When you’re undertaking a student loan refinance, you’re in the driver’s seat. With multiple rate options from multiple lenders, it’s up to you to evaluate the choices and pick the lender, rate, and term that makes sense for you. We’re here to help you get started. Read our review of SoFi to find out if they could be the right lender for your refinance.
There are a lot of lenders out there. Sometimes it helps to go beyond the numbers and learn about the company before you feel comfortable making a choice. Here are a few fast facts about SoFi.
- SoFi was created for the digital age. They were founded for efficiency and service customers completely online with a variety of financial service products.
- Beyond student loan refinancing, SoFi also personal loans and even mortgages, so they could be a one-stop solution for multiple long-term needs.
- Despite not being the oldest in the business, they are one of the largest. They’ve helped more than 250,000 customers to date.
SoFi: Student Loan Refinance
SoFi is a top competitor for student loan refinance. They have competitive rates and an efficient digital process to keep you moving along quickly. They also get points for some extras like career and wealth advising, which we’ll touch more on later. Keep reading for a few quick pros related to SoFi, as well as some areas of improvement.
- No origination fee
- No penalty if you pay off early
- .25% discount if you enroll in autopay
- Academic deferment available so you can delay payment if you return to school
- Reduced payments for medical and dental students in their residency
- Allows greater than minimum autopay payments
- Also allows biweekly autopay payments
- Solid customer service team with positive feedback from customers
What Could Be Better:
- No co-signer release available
- Only offers 12 months of forbearance
- You have to have graduated with an eligible degree to work with SoFi
- At SoFi you don’t get a dedicated rep, so you may speak with a different person every time you need help
SoFi: Who’s Eligible:
Before you choose a lender, you need to make sure you meet their requirements. Here’s who is eligible to refinance with SoFi.
- Be a U.S. citizen or permanent resident
- Have a credit score of 650 or higher
- No monthly income requirement — but your income to monthly expenses will be evaluated
- Have graduated with an Associate’s degree or higher from a Title IV accredited college
- Have a minimum loan of $5,000
SoFi: Available Products
SoFi offers a variety of financial service products. Their student loan products cover graduates, parents, graduate students, and medical/dental students. Get some general facts about SoFi’s refinance products below, then dive into a quote to get more details. They use a soft credit check so there is no harm to you credit score if you want to get a quote.
- Student loan refinance for student borrowers
- Student loan refinance for parents with Parent PLUS loans
- Consolidation of federal and private loans available
- Repayment terms ranging from 5 - 20 years
- Fixed-rate loan interest rates from 3.89% - 7.80%
- Variable-rate loan interest rates from 2.48% - 6.99%
- Late payment charge is $5 if you’re 15 days past due
SoFi: Extra Points
What if you get multiple student loan refinance quotes and find that several of the offered rates are the same? In that case, some extra perks can put one lender ahead o the competition. Here are some fringe benefits that come from working with SoFi.
- SoFi offers free career coaching so you can talk to a pro about career goals, learn about personal branding, and resume tips.
- They’re fully committed to their borrower’s careers. Should you lose your job, you’ll be required to use their career strategy services to get back on your feet faster.
- SoFi also has wealth management services. It can be a one-stop-shop for setting financial goals, diversifying and selecting a portfolio, and automatic rebalancing.
- If you’ve got big dreams, SoFi can help. Their accelerator program for entrepreneurs offers seed financing, mentorship and access to venture capitalists.
SoFi: Final Thoughts
So should you refinance with SoFi? They get top marks in our book for their efficient, customer-first process and competitive rates. We also love their approach to offering multiple financial products that could meet your long-term needs as your life changes. However, they still may not be the right lender for everyone.
Before diving in with SoFi, get multiple quotes from multiple lenders — we’ll help you do so here — so that you can compare not just the facts, but the numbers. It’s the best way to ensure you get an excellent deal and are set up for a successful refinance.