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 of the company overall, however, report misleading advertisements, including offers of bonus cash and inflated savings.
| Loan Limits | $5,000+ |
| Fixed Rates | 4.49%* – 10.49% |
| Variable Rates | 5.99% – 10.49% (13.95% 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
| 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 and variable rates for student, parent, and medical/dental resident loan refinancing.
Note that the lowest rates always include 0.25% autopay discount.
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5 Years | 4.49% – 8.07% | 5.99% – 8.32% |
| 7 Years | 4.99% – 8.34% | 5.99% – 8.59% |
| 10 Years | 4.99% – 8.34% | 5.99% – 8.59% |
| 15 Years | 5.15% – 8.34% | 5.99% – 8.59% |
| 20 Years | 5.40% – 10.49% | 5.99% – 10.49% |
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5, 7, 10 or 15 Years | 4.49% – 8.34% | 5.99% – 8.59% |
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5, 7, 10, 15 or 20 Years | 6.14% – 10.09% | 6.14% – 10.09% |
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5, 7, 10, 15, or 20 Years | 4.37% – 10.37% | 5.87% – 10.37% |
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 (4.51% as of this writing).
- Variable rates are capped at 10.95%.
| Year End | Fixed | Variable |
|---|---|---|
| 2024 | 4.74% – 10.49% | 5.99% – 10.49% |
| 2023 | 5.24% – 9.84% | 6.24% – 10.09% |
| 2022 | 3.99% – 9.19% | 4.57% – 9.19% |
| 2021 | 2.49% – 7.19% | 1.74% – 6.84% |
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 |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- 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.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collecton activity on a defaulted debt.
Current Promotions & Offers
SoFi offers a 0.25% interest rate reduction when you enroll in automatic payments. A referral program is available with some loan products. Borrowers can earn up to $1,000 per referral for a lifetime total of $10,000; other restrictions apply.
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 or the District of Columbia.
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 | Forbearance |
| 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.
- Some SoFi borrowers may apply to Skip-a-Pay in the case of an unexpected one-time expense or short-term hardship.
- Some loans may be eligible for reduced repayment options under circumstances of economic hardship.
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.).
“Slashed my APR by almost 40% by switching from my previous loan provider to SoFi. Got $500 bonus through Zuno as well. So far good service. Will be able to pay it off atleast 5 years faster and save atleast 70k by minimizing interest payments. Highly recommend their refinancing product.” – winningismypasson on reddit, 12/3/2023
“Hey all, I know they are a WCI sponsor, but I think this is important for people to know.
I refinanced with SoFi in mid October with a decent fixed rate (2.49%) as a resident with a $600 refi incentive and $100 “signing bonus”. I spoke with their customer team multiple times to verify that I was meeting all T&C of the deal, and they walked me through signing their W9 and setting up ACH. I looked carefully and finally disclosure, everything looked good.
They told me to be patient with the bonus so I give them time, money never shows up. I reach out in early December asking about it. They tell me they’ll submit a “request” for it to be paid but it won’t be a problem. Cool.
Now December 27th, still no money so I call. They tell me the “request” was denied because I didn’t sign up for their SoFi “money” account, a term which was never in my final disclosure OR verbally communicated by their employees. When the request was rejected they “regret that they didn’t call” and now the offer is expired. Nothing they can do and they are very “sorry and we understand how you feel”.
Fair warning to all – these signing bonuses are not all they are cracked up to be, at least with SoFi and I would strongly consider taking my business elsewhere based on my experience.
TLDR; SoFi promised me $700 for sign on bonus, made me work for it, never paid, and told me it was my fault based on a hidden Term and Condition.” – BreakersRoar on White Coat Investor, 12/27/2021
“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 TrustPilot.com (4.4 out of 5), and ConsumerAffairs.com (1.5 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 2,606 complaints about SoFi for an average of one (1) complaint every day-and-a-half; that is over 25 times higher than the average daily complaint rate among reviewed lenders.
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.
Complaint 10632301
10/30/2024
Nevada
“Sofi denied loan # XXXX due to ” Does not offer credit on the terms requested ” They stated that they are not able to refinance student loans when the borrower is ” in school ” however nowhere on their guidelines, terms, website, or FAQ does it have this listed at all, otherwise I would not have bothered to apply. In addition to this, no other reasoning for the denial was provided, and the funny thing is that they allowed me to refinance earlier this year, for the exact same loan, while I am ” still in school ”. According to them, this is ” an oversight ”, however to me, it seems like discriminatory or false lending terms under the pretense of promising a lower rate.”
Complaint 10584131
10/25/2024
New York
“In XX/XX/year>, I refinanced my student loan with SoFi, under a promotional offer that promised a {$500.00} bonus if I refinanced more than {$100000.00}. After two months of waiting and not receiving the bonus, I contacted SoFi on XX/XX/year>. At that time, SoFi confirmed in writing that I had completed all the necessary steps and that I would receive the bonus within XXXX business days. Despite this confirmation, I did not receive the bonus, and I contacted SoFi multiple times after that. Each time, I was given inconsistent responses, including on XX/XX/year>, when I was informed that a ticket had been submitted for my case. However, no clear resolution or bonus has been provided. In late XXXX, I contacted SoFi again, and this time I received a completely different response. I was told for the first time that I needed to complete a W-9 form, something that had never been mentioned in any of the previous communications. I immediately completed and submitted the form, but I have still not received the bonus. The delays, miscommunication, and failure to deliver the promised bonus have been highly frustrating. I am seeking immediate resolution and fulfillment of the {$500.00} bonus that was part of the original offer.”
Complaint 9777731
8/11/2024
Arizona
“Prior to XX/XX/XXXX, I was pursued by SOFI who endorsed : ” you will save more money if you refinance your loans through Sofi ”. Sofi encouraged me to look into their student loan calculator ( on their website ) and I began to complete research to see if Sofi would be a good refinance option for me. I entered in the information ( current federal loan borrower, interest rate, amount I owed ) and the calculator spit out a number ( that I never screenshotted for evidence, but remember ) was well over {$90000.00}. Prior to Sofi I was with XXXX XXXX and my loan amount was {$230000.00}. On XX/XX/XXXX, I signed an agreement for a 15 year loan term. I updated that loan term on XX/XX/XXXX to a 20 year loan term with a 6.299 % interest rate. Enclosed in attachments, you will find evidence of how to utilize Sofi ‘s Calculator in order to see if Refinancing with them is a good option. On XX/XX/XXXX, my attorney, XXXX XXXX, sent Sofi a demand letter asking for them to provide proof I would save money through the lifespan of my loan if I refinanced with them. Sofi was also asked to credit my account with the difference of what exceeds the account balance. As you can see, in Sofi ‘s response, they did not address the questions being asked and provide evidence to the claims and promises stated as they pursued me They have chosen to state ” XXXX signed the loan application and approval disclosure ”, which I did. They also chose to state Sofi ‘s calculator is offered for ” educational purposes to explore a potential loan application. ” Sofi has endorsed, in their respond letter to XXXX, ” calculated payments and savings are only estimates. ” As a potential consumer in their product, this has been misleading because in XXXX when I filled out the calculator, it was calculated that I would be saving well over {$90000.00} otherwise I would have not left XXXX XXXX. In the enclosed screenshot, it is stated that I will be in a deficit of over $ XXXX with a 20 year loan. I have relied on SoFi to act in my interests in advising me about options to address my financial situation, including helping me when I experienced financial hardship or distress select a suitable alternative repayment plan. That reliance was reasonable in part because both SoFi and the U.S. Department of Education repeatedly encouraged me to rely on their servicer to help them in this way. As described above, in numerous instances, SoFi took unreasonable advantage of my reasonable reliance on SoFi to act in their interests. SoFi did not act in my interest because it steered me to a longer loan lifespan with increased monthly payments rather than adequately advising me about income-driven repayment plans that would have been financially beneficial to me or stay with XXXX XXXX”
For a full list of complaints made against SoFi in the CFPB’s Consumer Complaint Database, click here.
SoFi Lawsuits
This section includes recent, relevant, and ongoing legal actions involving SoFi and its parent company, SoFi Technologies, Inc.
SoFi dropped its civil suit against the U.S. Department of Education in June 2023 citing in its motion for dismissal the Fiscal Responsibility Act of 2023.[1][2]
In 2024, SoFi paid a $1.1 million fine for what an industry regulator called a “vulnerable” and “largely automated process” that enabled consumer identification fraud and theft using SoFi Money’s brokerage service. As a result of these thefts, which took place between December 2018 and April 2019, SoFi reportedly increased staff training and enhanced its fraud identification and verification processes.[3]
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.[4]
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.”[5]
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.[6]
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.”[7]
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.
- Who services SoFi student refinance loans?
The Higher Education Loan Authority of the State of Missouri a.k.a. MOHELA services student refinance loans through SoFi.
- 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. Sparrow and SuperMoney all advertise SoFi as a featured student loan refinance lender.
Compare Student Loan Refinance Reviews
| Lender | Rating |
|---|---|
| RISLA | A |
| Brazos | A- |
| ELFI | A- |
| Credible | A- |
| Advantage | B+ |
| Laurel Road | B+ |
| Splash Financial | B |
| LendKey | B |
| Panacea Financial | B |
| UW Credit Union | B |
| Purefy | B |
| SoFi | B- |
| INvestEd | B- |
| Mpower Financing | B- |
| Earnest | C+ |
| Yrefy | C+ |
| EDvestinU | C+ |
| SC Student Loan | C+ |
| Sparrow | C+ |
| Citizens Bank | C |
| College Ave | C |
| ISL | C |
| MEFA | C |
| SuperMoney | C |
| SELF Refi | C |
| CU Student Choice | C |
| iHelp | C |
| Navy Federal | C |
| BECU | C |
| First Tech Federal | C |
| PA Forward | C- |
| PNC Bank | C- |
| Nelnet Bank | C- |
| NaviRefi | D- |
Sources
- National Association of Student Financial Aid Administrators, SoFi Drops Lawsuit Challenging Student Loan Repayment Pause
- Court Listener, SoFi Bank v. U.S. Department of Education Case 1:23-cv-00599-TSC
- Fintech Futures, FINRA Fines SoFi $1.1m After Consumer Identification Flaws Led to Multi-Million Dollar Heist
- PacerMonitor, Juarez v. Social Finance, Inc. et al
- Outten & Golden LLP, SoFi Lending Discrimination
- 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
- Federal Trade Commission, FTC Approves Final Order with SoFi
- SoFi, Refinance Student Loans
- SoFi, Student Loan Refinancing Eligibility
- SoFi, Student Loan Refinancing Rates & Terms
- SoFi, Disclosures & Disclaimers