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SoFi Student Loan Refinancing Review
Student Loan Refinancing
Rewards: 0.25% interest rate reduction with autopay
Overall Limits: $3,000 (minimum)
Rewards: 0.25% interest rate reduction with autopay
Overall Limits: $3,000 (minimum)
The bottom line
SoFi, short for Social Finance, Inc., offers private refinancing loans that are some of the best on the market for a number of reasons. There are a few features that make this lender stand out and make it worth putting near the top of your loan list for consideration. These loans are also good for graduates with at least an Associate’s degree.
Pros- 0.25% interest rate reduction with autopay
- Borrow up to the full balance of your loans
- Low minimum borrowing requirement
Cons- Cosigner release not available
- High income requirements
- High credit score requirements
Loan comparison
Full review
The minimum loan amount is $5,000 and you can refinance up to the full loan balance with SoFi. Choose from 5, 7, 10, 15 and 20-year repayment terms. Get your interest rate in just 2 minutes. SoFi offers death and disability discharge on refinanced student loans.
One of the only major cons associated with refinancing through this lender is that they do not offer cosigner release on loans disbursed after May 1, 2019. And because the credit and income eligibility requirements for this loan are fairly high (they are not set in stone, but many individual borrowers have above-average salaries), you will most likely need to apply with a cosigner.
Unlike many lenders, SoFi does offer the option of forbearance to borrowers attending graduate school at least half-time, borrowers undergoing disability rehabilitation and active-duty members of the U.S. Armed Forces. If you fall into one of these categories, contact Customer Support (available five days a week) to receive application documents. Forbearance of up to 12 months is also available.
Like most lenders, borrowers can refinance both private loans and federal student loan debt with SoFi. However, refinancing federal student loans means a loss in many federal protections: income-driven repayment options, any federal forgiveness programs, generous deferment options, and more.
SoFi - Student Loan Refinancing
Other loans that SoFi offers:
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