SoFi Student Loan Refinance Review 2020
SoFi Student Loan Refinance helps borrowers with high-interest federal and or private student loans with refinancing to take advantage of lower rates and better terms.
SoFi is a private lender offering student loan borrowers an opportunity to refinance their student loans into one new loan. With SoFi Student Loan Refinancing, you can refinance both your federal and private student loans together. Checking your personalized rate with SoFi does not impact your credit score.
SoFi offers flexible terms with variable and fixed rates. There are no application and origination fees nor prepayment penalties. When you refinance your student loans with SoFi, you get access to 24/7 customer support and additional membership benefits.
SoFi SLR Key Features:
- Undergraduate, graduate and medical student loans
- Minimum $5,000 to refinance with a maximum of all eligible student loans
- Fixed and variable interest rates
- Loan terms of 5, 7, 10, 15 or 20 years
- Available in all 50 states and DC
- No application or origination fees
- No prepayment penalty
- Add cosigner if necessary
- Deferment and forbearance benefit
SoFi Student Loan Refinance Promotion
Refinance with our link and get $100 after the funding your student loan refinance.
SoFi Overview
SoFi is a technology-focused financial services company that began offering student loan refinancing. The company has grown to encompass other loan types, savings, and investing products.
What is SoFi Student Loan Refinance?
A SoFi Student Loan Refinance enables borrowers with high interest federal and private student loans to take advantage of better terms or lower rates with refinancing. Make note that refinancing your federal student loans with a private lender like SoFi removes any federal benefits associated with your federal loans. These may include hardships benefits, income-based repayments, and loan forgiveness.
Refinancing student loans simplifies repayment and can lower the total cost of student loans borrowed. With a student loan refinance, you are replacing all of your existing student loans (or a single student loan if you only have one) with a new loan with new terms.
Who is it best for?
SoFi student loan refinancing is best for graduates with more than $5,000 in loans, have a solid credit history, employed, and current with their loans. If you have high-interest rate student loans, you may be able to take advantage of better rates and terms through refinancing.
What do you get?
With SoFi, you get variable or fixed rates with repayment terms from 5-20 years. Additionally, SoFi offers membership benefits such as career coaching and loss of job benefits.
SoFi SLR benefits and features:
- No application fee, no origination fees, and no prepayment penalties.
- A 0.25% rate reduction with automatic payments with the loan servicer.
- Loan deferment for borrowers who return to graduate school on a half- or full-time basis, undergo disability rehabilitation or serve on active military duty.
- Forbearance if you lose your job up to 12 months, 3 months at a time
How SoFi Student Loan Refinance works
SoFi Student Loan Refinance is available to graduates with an Associates’ degree or higher from Title IV accredited universities and graduate programs. With SoFi, you can refinance your undergraduate and graduate high-interest unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Refinancing is available in all 50 states and the District of Columbia.
Cosigners are not necessary for a SoFi Student Loan Refinance, but if one is needed a cosigner can be added. However, cosigners cannot be released at any time unlike offerings from LendKey.
SoFi performs a soft inquiry when you check your rate. The prequalification check doesn’t impact your credit score. But once you’ve selected your loan, SoFi will conduct a hard inquiry to finalize your terms. A hard inquiry will be reflected on your credit report and may impact your score.
Requirements for SoFi Refinancing
- A US citizen or permanent resident.
- Hold a 4-year undergraduate or graduate degree from a Title IV accredited institution.
- Good employment history. Currently employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
- In good standing on current student loans.
- Strong monthly cash flow.
- A responsible financial history.
Safety and Security
SoFi is a private lender and follows security procedures to protect your information. They may share your information with third-party partners that perform functions relating to your student loan.
Your student loans are serviced by MOHELA.
Get Started with SoFi Student Loan Refinance
- Check your personalized rate with SoFi with no impact to your credit score.
- Review the loan offer, accept, and finalize the application.
- Submit all required documentation.
Why Refinance with a SoFi
SoFi is an old player in the student loans refinancing space and a solid choice to consider. With SoFi Student Loan Refinancing you can consolidate those multiple high-interest rates federal and private student loans together into one lower rate new loan.
There are many additional perks for choosing SoFi such as flexibility of repayment terms, deferments, and membership benefits that include career coaching.
However, keep in mind when consolidating your federal student loans into a private loan you lose your federal loan benefits such as hardship deferments, income-based repayments, and loan forgiveness.
Should you consider refinancing with SoFi? Checking your personalized rate doesn’t impact your score so it doesn’t hurt to see if you can save.
If you’re in the market to refinance and ready to do so, consider all your options such as getting offers from multiple lenders. Check your rate with SoFi and visit student loan refinance marketplaces such as Credible and LendKey. Both marketplaces offer rate checks without an impact on your score too.
