SoFi Student Loans: Quick Look

Terms and conditions apply. Offer good for new and repeat borrowers that apply for and are approved for a SoFi Private Student Loan. You must complete a loan application with SoFi between 5/21/25 12:01AM  PT to 09/3/25 11:59PM PT. Cannot be combined with any other rate discounts, with the exception of the 0.25% autopay rate discount, 0.125% SoFi Plus Parent discount, and MBA/Law 0.25% discount running  until 6/9/25. SoFi reserves the right to change or terminate the Discount at any time. See SoFi.com/collegemoney for details.

Pros Explained

• Option to pre-qualify: You can check your rates for student loans and student loan refinances on SoFi’s website with a soft credit check that won’t affect your score.
• Variety of interest rate discounts: SoFi offers autopay, family, and continuing scholar discounts, all of which can lower the interest rate on your student loan.

Cons Explained

• No co-signer release on refinanced student loans: While SoFi gives you the option to release a co-signer on your in-school loans after 24 months of on-time payments, it doesn’t let you release a co-signer on a refinanced student loan. To remove your co-signer, you’ll need to apply and qualify for refinancing on your own. 
• May not postpone payments for financial hardship: SoFi only offers economic hardship deferment for loans issued in 2012. If you’re going through a tough time, you can probably only reduce payments, unless you’re in the military or you experience a natural disaster. 

Student Loans Offered by SoFi

Undergraduate Loans

SoFi offers student loans for undergraduates with no fees required and repayment terms between 5 and 15 years. You can borrow as little as $1,000 with no specified maximum amount. At the time of borrowing, you also have the option of a fixed interest rate, which stays the same over the life of your loan, or a variable rate, which can fluctuate over time.  

Graduate Student Loans 

SoFi’s graduate student loans have similar terms as its undergraduate loans, though fixed interest rates start slightly higher (as of publication). You can borrow up to your school’s cost of attendance and choose repayment terms as long as 15 years.

Law and MBA Loans

If you’re pursuing your JD or MBA, you could borrow a SoFi student loan to cover your cost of attendance. As with its other student loans, SoFi requires a minimum borrowing amount of $1,000.

Health Professions Student Loans

Medical, dental, and other health professions students might opt for one of SoFi’s health professions student loans.

Parent Loans 

SoFi also funds parent loans for parents or sponsors of college students. The interest rates start slightly higher than those of student loans (as of publication), but loan amounts and repayment terms are similarly flexible. Parent borrowers have the option of redeeming SoFi points to pay down their parent loans, which they can earn by logging in to the SoFi app, checking their 澳洲幸运5官方开奖结果体彩网:credit score, or taking other qualifying steps.

Loan Eligibility and Approval

SoFi funds stu🔜dent loans in all 50 states and Washington, D.C. To qualify for a SoFi student loan, you’ll need to meet the following eligibility requirements: 

• Be a US citizen, permanent resident, or non-permanent resident alien 
• Be the age of majority in your state (or apply with a co-signer who is) 
• Be enrolled at least half-time in a degree-granting program at an eligible institution; associate’s degree programs are not eligible
• Be employed or have sufficient income (or apply with a co-signer)
• Meet SoFi’s underwriting requirements, which consider your financial history, credit score, and debt-to-income ratio 

Are Co-Signers Required?

Co-signers are not required to borrow a student loan from SoFi, but adding one to your application could help you qualify or get better rates. Most undergraduate borrowers apply for a private student loan with a 澳洲幸运5官方开奖结果体彩网:co-signer, since they often don’t have sufficient credit history or income to qualify on their own. As mentioned, SoFi lets you apply for a co-signer release on an in-school student loan after 24 months of on-time payments. 

Is Loan Pre-Qualification Available?

SoFi makes it easy to pre-qualify for a student loan on its website. After entering a few personal details, you can check your rates on a student loan with no obligation or impact on your credit score. You can start the process by clicking “View Your Rate” on SoFi’s website. According to SoFi, pre-qualifying for a student loan only takes three minutes. 

Length of Time for Loan Approval and Disburse🥂ment

You can apply for a SoFi student loan online within minutes and may receive an approval decision right away. Once your loan has been a﷽pproved, SoFi will verify your information with your school. This process may take a few days oไr weeks, depending on how quickly your school responds. 

After your school has confirmed your status and certified your cost of attendance, SoFi will send the funds to your financial aid office. Your school applies the funds to your tuition bill and sends any leftover amount to you. Generally speaking, the entire loan application process takes between four and six weeks. 

Loan Fees and Repayment Options

Loan Fees

SoFi does not charge any fees on its student loans. You won’t have to worry about origination, disbu🍒rsement, application, or late fees if you borrow from SoFi.

Loan Discounts

SoFi provides several op✨portunities for interest rate discounts. These include: 

• Autopay: 0.25% rate cut for setting up automatic payments on your student loans
• Family: 0.125% rate discount if you’re a parent or sponsor who has already co-signed on a SoFi student loan and are co-signing on another one
• Continuing scholar: 0.125% rate discount if you’ve already borrowed a student loan from SoFi and are taking out another one

The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Repayment Options

When ౠyou borrow from SoFi, you can choose terms of 5, 7, 10, or 15 years🌸. Students have the following repayment options: 

• Deferred: Postpone payments while you’re in school and for six months after
• Interest-only: Pay off the interest that accrues on your loans each month
• Partial (fixed) payments: Make fixed payments of $25 per month while you’re in school
• Immediate repayment: Start paying back your full principal and interest payments right away

Borrowers of parent loans can’t defer payments completely⛄ while the child is in school. Instead, they can choose between interest-only payments and immediate repayment of their parent loan. 

UNDERGRAD LOANS: This repayment example is based on typical loan terms for a freshman borrower who selects the Partial Payment option with a 10-year repayment term, a $10,000 loan that is disbursed in a single disbursement, a 0.25% autopay discount, and a fixed rate between 8.26% – 13.23% Annual Percentage Rate (“APR”) (with autopay). It also assumes the borrower remains in school for 4 years and has a 6-month grace period (together, the deferment period) before the loan term begins. It works out to 54 monthly payments of $25 during the deferment period, followed by 120 monthly payments ranging from $158.13 – $244.80 while in the repayment period, for a total amount of payments ranging from $20,325.32 – $30,726.15. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments.

Rewards

SoFi offers a bonus of up to $500 for referring friends and family to any of its student loans, up to $1,000 fo referring friends and family to student loan refinancing services and $100 for referring friends and family to the SoFi credit card. 

Member Benefits 

SoFi ☂members are eligible for a number of 𒀰benefits, including community events, estate planning, and expedited entry to SoFi Stadium in Inglewood, California. 

Loan Forbearance and Discharge Options

If you run into financial hardship, contact SoFi’s loan servicing partner MOHELA about your options for reducing payments. You may als♉o qualify to pause payments completely through deferment or forbearance for other reasons, such as going back to school, serving on active duty, or experiencing a natural disaster.

Is Student Loan Refinancing Available?

Along with in-school loans, SoFi also provides 澳洲幸运5官方开奖结果体彩网:student loan refinancing to qualifying borrowers. Fixed interest rates range from 4.49% to 9.99% APR with all discounts and variable rates range from 5.99% to 9.99% APR with all discounts. When you refinance with SoFi, you can choose repayment terms of 5, 7, 10, 15, or 20 years. The minimum student loan amount you can refinance is $5,000. 

The requirements to refinance student loans are similar to the ones to borrow in-school loans, such as meeting residency and age requirements. You (or your co-signer) must be employed, have sufficient income, or have an offer for a job that will start within 90 days. You must also have borrowed the loans for an eligible, accredited Title IV school and graduated with your associate’s degree or higher. 

Along with general student loan refinancing, SoFi also offers specific refinancing options for medical residents, parent PLUS borrowers, medical professionals, and law and MBA graduates. If you refinance as a medical resident, you have the option to make $100 monthly payments while you’re in residency.

Customer Service

If you want to reach SoFi’s customer service, you can contact them directly on SoFi’s website via live cha꧋t after you’ve created an account. Or you can call the company’s student loan support team at (855) 456-SOFI (7634). Business hours for phone support are Monday to Thursday, 5 a.m. to 7 p.m. Pacific Time♛, and Friday to Sunday, 5 a.m. to 5 p.m. PT.

If you borrow from SoFi, you’ll pay your loan🌞 back through its loan servicing partner, MOHELA. You can contact MOHELA by sending a secure message through your online account or calling (877) 292-7470.

Applying for a SoFi Student Loan 

Before applying for a private student loan through SoFi or another lender, make sure to maximize your eligibility for federal student aid. You can access federal student loans, grants, and other aid by submitting the Free Application for Federal Student Aid (FAFSA). If you still have a gap in fundi꧋ng, a private student loan could provide the funds you need. 

You can apply for a SoFi student loan on SoFi’s website in a matter oꦦf minutes. Your first step i💞s checking your rate with a soft credit check, which won’t impact your credit or appear as a negative mark on your credit reports. If you’d like to move forward with a loan offer, you’ll provide more details and consent to a hard credit inquiry, which can ding your score by a few points. 

The inforಞmation you’ll need to provide includes:

• Your name, date of birth, and Social Security number 
• Proof of income for you and/or your co-signer 
• ID
• School and cost of attendance 
• Loan amount 
• Financial aid you think you’ll receive 

You may need to upload some documents to verify your information. If you’re borrowing a student loan for college or graduate school, SoFi will reach out to your school to certify its cost of attendance and confirm your enrollment. As mentioned, the process may take four to six weeks, so make sure to apply at least a month and a hal👍f before your tuition bill is due. 

If you’re refinancing student loans with SoFi, the process may only take one to two weeks. SoFi will pay off your prior loans and get you up and running with your new one. Make sure to keep paying your old loans until you’re 100% sure the accounts have been closed. After refinancing with SoFi, expect your first payment to be due in 30 to 45 days.

Alternative Choices

Final Verdict

Whether you’re looking to borrow a student loan for the first time or refinance existing student loan debt, it’s worth checking your rates with SoFi. This online lender makes it easy to ღpre-qualify online, meaning you can check your rates with no impact on your credit score. 

Not only does SoFi offer competitive rates, a variet🍰y of repayment terms, and no fees required, but it also provides unique benefits to it🌊s members. 

Plus, SoFi designs loans for specific degrees and situations, including law and MBA loans, parent loans, and medical resident refinancing. If you have a credit score of 650 or higher (or can apply with a co-signer who does), SoFi could be a 🌼good choice.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviewsꦺ of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.

* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.29% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2025 and are subject to change at any time. 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 . 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 ().

The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi. 0.125% Continuing Scholar Discount: Terms and conditions apply. Offer good for private student loan customers who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, select a term and repayment type that is eligible for the discount, and is subject to lender approval. To receive the offer, you must: (1) complete a loan application with SoFi; and (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.125% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan borrowers only. Offer cannot be combined with other rate discounts, with the exception of the 0.25% autopay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.49% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from 5.82% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2025 and are subject to change at any time. 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 . 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.

Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is current as of 5/21/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).