SoFi Student Loans Reviews

Decided to consolidate and refinance 3 separate student loans that my wife and I have been paying for loans taken out to pay for our boys college tuition. At first the online application process look easy enough. But after 3+ weeks of back and forth repeated requests for the SAME financial documents, I have given up trying to work with these folks. I have a good income, a 800+ credit score (my wife is even higher than mine), yet this firm is unable to articulate what it is they need to complete this application. I have spend HOURS on multiple calls with their support line (always friendly people but apparently unable to answer even the most basic questions).

My husband is part of a professional organization that received a special offer for refinancing student loans and chose to go through this process for his last remaining student loan because the offered organizational bonus would have saved between $200-$300 on the remaining life of the loan. I signed as a cosigner to get an even better rate (we both have credit scores in the high 800s, and the loan amount was less than $7K).

I highly recommend refinancing your student loans with SoFi! Great rates, incredible customer service, awesome community events so you can hang out (for free!) at great restaurants and venues with other people in the SoFi network, killer benefits and lifetime job placement, etc. We met the stringent requirements - high credit scores and high income (low 800s and $160K+). Took three tries to get the right package so we could be approved - call and they will walk you through it. We did end up going with a variable rate, and it has gone up about 1% in two years. There is a cap. After refinancing November 2014 (total of $187,000), my husband and I saved hundreds per month and for the first time, our balances actually went down the last two years - we paid off $20,000 instead of slightly increasing annually. They are outstanding!

I was refinancing & consolidating student loans of our daughter's and get 22 days into the project and were told that they cannot do that type of loan because of the style (Sallie Mae & Navient) they are. Over the 22 days I talked to 3 people at SoFi who never once stated any of that all the while they were wanting more & more information because we are a small business owner of 34 years and they needed tax returns, income verification, etc. They are clueless in the communication aspect with a client and until I demanded to speak to a manager never really got the whole story. Then I got the corporate B.S. line of "we apologize and will look into it". And we have a flawless credit report and a credit score hovering around 800!

So everything was great when I first consolidated my federal and private loans. SoFi could not wait to cash in on my business. A year later, I needed to refinance unfortunately. Oh yes, refinance. I call them and they give me the runaround - spoke to 6 people all telling me something different and it led to me having to go back online to refinance through their website. Did that - yes it's over right? Wrong. Did not hear from wonderful SoFi so gave them a call. Their customer service is more concerned with me having verifying old and new addresses and a second email address they have but that I have no knowledge of than helping me to refinance my loan to a payment I can afford.

My Granddaughter applied to refinance her student loan with me as the co-signer. I was rejected so I called and learned that despite my income, excellent credit score, and lack of debt, they determined that I had a high debt to income ratio. They could not tell me how they calculate it or what the number is. I then used three different online calculators and my front end and back end DTRs ranged from 11% to 15%. So SoFi's secret formula is a mystery and I am unable to assist my granddaughter, keeping her locked into a high interest rate.

I currently work abroad. Before I applied for student loan refi, I contacted SoFi and described my circumstances in detail and that I have foreign income. They purportedly double-checked all the requirements and encouraged me to apply. I did. Then, there was a glitch and their standard documents requests didn’t fit my profile. SoFi amended the documents list for me and requested I attach the documents that fit my foreign address and income. I did. They hard pulled my credit. And then denied me based on my residency abroad and foreign income. Not only did they waste my time but I am angry they hard pulled my credit and there is a credit denial on my record now.

I applied with SoFi because they had good rates and great reviews (see the ratings on this site). My experience, however, was the polar opposite. It started with income verification. The initial request was to upload pay stubs. I did so, and got a notification that my pay stubs weren't accepted since it had orientation listed as part of my pay. As I was a newly licensed RN, I had no other kind of pay. After calling to let them know this, they said I needed an income verification from the employer. I went and got this and uploaded it.

I tried to refinance Parent Plus student loans. They only ask you for a little bit of information when you first apply. Then - after they made a hard inquiry on your account, they start asking for more information. Most of what you upload - they won't accept because they want certified or official documents - where they won't accept a scan or upload. Also - they ask you for one document at a time instead of telling you upfront exactly what you will need. It is the worst loan application process I have ever experienced. I will never do business with them again.

Refinancing through Sofi student loans look really enticing. However, there are lots of fees. Admittedly, I spent way too much on student loans. However, when I refinanced for a lower rate a $93,000 loan turned into $106,000. A very expensive lesson I want to share with as many people as possible. Stay away from Sofi.

They were not willing to discuss the circumstance that caused my being turned down for the refinance of my student loans. The underwriters were cold and callous. I was appalled at the way that I was treated. The application process was very easy and there was no problems in filling it out. It was online and they guided you through it step by step. They appeared to have a one size fits all list of answers.

They offer you many different payment plans to help you pay back your student loan. The choices are simple and they have a plan just right for you. There are no other company out there that could beat the wonderful customer support that this fine company offers. They want you to succeed and are there for you 24 hours a day. This was one of the fastest application I have ever took. The questions are easy to answer and you will not have any problems filling out this application. Doesn't take you long to fill out and actually it was extremely simple. They will help you set-up your classes that fit your time frame and they want you to make it. The doors are always open and should you ever have a problem they are there for you.

Well I paid from my bank account but I also know you can Western Union now portability PayPal. Use your credit or debit card. It’s very convenient. The customer support was great. Everyone is friendly and nice. They work hard to help you through the process. They can answer all your questions and give you great advice on anything you may need. It's pretty much to the point you give them all of your information about your student loans and if you don’t know what you need they help you get what you need. Customer service is awesome. They really want to help you with the student loans. They’re nice, always do what they say they’re going to do. They make it a fast and easy process. And even after you complete the process if you have any questions anytime they're willing able to help you.