SoFi Student Loan Refinance Review

Our Rating: B (Compare)

SoFi student loan refinancing may be a good option for health professionals and borrowers with excellent credit. SoFi offers debt relief and competitive low rates. Federal investigations, however, report misleading advertisements, including offers of bonus cash and inflated savings.

Loan Limits $5,000+
Fixed Rates 3.99%* – 8.49%
Variable Rates 3.25% – 9.25% (9.95% Cap)
Terms 5, 7, 10, 15 or 20 years
Min. Credit Score Unspecified
Apply Link

*Lowest rates always include the 0.25% interest reduction for auto-pay.

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

Loan Refinancing Options
Private student loans
Private parent loans (in either name)†
Federal student loans
Federal Parent PLUS loans (in either name)

Parents may refinance their own parent loans or transfer the debt to their child.

SoFi Refinance Rates & Fees

Social Finance, Inc. (SoFi) offers fixed interest rates between 3.99% and 8.49% and variable interest rates between 3.25% and 9.25% for student loan refinancing, depending on the loan term.

In 2022, SoFi has raised its lowest available fixed interest rate for new standard student refinance loans by 60.2% (from 2.49% APR). The highest available fixed rate for new loans has increased 18.1% (from 7.19% APR). While the lowest available starting variable interest rate rose 86.8% (from 1.74% APR) and the highest available rate is up 35.2% (from 6.84% APR).

Note that the lowest rates always include 0.25% autopay discount.

Student Refinance Loan Rates
Term Fixed Rate Variable Rate
5 Years 3.99% – 7.97% 3.25% – 8.73%
7 Years 4.35% – 8.07% 5.11% – 8.83%
10 Years 4.45% – 8.22% 5.21% – 8.98%
15 Years 4.80% – 8.49% 5.56% – 9.25%
20 Years 5.05% – 8.49% 5.81% – 9.25%
Parent PLUS Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10 or 15 Years 3.99% – 8.49% 2.99% – 8.49%
Medical & Dental Resident Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10, 15 or 20 Years 3.99% – 8.49% 3.00% – 9.25%

Additional information about Sofi refinance rates:

  • Residents can reduce their payments to as low as $100 for up to four (4) years while they are in residency.
  • SoFi also offers specialized refinancing and rates under their Medical Professional Refinancing and Law & MBA Refinancing programs.
  • Checking your rate with SoFi will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
  • Variable rates are based on the 30-day SOFR (2.28% as of this writing). Formerly, variable rates were based on the 1-month LIBOR rate.
  • Variable rates are capped at 9.95% (or 8.95% for loan terms of 10 years or less).

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with SoFi.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Sofi does or does not charge.

Fee Type Amount Charged
Application Fee None
Loan Origination Fee None
Disbursement Fee Undisclosed
Prepayment Penalty None
Late Payment Fee $5 (if more than 14 days overdue)
Returned Payment Fee Undisclosed
Collection Fee Undisclosed
  1. Application fee – fee to apply for rates & approval.
  2. Loan origination fee – fee to create the new loan.
  3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
  4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
  5. Late payment fee – fee for making a late payment. SoFi does not charge a late payment fee for individual monthly payments received within two weeks of the due date.
  6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
  7. Collection fee – fee for collecton activity on a defaulted debt.

Current Promotions & Offers

SoFi currently offers borrowers who refinance federal student loans a zero interest period until 8/15/2022 and no payments until 10/1/2022. Restrictions apply.

SoFi offers a 0.25% interest rate reduction when you enroll in automatic payments.

Other bonus offers include a Guaranteed Rate Match Offer (qualifying borrowers may receive up to $100); additional terms and conditions apply.

SoFi Refinance Eligibility Requirements

To qualify for refinancing with SoFi, all borrowers must meet the criteria below.

  • Citizenship Requirement: U.S. citizenship or permanent residence -OR- a creditworthy co-signer with U.S. citizenship or permanent residence.
  • Income Requirement: a steady source of income -OR- will have a steady source of income within 90 days of application.
  • Credit Score Requirement: there is no minimum, but applicants with credit scores below 700 are rarely accepted.
  • Graduation Requirement: an associates degree or higher from a Title IV accredited school.
  • Location Requirement: borrowers may be residents of any of the 50 states.

Additional restrictions apply for specific individuals and loans.

  • To qualify for medical resident student loan refinancing (MRSLR), borrowers must have a minimum of $10,001 in debt.
  • MRSLR is only available to medical and dental graduates.
  • Medical and dental residents and fellows with up to four years left in their approved program are eligible for MRSLR.
  • In Connecticut and Kentucky, the minimum debt for MRSLR is $15,001; in Pennsylvania, the minimum debt is $25,001.
  • Residents of Mississippi and Montana are not eligible for MRSLR.

SoFi Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. SoFi offers some relief options.

Deferment & Forbearance

If unexpected financial hardships make it difficult or impossible to continue making timely payments in full, borrowers may be able to postpone payments for a limited period.

SoFi’s postponement options include deferment and forbearance. Deferments is preferable because interest does not continue to accrue for the length of the deferment. Loans in forbearance always continue to accrue interest.

See SoFi’s conditions for deferment and forbearance below.

Condition Coverage
Returning to grad school (half or full time ) Deferment
Disability rehabilitation Deferment
Active military duty Deferment
Involuntary unemployment‡ Forbearance (3-month terms up to 12 months total)
Economic Hardship Unspecified
Natural Disaster Undisclosed
Temporary Hardship Unspecified

SoFi offers unemployment protection; in the event borrowers are unexpectedly unemployed, they may apply for job placement assistance in addition to 12 months of forbearance over the life of their loan.

Additional Options

Some lenders offer additional opportunities for debt assistance or to modify loan contracts.

  • Co-signer release is not available from SoFi. Refinance borrowers must instead reapply for refinancing. There is no limit to how many times borrowers can refinance with SoFi.
  • Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.

SoFi Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

SoFi Online Reviews

Below are 3 samples of SoFi customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“Just wanted to let you know of my positive experience with SoFi ReFi with a rate match. I wanted to ReFi my ~$105k of student loans (third time), as it was 75% 4.899% and 25% 4.375%. SoFi originally quoted me 4.568% for 15yrs. I got a quote from Splash Financial for 4.07% for 15 years. SoFi matched, and actually did better. Happy to say I’m now at 3.978% @ 15yrs fixed rate with SoFi. I wanted to stick with SoFi since I’ve been with them for several years and had all positive experiences.” KungFuScubaMaster on reddit, 1/21/2020

“My wife and I used SoFi to refinance student loans and it was a smooth process … We were not offered close to the lowest rate as marketed on their website (the 3.25% that you mention) even though we have great credit scores, so I’m not sure how they determine their rates.” dsmil on, 4/24/2018

“Keep checking periodically to see what Sofi will give you every few months. I refinanced with Sofi in December 2017 to a 5.35% rate (5.1% after the auto-pay interest discount) with a 10 year loan (~$125k balance). Then I refinanced with Sofi again in December 2019 to a 4.0% interest rate (3.75% after the auto-pay discount) with a 7 year loan (~$90k balance). I continue to check every couple months to see if I can get anything better.

Just something to keep in mind – keep checking back on rates because it doesn’t cost anything to keep refinancing with Sofi.” SaguaroSpines on reddit, 8/22/2020

More unfiltered customer reviews of SoFi are available at (3.9 out of 5), and (3.8 out of 5).

SoFi Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since December 30, 2012, consumers have submitted 992 complaints about Social Finance, Inc.’s (SoFi’s) to the CFPB for an average of one (1) complaint every three (3) days, 12 hours and 43 minutes; that is more than 13 times higher than the average daily complaint rate among reviewed lenders. Among 523 complaints with public narratives, at least 62 or 10.5% reference student loan refinancing.

In 2022, SoFi’s consumer complaint rate is almost four (4) times higher (as of this writing) than it is in an average year.

Consumers file the annual equivalent of one (1) complaint for every $5.192 million in estimated corporate revenue or two (2) complaints for every 31 employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with SoFi, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.

Line Graph: SoFi Consumer Complaints with the Consuer Financial Protections Bureau, from 2012 (1), 2013 (0), 2014 (8), 2015 (6), 2016 (48), 2017 (61), 2018 (70), 2019 (93), 2020 (120), and 2021 (227)

Below we’ve included three (3) of the most recent and relevant complaints (as of this writing) in which the consumer consented to sharing their details.

Complaint 5626099

“I deposited {$3000.00} into my SoFi Checking account from my XXXX XXXX account. SoFi has frozen my account and instructed me to contact the Fraud Prevention team. Any attempts to contact them goes to voicemail and they are not contacting me back for me to have the account unfrozen. This has left me with no access to my funds.”

Complaint 5625811

“My bank account with Sofi was frozen. I was not notified the account was frozen. I only found out when trying to access the account. The online chat will not talk to me because the account is frozen. The fraud phone number never has any support available. Only the option to leave a message that they don’t respond to.”

Complaint 5623895

“I’ve tried opening an online account with XXXXXXXX XXXX and they keep denying it. I chatted with them and they said to very that everything is in order with XXXX … ..I did. They still won’t open the account.”

For a full list of complaints made against SoFi in the CFPB’s Consumer Complaint Database, click here.

SoFi Lawsuits

Note that while this information is updated regularly, ongoing legal action is subject to change.

Juarez v. Social Finance, Case No. 3:20-cv-03386-LB

SoFi is currently subject to a nationwide class action lawsuit regarding its student loan products and services.[1]

Juarez v. SoFi alleges lending descrimination against recipients of Deferred Action for Childhood Arrivals (DACA). Outten & Golden LLP and Lawyers for Civil Rights filed the suit on behalf of Ruben Juarez on May 19, 2020.

The 17-page complaint alleges that SoFi “systematically denied and limited DACA recipients equal access to student loans and other financial products.”[2]

Specifically, the suit alleges SoFi initially denied DACA recipients’ eligibility for student loan applications and later, following a policy update in late 2019, continued to require DACA recipients to provide a creditworthy co-signer who is also a U.S. citizen or permanent resident.

The case is currently awaiting assignment to a district court judge.

Federal Trade Commission Charges

SoFi has been subject to FTC investigation and formal charges related to their student loan refinancing products specifically.[3]

Most recently, SoFi settled a suit with the FTC early in 2019. This suit, filed in 2018, alleged that since April 2016, “SoFi made prominent false statements about loan refinancing savings in television, print, and internet advertisements. The complaint also alleged that the average savings SoFi touted in its ads inflated the actual average savings – sometimes even doubling it – by excluding large categories of consumers.”[4]

Frequently Asked Questions

  • Is SoFi good for refinancing student loans?
    SoFi may be a good student loan refinance option for cautious borrowers with good credit ratings. Federal complaints, as well as many consumer complaints, report misleading advertisements; these ads include offers of bonus cash and inflated savings.
  • Does SoFi have a minimum credit score requirement to refinance student loans?
    SoFi does disclose a credit score requirement but does not specify a minimum. This may indicate a “soft” minimum, where borrowers with a lower score may still qualify based on their overall financial health.
  • Can I refinance my SoFi loan?
    You can refinance a SoFi student loan or a student loan from another private lender. SoFi advertises that there is no limit to the number of times a borrower may refinance. Note, however, that every application requires a hard credit check that may affect your credit score.
  • Are SoFi loans federal?
    SoFi loans are not federal. SoFi is a private student loan lender and has no affiliation with the federal government or the US Department of Education.
  • How long does it take to refinance with SoFi?
    SoFi does not disclose a definitive timeline. Borrowers receive instructions on how to begin repayment 7-10 days after having signed the final loan agreement. Disbursement generally takes 7 to 15 business days; 30 to 45 days after disbursement, the first payment comes due.
  • Does SoFi have a prepayment penalty?
    SoFi does not charge a prepayment penalty for early payment on student loans to reduce a loan’s principal.
  • Does SoFi hurt your credit score?
    During their prequalification process of checking rates for student loans, SoFi will perform a soft credit check, which will not hurt your credit score. However, if you proceed with an application, SoFi will perform a hard credit check which may affect your credit score.
  • Does SoFi charge an origination fee?
    SoFi does not charge an origination fee or an application processing fee for a student refinance loan.
  • Is SoFi a bank?
    SoFi is not a bank nor is it affiliated with any bank.
  • Does SoFi partner with any major student refinance lender marketplaces?
    SoFi partners with Credible as part of its multilender marketplace. INvestEd, Purefy, and SuperMoney all advertise SoFi as a featured student loan refinance lender.

Compare Student Loan Refinance Reviews

Lender Rating
Brazos A
CommonBond A
Credible A
Advantage A-
Laurel Road A-
Mpower Financing A-
Splash Financial A-
Purefy B+
UW Credit Union B+
LendKey B+
College Ave B
PenFed B
SoFi B
Earnest B-
EDvestinU B-
INvestEd B-
Sparrow B-
Yrefy B-
Citizens Bank C+
Lend-Grow C+
SELF Refi C+
SuperMoney C+
First Tech Federal C
Navy Federal C-
First Republic Bank D+
iHelp D+
Discover D
Nelnet Bank D
PNC Bank D-
NaviRefi F


  1. PacerMonitor, Juarez v. Social Finance, Inc. et al
  2. Outten & Golden LLP, SoFi Lending Discrimination
  3. Federal Trade Commission, In the Matter of SOCIAL FINANCE, INC., a corporation, also d/b/a SOFI, and SOFI LENDING CORP., a corporation, d/b/a SOFI. DOCKET NO. C -4673
  4. Federal Trade Commission, FTC Approves Final Order with SoFi
  5. SoFi, Refinance Student Loans
  6. SoFi, Refinance Student Loans
  7. SoFi, Student Loan Refinancing Eligibility
  8. SoFi, Student Loan Refinancing Rates & Terms
  9. SoFi, Disclosures & Disclaimers
  10. Consumer Financial Protection Bureau, Consumer Complaint Database
  11. Dun & Bradstreet, Business Directory: Social Finance, Inc.
  12. Better Business Bureau, Search Businesses and Charities