What is SoFi?

SoFi is a student loan juggernaut as the leading brand in the industry. Having refinanced more than $5 billion in student loans offering add-on member benefits like job-related support, career coaching, and networking events.

SoFi Student Loan Refinance Details

  • Refinance both federal and private student loans.
  • Fixed rates: 3.25% to 7.125% APR with auto pay
  • Variable rates: 2.65% to 7.14% APR with auto pay
  • Loan terms available: 5, 7, 10, 15 or 20 years
  • Eligible loan balances: $5,000, up to the full balance of your student loans
  • No origination fee
  • No prepayment fees

*accurate as of March 8, 2018


  • Age of majority and can enter into a binding contract.
  • US Citizen or Permanent Resident.
  • Refinancing educational loans.
  • Bachelor degree.
  • Good to excellent credit score.
  • Employed or offer letter to start a job within 90 days.
  • Good standing with existing student loans.
  • Strong monthly cash-flow.

All loans are subject to credit review and approval and your rate depends upon credit score, loan amount, loan term, and credit usage and history.

SoFi Loan Payment

Your repayment terms will depend on your APR and loan term. Loan forbearance up to 12 months in 3-month increments. Loan deferment for borrowers who return to graduate school half- or full-time, serve on active military duty or undergo disability rehabilitation.

Experience. Get a rate estimate from SoFi through the online pre-approval process. This involves a soft credit pull, which won’t affect your credit. If you decide to complete the full application, the lender will do a hard credit pull, which will slightly hurt your credit score.

The SoFi Student Loan Refinance application process is simple:

  1. Get a Pre-Approval (without impacting your credit score).
  2. Select Loan
  3. Upload and Sign

Do you qualify?

In addition to the minimum qualification, you must be employed, or have a job offer to start in the next 90 days, or have sufficient income from other sources.
Credit Score Good or Excellent
Income None specified
Education Bachelor’s degree or higher

How do you apply with SoFi

SoFi lets you check your rate with a soft credit inquiry (doesn't affect your credit score) to give you an estimate of your rate. You'll have the option of choosing your loan terms. Then, SoFi will do a hard credit inquiry once you decide to complete the full application.

What documents do you need for your SoFi Application?

  • Income verification, such as your most recent pay stub
  • Your most recent student loan billing statements
  • Identity verification (driver’s license, government-issued photo ID, passport or green card)

Other SoFi student loan refinancing details

Not available to borrowers in Nevada.

No co-signer release option. If you have a loan with a cosigner, both parties are liable for the loan until it is paid in full. Unless you refinance and qualify on your own.

Loan servicer: MOHELA

Deferment and forbearance.  A loan deferment for borrowers who return to graduate school half- or full-time, serve on active military duty or undergo disability rehabilitation. Up to 12 months of forbearance in three-month increments.

Access to career perks. Borrowers with SoFi can meet with the company’s career coaches to get resume feedback, salary negotiation tips, and advice about career transitions.

1 review for SoFi Student Loan Refinance (Get Your Rate in 2 Minutes)

  1. Rated 4 out of 5


    Over 44 million people have student loan debt totaling over $1.4 trillion. Your student loans are probably weighing you down. If you’re considering ways to lower your payment and getting rid of them, consider refinancing or consolidating your student loans.

    SoFi Student Loan Refinancing is a good option for borrowers with strong credit history and currently employed.

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