.30%
- Fixed APR: 4.44% to 14.30%
- Perks: Free financial coaching and career services
Rates and terms can vary based on your credit profile and market conditions. Variable rate loans for all terms are capped at 17.95%. SoFi offers a 0.25% interest rate discount for borrowers enrolled in autopay. Returning borrowers also qualify for a 0.125% interest rate discount on subsequent loans with the Continuing Scholar Discount.
SoFi Student Loan Refinancing Details
SoFi offers student loan refinancing with flexible options for various financial needs.
- Loan amounts: Starts at $1,000 up to your total outstanding balance
- Repayment terms: five to 20 years.
- Fees: No loan fees, including late fees, application fees or origination fees. There are no prepayment penalties.
- Interest Rates:
- Variable APR: 6.24% to 9.99%
- Fixed APR: 5.24% to 9.99%
SoFi offers perks such as member benefits, including career coaching and financial advice, an unemployment protection program and access to a community of other SoFi members.
How to Qualify for a SoFi Student Loan
These are generic eligibility requirements that borrowers must meet to qualify for a SoFi student loan, whether an undergraduate student loan or a refinance loan. However, more specific requirements may apply to a particular loan type.
- Citizenship or visa status: Borrowers must be U.S. citizens, permanent residents, or holders of eligible visas. International students and Deferred Action for Childhood Arrivals (DACA) recipients can apply with a U.S. citizen co-signer.
- Credit score: A good or excellent credit score, typically 670 or higher on an 850-point scale, increases the chances of eligibility and securing a low-interest rate. A qualified co-signer with great credit may significantly boost your chance of getting approved and receiving a better interest rate.
- Income and employment: While SoFi doesn’t disclose specific minimum income requirements, you must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
- Enrollment status: For private student loans, borrowers need to be enrolled at least half-time in a degree-seeking program at a qualifying four-year school. Associate degree students are not eligible for private student loans. Still, they can apply for SoFi student refinance loans if they have at least an associate degree from an eligible university.
With a strong co-signer, you're more likely to get approved for private student loans. Co-signers should have solid income from full-time employment and good to excellent credit. They can also qualify for an interest rate reduction on other SoFi loan products.
How to Apply for a SoFi Student Loan
Applying for a SoFi student loan is straightforward:
- Check eligibility: Confirm you meet the fundamental eligibility requirements, such as U.S. citizenship or permanent residency, credit score and enrollment in an eligible school.
- Online application: Complete your application by providing basic personal and financial information. If necessary, add a co-signer.
- Rate check: View your rate options and estimated monthly payment. Don't worry — SoFi uses a soft credit pull that won't affect your credit score.
- Select loan terms: Choose the loan amount, repayment plan and other terms that best suit your needs.
- School certification: After you sign your loan agreement, SoFi will send the loan details to your school for certification. The school will verify your enrollment status and financial aid package.
- Final approval: Once your school certifies your loan, SoFi will approve your student loan.
- Funding: After final approval, the funds will be disbursed directly to your school to cover your educational expenses.
SoFi Customer Service
SoFi provides several customer service options to assist users.
- Phone support: Available 24/7 for various SoFi services
- Chat support: Chat with intelligent virtual assistants accessible through the SoFi website, available 24/7
- Email support: Clients can send emails for less pressing inquiries
- Social media: Active X (Twitter) account handling customer questions and complaints
Generally, SoFi’s customer service is considered responsive, with extended business hours and some channels available around the clock. Several users have reported positive experiences with SoFi’s proactive service and quick issue resolution.
Customers have expressed satisfaction with SoFi’s customer service, highlighting the ease and efficiency of the loan process, rapid electronic lending, and helpful support in resolving issues. However, a few have also reported challenges in resolving complex problems.
SoFi’s customer service can be rated as good overall. They offer multiple avenues for support, which is commendable, but there is room for improvement in handling unique or complex customer situations.
SoFi vs. Competitors
SoFi is a well-known name in the personal finance industry, alongside similar companies like Avant, Funding Circle, Lending Club, LendingTree and Upstart. Like SoFi, these competitors offer online lending platforms, focusing on technology-driven financial services and providing a range of loan products, including student loans. However, they also have differences, for example, in their target customer base, loan terms, interest rates and additional services offered. Understanding these nuances is key when comparing SoFi to its competitors.
The comparison table below illustrates how SoFi stacks up against its main rivals:
Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay
discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20-
year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. Your actual rate will be within the
range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other
factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived
by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of
one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This
benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest
rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required
to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
SoFi's competitive interest rates, comprehensive range of student loan products, and strong customer service reputation earn it a solid 4.5 out of five rating for 2024. The company's focus on technology to streamline the lending process and its suite of member benefits also contribute to a positive borrowing experience.
Frequently Asked Questions
Will student loans through SoFi be forgiven?
No, SoFi student loans are not eligible for federal forgiveness programs; however, they offer a death benefit that forgives the loan if the primary borrower passes away.
Does SoFi give out student loans?
Yes, SoFi provides student loans, including undergraduate, graduate, law school, MBA and parent loans, and refinancing options.
What are SoFi student loan rates now?
The current SoFi student loan rates range from 4.44% to 14.30% APR for fixed-rate loans and 5.99% to 14.30% APR for variable-rate loans, with autopay discounts available.
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Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
