SoFi Student Loans Review 2024

SoFi Student Refi Loans Ratings at a Glance

SoFi Student Loans Overview

SoFi private student loans are primarily for educational expenses, such as tuition, accommodation, textbooks and other school-related costs. Permitted uses extend to living expenses, personal, family or household purposes. Student loans may also cover costs like campus meal plans or transportation fees.

However, noneducational expenses such as vacations or gambling are typically forbidden. You may not use SoFi loans for real estate, business purposes, investments, securities purchases, postsecondary education or short-term bridge financing.

SoFi Private Student Loan Details

SoFi offers flexible repayment terms, competitive interest rates and discounts to help borrowers save on their student loans.

• Loan amounts: Starts at $1,000 and can cover up to the total cost of attendance.
• Repayment terms: five to 15 years.
• Fees: No loan fees, including late fees, application fees or origination fees.
• Interest Rates:
• Variable APR: 5.79% to 15.86%
• Fixed APR: 3.79% to 14.83%
• Perks: Free financial coaching and career services

Rates and terms can vary based on your credit profile and market conditions. Variable rate loans for all terms are capped at 17.95%. SoFi offers a 0.25% interest rate discount for borrowers enrolled in autopay. Returning borrowers also qualify for a 0.125% interest rate discount on subsequent loans with the Continuing Scholar Discount.

***Disclaimer: Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. 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. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Student Loan Refinancing Details

SoFi offers student loan refinancing with flexible options for various financial needs. 

• Loan amounts: Starts at $1,000 up to your total outstanding balance
• Repayment terms: five to 20 years.
• Fees: No loan fees, including late fees, application fees or origination fees. There are no prepayment penalties.
• Interest Rates:
• Variable APR: 6.24% to 9.99%
• Fixed APR: 5.24% to 9.99%

SoFi offers perks such as member benefits, including career coaching and financial advice, an unemployment protection program and access to a community of other SoFi members. 

How to Qualify for a SoFi Student Loan

These are generic eligibility requirements that borrowers must meet to qualify for a SoFi student loan, whether an undergraduate student loan or a refinance loan. However, more specific requirements may apply to a particular loan type. 

• Citizenship or visa status: Borrowers must be U.S. citizens, permanent residents, or holders of eligible visas. International students and Deferred Action for Childhood Arrivals (DACA) recipients can apply with a U.S. citizen co-signer.
• Credit score: A good or excellent credit score, typically 670 or higher on an 850-point scale, increases the chances of eligibility and securing a low-interest rate. A qualified co-signer with great credit may significantly boost your chance of getting approved and receiving a better interest rate.
• Income and employment: While SoFi doesn’t disclose specific minimum income requirements, you must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
• Enrollment status: For private student loans, borrowers need to be enrolled at least half-time in a degree-seeking program at a qualifying four-year school. Associate degree students are not eligible for private student loans. Still, they can apply for SoFi student refinance loans if they have at least an associate degree from an eligible university.

With a strong co-signer, you're more likely to get approved for private student loans. Co-signers should have solid income from full-time employment and good to excellent credit. They can also qualify for an interest rate reduction on other SoFi loan products.

How to Apply for a SoFi Student Loan

Applying for a SoFi student loan is straightforward:

• Check eligibility: Confirm you meet the fundamental eligibility requirements, such as U.S. citizenship or permanent residency, credit score and enrollment in an eligible school.
• Online application: Complete your application by providing basic personal and financial information. If necessary, add a co-signer.
• Rate check: View your rate options and estimated monthly payment. Don't worry — SoFi uses a soft credit pull that won't affect your credit score.
• Select loan terms: Choose the loan amount, repayment plan and other terms that best suit your needs.
• School certification: After you sign your loan agreement, SoFi will send the loan details to your school for certification. The school will verify your enrollment status and financial aid package.
• Final approval: Once your school certifies your loan, SoFi will approve your student loan.
• Funding: After final approval, the funds will be disbursed directly to your school to cover your educational expenses.

SoFi Customer Service

SoFi provides several customer service options to assist users. 

• Phone support: Available 24/7 for various SoFi services
• Chat support: Chat with intelligent virtual assistants accessible through the SoFi website, available 24/7
• Email support: Clients can send emails for less pressing inquiries
• Social media: Active X (Twitter) account handling customer questions and complaints

Generally, SoFi’s customer service is considered responsive, with extended business hours and some channels available around the clock. Several users have reported positive experiences with SoFi’s proactive service and quick issue resolution.

Customers have expressed satisfaction with SoFi’s customer service, highlighting the ease and efficiency of the loan process, rapid electronic lending, and helpful support in resolving issues. However, a few have also reported challenges in resolving complex problems.

SoFi’s customer service can be rated as good overall. They offer multiple avenues for support, which is commendable, but there is room for improvement in handling unique or complex customer situations.

SoFi vs. Competitors

SoFi is a well-known name in the personal finance industry, alongside similar companies like Avant, Funding Circle, Lending Club, LendingTree and Upstart. Like SoFi, these competitors offer online lending platforms, focusing on technology-driven financial services and providing a range of loan products, including student loans. However, they also have differences, for example, in their target customer base, loan terms, interest rates and additional services offered. Understanding these nuances is key when comparing SoFi to its competitors.

The comparison table below illustrates how SoFi stacks up against its main rivals:

SoFi's competitive interest rates, comprehensive range of student loan products, and strong customer service reputation earn it a solid 4.5 out of five rating for 2024. The company's focus on technology to streamline the lending process and its suite of member benefits also contribute to a positive borrowing experience.

Frequently Asked Questions