Founded in 2011, SoFi offers financial products that help people reach financial independence. This includes their popular private student loans and refinance products, which help borrowers secure competitive rates and terms with no hidden fees. In addition to student loan refinancing, SoFi offers undergraduate and graduate loans, law school & MBA loans, and parent student loans.
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SoFi Student Loans Review: Private Student Loans and Refinancing
SoFi is a popular fintech company that offers private student loans and refinancing options in addition to other financial products. With competitive interest rates and no hidden fees, the company aims to help borrowers save money as they pay down student debt.
Min. Credit Score 650
Loan Amount $5K up to the cost of attendance
Loan Repayment 5-15 years
Written by:Holly Johnson
Summarized Rating
Loan Features4.7
Interest Rates & Fees4.1
Qualification Leniency3.3
Application Process2
Customer Support5
User Reviews3.1
Perks Bonus5
This parameter considers loan term lengths, loan limits, and loan structure optionality (fixed and variable rate offerings). For each loan type offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
SoFi gets a stellar 4.7 for Loan Features, which is attributable to its highly flexible term lengths, loan amounts, and loan structure optionality (fixed vs. variable).
SoFi Pros
SoFi Cons
You'll start the process by selecting the type of loan you need and clarifying whether you are applying for a loan yourself or with a co-signer. If you're trying to refinance student loans you already have, you'll also make this selection fairly early in the process.
Frequently Asked Questions (FAQs)
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About the Author
Holly Johnson
Holly Johnson is an award-winning writer who covers personal finance topics such as insurance, loans and loan products, budgeting, credit cards and loyalty programs.
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