SoFi student loans: 2024 review

New vs. refinance student loans with SoFi

SoFi offers fixed and variable private student loan rate options with terms ranging from 5 to 15 years. You can borrow as little as $1,000 or for the full cost of your education. Discounts are available for existing SoFi members and for enrolling in automatic payments.

You can get a SoFi loan to pay for undergraduate, graduate, law, MBA and health professional degrees. The lender also offers parent loans to qualified borrowers. SoFi also offers student loan refinance options with terms up to 20 years. 

New private student loans

Students can access funds to pay for school-certified costs with a variety of loan terms and repayment options. The rates are the same for undergraduate, graduate, MBA, law and health professionals, and may be below 4 percent for borrowers with excellent credit co-signers. SoFi’s minimum rates for parent loans run higher than other options, which is typical among student lenders.

The lender doesn’t charge any fees — a rarity — and offers a fully digital prequalification and application experience. You have four repayment options to manage your payments while in school or you can delay payments until six months after graduation (nine months for health professionals) with the deferment option. 

• Deferment: The deferment option allows you to hold off on any payments until six months after graduating. Since interest accrues during that time, it is the highest-cost option. Health professionals have an extra 3 months (for a total of 9 months) if they choose the deferment option. This option is not available for parent loans.
• Interest-only: If you want to make some headway on repaying your balance before graduation, you can pay the interest on the balance you owe while you’re in school. The payment is lower and will knock down your total costs. 
• Partial: This option allows you to pay $25 per month while you’re in school. It’s the lowest in-school payment option SoFi offers and shaves off some cost since you’re paying some principal each month. 
• Immediate: You’ll have the highest monthly payment during school, but pay the lowest total cost for the life of the loan. 

SoFi student loan refinancing

Students with existing student loans can take advantage of SoFi’s refinance program that allows them to refinance their balances with terms as long as 20 years. You’ll need at least $1,000 worth of student loans to qualify, and rates are slightly higher than what you’ll find for new loans. 

You can add a co-signer if you need to to help you qualify for a large balance, and SoFi offers both fixed and variable rate options. It’s also possible to refinance consolidated loans or to combine federal and private loans into one new SoFi refinance loan. 

SoFi also offers specialized refinancing programs for medical residents that give them the option to pay just $100 per month during residence for up to seven years. Parent Plus refinance loans are also available with a maximum term of 15 years.

Where SoFi stands out

• Wide range of repayments terms for refinancing: Refinance loan terms stretch up to 20 years.
• New and refinance loan perks available: SoFi offers an impressive variety of new and refinance loan programs with special perks like autopayment discounts and even cash bonuses for good grades. Medical residents may qualify for special low payments while they are completing their residency. 
• No fees: SoFi allows you to fund the entire cost of your education if you qualify with no fees for any of its loans except the interest rate you qualify for. 

Where SoFi falls short

• Graduation requirement for refinancing: To refinance with SoFi, you must have graduated with at least an associate's degree. If you left school before graduation, you're out of luck.
• Expensive rates for undergrad parent loans: SoFi’s parent student loan rates are much higher than other loan types it offers.
• Short undergrad and graduate loan terms: While many lenders offer 20 year terms for new loans, SoFi caps its term at 15 years, leaving you with a higher payment when repayment begins unless you refinance. 

SoFi customer resources

Human phone support is available Monday through Thursday from 5 a.m. to 7 p.m. PT and Friday through Sunday from 5 a.m. to 5 p.m. PT. SoFi has a 24/7 virtual assistant that may be able to answer general questions.

How this lender compares

Do you qualify for a student loan with SoFi?

 In order to qualify for a SoFi new student loan or refinance you or your co-signer will need to verify the following:

• Credit score of at least 640.
• Document that you’re old enough to enter a contract in your state.
• Proof of U.S. citizenship or non-permanent resident alien status.
• Sufficient income for you or a co-signer to qualify for the loan, or that your employment starts within the next 90 days.
• Proof of enrollment or graduation toward a degree at a Title IV eligible school. 
• Evidence that debt you are refinancing is educational debt (bar and residency debt is not applicable).

How to apply for a student loan with Sofi

SoFi’s qualification process is done entirely online, although you are able to contact an advisor during its regular business hours seven days a week. The process follows three basic steps:

1. Input your information into the online application. You’ll need to add a co-signer at this point if you don’t think or know you won’t qualify for the loan on your own. 
2. Once you complete the application, SoFi will provide you with rate options with details about your monthly payment at different terms. 
3. When you make your final term decision, you’ll wait for your schools approval after signing documents and the funds will be disbursed to your school when classes start. 

How Bankrate rates SoFi student loans

Methodology

The Bankrate team uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.