SoFi offers a variety of private student loans and refinancing options for undergraduates, graduate students, and parents. It doesn’t charge any student loan fees beyond interest and has flexible in-school and post-graduation repayment options. SoFi is also unique in offering a bonus for good grades and interest rate discounts to qualifying members.
However, its starting interest rates are higher than some competitors. If you’re looking to borrow or refinance student loans, SoFi makes it easy to prequalify and apply online in a matter of minutes.
SoFi overview
Since its founding in 2011, SoFi has funded over $73 billion in loans to 15.8 million members. It offers a range of private student loans, including undergraduate loans, law school loans, medical loans, STEM loans, and parent loans.
SoFi also provides specialized refinancing options, including medical resident refinancing, Parent PLUS refinancing, and a SmartStart refinancing loan that lets you make partial payments for the first nine months.
With a SoFi student loan, you can generally choose between a fixed and variable interest rate and pick repayment terms anywhere from five to 20 years.
SoFi at a glance
| Feature | Details |
| Loan types | Undergraduate, Graduate, Medical and Veterinary, Dental, STEM, Law, MBA, Health Professions, Parent, International, and Refinance |
| Loan amounts | Private student loans: From $1,000 to school-certified cost of attendance, minus other financial aid received Student loan refinancing: From $5,000 (no maximum amount) |
| Repayment terms | 5 – 20 years |
| Rate discounts | 0.25% for autopay; 0.125% Continuing Scholar Discount for prior SoFi student loan borrowers; 0.25% Family Discount for cosigners who out SoFi Private Student loans for multiple student borrowers |
| Grace period | 6 – 36 months, depending on loan type |
| Fees | No origination, prepayment, insufficient funds, or late fees |
| Availability | All 50 states |
| Better Business Bureau rating | A+, but not BBB accredited |
Student loan options
SoFi offers private student loans for undergraduate, graduate students, and parents, including several specialized loan options for specific degree programs.
Undergraduate loans
Undergraduates can borrow from $1,000 to their school-certified cost of attendance with a SoFi loan, minus any other financial aid received. You can choose between a fixed and variable rate and repayment terms of five, seven, 10, 15, or 20 years.
SoFi’s undergraduate loans come with a six-month grace period, though you could choose to start paying sooner to save on interest. If you don’t want to defer payments, your in-school payment options are $25 per month, interest-only payments, or full payments.
Graduate loans
If you’re planning on graduate school, SoFi offers graduate school loans up to your cost of attendance. It also has specialized loan options for the following programs:
Some graduate loans offer longer grace periods; for instance, health professions loans have nine months and dental loans have 12 months. Medical and veterinary students get a grace period of 36 months to account for residency and can defer up to 48 months for residency, fellowship, or other surgical disciplines.
Parent loans
Parents can also borrow to help pay for their child’s education with a SoFi parent loan. Parent loans have repayment terms of five, seven, 10, or 15 years, but they don’t come with a grace period. You’ll have to start making interest-only payments or full payments while your child is in school.
International loans
International students can qualify for a SoFi student loan if they have a Social Security number (SSN) or Individual Tax Identification Number (ITIN), a physical address in the U.S., and current, valid immigration documentation. You don’t have to apply with a cosigner, though adding one to your application could improve your chances of getting approved or get you a better interest rate.
Student loan refinancing
If you’re carrying high interest rates, you may explore refinancing your student loans for better rates. SoFi refinances student loans with a minimum balance of $5,000 and no maximum.
Along with general refinancing, it has some specialized refinancing options for medical residents, medical professionals, law students, MBA borrowers, and Parent PLUS borrowers. Medical residents and professionals can earn a $1,000 referral bonus for referring other doctors, dentists, or residents.
SoFi also has a unique SmartStart refinancing loan that lets you make interest-only payments for nine months after your loan funds. This can help lower your payments temporarily, though it could increase your borrowing costs in the long run.
Keep in mind that refinancing federal loans turns them private. That means you lose access to federal programs like income-driven repayment and forgiveness. Make sure you understand the tradeoffs before applying.
Interest rates, fees and discounts
What you pay for a SoFi loan depends on your interest rate, whether you qualify for discounts and any applicable fees.
Fixed vs. variable rates
You have the option of a fixed or variable rate on a SoFi student loan. Fixed rates stay the same over the life of the loan, while variable rates can move up or down with market conditions. Here are some current rates, as of the time of writing:
| Rate type | Undergraduate loans | Graduate loans | Refinance loans |
| Fixed | 2.45% – 15.99% APR | 2.45% – 14.83% APR | 3.99% – 9.99% APR |
| Variable | 4.39% – 15.99% APR | 4.39% – 15.86% APR | 5.74% – 9.99% APR |
Available discounts
There are several potential discounts on your interest rate:
- Autopay discount of 0.25%
- Member discount of 0.125%
- Family discount of 0.25%, for cosigners who take out student loans for multiple borrowers
SoFi also offers a Rewards for Good Grades program for students who maintain a GPA of 3.0 or higher. You can get a cash reward of $100 for a single-semester private student loan or $250 for a full-year loan.
Fees
SoFi doesn’t charge any fees on its private or refinance student loans. You don’t have to worry about origination, application, non-sufficient funds, or late fees, and there are no prepayment penalties.
Repayment options
SoFi offers some flexibility on repayment options.
In-school repayment options
SoFi’s student loans for students offer four in-school repayment options:
- Deferred: Postpone payments during school and for six months after you graduate. Some graduate loans offer longer grace periods.
- Interest-only: Pay off the interest charges from the beginning.
- Flat monthly payment: Pay $25 per month on your student loan.
- Immediate repayment: Start making full interest-and-principal payments right away.
You might choose to start paying your student loan off sooner than required to save on interest and reduce your costs of borrowing.
Note that parent loans don’t come with a grace period and only have two in-school repayment options: interest-only or full payments.
Repayment term lengths
Most SoFi student loans offer repayment terms of five, seven, 10, 15, or 20 years. Parent loans have one fewer option with terms of five, seven, 10, or 15 years.
Grace period
Here’s how the grace periods break down for SoFi borrowers:
- Undergraduate, graduate, STEM, and MBA loans: 6 months
- Law and health professions loans: 9 months
- Dental loans: 12 months
- Medical and veterinary loans: 36 months, with option of 48-month deferment for residency, fellowship, and other surgical disciplines
- Parent loans: No grace period
Cosigner release
If you apply with a cosigner, you may be eligible to release the cosigner from your loan contract after 12 consecutive on-time payments. You’ll have to pass a credit check and meet other requirements.
Hardship assistance
If you’re facing financial hardship, SoFi may offer relief by reducing your payments or modifying your loan structure. You may also have the option of skipping a payment in the case of short-term hardship.
SoFi offers deferment options if you go back to school, get mobilized by the military, or take part in a disability rehabilitation training program. It encourages anyone who’s facing hardship, a natural disaster, or other circumstances to reach out and discuss their options.
Eligibility requirements
Before you apply, it helps to know what SoFi looks for in a borrower, a cosigner and the school itself.
Credit score
SoFi does not disclose a minimum credit score. As with other private lenders, though, you’ll need to pass a credit check to get approved for loan. Many borrowers apply with a cosigner to meet this requirement.
Income requirements
SoFi also considers income during the application process, but doesn’t disclose a specific minimum.
Cosigner requirements
You may have to apply with a cosigner if you can’t meet SoFi’s underwriting requirements on your own. Your cosigner must be a U.S. citizen, permanent resident, or non-permanent resident.
School eligibility
To get a SoFi student loan, you must be enrolled at least half-time in a degree-seeking or graduate certificate-seeking program at an eligible school. Your school may be eligible if it’s a Title IV not-for-profit college or university and at least 25% of students graduate with a bachelor’s degree or higher.
Application process
SoFi offers an easy online application process for student loans and student loan refinancing. You can start by checking your rates via prequalification, which is a quick process that won’t impact your credit.
Keep in mind that these initial offers aren’t guaranteed and could still change after you apply. If you decide to move forward, you’ll fill out a loan application and upload any required documentation.
For private student loans, SoFi will request certification from your school of your enrollment and cost of attendance. Once everything has been approved, it will send your loan funds to your financial aid office.
Your school will apply the funds toward required costs like tuition and fees before sending any remaining amount to you. SoFi can approve an application in as soon as 10 minutes, but the funding timeline could take anywhere from two to 10 weeks.
If you’ve already borrowed from SoFi in the past, the process may take less time. You can transfer your information from your previous application and make any updates as needed.
Customer experience
Here’s what borrowers can expect once they’re managing a loan or need help along the way:
Mobile app
SoFi offers an all-in-one banking app in the Apple App Store and Google Play. You can use the app to apply for and manage your student loans, along with any other SoFi products you might use. These could include other loans, checking and savings accounts, or investment accounts. You can also use the app to monitor your credit.
Customer support
SoFi provides customer support over the phone at (855) 456-SOFI (7634) or via live chat on its website after logging into your member account. You can access virtual assistance 24/7 or chat live with a team member during business hours, which are 5 am to 7 pm PT Monday through Thursday and 5 am to 5 pm PT Friday through Sunday.
Customer reviews
SoFi has a strong score of 4.3 stars out of five on TrustPilot based on more than 13,000 reviews. Reviewers praised the application for being easy and simple and said they received their loans quickly. Others said they received competitive interest rates on their loans, though negative reviews spoke about frustrating experiences with customer service.
SoFi has a weaker rating on the BBB of just 1.29 stars based on nearly 380 reviews. Customers largely complain about customer service and unresolved issues. Keep in mind that reviews on both TrustPilot and the BBB cover all of SoFi’s products and services, rather than its student loans alone.
Pros and cons
Pros
- No fees
- Flexible repayment terms
- Specialized student loan and refinancing products
- Multiple options for rate discounts
- Cosigner release may be available after 12 payments
- Hardship assistance options
- Bonus for good grades
- Online prequalification available
- Available to qualifying international students without a cosigner
Cons
- Interest rates start higher than some competitors
- Does not disclose minimum credit or income requirement
- Parent loans don’t have a grace period
- Parent loans only have two repayment term options
- Bonus for good grades programs requires you to have a SoFi Checking and Savings account
How SoFi compares
| Feature | SoFi | College Ave | Sallie Mae |
| Fixed/Variable APR | Both | Both | Both |
| Cosigner release | Eligible after 12 consecutive on-time payments | Eligible after half of repayment term has elapsed | Eligible after 12 consecutive on-time payments or one lump sum payments equaling 12 months |
| Parent loans | Yes | Yes | Yes |
| Refinance | Yes | Yes | No |
| Fees | None | No origination or prepayment fees, but late fees apply | No origination or prepayment fees, but late fees apply |
| Repayment flexibility | Very flexible; 5 – 20 years | Flexible; 5 – 15 or 20 years, depending on loan type | Less flexible; 10 – 15 years |
SoFi stands out for its lack of fees and high repayment flexibility, but its interest rates start higher than some competitors. It’s worth checking your rates with other lenders, like College Ave and Sallie Mae, to see if you could get a better deal. Keep in mind that College Ave may have a longer path to cosigner release, and Sallie Mae doesn’t offer student loan refinancing.
Is SoFi right for you?
SoFi student loans are worth exploring if you fall into any of these groups:
- First-time college students: If federal financial aid falls short, SoFi can cover a funding gap up to your cost of attendance.
- Graduate students: Grad students may appreciate SoFi’s specialized loans options and features for specific degree programs.
- International students: SoFi is one of the few private lenders that lets international students qualify without a U.S.-based cosigner (if the student has a Social Security number or ITIN).
- Parents borrowing for college: Parents may appreciate the Family Discount for cosigning loans for multiple students and the parent borrowing options, though note that SoFi’s parent loans have less flexibility than its student loans.
- Borrowers with excellent credit: Strong credit can help you qualify without a cosigner and snag a competitive interest rate.
- Borrowers using a cosigner: You may appreciate SoFi’s relatively fast pathway to cosigner release.
- Refinance borrowers: SoFi makes it easy to check your rates through prequalification and offers multiple refinancing products, including a loan with nine months of interest-only payments.
Bottom line
SoFi is a leader in the private student loan and refinancing space due to its competitive rates, repayment flexibility, and easy online application process.
It doesn’t charge any fees and customizes many of its loans to match borrower needs. The biggest drawbacks are the lack of transparency around its credit and income requirements and the slightly higher starting rates than some of its competitors.
It’s always worth comparing multiple lenders to find the best deal, but SoFi is a strong option to consider if you’re shopping for a private student loan or refinancing an existing loan.
FAQs about SoFi
Is SoFi a legitimate student loan company?
Yes, SoFi is a legitimate student loan company that’s been operating since 2011. It started as a financial technology company and became a nationally chartered bank in 2022. Both SoFi’s private student loans and refinance student loans are originated by SoFi Bank, N.A. Member FDIC.
Does SoFi require a cosigner?
SoFi may require a cosigner if you can’t meet its credit, income, and other financial requirements on your own.
Does SoFi offer student loan refinancing?
Yes, SoFi offers student loan refinancing from $5,000 with no maximum limit. Along with general refinancing, it has specialized refinancing options for medical residents, medical professionals, law and MBA borrowers, and Parent PLUS loan borrowers. It also has a SmartStart refinancing option that lets you make lower payments for your first nine months.
Can you pay off a SoFi loan early?
Yes, you can pay off a SoFi loan early with no prepayment penalties.
What credit score do you need for SoFi?
SoFi doesn’t disclose a specific credit score minimum you need to qualify for a private student loan or student loan refinancing. In general, having a good score of at least 670 makes it easier to get approved for loans and access competitive interest rates.