SoFi Student Loans

SoFi Student Loans

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Written by Lorraine Roberte
Edited by Vincent Landino

About SoFi Student Loans

SoFi offers private student loans to qualified degree seekers and their parents or sponsors. SoFi’s student loans come with no fees, multiple term length options and fixed or variable interest rates. These loans can be used to cover 100% of school-certified costs or refinance existing student loan debt. SoFi serves borrowers across the U.S., including nonpermanent residents and students protected by the Deferred Action for Childhood Arrivals (DACA) program.


  • No fees
  • No maximum loan amount
  • Serves DACA students


  • No loans for associate degree seekers

Bottom Line

SoFi offers no-fee private student loans with flexible repayment options and your choice of several different loan terms. You’ll need to check your rate and see if you qualify to know if borrowing is right for you, though.

Starting college this year?

See our recommended student loan offers for 2021

Get started

What is SoFi Student Loans?

SoFi is a private student loan provider. So, if you or your child is pursuing an eligible degree, SoFi can help you finance the costs. There’s no maximum loan amount, which means you can use a SoFi loan to cover all your educational expenses, including tuition, room and board, books and transportation.

With SoFi, you can choose between flexible repayment plans, and the loans have no late, origination or prepayment fees. Rates are either fixed or variable, with possible discounts for using autopay or meeting other criteria.

SoFi also runs a rewards program where you can earn and redeem points to pay down your loan debt.

How does SoFi Student Loans work?

You should be able to apply for a SoFi student loan and receive your credit decision in three minutes. Once you’re approved, you can accept the loan terms and sign the loan documents electronically.

SoFi then sends your loan application to your school to verify your enrollment status, academic progress and financial aid package. This certification process can take weeks, but every school is different. Once you're certified, SoFi sends the funds directly to your school according to the requested payment timeline.

If any money is left over after room and board, tuition and fees, your school can send it back to SoFi or send it directly to you.

SoFi offers four repayment plans for its student loans, including:

  • Immediate: You pay principal and interest payments right away. While this is the most expensive payment option when you’re in school, it has the lowest overall cost.
  • Interest only: You only pay interest while you’re in school, but making these moderate payments still helps reduce your loan’s overall cost.
  • Partial: You pay $25 per month while you’re in school. This is the most affordable way to pay while you’re studying, and it does still reduce a smaller portion of your loan’s overall cost.
  • Deferred: You start making all principal and interest payments six months after leaving school. While it’s nice to make no payments during school, you’ll pay the most overall with this option.

SoFi also offers refinancing loans if you’re looking to restructure your existing student loan debt.

SoFi Student Loans rates

SoFi offers the following rates as of publishing.

Type of loanFixed ratesVariable rates
Undergraduate3.47% to 11.16% APR1.89% to 11.92% APR
Graduate4.6% to 11.06% APR2.59% to 11.82% APR
Law and MBA4.43% to 11.01% APR2.64% to 11.77% APR
Health professional4.60% to 11.06% APR2.59% to 11.82% APR
Parent4.48% to 11.16% APR1.69% to 11.92% APR
Refinance3.24% to 7.99% APR1.74% to 7.99% APR

All the rates above include a 0.25% discount for having autopay enabled from your savings or checking account. You may also be eligible for an additional 0.125% interest rate reduction if you’ve borrowed from SoFi before.

SoFi Student Loans FAQ

What types of student loans does SoFi offer?

SoFi offers private student loans for undergraduate students, graduate students, MBA students, law students, health professionals and their parents or sponsors. Loans for refinancing are also available.

What are SoFi’s student loan repayment terms?

SoFi Student Loans can have terms of five, seven, 10 or 15 years.

How much can I borrow from SoFi Student Loans?

There's no maximum loan amount with SoFi Student Loans. On the other end of the spectrum, you can potentially borrow as little as $1,000, but certain types of loans and some states have higher minimums.

What are SoFi’s student loan eligibility requirements?

SoFi’s exact eligibility requirements vary depending on the type of loan in question, but borrowers generally must be:

  • The age of majority in their state or have a co-signer who is the age of majority
  • A U.S. citizen, permanent resident or nonpermanent resident alien
  • Using the loan for Qualified Higher Education Expenses at an eligible institution (unless they’re refinancing)
  • Enrolled as a half- or full-time student in a degree-granting program (unless they’re refinancing)
How long does it take to get a SoFi student loan?

It can take four to six weeks from the time you apply for SoFi to send the approved loan amount to your school.

However, if you’re refinancing, the funding process takes roughly seven to 15 business days.

Is SoFi good for student loans?

SoFi can definitely be a good choice for private student loans. With four ways to repay, multiple loan term options and no fees, SoFi has enough versatility and benefits to make a good fit for a variety of borrowers. The company encourages you to consider your federal grant and loan options before committing to its private loans, and it’s a good idea to check out your other options for private student loans as well. If you want to save money long term, shop around for the best rate you qualify for and make an informed decision before you borrow.

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SoFi Student Loans Company Information

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SoFi Student Loans