SoFi Student Loan Refinancing Review


Updated on April 30, 2019
By Trish Sammer

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When it comes to student loan refinancing, there are a myriad of options. Plenty of lenders promise lower interest rates and better payment terms. How do you choose?

In our estimation, SoFi is definitely worth a look for anyone hoping for a better deal on their student loans. SoFi’s track record speaks for itself. This online lender and wealth management firm has refinanced the most student debt in the U.S.

What’s their strategy? They don’t have hefty costs like brick-and-mortar financial institutions, so savings are passed on to members. Let’s dig in a little deeper to see what you can expect from SoFi student loan refinancing.

Why refinance your student loan through SoFi?

SoFi looks beyond credit scores and debt-to-income ratios and considers factors like a borrower’s estimated cashflow, career prospects, and education.

While other lenders charge higher rates to account for the possibility that borrowers won’t pay back their loans, SoFi has a unique underwriting process that helps ensure that members can make their payments. That translates to some of the most competitive interest rates in the industry.


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What are the benefits of refinancing with SoFi?

SoFi may be a digital company, but they value making personal connections. Members are invited to networking dinners in their home towns, happy hours, financial planning sessions, and educational events.

Then there are other perks, like a $300 referral bonus for bringing others in to the SoFi family.

Beyond that, fixed interest rates start at 3.890% and variable rates as low as 2.500% when you enroll in AutoPay. There are no origination fees and no prepayment fees.

Plus, members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.

What refinancing plans does SoFi offer?

SoFi offers student loan refinancing for undergraduate and graduate studies. It also has special offerings for Parent PLUS refinancing, as well as medical resident refinancing.

Select from loan terms of 5, 7, 10, 15 or 20 years.

What are the eligibility requirements for SoFi refinancing?

  • You must be a U.S. citizen, permanent resident or visa holder, 18 years or older, employed, have sufficient income from other sources or be set to start a job within 90 days.
  • You should have graduated with at least an Associate’s degree from a Title IV school.
  • Factors like financial history, career experience, and monthly income vs. expenses can help determine eligibility.
  • Refinancing is available in all 50 states plus the District of Columbia. The minimum loan amount is $5,000.

What are the rates and fees for refinancing with SoFi?

Fixed rate loans range from 3.890% APR to 8.074%.

Variable rate loans range from 2.500% APR to 7.115%.

(Rates are as of March 2019 and include AutoPay discount.)

Ready to conquer your student loans with SoFi? Refinance Now!

Does SoFi offer discounts for refinanced student loans?

Enrolling in AutoPay gets borrowers and additional 0.25% discount.

Members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.

How to apply for refinancing with SoFi

Go to SoFi.com and click “Find my Rate.

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You can apply for student loan refinancing with SoFi in just four steps.

SoFi overview

1. Enter your personal information in order to get a rate quote.

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You’ll be asked to provide information about your school, your job, and your current loans.

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2. Select your rate and term

Choose between saving on your monthly payment or saving on total student loan interest.

3. Verify your info and sign electronically

Upload your information and then sign your paperwork electronically.

4. Start saving money

Once you’re approved, SoFI will pay your loan servicer(s) and issue you one new student loan. Be sure to continue paying on your old loans until you have verified that they have been paid off by SoFi.

Should you apply for student loan refinancing through SoFi?

Whether you want to refinance private or federal student loans, pay off loans sooner, or lower your payment, SoFi is a solid choice to help you achieve your goals.

Learn more about SoFi student loan refinancing.

Refinance & Save Today With These Leading Lenders

#1 - Comet Recommended View More Details

Works with 275+ not-for-profit community lenders for higher approval chances

  • APR: 2.49% - 7.50%
  • Minimum credit score: 660
  • Refinance up to $300K
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Visit LendKey View Loan Disclosure

LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. 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 275 not-for-profit and 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.

#2 View More Details

Offers unemployment protection and career/coaching/networking

  • APR: 2.490% - 8.074%
  • Minimum credit score: 650
  • Refinance up to 100% of student debt
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Visit SoFi View Loan Disclosure

SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.

SoFi Student Loan Refinancing Review

  • Low interest rates - For well-qualified borrowers, SoFi offers some of the lowest rates we have found.
  • Strong customer service - It has more than 350 customer service reps available to help applicants through process.
  • Career coaching and networking - Perks include career services representatives who can help you find a job or negotiate a higher salary. SoFi also hosts networking events, happy hours and educational lectures on topics like buying a home in major cities around the country.
  • Unemployment protection - Borrowers who lose their jobs through no fault of their own may apply for Unemployment Protection. If approved, SoFi will suspend their monthly SoFi loan payments and provide job placement assistance during the forbearance period. These benefits are offered in three month increments, and are capped at 12 months, in aggregate, over the life of the loan. Note that interest will still accrue while loans are in forbearance.

Find out what interest rate SoFi can offer you here.

#3 View More Details

For every loan they fund, they contribute to the education of a child in need

  • APR: 2.48% - 6.25%
  • Minimum credit score: 660
  • Refinance up to $500K
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Visit CommonBond View Loan Disclosure

CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.

Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#4 View More Details

Earnest empowers people with the financial captial they need to live better lives.

  • APR: 2.49% - 7.89%
  • Minimum credit score: 650
  • Refinance up to $500K
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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.

#5 View More Details

Operates in all 50 states; 2nd largest student loan refinancing lender

  • APR: 2.50% - 7.02%
  • Minimum credit score: 660
  • No refinancing amount maximum
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Visit Laurel Road View Loan Disclosure

Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.

Laurel Road Student Loan Refinance Review

  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
  • No fees & the lowest rates in the space - Laurel Road is the most transparent about the rates they provide customers, and offer the lowest rates where it counts. Our customers will save more than $20,000 over the life of their loans on average. 
  • Customer service reputation - Laurel Road's customer service representatives are no rookies. With 19 years of experience on average, Laurel Road’s Customer Service team delivers an experience that is best in the industry. They work to build meaningful, life-long relationships with our valued customers to improve their overall financial wellness.
  • The stability & security of a bank - They are a division of Darien Rowayton Bank, a stable and secure FDIC-insured bank, regulated by the FDIC and the Connecticut Department of Banking.

Get your personalized, pre-approved rates in less than 5 minutes.

#6 View More Details

Special offers for medical resident and fellow refinance products

  • APR: 3.10% - 7.84%
  • Minimum credit score: 670 w/cosigner
  • Refinance up to $350K
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Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR 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.

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