SoFi Student Loan Refinancing Review


Last updated on November 5th, 2019 at 06:11 pm

Refinancing through SoFi is a great option for people with steady income and a strong credit history.

Please note: All variable rates are current as of 11/5/2019.  See how This College Life makes money here.

  • Borrowers must have a credit score of 650 or higher to qualify
  • .25% ACH auto-pay discount
  • 3.46% – 5.98% APR Fixed Interest Rates (with AutoPay)
  • 1.81% – 5.74% APR Variable Interest Rates (with AutoPay)
  • Variable Interest Rates are capped at either 8.95% or 9.95%
  • Conducts a soft credit check to show qualifying rates
  • Unemployment Protection offered
  • Borrowers typically have a six figure income
  • Up to 12 months of forbearance
  • Refinancing for loans from $5000+
  • Terms of 5, 7, 10, 15 or 20 years

Check your rate with SoFi here.

To Qualify

In order to qualify for a SoFi refinancing loan, you must meet a few requirements.


You either need to have income from somewhere that’s consistent, be currently employed or have a written job offer that starts within 90 days.


You need to have attended an accredited Title IV school with at least an associates degree or higher.


You need to be a U.S. citizen, permanent resident, or visa holder (J-1, H-1B, E-2, O-1 or TN). If a permanent resident, you will need to have 2+ years until your status expires or have filed an extension. Visa holders need at least 2 years remaining until the status expires, have applied for permanent residency or have filed for renewal.


Applicants must be the age of majority in their state to be able to enter into a binding contract.

Loan Type

The debt to refinance is just educational – no bar or residency loans are available currently.

SoFi’s refinancing is available in all states plus the District of Columbia. The minimum loan amount to refinance is $5000, but, they do mention it could be higher in certain states based on legal requirements. The minimum credit score required to qualify is 650 (how to check your credit score).

Documents Needed to Apply

Some form of address verification, which could be from something like a bank statement, credit card bill or utility bill. Info on identity through a U.S. passport, social security card, certificate of nationalization, certificate of citizenship, birth certificate, driver’s license or military ID.

A way to verify income, which could be a pay stub from the last 30 days.

What makes refinancing through SoFi unique?

They offer a program that can benefit dental and medical residency candidates. SoFi’s option for a minimum monthly payment of $100 while in residency can make payments more manageable for those not earning much. Although, it should be noted that this will likely result in negative amortization (see “Medical Dental Resident Refinancing”) during residency.

SoFi was one of the first companies to offer student loan refinancing and they proudly display having refinanced 18 billion in student loans.

They will work with borrowers facing unemployment to get back on their feet.

Any Drawbacks?

As mentioned in their product terms, not all borrowers receive the lowest rate. It will really come down to factors like credit worthiness, income, and employment status.

In October 2018, the FTC alleged false advertising against SoFi for claiming customers would be able to receive significantly more savings than they really could. The FTC also alleged that SoFi misrepresented when consumers would actually pay more under certain refinancing plans. The FTC resolved a Final Consent order on February 25th, 2019.

Refinancing federal student loans will result in the loss of certain federal borrower repayment plans, like income-driven repayment or student loan forgiveness.

Additional Points

Deferment is available for borrowers who return to school or enter the military.

Forbearance is available for borrowers to postpone payments for up to 3 months at a time, with up to 12 months total.

Like all lenders, they will perform a soft credit pull in order to provide a rate estimate. This does not affect your credit score, but is visible to you only.

Their Better Business Bureau rating is an A-, however, their average review is 2/5 stars.

Overall, Glassdoor gives it 3.6/5 stars with 84% approval of CEO Anthony Noto.

Sound like SoFi is a good fit for you?

Check your rate with them here.

Information from This College Life on financial services products should be used for educational purposes only. Consult a licensed financial professional before making any major decisions.

About the Author

Bob Buckley
Bob Buckley
Bob Buckley is an account executive and writer with an emphasis on sales and product development. Since studying accounting in school, he has worked at major financial and media companies in various roles. He's also the founder of This College Life. In his free time, he cooks a lot and occasionally blogs a recipe.