SoFi student loans: 2025 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. Depending on the type of loan, you can borrow from as little as $1,000 up to the full cost of your education. Discounts are available for 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, and 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 similar for undergraduate, graduate, MBA, law and health professionals, and may be below 4 percent for borrowers with cosigners who have excellent credit. 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 and offers a fully digital prequalification and application experience. You have four repayment options:

• 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 three months if they choose the deferment option. Parent loans do not have this option.
• Interest-only: You can make moderate interest payments on your loan each month, but keep in mind that as long as the principal is not decreasing, the interest will keep accruing.
• Partial: This option allows you to pay $25 per month toward your principal while you’re in school. It’s the lowest in-school payment option SoFi offers and shaves off some cost since you will reduce the overall interest.
• Immediate: You can make full principal and interest payments right away.

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 $5,000 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 help qualifying for a larger 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 20 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. This includes origination fees, late fees and insufficient funds fees.

Where SoFi falls short

• Graduation requirement for refinancing: To refinance with SoFi, you must have graduated with at least an associate's degree.
• Expensive rates for undergrad parent loans: SoFi’s parent student loan rates are substantially higher than other loan types it offers for students.
• 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 higher payments once repayments start, 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's new student loan or to refinance, you or your cosigner 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 cosigner to qualify for the loan, or that your employment starts within the next 90 days.
• For refinancing, you may supply documentation that your employment starts within the next 90 days.
• Proof of enrollment or graduation at a Title IV eligible school.
• Evidence that debt you are refinancing is strictly educational debt.

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 cosigner at this point if you don’t think or know you would 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

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.