The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.
Advertising Disclosure is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.
SoFi Review
SoFi makes decisions on student loan refinance applications in minutes – and passes on savings to borrowers.
SoFi Review
SoFi makes decisions on student loan refinance applications in minutes – and passes on savings to borrowers.
September 09, 2021 / Nadav Shemer
SoFi Review
SoFi makes decisions on student loan refinance applications in minutes – and passes on savings to borrowers.
September 09, 2021 / Nadav Shemer
2.25% - 6.59% variable APR (with autopay)
Visit Site >


Social Finance, Inc., also doing business as SoFi Lending Corp or SoFi, is a tech-powered digital lender founded in 2011 and specializing in student loan refinancing and other lending products. Its tech-powered underwriting process assesses borrowers on their financial health, delivering a decision in minutes. SoFi borrowers automatically get free access to SoFi member benefits, including career coaching and financial advice.


  • Quick online application process
  • Lots of deferment options
  • Access to SoFi member benefits


  • High credit score requirements
  • No cosigner release

SoFi at a Glance

Loan types: Refinance federal and private loans

APRs: Variable rates start from 2.25%, fixed rates start from 2.74%

Repayment terms: 5-20 years

Refi amount: $5,000 up to full balance of qualified student loans

Origination fees: No

Refinance Rates and Fees

SoFi offers competitive rates on student loan refinancing, with a choice between fixed and variable rates. As with other lenders, the lowest rates are reserved for borrowers and co-signers with excellent credit. An automatic 0.25% rate discount applies when using autopay to make monthly payments.

The following rates include the autopay discount:

  • Fixed: 2.74% - 6.94%
  • Variable: 2.25% - 6.59%

Repayment Options

SoFi offers a choice of five repayment terms: 5, 7, 10, 15 or 20 years. The longer your loan, the smaller your monthly payments but the more you pay in interest overall.

SoFi will honor the first six months of any existing grace period on the loans you refinance.

Deferments may be available in various circumstances:

  • Return to school – you enroll at least half-time at an eligible school for the purpose of obtaining a graduate degree.
  • Disability rehabilitation training – you enroll in an eligible full-time disability rehabilitation program.
  • Unemployment – you lose your job through no fault of your own.
  • Economic Hardship - you experience financial hardship, e.g. medical expenses, medical leave from work, relocation for employment purposes, damage expenses to your home or automobile, and legal fees.
  • Military service – you serve on active duty during a war or other military operation or national emergency, or perform qualifying National Guard duty during a war or other military operation or national emergency.
  • Residency or Internship Deferment – if you enroll in an eligible internship or residency program, you may request deferment for up to 54 months.

Discounts and Rewards

As mentioned, SoFi automatically applies a 0.25% discount to your interest rate for using autopay to make your monthly payments.

Other benefits include:

  • Member benefits. SoFi student loan refinance borrowers automatically receive access to a range of third-party partner offers.
  • Referral bonuses. When a friend or relative borrows from SoFi using your referral link, you get a bonus of up to $310.
  • Best rate guarantee. If you find a lower rate for a student loan refinance, SoFi will match it and give you $100 when your loan is funded.

Application Process

It only takes three minutes to find out if you pre-qualify without any impact to your credit. This is followed by an additional 15 minutes to fill out an application, during which SoFi will request your full credit report from one or more credit reporting agencies (which will impact your credit score).

The funding process takes about 7-15 business days. The funds are sent to your servicer, via ACH, or USPS, to pay off your loans. Your first payment with SoFi won’t be due for 30 to 45 days from the date SoFi pays off your previous loan(s). You will receive a welcome packet from SoFi’s servicing partner MOHELA, within two weeks for repayment.

To qualify, you must be a:

  • U.S. Citizen or permanent resident (or have a cosigner who is a U.S. citizen or permanent resident);
  • Have graduated from an eligible Title IV-accredited university of graduate program;
  • Be employed, have sufficient income from other sources, or hold a job offer with a start data within 90 days;
  • Have a credit score of at least 650; and
  • Have strong monthly cash flow.

Cosigner Options

You may bring a cosigner with you if it helps to strengthen your application for a student loan refinance. However, note that you cannot release your cosigner at any time during the loan period.

Contact SoFi

SoFi offers digital applications only. To get support from a SoFi representative, call from Mon-Thu, 5am-7 pm PT or Fri-Sun 5am-5 pm PT. SoFi is headquartered in San Francisco.


SoFi has earned a reputation as one of the top digital lenders for student loan refinancing and other loan products. It goes to great lengths to keep its customers happy, including offering access to member benefits, providing a range of deferment and forbearance options, and offering customer service seven days a week. In short, SoFi is worth considering for your student loan refinance.

Get started now, visit SoFi
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
Best Student Loans Refinance
Splash Financial
Read More
Visit Site >