SoFi Student Loan Refinancing Review

By Mentor Staff | Edited By Mentor Staff

Updated On March 7, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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SoFi is a leading student loan refinancing lender that was the first company to offer student loan refinancing for federal and private student loans together. SoFi caters to borrowers with excellent credit and a history of financial responsibility.

In this SoFi student loan refinancing review, we will discuss:

SoFi student loan refinancing: Rating

Best For: SoFi is best for borrowers who want good customer service and additional benefits.

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
3.49% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes

SoFi student loan refinancing: Pros and Cons

Pros:

  • Ability to check new interest rate for free before you apply
  • Refinance Parent PLUS Loans in your child’s name
  • Extra perks such as career counseling and job search support
  • Student loan refinancing available in all 50 states and Washington, D.C.

Cons:

  • Refinancing not available if you didn’t complete your degree
  • No cosigner release option
  • Higher minimum loan balance for California residents

SoFi student loan refinancing: Overview

SoFi, also known as Social Finance, is a market leader that helped pioneer the technology-driven private student lending market. Based in San Francisco, SoFi positions itself as the “anti-bank” and focuses on borrowers with excellent credit. While there is no minimum income, many borrowers who refinance with SoFi have graduate degrees. In addition to student loan refinancing, SoFi offers its members several perks such as free career services, unemployment protection, customer support seven days a week, and free SoFi events.

Advantages of Refinancing With SoFi

Here is what we like about SoFi student loan refinancing:

  • If you lose your job, SoFi will temporarily pause your payments for up to 12 months.
  • You can refinance Parent PLUS Loans in your child’s name.
  • SoFi offers free career services to help you advance your career and negotiate your salary.

Drawbacks of Refinancing With SoFi

SoFi can improve in these key areas:

  • Offer co-signer release.
  • Offer more than 12 months of forbearance.
  • Refinance student loans for borrowers without a degree.

SoFi student loan refinancing review: Details

How to refinance student loans with SoFi

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with SoFi. The application comes about 10-15 minutes to complete.

Get My Rate

* Checking your rate does not affect your credit score.

Is SoFi student loan refinancing right for you?

SoFi is a trusted student loan refinancing lender that offers competitive rates and terms. SoFi student loan refinancing may be right for you if:

  • You have a credit score of at least 650
  • You have stable and recurring monthly income
  • You have a higher interest rate than what SoFi offers
  • You don’t plan to use income-driven repayment or federal student loan forgiveness

SoFi targets borrowers with good to strong credit scores and high income who have a lower risk of becoming unemployed. Many SoFi members have a graduate degree and credit score over 700. In addition to forbearance and deferral, SoFi also offers benefits such as career coaches and networking opportunities. If you have a low credit score, you can apply to SoFi with a qualified cosigner with a good to excellent credit score and income. A qualified cosigner may help you get approved and get a lower rate.

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Student Loan Refinancing

May 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 7.99%
3.49% - 7.99%
1.74% - 7.99%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
3.49% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 7.99%
2.74% - 7.99%
1.74% - 7.99%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.74% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
1.74% - 7.99%
2.74% - 7.99%
1.74% - 7.99%

View Details

on NaviRefi's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.74% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
1.86% - 6.01%
2.73% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.73% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 8.70%
1.99% - 8.63%
1.74% - 8.70%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 8.70%
Fixed APR:
1.99% - 8.63%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.99% - 8.38%
3.74% - 8.63%
1.99% - 8.63%

View Details

on Citizens' website

Overview

Variable APR:
1.99% - 8.38%
Fixed APR:
3.74% - 8.63%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.89% - 5.90%
2.99% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.99% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
4.44% - 8.48%
4.44% - 8.48%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
4.44% - 8.48%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

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