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:
    • 3.549% to 7.48% APR (with AutoPay).
    • 3.799% to 7.73% APR (without AutoPay).
  • Variable:
    • 2.36% to 7.725% APR (with AutoPay).
    • 2.61% to 7.975% APR (without AutoPay).
  • 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 July 5, 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.

 **Student Loan Refinance Disclaimer
Fixed rates from 3.549% APR to 7.480% APR (with AutoPay). Variable rates from 2.360% APR to 7.725% 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 2.360% APR assumes current 1 month LIBOR rate of 2.10% 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. 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. (www.nmlsconsumeraccess.org)

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

  1. phroogal

    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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