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SoFi, short for Social Finance, is worth a once-over if you’re looking for a better deal on your student loans. The company’s track record – over 300,000 mem1.bers and $18 billion in refinanced student loans – speaks volumes for itself. The lender specifically focuses on high-earning young professionals with less than stellar credit, approving them when other lenders won’t and offering them competitive refinance rates.
Also, see the $300 bonus offer for student loan refinancing from Splash Financial.
SoFi In A Nutshell
Loan Terms | 5, 7, 10, 15 or 20 years |
Loan Amounts | $5,000 up to your total outstanding loan balance |
Loan Types | Variable, fixed |
Refinancing Plans | Undergraduate, graduate, Parent PLUS, medical resident |
Minimum Credit Score | 650 |
Cosigner | Yes |
AutoPay Discount | 0.25% |
Members Discount | 0.125% |
SoFi Referral Program – Give $300, Get $300
Refer a friend and both parties will benefit. When your friend’s loan is funded, you’ll get $300, and they’ll get $300.
SoFi Personal Loans & Student Loan Refinancing $300 Sign-Up Bonus

Use our referral link to earn a $300 sign-up bonus for one of the following products from SoFi.
- Student Loan Refinancing – Get $300 when your loan is funded (use our referral link, thank you!).
- Personal Loans – Get $300 when your loan is funded (use our referral link, thank you!).
SoFi Features
Straying from the norm, SoFi offers competitive repayment terms, career support and wealth management services to its members, on top of student loan refinancing. Here are some of the special perks you can expect from SoFi:
Deferment Options
SoFi will let you temporarily pause your payments while you’re in graduate school (enrolled at least half-time), for active military service or on disability rehabilitation. Interest will continue to accumulate, and your loan will be reamortized to adjust for this.
Unemployment Protection
The provider will suspend your monthly loan payments for up to 12 months if you lose your job through no fault of your own. SoFi will also provide job placement assistance to help you find new employment. This benefit also extends to your cosigner.
Interest will still accrue and will be added to your outstanding principal balance at the end of each forbearance period.
To qualify for unemployment protection, you have to:
- Provide proof that you have applied for and are eligible for unemployment compensation.
- Actively work with SoFi’s career services department to look for a new job.
Career Coaching
SoFi offers its members free career coaching. In these sessions, you’ll set career goals, learn about personal branding, and receive tips for creating or improving your resume. The company is invested in helping you with your career so you can comfortably manage your student loan debt.
Reduced Payments for Medical & Dental Residents
During your residency, pay just $100 a month for up to four years with no compounding interest. You can apply for a SoFi Medical Resident Refinance loan if:
- You’re a medical resident or fellow with up to four years left in your program.
- You have over $10,000 in private or federal student loan debt.
- You have graduated from a selection of Title IV accredited university or graduate programs in the United States.
- You meet SoFi’s underwriting criteria.
Parent PLUS & Private Parent Loan Refinancing
SoFi also offers solutions if you took out a loan to pay for your child’s education. Comprehensive refinancing services help you manage the debt you took out to help your child and save money as well.
Wealth Management Services
Members can also access wealth planning services. With a combination of digital and human advising, you can set financial goals and get help reaching those goals through tools like diversification, portfolio selection and automatic rebalancing.
SoFi Eligibility
While most lenders will only look at a borrower’s credit score and debt-to-income ratio to determine eligibility, SoFi goes beyond that and also considers your education, career prospects and estimated cash flow. You must also be employed, have enough income from other sources, or have a job offer to start within the next 90 days.
In order to apply for SoFi student loan refinancing, you:
- Must be a United States citizen, permanent resident or visa holder (with more than two years until your status expires or have filed for an extension).
- Must have graduated with an associate’s degree or higher.
- Must have attended a Title IV-accredited school.
Refinancing is available in all 50 states, plus the District of Columbia.
Bottom Line
SoFi is a good student loan refinancing solution for you if the following applies to you:
- You (or your cosigner) have a credit score of at least 650.
- You have regular monthly income and can comfortably afford loan payments.
- You have higher interest rates on your current student loans.
- You don’t plan on falling back on federal borrower protections.
- You want access to career coaching, wealth management and other SoFi perks.
Before you decide to refinance your student loans with SoFi, carefully consider your circumstances, your financial needs and your refinancing options.
*Student Loan Refinancing Disclaimer
Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Click here for bonus information with SoFi Checking & Savings, SoFi Invest and more.
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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.