Navigating the complexities of student loans can be overwhelming, but with the right lender, the journey becomes significantly easier. SoFi (Social Finance, Inc.) stands out as a top choice for students and graduates seeking financial independence through its competitive interest rates, flexible repayment options and suite of member benefits. This comprehensive SoFi student loan review will explore everything from SoFi private student loans and the application process to refinancing and repayment strategies, providing the essential information needed to make an informed borrowing decision.
Highlights |
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Rate discounts available for autopay (0.25%), repeat borrowers (0.25%), and cosigners taking out multiple loans to support multiple kids in college (0.25%) |
Got a 3.0 GPA or higher? You can get up to $250 for your good grades! |
Cover 100% of school-certified costs. |
Flexible repayment options to fit your needs, including interest-only payments, partial repay, immediately repay, and deferred payment. |
Check your rate online in just 3 minutes, with no impact to your credit score. |
About SoFi Student Loans
SoFi is a leading financial technology company founded in 2011 by Stanford business school students. In 2012, SoFi became the first company to refinance federal and private student loans. Since its inception, SoFi has expanded to include private student loans, mortgages, personal loans, investment and banking services, insurance and more. SoFi takes pride in serving its members by helping them make smart decisions and achieve their financial goals.
Pros | Cons |
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Prequalify for a SoFi private student loan online in minutes | Loans are not available for associate’s degrees |
Competitive interest rates | Good credit score needed and co-signers encouraged |
No loan maximums—loans are eligible to be used on living expenses, books, food and more as long as a school certifies the cost | |
Loans are available for bachelor’s degrees and higher, including graduate certificate programs | |
What you see is what you pay back—no hidden fees | |
Six month loan deferment option after graduation | |
Auto-pay discounts on loan repayments | |
Financial planning services available | |
Five, seven, 10 and 15-year term repayment term options | |
Impressive member benefits, including financial planning, referral bonuses, travel offers and more | |
Co-signer release available after payment criteria is met | |
Potential for reduced repayment options for unemployment and economic hardship |
Types of SoFi Private Student Loans
Deciding on a private student loan servicer can be tiresome and oftentimes, stressful. However, SoFi makes the process simple. With qualification in just a few minutes, students can be on their way to achieving their dreams with peace of mind that they are making the right decision for their financial future. Unlike federal student loans, SoFi private student loans can be used to finance educational expenses, including tuition, living costs and books. For those seeking a four-year degree or higher, SoFi offers a number of private student loan options, including:
- Undergraduate
- Graduate
- Law school
- MBA
- Health professions
- Parent loans
SoFi Undergraduate Student Loans
SoFi offers private student loans to undergraduates for all school-certified costs, including tuition, room and board, books and other expenses. Borrowers can choose loans with competitive fixed and variable interest rates. Loans have no origination fees, no late fees and no insufficient funds fees. Once borrowers make 24 payments on-time, they are eligible to release a co-signer from the loan. Some states, including Colorado, Connecticut and Maine, allow resident borrowers to be eligible for co-signer release after only 12 months of consecutive payments. SoFi also offers creative ways for borrowers to earn and redeem points to repay their loans, including rewards for auto-pay, performing a credit score check and more. When it comes to repayment, SoFi offers a number of options, including deferment until six months post-graduation, interest-only payments while in school, partial payments while pursuing a degree and immediate payments. Repayment terms are available over the course of five, seven, 10 and 15 years.
SoFi Graduate Student Loans
Pursuing advanced degrees can come at a cost so it’s important to research loan providers that will set you up for financial success post-graduation. SoFi provides loans for graduate programs, including MBA, law school and medical school. Similar to undergraduate loans, SoFi graduate student loans offer flexible repayment terms and competitive rates, making them an attractive option especially for those students who do not qualify for federal loans or who need to borrow more money than the federal loan limits allow.
When applying for a student loan, graduate students have the option to use their job offer letter as proof of income so long as the start date is within 90 days. To be eligible for a SoFi graduate student loan, a borrower must have an undergraduate degree, be enrolled at an approved, degree-granting institution, and be attending the school at least half time. Repayment options are consistent with those for SoFi undergraduate student loans. However, for those pursuing a degree in a health profession, SoFi allows for a nine-month grace period before loan payments begin. SoFi also offers loans for graduate certificate programs. As SoFi members, loan borrowers get access to career services, financial advisors, networking events and more—all at no extra cost.
Parent Student Loans
Oftentimes, parents will want to finance part of their child’s education instead of paying outright for it. If this is the case, SoFi is a great option. SoFi offers loans that allow parents and sponsors to borrow on behalf of their children. The key difference between a parent student loan and a co-signed loan is who is taking responsibility for repayment. With a co-signed loan, both the student and parent are responsible whereas for a parent student loan, the parent assumes full responsibility for repayment, having no impact on the student’s credit score.
SoFi parent student loans come with competitive rates and for parents with good credit, these can often be a better option than the federal parent loan program. Just as SoFi undergraduate and graduate loans, these loans can cover up to 100 percent of the school-certified cost of attendance, which typically includes things like tuition and food, books and supplies, room and board, transportation and personal expenses. There are two types of repayment options available for parent loans—interest-only payments while the student is enrolled in school or full immediate repayment as soon as the parent loan is completely disbursed. These loans also offer four term options of five, seven, 10 or 15 years. For co-signers who have previously taken out a loan, SoFi offers a family rate discount.
Applying for SoFi Student Loans
Applying for a SoFi student loan is as easy as one, two, three—really:
- Prospective borrowers can apply completely online and check their rate in just minutes. You will find out if you’re pre-qualified before you even finish the full application.
- From there, you can select your rate and repayment options. Borrowers can choose from fixed or variable rates then four different repayment options. Once you submit the application, SoFi will perform a hard credit inquiry.
- Finally, you can sign and accept the loan. To complete the loan process, borrowers are asked to upload screenshots of their information and sign the paperwork electronically. Full approval typically takes a few days from completion of the application.
Required Documentation for Loan Borrowers
SoFi requires borrowers provide the following documentation during the loan application process:
- Social Security number or Tax Identification Number (TIN)
- Proof of income: You may be required to provide proof of income if SoFi is not able to validate it automatically.
- Government-issued ID
- Student’s school information including estimated graduation date and academic term)
- Loan amount
- Financial aid
Terms, Fees and Conditions
There are no late fees, no origination fees, no application fees, no insufficient fund fees and no prepayment penalties for SoFi private student loans. SoFi does offer forbearance for circumstances including military mobilization, natural disaster or short-term hardships that are expected to be resolved in one month. In addition, SoFi offers reduced repayment options for those who become unemployed or face economic hardships. A maturity extension loan modification, a one-time permanent restructuring of the debt to lower future payments, may also be available for those experiencing financial hardship.
Credit Score Requirements
650 is typically the credit score needed for SoFi student loan approval with more favorable rates available to those with higher scores. However, borrowers with lower credit scores may still be eligible if they apply with a creditworthy co-signer. Other factors, including stable include and debt-to-income ratio, can also impact approval.
Online Account Management
SoFi provides a comprehensive online platform as well as a mobile app where borrowers can manage their loans, make payments and access resources. The platform is intuitive and easy to navigate, with features such as autopay to ensure timely payments.
Loan Repayment Plans and Refinance Strategies
Feeling confident in your loan repayment options is crucial to long-term financial success and stability, and is an important aspect to consider when researching private student loan providers.
For undergraduate and graduate loans, SoFi offers four repayment plans: Deferred repayment, interest-only repayment, partial repayment and immediate repayment. For parent student loan plans, SoFi offers two of the four above repayment options, interest-only repayment and immediate repayment.
Deferred Repayment
SoFi offers a deferred repayment plan, which begins six months after a borrower graduates. While this plan is the overall highest cost option, it also allows for no payments while a borrower is actively pursuing a degree.
Interest-Only Repayment
With the interest-only repayment plan, borrowers can choose to pay only the interest while in school, reducing the financial burden during their academic years. This helps prevent interest from capitalizing and reduces the overall loan cost.
Partial Repayment
The partial repayment option requires borrowers to pay a $25 fixed monthly payment while in school. This is the lowest in-school payment option and allows borrowers to reduce some of the overall cost of a loan.
Immediate Repayment
With the immediate repayment plan, borrowers begin paying the interest and principal of the loan right from the start. This offers the lowest overall cost of a loan, but requires full payment while in school.
Refinance Opportunities with SoFi
Having high-debt while working post-graduation can be a burden. SoFi offers student loan refinancing for those individuals who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans and/or private student loans. Student loan refinancing can be worthwhile if you qualify for a lower interest rate and/or a shorter repayment period, which will reduce interest over the life of the loan and save money in the long run. Similar to SoFi private student loans, SoFi offers competitive rates for refinancing. To refinance with SoFi, borrowers must be U.S. citizens or permanent residents, be in good credit standing and have a stable income.
Additional Support
SoFi provides access to a number of FAQs, budgeting tools, financial guides, calculators and more. Their website is comprehensive and answers just about any question a borrower may have about obtaining a private student loan. In addition, SoFi periodically holds giveaways where they award cash scholarships to be used toward a degree.
Contacting SoFi Customer Service
SoFi has a knowledgeable customer service department available to all members. Borrowers can chat with a representative online or call them at (855) 456-SOFI (7634), Monday through Thursday from 5 a.m. to 7 p.m. PT and Friday through Sunday from 5 a.m. to 5 p.m. PT.
Comparing SoFi to Other Lenders
SoFi vs. Earnest
When comparing SoFi and Earnest, both lenders fair well as they offer competitive rates, fast approval and a variety of repayment options. A key differentiator between SoFi and Earnest is that SoFi offers a co-signer release after a set period of full, on-time payments; Earnest does not offer a co-signer release. SoFi is also a step ahead when it comes to its comprehensive member benefits, offering career coaching, financial planning and exclusive offers.
SoFi also offers a variety options that borrowers can select from based on their financial situation. In addition to the repayment options highlighted above, they offer four term options (five, seven, 10 and 15), which is more than most lenders.
Earnest also stands out for its highly customizable loan terms, which allows borrowers to select the monthly payment and loan term that best fits their budget. Earnest tends to look more holistically at a borrower’s financial profile rather than focusing heavily on credit score, which can be advantageous for borrowers with non-traditional financial backgrounds.
SoFi vs. College Ave
SoFi and College Ave are both prominent private student loan providers. For borrowers looking for a comprehensive borrowing experience, SoFi is the way to go as it offers robust member benefits. SoFi also offers flexible repayment options and competitive interest rates with no fees, making the application process simple and straightforward.
College Ave distinguishes itself with its simplicity and user-friendly application process and also offers a of repayment options catering to a wide range of borrower needs. Additionally, College Ave provides the option to customize the loan term, which can help borrowers find a repayment plan that fits their financial situation.
Bottom Line: Why We Love It
SoFi is a strong contender for private student loans based on their competitive rates, lack of fees, flexible repayment options and self-selected loan terms. What’s most impressive about SoFi is their member benefits and the vast number of resources available to borrowers. By choosing SoFi, borrowers can confidently navigate their student loan journey and feel secure in their financial future.
SoFi Student Loan FAQs
SoFi has a good reputation and is a viable option for borrowers interested in both private student loans and refinance student loans. They offer competitive interest rates with no fees whatsoever, flexible repayment and loan terms and an extensive offering of members benefits.
SoFi student loan forgiveness is not available to borrowers of private student loans. As a private lender, SoFi loans do not qualify for federal loan forgiveness programs such as Public Service Loan Forgiveness (PSLF) or income-driven repayment forgiveness.
SoFi student loans are private loans, meaning that they are not part of the federal student loan program. Borrowers of SoFi private student loans do not receive federal benefits like income-driven repayment plans, loan forgiveness programs, or subsidized interest. However, SoFi does offer competitive rates and various repayment options tailored to each borrower’s specific needs.
Yes, you can refinance your SoFi student loan. SoFi offers refinancing options for both federal and private student loans, allowing approved borrowers to secure a lower interest rate or better repayment terms. SoFi refinance student loans come with no fees and are available to U.S. citizens or permanent residents who meet eligibility criteria. Student loan refinancing may be a good option for those who qualify, as refinancing helps to lower interest over the life of the loan and save money in the long run.
Disclosure
UNDERGRADUATE LOANS: Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount.
GRADUATE LOANS: Fixed rates range from 3.54% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.86% APR with a 0.25% autopay discount.
PARENT LOANS: Fixed rates range from 5.74% APR to 16.85% APR with 0.25% autopay discount. Variable rates range from 6.07% APR to 16.85% APR with a 0.25% autopay discount.
Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/.
For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, 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 pull and may affect your credit.
0.125% Continuing Scholar Discount: Terms and conditions apply. Offer good for private student loan customers who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, select a term and repayment type that is eligible for the discount, and is subject to lender approval. To receive the offer, you must: (1) complete a loan application with SoFi between 11/11/24 12:01AM PT to 1/30/25 11:59PM PT; and (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan borrowers only. Offer cannot be combined with other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.
0.25% Family Rate Discount: Terms and conditions apply. Offer good for SoFi private student loan cosigners who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, select a term and repayment type that is eligible for the discount, and is subject to lender approval.
To receive the offer, you must: (1) complete a loan application with SoFi; (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan cosigners only. Cannot be combined with other rate discounts, with the exception of the 0.25% autopay rate discount and the SoFi Member Discount. Once the family discount benefit is earned, it cannot be lost. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.
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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
ISL eligibility extends to US territories. US, Puerto Rico, and US Virgin Island residents can apply for a student loan to attend approved schools in these areas.
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs. (https://www.sofi.com/faq/)
Terms and conditions apply. SoFi Private Student loans are originated by SoFi Bank, N.A. NMLS # 696891 (www.nmlsconsumeraccess.org). Minimum loan requirements may be higher than $1,000. For additional product-specific legal and licensing information, see SoFi.com/legal.
Reward Eligibility:
If eligible, you may receive one cash reward to a SoFi Checking and Savings account. The cash reward offered is $100 for single-semester loans and $250 for full-year loans.
You will be eligible to receive the cash reward to a SoFi Checking and Savings account on the school-certified loan amount if:
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You must be a US citizen or permanent resident
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Must be 18 years of age or older
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Your cumulative Grade Point Average (GPA) for the academic period in which your loan was taken out is at least a 3.0.
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Must have applied for and/or have an existing SoFi Checking and Savings account under the same name listed on your SoFi Private Student Loan
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Your SoFi Private Student Loan is for Fall 2024, Spring 2025, Summer 2025, or the full ‘24-25 academic year.
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You signed your loan agreement for a SoFi Private Student Loan during the promotional period.
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The first disbursement on your eligible student loan has been sent to your school.
Please note: If you apply for and are approved for multiple loans, you will be eligible to receive the reward once for the academic year associated with your loan(s). For example, if you took out a loan for Fall 2024 and Spring 2025, only one of those loans would be eligible for Good Grades Rewards.
Your final reward amount will be determined by the length of your loan period.
This reward is considered taxable income and may be reported on IRS Form 1099-MISC. We recommend you consult a tax professional for advice.
It is your responsibility to notify us if you do not receive an expected cash reward, once you complete and submit the redemption form. You can contact SoFi at (855) 456-SOFI (7634) or via the chat function in the app.
Reward Redemption: To redeem the reward, you must log in to your SoFi account and fill out the redemption form. The form should be completed after accepting the loan and receiving your cumulative GPA for the academic period associated with the loan. The redemption form will become available after the first disbursement of your loan has been received by your school.
Upon self-attestation of your cumulative GPA, a credit of $100 or $250 will be added to the SoFi Checking and Savings account registered under your name.
In the event your SoFi Checking and Savings account application is declined, we will email instructions to credit you the rewards amount via Automated Clearing House (ACH). We may request additional documentation to verify the GPA (or equivalent) provided on the redemption form. If any information provided on the redemption form is inaccurate, SoFi reserves the right to end your consideration for the promotion.
Changes to These Terms and Conditions: The Student Loan Rewards for Good Grades Program may end at any time. These Terms and Conditions are subject to change without notice. Changes may include, but are not limited to, changing the redemption methods or imposing additional conditions.
Information advertised valid as of 01/07/2025
2024 SoFi Bank, N.A. All rights reserved. Equal Housing Lender.
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