SoFi Student Loan Refinancing Review

Updated on August 23, 2022

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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 3.99% and variable rates as low as 2.49% 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 3.99% APR to 8.24%.

Variable rate loans range from 2.49% APR to 7.99%.

(Rates are as of August 2022 and include AutoPay discount.)

Ready to refinance your loan? Compare your options. Check Refi Rates

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 and click “Find my Rate.

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

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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 - 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
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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
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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.

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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.

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

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