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Our Rating (90%)

SoFi Student Loan Refinancing Review

Loan Amount: $5,000 - No Maximum
Fixed APRs: 2.99% - 6.28%
Loan Terms Offered: 5, 7, 10, 15, 20
Variable APRs: 2.25% - 6.28%
Co-Signer: Yes

SoFi Student Loan Refinancing Overview

SoFi’sis an industry leader in student loan refinancing. In addition to competitive rates, SoFi borrowers earn a SoFi membership. This membership offers members free career support and wealth management services. Here is a quick overview of SoFi's key features:

  • Check rates with a soft credit check
  • Variables APRs starting at 2.25%
  • Fixed APRs starting at 2.99%
  • AutoPay enrollment discount of 0.25%
  • No origination fees or prepayment penalties
  • Deferment options for those who enroll back in school or join the military.
  • No maximum borrowing amount

What TheValu Like About SoFi Student Loan Refinancing

SoFi is one of the best student loan refinancing companies in the world. Sofi offers many valuable features and perks that help them maintain this title. With SoFi potential borrowers are able to prequalify for rates without affecting their credit score. This is done by conduction a soft credit check and allows consumers to compare rates with multiple lenders before being locked into a loan with unfavorable terms.

SoFi also allows students to refinance loans on associate degrees. This is a unique feature not many online lenders offer.

SoFi also offers unique membership perks. Free career coaching, simply schedules a one on one session with a career coach. This career coach will help you set up career goals, learn more about your personal branding, and receive tips to improve your resume.

The ability to temporarily pause your repayments is another great feature Sofi offers, however, SoFi will review your exact case vigorously to determine your eligibility. The following are types of deferment and forbearance offered by SoFi.

DefermentForbearance
  • Returning to school
  • Disability
  • Unemployment
  • Military
  • Economic hardship
  • Unemployment
  • Military mobilization
  • Natural disaster
  • National emergency (COVID-19)
  • Economic hardship

SoFi Student Loan Refinance Eligibility

  • Typical income of approved borrowers: $100,000.
  • Borrowers who have filed for bankruptcy if the bankruptcy has occurred after 7 years for chapter 13 and 10 years for chapter 7.
  • Must be a United States citizen or permanent resident for more than two years until status expires.
  • Available in all 50 states
  • Must have graduated
  • School attended must accept federal aid
  • Must be employed or have income from other sources.