SoFi Student Loan Refinance Review [2022]: B Rating

Our fink : B ⓘ ( Compare )
SoFi scholar loan refinance may be a full option for health professionals and borrowers with excellent credit rating. SoFi offers debt relief and competitive low rates. Federal investigations, however, report misleading advertisements, including offers of bonus cash and balloon savings .

Loan Limits $5,000+
Fixed Rates 2.74%* – 7.99%
Variable Rates 1.85% – 7.99% (9.95% Cap)
Terms 5, 7, 10, 15 or 20 years
Min. Credit Score Unspecified
Apply Link

*Lowest rates always include the 0.25 % concern reduction for auto-pay .
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

Loan Refinancing Options
Private student loans
Private parent loans (in either name)†
Federal student loans
Federal Parent PLUS loans (in either name)

†Parents may refinance their own parent loans or transfer the debt to their child .

SoFi Refinance Rates & Fees

Social Finance, Inc. ( SoFi ) offers fasten matter to rates between 2.74 % and 7.99 % and variable interest rates between 1.85 % and 7.99 % for scholar loanword refinance, depending on the loan term. Refinance loans for police school and MBAs have these same rates .
PLUS loanword refinance is available with a fixed rate from 2.74 % to 7.29 % and a variable rate of 1.85 % to 7.29 %. Medical and dental nonmigratory refinance has a repair rate of 2.49 % to 6.44 % and a variable rate of 1.85 % to 6.55 %. Refinance loans for checkup school have the lapp rates .
note that the lowest rates always include 0.25 % autopay discount .

Student Refinance Loan Rates
Term Fixed Rate Variable Rate
5 Years 2.74% – 6.14% 1.85% – 6.14%
7 Years 3.64% – 7.07% 3.64% – 7.07%
10 Years 3.74% – 7.22% 3.74% – 7.22%
15 Years 4.24% – 7.29% 4.24% – 7.29%
20 Years 4.49% – 7.99% 4.49% – 7.99%
Parent PLUS Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10 or 15 Years 2.74% – 7.29% 1.85% – 7.29%
Medical & Dental Resident Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10, 15 or 20 Years 2.49% – 6.44% 1.85% – 6.55%
Medical & Professional Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10, 15 or 20 Years 2.49% – 6.44% 1.85% – 6.55%
Law School & MBA Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10, 15 or 20 Years 2.74% – 7.99% 1.85% – 7.99%

Additional information about Sofi refinance rates:

  • Residents can reduce their payments to as low as $100 for up to four (4) years while they are in residency.
  • SoFi also offers specialized refinancing and rates under their Medical Professional Refinancing and Law & MBA Refinancing programs.
  • Checking your rate with SoFi will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
  • Variable rates are based on the 30-day SOFR (0.17% as of this writing). Formerly, variable rates were based on the 1-month LIBOR rate.
  • Variable rates are capped at 9.95% (or 8.95% for loan terms of 10 years or less).

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with SoFi .

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the lend service period. Below is a list of these fees that Sofi does or does not charge .

Fee Type Amount Charged
Application Fee None
Loan Origination Fee None
Disbursement Fee Undisclosed
Prepayment Penalty None
Late Payment Fee $5 (if more than 14 days overdue)
Returned Payment Fee Undisclosed
Collection Fee Undisclosed
  1. Application fee – fee to apply for rates & approval.
  2. Loan origination fee – fee to create the new loan.
  3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
  4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
  5. Late payment fee – fee for making a late payment. SoFi does not charge a late payment fee for individual monthly payments received within two weeks of the due date.
  6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
  7. Collection fee – fee for collecton activity on a defaulted debt.

Current Promotions & Offers

Ending 1/31/2022: borrowers who refinance private or federal scholar loans before the end of the federal freeze may be eligible for a bonus of up to $ 1,000 deposited in a SoFi Money® explanation. unavailable to Ohio residents. other restrictions apply .
SoFi offers a 0.25 % pastime rate reduction when you enroll in automatic payments .
other bonus offers include a Guaranteed Rate Match Offer ( qualifying borrowers may receive up to $ 100 ) ; extra terms and conditions apply .

SoFi Refinance Eligibility Requirements

To qualify for refinancing with SoFi, all borrowers must meet the criteria below .

  • Citizenship Requirement: U.S. citizenship or permanent residence -OR- a creditworthy co-signer with U.S. citizenship or permanent residence.
  • Income Requirement: a steady source of income -OR- will have a steady source of income within 90 days of application.
  • Credit Score Requirement: there is no minimum, but applicants with credit scores below 700 are rarely accepted.
  • Graduation Requirement: an associates degree or higher from a Title IV accredited school.
  • Location Requirement: borrowers may be residents of any of the 50 states.

Additional restrictions apply for specific individuals and loans .

  • To qualify for medical resident student loan refinancing (MRSLR), borrowers must have a minimum of $10,001 in debt.
  • MRSLR is only available to medical and dental graduates.
  • Medical and dental residents and fellows with up to four years left in their approved program are eligible for MRSLR.
  • In Connecticut and Kentucky, the minimum debt for MRSLR is $15,001; in Pennsylvania, the minimum debt is $25,001.
  • Residents of Mississippi and Montana are not eligible for MRSLR.

SoFi Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan service menstruation. additionally, benefits may merely be available on a individual basis. SoFi offers some relief options .

Deferment & Forbearance

If unexpected fiscal hardships make it difficult or impossible to continue making seasonably payments in wax, borrowers may be able to postpone payments for a limited period .
SoFi ’ s delay options include postponement and patience. Deferments is preferable because interest does not continue to accrue for the duration of the postponement. Loans in forbearance always continue to accrue pastime .
See SoFi ’ s conditions for postponement and patience downstairs .

Condition Coverage
Returning to grad school (half or full time ) Deferment
Disability rehabilitation Deferment
Active military duty Deferment
Involuntary unemployment‡ Forbearance (3-month terms up to 12 months total)
Economic Hardship Unspecified
Natural Disaster Undisclosed
Temporary Hardship Unspecified

‡SoFi offers unemployment security ; in the event borrowers are unexpectedly unemployed people, they may apply for job placement aid in addition to 12 months of forbearance over the life of their loan .

Additional Options

Some lenders offer extra opportunities for debt aid or to modify loanword contracts .

  • Co-signer release is not available from SoFi. Refinance borrowers must instead reapply for refinancing. There is no limit to how many times borrowers can refinance with SoFi.
  • Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.

SoFi Reviews, Complaints & Lawsuits

Beyond our own findings, our team besides collected the most truly insightful customer experiences we could find, including any instances of legal action against the company in which the details became public .

SoFi Online Reviews

Below are 3 samples of SoFi customer review we found on public forums, included here for their value as unedited, uncensored, and unasked user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information ( about rates, bonus offers, etc. ) .
“Just wanted to let you know of my positive experience with SoFi ReFi with a rate match. I wanted to ReFi my ~ $ 105k of scholar loans ( third time ), as it was 75 % 4.899 % and 25 % 4.375 %. SoFi originally quoted me 4.568 % for 15yrs. I got a quote from Splash Financial for 4.07 % for 15 years. SoFi matched, and actually did better. happy to say I ’ megabyte now at 3.978 % @ 15yrs fasten pace with SoFi. I wanted to stick with SoFi since I ’ ve been with them for several years and had all positive experiences. ” – KungFuScubaMaster on reddit, 1/21/2020

“My wife and I used SoFi to refinance student loans and it was a smooth process … We were not offered close to the lowest rate as marketed on their web site ( the 3.25 % that you mention ) even though we have great credit scores, so I ’ m not sure how they determine their rates. ” – dsmil on, 4/24/2018
“Keep checking periodically to see what Sofi will give you every few months. I refinanced with Sofi in December 2017 to a 5.35 % rate ( 5.1 % after the auto-pay interest dismiss ) with a 10 class loan ( ~ $ 125k libra ). then I refinanced with Sofi again in December 2019 to a 4.0 % interest pace ( 3.75 % after the auto-pay dismiss ) with a 7 class lend ( ~ $ 90k balance ). I continue to check every couple months to see if I can get anything better .
just something to keep in mind – keep checking back on rates because it doesn ’ thyroxine price anything to keep refinancing with Sofi. ” – SaguaroSpines on reddit, 8/22/2020
More unfiltered customer reviews of SoFi are available at ( 2.8 out of 5 ), and ( 3.7 out of 5 ) .

SoFi Consumer Complaints

As consumer finance companies, scholar loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau ( CFPB ), a federal means. As part of their deputation, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official web site .
Since December 30, 2012, consumers have submitted 704 complaints about Social Finance, Inc. ’ south ( SoFi ’ south ) to the CFPB for an average of one ( 1 ) complaint every 5 days ; that is 10 times faster than the average daily complaint rate among reviewed lenders. Among the complaints with narratives, at least 25.6 % are identified as complaints about student lend products .
In 2021, SoFi received 227 consumer complaints, which is 195.9 % higher than its average annual complaint rate. In the same year, consumers filed the equivalent of one ( 1 ) ailment for every $ 2.365 million in estimated corporate tax income or one ( 1 ) complaint for every seven ( 7 ) employees .
The allegations made in these complaints are unverified, are not necessarily representative of all consumers ’ experiences with SoFi, and may contain outdated information ( about rates, bonus offers, and so forth ). note that a lender with a big customer base is likely to besides have a higher act of complaints when compared with smaller lenders .
Line Graph: SoFi Consumer Complaints with the Consuer Financial Protections Bureau, from 2012 (1), 2013 (0), 2014 (8), 2015 (6), 2016 (48), 2017 (61), 2018 (70), 2019 (93), 2020 (120), and 2021 (227)
Below we ’ ve included three ( 3 ) of the most holocene and relevant complaints ( as of this writing ) in which the consumer consented to sharing their details .
complaint 4873123
“ I enlisted XXXX to assist me with accredit poster relief/negotiations. One organization they are helping me with is SoFi. I have two loans through them. On XX/XX/21 I sent Sofi two certified letters requesting they cease communication with me save for the US postal military service. The letters besides instructed them that I am working with XXXX to settle the debts. Starting on XX/XX/21 XXXX has called me 3 times a day, 6 days a week, at approximately XXXX, XXXX, and XXXX. These calls hush ongoing as I write this complaint on XX/XX/21. This, to date, is XXXX phone calls merely to me in addition to at least 7 calls to my wife. ”
complaint 4870102
“ My name is XXXX XXXX XXXX, and I am sending this request myself to address the inaccuracies on my credit Reports. I have been patiently waiting on the proof of payment history and any software documentation that this account belongs to me. however, any modes of response or coordination were not taken on their end. They have not complied with the Fair Credit Reporting Act, 15 USC Sections 1681i within the clock allowed by law and cover report as unverified information which now, given all my attempts to address it directly with the creditor, as willful negligence and non-compliance with federal statutes. This is the explanation that still mistakenly reporting on my credit report : SOFI XXXX Date opened XX/XX/2018 Balance- “
complaint 4865290
“ I have been trying to reach SoFi ( XXXX XXXX XXXX ) for more than 2 weeks about a verification of deposit form and they equitable keep repeating the like statement ” We need the lender to send us a VOD class ”. I as an bill owner of SoFi am request a verification of sediment for XXXX XXXX reasons. XXXX does not provide a VOD form. The employees at SoFi can not seem to understand the simple fact that a VOD shape for immigration can merely be requested by report owner. I have spent countless hours on telephone with SoFi. I have created multiple tickets with SoFi and all their end result was wasting my time when my visa date is coming up ! I even created a VOD form as an Individual to submit to SoFi and they rejected it for not having ” company letterhead ”. HOW DOES AN INDIVIDUAL HAVE A LETTERHEAD ? WHAT DO THEY WRITE ? ACCOUNT OWNER, LLC ? SoFi fair doesn ’ t understand simple facts. ”
For a full number of complaints made against SoFi in the CFPB ’ randomness Consumer Complaint Database, click here .

SoFi Lawsuits

note that while this information is updated regularly, ongoing legal action is subject to change .

Juarez v. Social Finance, Case No. 3:20-cv-03386-LB

SoFi is presently subject to a nationally classify action lawsuit regarding its scholar loanword products and services. [ 1 ]
Juarez v. SoFi alleges lending descrimination against recipients of Deferred Action for Childhood Arrivals ( DACA ). Outten & Golden LLP and Lawyers for Civil Rights filed the courtship on behalf of Ruben Juarez on May 19, 2020 .
The 17-page complaint alleges that SoFi “ systematically denied and limited DACA recipients equal access to student loans and other fiscal products. ” [ 2 ]
specifically, the suit alleges SoFi initially denied DACA recipients ’ eligibility for student loanword applications and late, following a policy update in late 2019, continued to require DACA recipients to provide a creditworthy co-signer who is besides a U.S. citizen or permanent resident.

The event is presently awaiting appointment to a district court pronounce .

Federal Trade Commission Charges

SoFi has been subject to FTC investigation and formal charges related to their student loanword refinance products specifically. [ 3 ]
Most recently, SoFi settled a suit with the FTC early in 2019. This suit, filed in 2018, alleged that since April 2016, “ SoFi made outstanding false statements about loanword refinance savings in television receiver, photographic print, and internet advertisements. The complaint besides alleged that the average savings SoFi touted in its ads inflated the actual average savings – sometimes even doubling it – by excluding large categories of consumers. ” [ 4 ]

Frequently Asked Questions

  • Is SoFi good for refinancing student loans?
    SoFi may be a good student loan refinance option for cautious borrowers with good credit ratings. Federal complaints, as well as many consumer complaints, report misleading advertisements; these ads include offers of bonus cash and inflated savings.
  • Does SoFi have a minimum credit score requirement to refinance student loans?
    SoFi does disclose a credit score requirement but does not specify a minimum. This may indicate a “soft” minimum, where borrowers with a lower score may still qualify based on their overall financial health.
  • Can I refinance my SoFi loan?
    You can refinance a SoFi student loan or a student loan from another private lender. SoFi advertises that there is no limit to the number of times a borrower may refinance. Note, however, that every application requires a hard credit check that may affect your credit score.
  • Are SoFi loans federal?
    SoFi loans are not federal. SoFi is a private student loan lender and has no affiliation with the federal government or the US Department of Education.
  • How long does it take to refinance with SoFi?
    SoFi does not disclose a definitive timeline. Borrowers receive instructions on how to begin repayment 7-10 days after having signed the final loan agreement. Disbursement generally takes 7 to 15 business days; 30 to 45 days after disbursement, the first payment comes due.
  • Does SoFi have a prepayment penalty?
    SoFi does not charge a prepayment penalty for early payment on student loans to reduce a loan’s principal.
  • Does SoFi hurt your credit score?
    During their prequalification process of checking rates for student loans, SoFi will perform a soft credit check, which will not hurt your credit score. However, if you proceed with an application, SoFi will perform a hard credit check which may affect your credit score.
  • Does SoFi charge an origination fee?
    SoFi does not charge an origination fee or an application processing fee for a student refinance loan.
  • Is SoFi a bank?
    SoFi is not a bank nor is it affiliated with any bank.
  • Does SoFi partner with any major student refinance lender marketplaces?
    SoFi partners with Credible as part of its multilender marketplace. INvestEd, Purefy, and SuperMoney all advertise SoFi as a featured student loan refinance lender.

Compare Student Loan Refinance Reviews


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