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Sofi Student Loan Review

Who is a  Sofi Student Loan Good For?

SoFi is a good option for borrowers interested in an online lender with low rates, no fees and plenty of repayment options. But it’s also a good fit for those who need to refinance high-interest federal or private student loans, which is where SoFi shines. More than 250,000 members have refinanced with SoFi since it was founded, according to the lender.

SoFi also offers exclusive member benefits to its customers, including rate discounts, career coaching, financial advice, unemployment protection and a member community. If you want those type of perks, SoFi could be a good fit for you.

Sofi Student Loan Eligibility Requirement

Eligibility requirements vary slightly by loan type, but share some common characteristics:

In order to apply for an undergraduate or graduate loan, students must:

  • Be the age of majority in their state of residence
  • Be a U.S. citizen
  • Be employed or have sufficient income from other sources
  • Use the loan for qualified higher education expenses
  • Be enrolled at least half-time in a degree-granting program at an eligible institution
  • Meet SoFi’s underwriting criteria

In order to refinance student loans, students must:

  • Be the age of majority in their state
  • A U.S. citizen, permanent resident or visa holder
  • Reside in a state where SoFi is authorized to lend
  • Be employed or have sufficient income from somewhere else
  • Have graduated with an associates’ degree or higher from an approved school
  • Be refinancing educational debt

Interest Rates and Terms

SoFi provides competitive fixed and variable rate options to borrowers. Its fixed-rate student loan products range from 3.49 percent to 11.99 percent. Variable-rate products range from 2.41 percent to 11.70 percent. Rate quotes include a 0.25 percent discount for autopay.

Current SoFi customers applying for a loan product of a different type may also be eligible for an additional rate discount of 0.125 percent.

Here are the rate ranges for each loan product at SoFi:

Loan productVariable-rateFixed-rate
Undergraduate student loans1.90% – 11.66% APR (with autopay)4.23% – 11.76% APR (with autopay)
Graduate student loans1.80% – 11.73% APR (with autopay)4.11% – 11.81% APR (with autopay)
Parent Plus loan refinancing1.90% – 11.16% APR (with autopay)4.23% – 11.26% APR (with autopay)
MBA school, and law school loans1.78% – 11.72% APR (with autopay)4.11% – 11.81% APR (with autopay)
Student loan refinancing2.99% – 6.44 APR*3.20 – 6.44% APR*

*With AutoPay.


SoFi charges no fees whatsoever — no origination fees, insufficient fund fees or late fees.

Five to 20-year repayment terms are available for SoFi’s student loans.

Repayment options include:

  • Deferred: Make no principal or interest payments until six months after leaving school
  • Interest-only: Make only interest payments while you’re in school to reduce the overall cost of the loan
  • Partial: Pay $25 per month on your loan while in school
  • Immediate: Start making principal and interest payments as soon as you start school

How to Get a Student Loan

The student loan application process through SoFi, whether for an undergraduate loan, graduate loan or refinance, can be completed entirely online. You can apply and get a decision within minutes, according to SoFi. The full process — from completing the application to SoFi sending the money to your school — takes anywhere from four to six weeks.

Before applying, gather information including your Social Security number, proof of income, bank account information, school name, cost of attendance, student status, financial aid you’ve received, your expected graduation date, references and any cosigner information.

Here’s what the process looks like when applying for a student loan from SoFi:

  1. Start the process online and find out if you’re prequalified within a few minutes. The entire application can be filled out online.
  2. Choose an interest rate and repayment option. You have the option of variable or fixed rates and four different repayment options.
  3. If approved, sign the loan and accept. SoFi allows you to upload screenshots of your information and electronically sign paperwork.
  4. SoFi sends the loan application and information to your school for certification.
  5. SoFi sends money to your school within four to six weeks.