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%* – 9.19%
Variable Rates 4.57% – 9.19% (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 9.19% and variable interest rates between 4.57% and 9.19% 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 27.8% (from 7.19% APR). While the lowest available starting variable interest rate rose 162.6% (from 1.74% APR) and the highest available rate is up 34.4% (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% – 8.99% 4.57% – 8.99%
7 Years 4.35% – 9.04% 4.57% – 9.04%
10 Years 4.45% – 9.09% 4.57% – 9.09%
15 Years 4.70% – 9.14% 4.70% – 9.14%
20 Years 4.95% – 9.19% 4.95% – 9.19%
Parent PLUS Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10 or 15 Years 3.99% – 9.14% 4.57% – 9.14%
Medical & Dental Resident Refinance Loan Rates
Term Fixed Rate Variable Rate
5, 7, 10, 15 or 20 Years 4.49% – 7.54% 5.07% – 7.54%

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 (3.04% 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 Bogleheads.org, 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 TrustPilot.com (4.2 out of 5), and ConsumerAffairs.com (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 and 15 hours; that is more than 15 times the average daily complaint rate among reviewed lenders. Among 591 complaints with public narratives, at least 58 or 9.31% reference student loan refinancing.

In 2022, SoFi’s consumer complaint rate is three (3) times higher (as of this writing) than it is in an average year.

Consumers file the annual equivalent of one (1) complaint for every $5.326 million in estimated corporate revenue or one (1) complaint for every 16 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 5773613
7/14/2022
New York

“I have tried to open an online deposit account XXXX with SoFi Bank multiple times. They have denied me without explanation, even though I do not have any negative reporting with either credit agencies ( XXXX, XXXX, XXXX ), XXXX, or other well known credit/consumer reporting agencies. They refuse to send me any written documentation of their reasons for denying me an account. I have asked for formal written communications from them over the course of 7 different phone calls, the duration of which lasted hours cumulatively. I have been told various things at various times, ranging from that I was denied because I have two profiles in their customer database, to that I must have been denied because I have some kind of derogatory consumer or credit reporting information ( which is simply not factual ). Every time I call their customer service department they tell me they are unable to escalate my issue to a supervisor and that there is no additional person I can speak to.”


Complaint 5773527
7/14/2022
Rhode Island

“On XXXX I received a text message from phone number XXXX that my SOFI loan was in process, but that additional information was required to secure the loan. The message included a link to complete the application. I had not started a loan application or any inquiry into a loan application and I assumed this was a fraudulent text. I replied STOP to opt out of any future correspondence. Aprox. XXXX minutes later I received another text notifying me that the loan had funded. On XX/XX/22 I received multiple calls from XXXX phone number XXXX requesting information to complete another loan application. This prompted me to check my credit report. Upon which time I noticed that SOFI had pulled my credit on XX/XX/22. I called SOFI and learned that a personal loan in the amount of {$12000.00} had been dispersed to XXXX XXXX XXXX XXXX XXXX XXXX XXXX. SOFI had all of my personal information on file ( XXXX, XXXX, Home Address, Phone, etc. ) I notified SOFI that this was a case of identity fraud and as of XX/XX/22 my case was being reviewed by their Fraud Dept. I called XXXX XXXX XXXX Bank and spoke to XXXX XXXX ( phone XXXX ) who works in their Fraud Dept. He confirmed that the funds had been received at XXXX XXXX XXXX XXXX and that bank account XXXX was under the name XXXX XXXX. SOFI keeps forwarding me to their Fraud Investigative Team phone number ( XXXX ) that goes straight to voice mail. I can not get a valid case number or confirmation number and they will not give me a phone number or email address to call them directly. The funds have already been dispersed and I want this transaction wiped from my credit and all of my personal information removed from XXXX XXXX.”


Complaint 5769395
7/13/2022
California

“On XX/XX/XXXX I opened a checking and savings account with Sofi after seeing several banners for a promotion to receive {$300.00} with a new account. The terms required a direct deposit of {$5000.00}. On XX/XX/XXXX I received a direct deposit of {$5000.00}. I met the terms but have not received the {$300.00} bonys. I chatted with a human on XX/XX/XXXX to inquire about the bonus. The representative stated that I did not quailfy for the bonus. I asked where I could send my screenshot of the terms and he said it wasn’t possible to email them in. He said he would create a complaint. The rep stated that I am not eligible because I had held a SoFi money account. I did have a money account and I closed it on XX/XX/XXXX. I am attaching a screenshot of my statment and {$0.00} balance from XX/XX/XXXX. I never upgraded my account, I drained the balance to {$0.00} and closed the account. On XX/XX/XXXX I had a promotion on my account to open checking for a {$300.00} bonus. I am attaching the statement showing that it is a new account, with a different account number than my old account. It shows the opening deposit of {$25.00} on XX/XX/XXXX and subsequent deposits. I’m also attaching a screenshot showing all transactions including direct deposit. The tems from the promotion when I applied were : The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program ( Program ) offered by SoFi Bank, XXXX Member FDIC ( SoFi ). Eligible Participants : All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions ( Direct Deposit ) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program. Promotion Period : The Program will be available from XX/XX/XXXX XXXX ET to XX/XX/XXXX XXXX ET. Bonus Terms : In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled members employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer ( such as check deposits ; P2P transfers such as from XXXX or XXXX, etc. ; merchant transactions such as from XXXX, XXXX, XXXX, etc. ; and bank ACH transfers not from employers ) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than {$1000.00} during the Evaluation Period ( defined below ). Evaluation Period : The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $ XXXX {$1900.00} in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of {$50.00}. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period. I am aware that the bonus SUBSEQUENT to my account opening changed to exclude former money account owners, but at the time of my account opening that was in the terms. I will include the screenshots. I would appreciate SoFi paying the {$300.00} bonus that they targeted me for and for which I have met the terns.”


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
RISLA A+
Brazos A
CommonBond A
Credible A
Advantage A-
ELFI 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-
MEFA B-
Sparrow B-
Yrefy B-
Citizens Bank C+
ISL C+
Lend-Grow C+
SELF Refi C+
SuperMoney C+
First Tech Federal C
BECU C-
Navy Federal C-
First Republic Bank D+
iHelp D+
Discover D
Nelnet Bank D
PNC Bank D-
NaviRefi F

Sources

  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