SoFi is one of the few big refinance lenders that will look at you even if you never finished your degree. That alone makes it worth a rate check for a lot of borrowers.
It’ll refinance private and federal student loans, Parent PLUS included, into one new private loan, and checking your rate is only a soft pull. The catch is the usual one, and it’s a big one if you have federal loans.
The short answer
- SoFi refinances student loans and Parent PLUS loans into a new private loan from SoFi Bank.
- You can qualify if you enrolled at an eligible school, even without graduating. Most refinance lenders want a degree.
- You’ll need at least $5,000 to refinance and a job, other income, or a job offer starting within 90 days.
- Refinancing federal loans with SoFi ends every federal protection on them. There’s no undo.
What SoFi refinances
SoFi takes your existing student loans, pays them off, and gives you one new loan with a new rate and a new term. It doesn’t matter whether the old loans are private or federal. Parents can refinance Parent PLUS loans they took out for a child.
A few loans can’t go in. SoFi won’t refinance a loan that’s paying for school you’re enrolled in right now, and bar loans and residency loans aren’t eligible either.
The new loan is made by SoFi Bank, N.A. The terms in SoFi’s own examples run from 5 to 20 years, with fixed and variable rate options. Rates change all the time, so check the current numbers on SoFi’s site rather than trusting any figure you read elsewhere.
Who qualifies
Here’s what SoFi’s posted eligibility criteria ask for:
- You enrolled at or graduated from a degree-granting school that’s eligible for federal aid (Title IV). A finished degree isn’t required.
- You’re employed, have enough income from other sources, or have a job offer that starts within the next 90 days.
- You’re refinancing at least $5,000. Some states set a higher minimum.
- Your credit history. SoFi doesn’t post a minimum score, and a cosigner’s credit can count if you add one.
That first line is the one that sets SoFi apart. Left school before finishing? Then your list of options gets short fast, because KeyBank, ELFI and LendKey all post a degree requirement and won’t take you.
| Lender | No degree OK? | Parent loan refinancing | Smallest refinance |
|---|---|---|---|
| SoFi | Yes, if you enrolled at an eligible school | Yes (Parent PLUS) | $5,000 |
| KeyBank (formerly Laurel Road) | No, a degree is required | Yes | $5,000 |
| ELFI | No, bachelor’s or higher | Yes | $10,000 |
| LendKey | No, bachelor’s degree | Not stated | More than $5,000 |
Each row comes from that lender’s own site. Rules change, so confirm before you apply.
How to check your rate
- Pull up your current loans. Your federal loans show up when you log in to StudentAid.gov. Private loans don’t, so use your statements for those.
- Decide which loans to include. Private loans are the easy call. Federal loans need the warning below first.
- Check your rate with SoFi. SoFi says this is a soft credit pull that won’t affect your score.
- Run the numbers. Plug your current balance and rate, plus the offer, into our student loan refinance calculator to see the monthly and lifetime difference.
- Get at least one other quote. One offer tells you nothing about whether it’s a good one.
Before you refinance federal loans
Federal student loans can’t be refinanced inside the federal system. Refinancing them with a private lender takes them out for good, and Federal Student Aid says plainly that you lose the benefits.
That means no income-driven repayment (RAP or IBR), no Public Service Loan Forgiveness or other federal forgiveness, no federal deferment or forbearance, and no federal death or disability discharge. There’s no way back once the new loan pays off the old ones.
SoFi doesn’t sugarcoat this. Its own refinance page says that when you refinance federal loans with SoFi, you forfeit your eligibility for all federal loan benefits. If you work in public service or there’s any chance you’ll need a lower payment for a while down the road, keep your federal loans federal. Our guide on whether you should refinance your student loans walks through that decision.
SoFi for medical and dental residents
SoFi also has a separate refinance loan for medical and dental residents and fellows. Minimum payments are $100 a month until your residency or fellowship ends.
So what’s the catch? Interest keeps building during those months, and SoFi adds it to your balance when residency ends. If you’re a resident with federal loans, compare this with what you’d pay on a federal plan like RAP or IBR and with the PSLF math before you move anything.
Who SoFi fits, and who should skip it
SoFi makes the most sense if you have private loans, steady income, and either a degree or some college from an eligible school. It’s also a real option for parents who want Parent PLUS debt off the federal books and have decided the federal options aren’t worth keeping.
Skip it, at least for your federal loans, if you’re counting on forgiveness, an income-based payment, or the federal safety net. And if your credit is thin or recently dinged, work on that first. Our guide to improving your credit score covers the fastest fixes.
Bottom line: SoFi is worth a soft-pull rate check, especially if you don’t have a degree. Just don’t stop at one quote.
Get a second quote to compare with SoFi
- See offers from Splash’s lending partners with a soft credit pull. Continuing to apply leads to a hard pull.
- No application fees, no origination fees and no prepayment penalties.
- Fixed terms of 5 to 20 years and variable terms of 5 to 25 years. Minimum $5,000.
- Best fit: private loans, a four-year degree, and credit of 700 or higher.
Splash Financial is a marketplace, not the lender. Your loan comes from one of its lending partners, and some are credit unions you’d need to join. Not all rates and amounts are available in every state. If you refinance federal loans through Splash, you lose federal benefits for good.
Yes. SoFi refinances federal and private student loans. But the new loan is private, so you permanently lose federal benefits like income-driven repayment, Public Service Loan Forgiveness, federal deferment and forbearance, and federal discharge options.
No. SoFi accepts borrowers who enrolled at or graduated from a degree-granting school eligible for federal aid. Most other refinance lenders, including KeyBank, ELFI and LendKey, require a degree.
No. SoFi says checking your rate is a soft credit pull that won’t affect your credit score.
Yes. SoFi refinances Parent PLUS loans. Doing so moves them out of the federal system for good, so check the federal Parent PLUS options first.
SoFi refinances student loans totaling at least $5,000. Some states set a higher minimum.
Sources (8)
We use primary sources wherever we can: Federal Student Aid, the U.S. Department of Education, the IRS, federal regulations and each company’s own site.
- SoFi. Refinance student loans. sofi.com. Accessed October 22, 2026.
- SoFi. Eligibility criteria. sofi.com. Accessed October 22, 2026.
- SoFi. Medical resident refinancing. sofi.com. Accessed October 22, 2026.
- Federal Student Aid. Financial aid dictionary: refinance. studentaid.gov. Accessed October 22, 2026.
- KeyBank. Student loan refinancing. key.com. Accessed October 22, 2026.
- ELFI. Refinance student loans. elfi.com. Accessed October 22, 2026.
- LendKey. Student loan refinancing. lendkey.com. Accessed October 22, 2026.
- Splash Financial. Student loan refinancing. splashfinancial.com. Accessed October 22, 2026.
