How to Refinance Your SoFi Student Loan

Jen Williamson Updated: July 31, 2020

Do you have a SoFi student loan? Did you know you can refinance that loan to a lower interest rate—either with SoFi or someone else? Well, you totally can.

In fact, you could save thousands of dollars over the life of your loan thanks to flexible terms and low fixed or variable rates. Here’s a look at refinancing—what it is, the benefits and drawbacks, and how to refinance your SoFi student loan.


What is refinancing to me?

Many student borrowers have a patchwork of student loans when they graduate—some federal, some private. They’re all serviced by different lenders.

This can lead to a confusing routine of managing and making payments to numerous loans every month.

When you refinance, you take out a new loan with a new lender. The lender pays back all your loans, and then issues you a single new loan for the total amount you owe. You get a new interest rate and new terms. And you get to make only one payment per month.

See also: Everything You Need to Know About Refinancing Student Loans

What are the pros and cons of refinancing?

The most important benefit of refinancing is that you get a new—preferably lower—interest rate. This can save you thousands. 

You can also increase or decrease your term—either to pay the loan off faster or reduce the amount you pay per month. Depending on your financial goals, either choice could work really well for you.

You also get different perks. If you have federal loans, you lose the federal benefits: deferment and forbearance, income-based repayment, and student loan forgiveness. That’s one of the major drawbacks.

However, some private lenders offer flexibility if your finances change. SoFi offers a deferment program for those who qualify, for instance. Some lenders will let you make interest-only payments over the life of your loan, or will work with you individually if you need help.

It’s worth checking with any new lenders about their policies and programs in this area if you’re considering refinancing.

See also: How Long Does it Take to Refinance Your Student Loans?

Should I refinance through SoFi?

If you’re considering refinancing, SoFi is a strong choice.

They offer both variable and fixed interest rates, and those range from about 2.99%-6.238% (for fixed-rate loans) or 1.99%-6.238% (for variable rates).

They put a lot of effort into building a community and fostering careers for college grads. Their programs include a career advisory service, where an advisor helps you hone your resume and refine your personal brand.

They also support entrepreneurs by offering an accelerator program highlighting member companies. If you’re starting a business, they’ll give you a six-month deferment to get it started. And they even offer seed capital for select businesses.

Their member events go beyond careers, though. They offer cooking classes, wine tastings, yoga classes, happy hour meet-ups, cycle classes, and more in major cities throughout the country.

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Should I refinance elsewhere?

Maybe. Even if you like SoFi, it’s worth it to shop around.

Here are some questions you should ask:

Can they offer a better interest rate than what you're currently paying? Lenders all have different criteria for deciding what interest rate to offer you. It’s usually based on your credit score, payment history, employment situation, and current debt load, among other factors.

How long is the term of the loan? A shorter term will result in a higher monthly payment, but you’ll get your loan paid off faster—while paying less interest.

A longer term will reduce your monthly rate, but you’ll pay more interest over the long term and take longer to pay back your loan.

What makes this lender stand out? Does the lender offer flexibility if you hit a financial snag? How socially responsible is this lender--and are they known for giving back to the community? Any other perks, like the ones for entrepreneurs and career-minded borrowers like SoFi offers? 

What are the fees? SoFi doesn’t charge an origination fee, and most reputable lenders don't. But a few do, and it's always worth checking. Other fees are sometimes charged for late payments, providing loan verifications or histories, and other things. It's a good idea to ask for an itemized list so you aren't hit with surprises.

What are the discounts? Most lenders—SoFi is one—will take off 0.25% if you enroll in AutoPay. Some lenders offer additional discounts on top of that--for instance, if you open an account with them.

What do their customers say? Check out forums and review sites, and talk to people you know who’ve refinanced with specific lenders.

Refinancing with SoFi could be an excellent financial decision. But there are lots of other great lenders out there as well. Do some research and compare rates, and you should find the one that’s right for you.

Use our online calculator to find out how much you could save by refinancing. There's never been a better time to find out!

Refinance & Save Today With These Leading Lenders

#1 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • Fixed rates: 3.29% - 8.49% APR
  • Variable rates: 2.49% - 8.90% APR
  • Minimum credit: 650
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

#2 View More Details

SoFi is the leading student loan refinancing provider. 

  • Fixed rates: 3.99% - 8.24% APR
  • Variable rates: 2.49% - 7.99% APR
  • Minimum credit: 650
View More Details
Visit SoFi View Loan Disclosure

$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.

  • Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
  • No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
  • Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
  • Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
  • 98% of surveyed members would recommend SoFi to a friend

Save thousands on your student loans and pay off your loans sooner. Find your rate.

#3 View More Details

Works with 300+ community lenders for higher approval chances

  • Fixed rates: 2.49% - 7.75% APR
  • Variable rates: 1.90% - 5.25% APR
  • Minimum credit: 660
View More Details
Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#4 View More Details

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

View More Details
Visit Earnest View Loan Disclosure

Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

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