SoFi Student Loan Refinancing Review

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When you refinance your student loans, you can consolidate all of your loan payments into one with a lower interest rate — which can make your loan repayments both cheaper and easier. The refinancing process also allows the borrower to choose a new repayment term. Whether you shorten or lengthen your loan term depends on your financial situation and how quickly you want to pay off your new loan.

Refinancing definitely has its advantages. But there’s an important reason federal student loan borrowers should pause: Refinancing your federal loans with a private lender means you lose access to federal loan protections, such as:

There are some private lenders that offer their own refinance protection, and SoFi is one of them. SoFi student loan refinance offers borrowers everything from unemployment protection to Covid forbearance and loan deferrals. In addition, SoFi will honor any pre-existing grace period for the loans you refinance. While federal student loan borrowers are not currently recommended to refinance, anyone with personal loans should take the time to evaluate their options.

Select ranked SoFi Student Loan Refinance as the top overall on our list of the best student loan refinance companies thanks to these perks and more.

Read on for full details on SoFi’s student loan refinance, including APRs, perks, fees, loan amounts, and terms. (See our methodology for more information on how we select the best student loan refinance companies.)

SoFi Student Loan Refinancing Review

SoFi student loan refinancing

  • costs

    No issuance fees for refinancing

  • Eligible Loans

    Federal, private, college and student loans, Parents PLUS loans, medical and dental residency loans

  • loan types

  • Variable Rate (APR)

    From 2.24%; from 2.37% for doctors/dentists (prices include 0.25% autopay discount)

  • Fixed Prices (APR)

    From 2.99%; from 3.12% for doctors/dentists (prices include 0.25% autopay discount)

  • Loan Conditions

  • loan amounts

    From $5,000; over $10,000 for medical/dental residency loans

  • minimum credit rating

  • minimum income

  • Allow one co-signer

SoFi Student Loan Refinance APR

SoFi offers both variable and fixed APRs. Variable rates fluctuate over the life of the loan, while fixed rates remain the same for the duration of the loan.

SoFi variable rates start at 2.24% and 2.37% for doctors/dentists. Fixed rates start at 2.99% and 3.12% for doctors/dentists.

Both variable and fixed APRs automatically include a 0.25% auto-payment discount.


Borrowers typically need good credit to qualify for student loan refinance, but SoFi allows you to submit an application with a co-signer who meets credit and income requirements. A co-signer is then liable for all payments until the loan is fully repaid. SoFi does not offer a co-signer release option.

When it comes to borrower payment protection, SoFi offers some of the broadest options of any private lender. Borrowers who unexpectedly become unemployed can apply for loan forbearance, which is offered in three-month increments with a cap of 12 months. Amid the ongoing pandemic, SoFi is also offering Covid protection with deferred payments for at least 90 days if a borrower experiences financial difficulties. Finally, SoFi offers a loan deferral on your refinanced loan when you go back to school, honoring the first six months of any pre-existing grace period you had on your pre-refinance loans.

SoFi members can take advantage of planners’ free career coaching and financial advice; The Career Advisory Group can help you find a new job. There are also monetary benefits such as receiving a 0.125% interest rebate on each additional SoFi loan product.


SoFi does not charge borrowers application or closing fees for taking out a refinance loan. There are no prepayment penalties.

loan amounts

Loan amounts vary from a minimum of $5,000 to over $10,000 for medical/dental residency loans, with no maximum limits.


Borrowers can choose between terms of 5, 7, 10, 15, 20 years.

bottom line

Our methodology

To determine which student loan refinancing companies are best for borrowers, Select analyzed and compared private student loan financing from national banks, credit unions, and online lenders. We’ve narrowed our ranking by only considering those that offer low student loan refinancing rates and prequalification tools that don’t compromise your creditworthiness.

While the companies we selected in this article are consistently considered to be some of the more competitive refinancing rates, we also compared each company for the following characteristics:

  • Wide availability: All of the companies on our list refinance both government and private student loans, and each offer a variable and fixed rate to choose from.
  • Flexible loan terms: Each company offers a variety of financing options that you can customize depending on your monthly budget and the repayment time of your student loan.
  • No formation or registration fee: None of the companies on our list will charge borrowers an upfront fee to refinance their loan.
  • No early repayment penalties: The companies on our list do not charge borrowers any prepayment fees.
  • Optimized application process: We have made sure that companies offer a fast online application process.
  • Options for co-signers: Each company on our list will allow a co-signer if the direct borrower does not qualify for their own refinancing.
  • Autopay discounts: All of the companies listed already include Autopay discounts in their advertised tariffs.
  • Private student loan protection: Although you will lose federal student loan benefits if you refinance, every company on our list offers some sort of protection for borrowers in dire financial straits.
  • Credit sizes: The above companies refinance loans come in a range of sizes, from $ 5,000 to $ 500,000. Each company announces their respective loan sizes, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment.
  • Credit requirements / eligibility: We considered the required minimum credit scores and income levels, when that information was available.
  • Customer service: Every company on our list offers customer service via phone, email, or secure online messaging. We also selected lenders with an online resource hub or advice center so you can learn about the student loan refinancing process.

After reviewing the above features, we sorted our recommendations based on the best overall refinancing needs, have a co-signer, apply for adequate credit, refinance parenting and medical school loans.

Note that personal student loan refinancing rates and fee structures are not guaranteed forever; they are subject to change without notice and often fluctuate in line with the Fed’s rate. Choosing a fixed APR when refinancing guarantees that your interest rate and monthly payment will remain constant throughout the life of the loan.

Your refinanced interest rate depends on your creditworthiness, income, debt-to-income ratio (DTI), savings, payment history, and general financial health. To refinance your student loans, lenders run a hard loan application and request a full application, which may require proof of income, identity verification, proof of address, and more.

Editorial note: Any opinion, analysis, review, or recommendation expressed in this article is solely that of Select’s editors and has not been reviewed, approved, or otherwise endorsed by any third party.


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