When it comes to student loan refinancing, there’s a lot to learn and we can help with our SoFi refinance review. This SoFi student loan refinancing review will help you understand the pros and cons of the company so you can decide if it’s right for you.

SoFi Refinance Review

Social Finance, known as SoFi, is the closest thing to a household name in the student loan refinancing market. It became the first company to refinance federal and private student loans together in 2011. It also offers personal loans, mortgages, and loans for parents who want to borrow to help pay for their child’s college.

  • Best For: 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.
  • Interest Rates: The company currently has a variable rate of 2.58% – 7.07% and fixed rates between 3.25% – 7.25%.
  • Loan Length: They currently offer 5, 7, 10, 15, and 20 loan terms. 
  • Amount: The company currently offers student loan refinancing and consolidation for student loans between $5,000 and $300,000.
  • Criteria: To qualify for SoFi student refinancing, you will need to have excellent credit history and be able to prove that you have an adequate income to pay off the loan.

SoFi Refinance Review: Pros/Cons

How it works:

The student loan refinancing process is fast, easy, and can be done entirely online.

sofi refinance review

Interest Rates

Fixed 3.25% – 7.25% APR Variable 2.58% – 7.07% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

★★★★★

SoFi Competitors?

Company
Variable Rates (APR)
Fixed Rates (APR)
Eligible Degrees
Company Website
CommonBond Refinance Student Loans
2.76% – 7.03%
3.18% – 7.25%
Undergrad
& Graduate
VISIT SITE
Earnest Refinance Student Loans
2.55% – 6.97%
3.89% – 7.89%
Undergrad
& Graduate
VISIT SITE
LaurelRoad
2.80% – 5.90%
3.37% – 7.02%
Undergrad
& Graduate
VISIT SITE
SoFi Refinance Student Loans
2.58% – 7.07
3.25% – 7.25%
Undergrad
& Graduate
VISIT SITE
LendKey Refinance Student Loans
2.56% – 7.94%
3.15% – 8.12%
Undergrad
& Graduate
VISIT SITE

Check out our favorite lenders for managing and refinancing your student loans with our other reviews:

LendKey Refinancing Review

Laurel Road Refinancing Review

Earnest Refinancing Review

CommonBond Refinancing Review

Would you Qualify for Student Loan Refinancing?

Now in 2020, more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.

Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.

Here are some common eligibility requirements:

Good Credit Score

Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.

Have a college degree

You should have graduated with an associates’ degree or higher from a Title IV school.

Employed

Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

Good Repayment history

You'll want to be current on your bills, credit cards, and other loans, including student loans.

*Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report. You can get your credit report for free by using AnnualCreditReport.com or Credit Sesame. If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.

Eligibility Requirements for Student Loan Refinancing

Company
Minimum Credit Score
Minimum Student Loan Debt Amount
Maximum Student Loan Debt Amount
Minimum Income Requirements
Proof of Employment & Diploma Required
Company Website
CommonBond Refinance Student Loans
700
$5,000
$500,000
None
Yes
VISIT SITE
Earnest Refinance Student Loans
Good
$5,000
No Max
$24,000/year
Yes
VISIT SITE
660
$5,000
No Max
None
Yes
VISIT SITE
SoFi Refinance Student Loans
Good
$5,000
No Max
None
Yes
VISIT SITE
LendKey Refinance Student Loans
Good
$5,000
Undergraduate:$125,000
Graduate: $250,000
Medical: $300,000
$24,000/year
Yes
VISIT SITE

Why Should You Refinance with SoFi?

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 as you have seen in our SoFi refinance review. 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.

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.

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.

How Much Money Could You Save by Refinancing with SoFi

Company
Average Monthly Savings
Average Savings (Yearly/Lifetime)
Auto Pay Discount
Fees or Penalties
 
CommonBond Refinance Student Loans
$288/month
$22,359
Yes – .25%
None
VISIT SITE
Earnest Refinance Student Loans
$192/month
N/A
Yes – .25%
None
VISIT SITE
N/A
$20,195
Yes – .25%
None
VISIT SITE
SoFi Refinance Student Loans
$288/month
$22,359
Yes – .25%
None
VISIT SITE
LendKey Refinance Student Loans
$191/month
$16,657
Yes – .25%
None
VISIT SITE

Student Loans FAQs

Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.

The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time. 

To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.

99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.

Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.

The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.

Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different.  Student loan companies are often in the news for scamming student loan borrowers.  On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest.  If they don’t follow these standards, they will be disbarred.

If you are solicited by a student loan debt company – BEWARE!  This is a red flag and means they probably obtained your information from a list that they bought.  Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.

If you have private and federal loans, SoFi may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.

  • Make an overall budget for your monthly income and expenses to include your student loan payments.  Make sure you have all payment due dates noted. Use a spreadsheet or an app to help you track where and how you spend your money.
  • Set up automatic payments for your student loans, so you don’t miss any. Some lenders often a small discount on your interest rate if you set this up.
  • Accelerate repayment of high interest student loans first.  You always want to tackle high-interest loans of any kind first.

Student Loan Articles & Resources

Best Student Loan Companies for 2020

Company
Variable Rates (APR)
Fixed Rates (APR)
Eligible Degrees
Company Website
CommonBond Refinance Student Loans
2.76% – 7.03%
3.18% – 7.25%
Undergrad
& Graduate
VISIT SITE
Earnest Refinance Student Loans
2.55% – 6.97%
3.89% – 7.89%
Undergrad
& Graduate
VISIT SITE
LaurelRoad
2.80% – 5.90%
3.37% – 7.02%
Undergrad
& Graduate
VISIT SITE
SoFi Refinance Student Loans
2.58% – 7.07
3.25% – 7.25%
Undergrad
& Graduate
VISIT SITE
LendKey Refinance Student Loans
2.56% – 7.94%
3.15% – 8.12%
Undergrad
& Graduate
VISIT SITE


Disclosure: Some of the links above in our SoFi refinance review may be affiliate links. Beat Student Loans is helping to transform the $3.2 trillion dollar consumer lending market. By showing consumers real rates from America’s community lenders, we’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their low-interest rate loans.