Full Review
SoFi is a leading student loan refinance lender. In 2012, it became the first company to refinance federal and private student loans together.
The typical credit score of approved borrowers is above 770, so you'll increase your chances of approval if you can build your creditworthiness before applying.
SoFi accepts borrowers whose highest education level is an associate degree.
SoFi at a glance
Personalized rate estimates without affecting credit.
No co-signer release option.
How SoFi student loan refinancing could improve
SoFi, like other five-star lenders, isn't perfect. SoFi could improve by offering additional programs such as:
More than 12 months of forbearance.
Co-signer release.
Refinancing for borrowers who didn't earn a degree.
SoFi student loan refinancing details
Interest rates, fees and terms
Soft credit check to qualify and see what rate you’ll get: Yes.
Loan terms: 5, 7, 10, 15 or 20 years.
Loan amounts: $5,000 up to your total outstanding loan balance.
Can transfer a parent loan to the child: Yes.
Application or origination fee: No.
Prepayment penalty: No.
Late fees: No.
Compare SoFi’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate SoFi will offer you, apply on its website.
Requirements
Financial
Minimum credit score: 650.
Minimum income: Does not disclose.
Typical credit score of approved borrowers or co-signers: 770.
Typical income of approved borrowers: Does not disclose.
Maximum debt-to-income ratio: Does not disclose.
Can qualify if you’ve filed for bankruptcy: Does not disclose.
Other
Citizenship: Must be a U.S. citizen or permanent resident. Non-permanent residents, including DACA recipients, must show documentation of current immigration status, Green Card or I-485 (Application to Register Permanent Residence).
Location: Available to borrowers in all 50 states.
Must have graduated: Yes, with an associate degree or higher.
Must have attended a school authorized to receive federal aid: Yes.
Percentage of borrowers who have a co-signer: Does not disclose.
Additionally, borrowers must be employed, have enough income from other sources or have a job offer to start within the next 90 days.
Repayment options
Academic deferment: Yes, borrowers can postpone payments if they return to school.
Military deferment: Yes, borrowers can postpone payments while they’re on active military duty.
Natural disaster forbearance: Yes.
Temporary reduce payment: Yes.
Skip-a-payment: Yes, borrowers can skip a payment due to a short-term economic hardship.
Disability deferment: Determined on a case-by-case basis and after specific requirements are verified.
Forbearance: Cases for hardship forbearance are evaluated on an individual basis so that SoFi can determine the best option.
Co-signer release available: No.
Death or disability discharge: Yes, for student borrowers. Loans are not discharged for parent borrowers.
Loan discharge if co-signer dies or becomes disabled: No.
Repayment preferences:
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.
Customer service
Loan servicer: MOHELA.
In-house customer service team: Yes.
Process for escalating concerns: Does not disclose.
Borrowers get assigned a dedicated banker, advisor or representative: Yes.
Average time from approval to payoff: Varies by borrower. Depends on the documentation provided and the unique circ*mstances of the borrower.
Extras
$100 monthly payments for medical residents while still in residency
Discounts on SoFi products, like no-fee investing, rate-discounts on other loans.
» MORE: How to refinance student loans in 6 steps
Before refinancing with SoFi
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.
» MORE: Earnest vs. SoFi: Which is better for refinancing student loans?
If you aren’t eligible to refinance with SoFi
If SoFi denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
Sallie Mae Undergraduate Student Loan 4.5 COMPARE RATESon Credible’s website on Credible’s website | 4.50-15.49% | Mid-600's | 6.37-16.70% | COMPARE RATESon Credible’s website on Credible’s website |
College Ave Private Student Loan 5.0 COMPARE RATESon Credible’s website on Credible’s website | 4.07-16.49% | Mid-600s | 5.59-16.85% | COMPARE RATESon Credible’s website on Credible’s website |
Ascent Credit-based Student Loan 5.0 COMPARE RATESon Credible’s website on Credible’s website | 4.29-15.76% | Low-Mid 600s | 6.24-15.85% | COMPARE RATESon Credible’s website on Credible’s website |
Custom Choice Loan 5.0 COMPARE RATESon Credible’s website on Credible’s website | 4.43-14.04% | 600 | 5.39-15.57% | COMPARE RATESon Credible’s website on Credible’s website |
Education Loan Finance Private Student Loan 4.0 COMPARE RATESon Credible’s website on Credible’s website | 8.42-13.01% | 680 | 4.98-12.79% | COMPARE RATESon Credible’s website on Credible’s website |
