SoFi Student Loans

SoFi Student Loans Reviews

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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.

Pros & Cons

  • No fees
  • No maximum loan amount
  • Serves DACA students
  • No loans for associate degree seekers

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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.

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.

SoFi Student Loans Reviews

Stars Rating

  • 23%
  • 46%
  • 6%
  • 11%
  • 14%

Popular Mentions

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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceLoan Process

    Reviewed Feb. 15, 2023

    I wish there was a rating lower than 1 star. My mother refinanced a parent PLUS loan with them several years ago. When she passed away suddenly 7 months ago, I reported her death to SoFi Mohela and was told the loan was most likely eligible for discharge once I sent in the death certificate. I sent it in August 24th and didn't hear anything. Cut to 6 MONTHS later, they filed a claim against my mother's estate for the total balance of the loan. After countless attempts to speak to someone and find out why the loan wasn't eligible for discharge as I was told and as THEIR OWN WEBSITE SAYS- I was basically just told it was a private loan and the estate is liable for the full amount. I have spent weeks going back and forth with them just to get some answers at a time when I am already knee deep in grief. So AWFUL. I have asked for the original agreement that my mother signed so my own lawyer can review it and still have yet to receive it.

    DO NOT borrow from SoFi if you can help it. They have absolutely no transparency and garbage customer service and despite multiple references on the internet saying they will discharge a loan in the event of a death of a loved one- they won't and they won't tell you why either. My mother refinanced for a better rate on a federal loan that would have been forgiven in the event of her death, worked till she was 69 trying to pay that loan off, dropped dead of a heart attack, and now they are going to draw blood from a stone and rob me of the last pieces of my mother that I have. They are predatory, cruel, disorganized and they will not help you.

    Customer ServiceStaffLoan ProcessRates

    Reviewed Oct. 27, 2021

    Pros: They are quick to respond. Cons: Do not expect compassion or flexibility from them. When considering refinancing with SoFi, I called and specifically asked about In-School Deferments as I am currently enrolled full-time in graduate school and cannot afford to make payments. The customer service agent assured me that SoFi would help me in this regard, so I decided to go through with the refinancing.

    I made a rookie mistake: I didn't carefully read the contract. It turns out that they require interest payments from people enrolled full-time in school if that person refinanced their loan with them. I explained that I cannot afford this. I asked if I could pay a reduced amount. I explained that I was misled in my earlier communications about the terms of in-school deferments.

    SoFi did not care and are still insisting that I pay the full amount, which is 20% of my meager income working 30 hours each week in addition to my full-time schooling. Now I have to figure out how I can come up with this money, and I honestly have no idea. As a note, I could remove the in-school deferment and then apply for economic forbearance, but they only allow a maximum of 12 months of economic forbearance for the life of the loan, and I have two more years of my PhD, so that is of little help.

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      Loan Process

      Reviewed July 10, 2021

      I transferred my student loan to Sofi, because I was able to get a better interest rate and pay it down quicker. The process was easy, the online management is great, and approval was very quick. I would recommend Sofi for student loan, or other loans for their quick and easy process.


      Reviewed April 27, 2021

      Awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways.

      Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income.

      After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways.

      The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.

      Customer ServiceStaffLoan Process

      Reviewed Dec. 30, 2020

      I started the harrowing process to refinance my student loans in November. I spoke at length to a representative explaining what the goal of this process was and ensuring I was completing the correct application. At every stage I was given conflicting information about what outstanding documents were needed. I contacted customer service no less than 10 times over the course of this process. Every requested document was provided in a timely manner. Because this process was taking so long, I requested an extension for the application end date and was told I had until January 12. I just logged in to provide what I was told, once again, would be the final documents needed to find my application had been declined due to the wrong product being selected.

      My credit was run on November 12. That is how long this process has taken only to be denied when I had been in touch with customer service several times throughout the application. I am grossly disappointed in the lack of communication and service from Sofi. The platform is not user friendly, many customer service representatives citing a “technical glitch” in the platform and advising I wait for them to contact me with a solution (which never came.) I strongly suggest looking elsewhere for any financing needs.

      StaffLoan ProcessRates

      Reviewed Dec. 2, 2020

      I had a very poor experience with Sofi. I refinanced my student loans with them a little over a year ago. However, wanted to take advantage of the historically low rates this season, so I applied for another refinance because I had lost my original job due to the COVID pandemic and inevitably had made a little less money this year. EVEN WITH that happening, I still hadn't missed a single payment and had actually paid $2k extra on my loans this year, while improving my score over 50 points (to 795) since I originally applied with them. Needless to say, I was denied this loan. They do not care about their customers, no matter how good they may be, and I'm going to make sure everyone I know, knows it. I've never felt so disrespected by a company in my life.

      Customer Service

      Reviewed Nov. 13, 2020

      I refinanced my student loan due to a promotion of $450 dollars. The application was complete and I was approved. I called a month afterwards and was told that there was no such offer even though I confirmed on the first call about the promotion. I would expect a company of this stature to have dignity and honor their words but they didn't. I'm livid!

      Customer ServiceStaffLoan ProcessRates

      Reviewed July 14, 2020

      I found SOFI through NerdWallet, which gives an aggregate of all the best financial lenders on one page. I was looking for a lower APR for my student loan, which was currently priced at 6,8%. SOFI seemed to have a better offer at 4.8%. I immediately pounced on that offer. What followed seemed like a promising start. They asked for proof of employment, W2s, paystubs, social, and other identification info, which I provided over a prolonged period due to them needing to contact my boss directly to prove where I worked. The problems began, however, when I added my father as a co-signer and he was laid off shortly after due to the COVID-19 fiasco.

      This threw SOFI for a loop, and they didn’t seem to understand why he wouldn’t be able to provide proof of his employment eligibility. They told him to contact another customer representative to have him be taken off the loan, which he did but was still never removed as a co-signer. Weeks went by with no response and he even got an email asking for his experience with the customer service rep — what a joke! Eventually, I had to call SOFI myself and found someone to update my application, after finding out it was mysteriously canceled. The employee said it was just a glitch and assured me that my application was still being processed... About a month goes by with no reply, until I one day find an email saying my app had been approved.

      Ecstatic to finally have a lower interest rate for my $25000 student loan, I open the email to find that I had to pay a small fee of an additional $5000 JUST to refinance my loan. Was this a joke??!! I would have to take out another loan to even refinance the original. Nowhere was it made clear by SOFI that I would need to pay a fee worth 20% of the original loan just to get a lower rate. It seemed like this company was giving me the cold shoulder the entire time, which was a waste of months of my time when I could have been looking for better offers. Lesson here is, look for a better company than this bargain-bin choice.


      Reviewed June 30, 2020

      Please heed warning. Also please read comments by Anthony/FL, Michael/KY & Michael/NY here on this site - all from April 2020. Same thing. SoFi does NOT care if you are in hardship due to Covid-19. Their only concern is to make more money. At first, they offered no help/forbearance, but buckled under pressure in that Federal Student Loans did offer help and Private loans did not, and/or a marketing gimmick to make it seem like they "want to help". So they changed their tune to "help" by allowing a 2 month Forbearance, however on the caveat that you would still be accruing interest every day (that tells you something right there).

      The SoFi reps (2 reps, 2 calls) were very clear that the interest would be paid over the length of the loan. Today we find out - surprise! Interest payments to be upfront over the next 3 months to the tune of an add'l ~ $1400! They flat out lied to us. Be cautious. We have been with them for 5 years (2015), with 1 large & 1 medium student loan(s). We have seen the progression from a Company with Stanford founders, that seemed to really want to help (Social Financing) to another greedy large scale Corporation, making more money off the backs of our youth and future of this Country. Maybe that's how you pay for a new NFL Stadium in LA and for all those commercials on TV. Shame on them!

      Loan Process

      Reviewed June 1, 2020

      When I read Sara's review on Sofi, I kept agreeing with her words. "Yup, I've been there. Yup, I've experienced this. Yup, I had to continuously fight SoFi AND Mohela, and couldn't figure which company would resolve my issue." SoFi and Mohela would point me in the other direction because neither company wanted to help me.

      It's been a horrible 4 years and I regret ever refinancing my student loan with SoFi. Signing up was easy.....and they make it easy because they want you (need you) as a customer. However, once you sign the contract, you're nothing but another customer with a SoFi balance. They don't care about you or job loss. SoFi is a glorified Sallie Mae. I'm basically paying an extra month's rent on top of my actual rent, car, insurance, and other bills with no other support.

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      SoFi Student Loans Company Information

      Company Name:
      SoFi Student Loans