SoFi Review: Student Loan Refinancing

SoFi Review: Saving thousands of dollars on your student loan debt seems ideal, and that's just what SoFi promises. Is it legit, though?

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what SoFi promises. Is it legit, though?

SoFi is a modern finance company. They partner with members to offer great service and low rates for student loan refinancing, mortgages and personal loans.

But if it the right student loan refinancing company for you?

Let’s find out, together in our SoFi review.

What is SoFi?

SoFi or Social Finance, Inc. is an online personal finance company that provides student loan refinancing, mortgages and personal loans.

Who is SoFi Best For?

This Company Will Give You $100 for Opening a Free Account

aspirationSimply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Follow these simple steps to add a $100 bonus to your new account:

  1. Open your Aspiration Spend & Save Account and fund your account with at least $10.
  2. Use your Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
  3. You’re good to go! Keep your eyes peeled for that $100, which will appear in your account within 120 days.

SoFi is quickly becoming one of the largest providers of student loan refinancing and consolidation. SoFi is good for refinancing or consolidating student loans or anyone that has good or excellent credit score.

Visit SoFi to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

SoFi Features

Auto Payment, Career Support, Cosigner Option

SoFi Student Loan Refinancing Rates

Student Loan Refinance: 2.58% APR – 7.25% APR

  • Student Loan Refinance Variable Rates: 2.58% – 7.07%
  • Student Loan Refinance Fixed Rates: 3.25% – 7.25%

The company currently has a variable rate of 2.58% – 7.07% and fixed rates between 3.25% – 7.25%.

Rates are subject to change. You can get your student loan refinancing custom rate in 3 minutes or less by clicking here.

SoFi Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

SoFi Loan Amounts

The company currently offers student loan refinancing and consolidation for loans between $5,000 and $300,000.

SoFi Eligibility

To qualify for this loan, you will need to have an excellent credit history and be able to prove that you have an adequate income to pay off the loan. Please talk to a representative to discuss other criteria that might apply to you and your application for refinancing your student loans.

SoFi Pros:

  • SoFi strives to provide exceptional customer service and it shows
  • Unemployment protection up to 1 year
  • Can get the lowest rates without a cosigner

 

SoFi Cons:

  • Must have a good or excellent credit score to get approved
  • If you already have a low-interest rate on your student loans, SoFi may not be able to save you money

 

Is SoFi Safe?

SoFi has an A+ rating on the BBB page. They also have 162 customer reviews with an average of 2/5 stars.

More SoFi Info:

BBB File Opened: 09/12/2012

Years in Business: 7

Business Started: 6/17/2011

Business Incorporated: 6/17/2011 in CA

Accredited Since: SoFi is not BBB accredited.

Type of Entity: Corporation

SoFi Headquarters: 1 Letterman Dr Bldg A STE 4700, San Francisco, CA 94129-1494

SoFi Contact Information:

Fax Numbers

  • N/A

Phone Numbers

  • (888) 837-3328

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with SoFi, here are some good student loan resources to consider:

Ready to Get Your Rate at SoFi?
sofi review

 

(Or click here to learn more about SoFi →)

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Best Student Loan Refinancing Options for June 2021

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
earnest
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER