SoFi is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
What Is SoFi?
SoFi, founded in 2011, has been on a mission since the start to help their members (aka customers) get their money right. With over $50 billion in funded loans, a million strong members, and over $22 billion in debt paid off, SoFi is dedicated to helping people achieve financial independence. The company, formally known as Social Finance, Inc., provides a range of services including student loans, personal loans, mortgages, investing, and banking.
SoFi Customer Service
SoFi offers extensive customer service in the form of email, phone, and mail-in support. Depending on what you need assistance on you’ll find a variety of available phone numbers for help through their contact page, as well as addresses needed for payments. SoFi has a trusted four star rating through Trustpilot.
What is SoFi Student Loans?
SoFi offers no-fee, competitive rate, in-school student loans, as well as student loan refinancing. SoFi showcases flexible repayment options, and exclusive discount rates. They help students and parents make intelligent financial decisions through offering a variety of resources and support, and “customer-first” solutions. Some of SoFi’s student loan products include:
- Private Student Loans
- Undergraduate Loans
- Graduate Loans
- Law and MBA Loans
- Parent Loans
- Student Loan Refinancing
Apply for a SoFi Private Student Loan
- All online, all easy.
- SoFi private student loans cover up to 100% of school-certified costs.
- No fees required.
- Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
- Applying with a cosigner may increase your chances of approval and getting a better rate.*
- Over 1 million students have chosen SoFi.
SoFi Private Student Loan
Undergraduate, Graduate, MBA, Law, Health Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Parent
Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from 6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
SoFi Private Student Loans
SoFi Private Student Loans can cover up to 100% of school-certified costs including those for attendance and all related expenses such as tuition, room and board, transportation, personal expenses, and supplies. The borrowing minimum is $5,000. There are zero fees for SoFi Private Student Loans and additional discounts available for SoFi members. SoFi considers anyone who signed up for a SoFi product a member, not just a borrower or customer.
SoFi Undergraduate Student Loans
SoFi has helped over 375,000+ undergraduates pay for school with their competitive private student loans. They provide an all-online easy application process, no fees, loans that cover up to full cost of attendance, and competitive rates helping students save as much money as possible. SoFi encourages utilizing the help of a cosigner in order to improve your chances of loan approval and the potential to further lower your interest rate. SoFi also requires students to be enrolled in a degree-seeking program at an eligible school and have an enrollment status of at least half-time. SoFi offers a variety of repayment options including:
Deferred: No payments while in school and will end up being the highest cost repayment option—meaning you will have a higher total repaid amount compared to other repayment plan options.
Interest only: This option will require you to make monthly payments to pay accrued interest on your loan. This option may result in a lower total repayment amount on your loan when compared to the Deferred repayment option because it prevents interest from being added to the principal balance (capitalization) at the start of repayment.
Partial: Pay $25 monthly throughout the course of your education.
Immediate: Begin paying interest and principal payments immediately as the lowest overall cost option.
SoFi Graduate Student Loans
SoFi provides graduate students with a fast and easy way to pay for grad school so you can focus on what matters most: your degree. SoFi provides an all online application process, live customer support seven days and week, no fees, and exclusive member benefits including career services, financial advisors, networking events, and more (with zero extra fees). Full principal and interest payments typically begin six months after graduation or when enrollment drops below the half-time mark for borrowers who choose deferred, interest only, or partial repayment options.
SoFi Parent Loans
SoFi offers parents with a no fee, competitive rate loan to help pay for their child’s education, offering an all online easy application, competitive rates, and exclusive member benefits. Parents can choose from two repayment options including:
Interest only:Pay only the interest as it accrues while your student is still in school, reducing overall cost.
Immediate:Begin paying principal and interest payments immediately while your student is still in school.
SoFi Student Loan Refinance
With over $30 billion+ in refinanced student loans and 375,000+ members, SoFi provides savings thanks to flexible terms and low variable and fixed rates. SoFi also has an all online application process, no hidden fees, and access to exclusive member benefits. A few of their student loan refinancing products including:
- Student Loan Refinancing
- Medical & Dental Student Refinancing
- Parent PLUS Refinancing
You can also compare a host of student loan refinance companies that provide competitive products. Your options include refinancing a single loan or multiple loans, including the ability to combine federal and private loans together.
SoFi Cosigner Release
After 24 months of consecutive, on-time payments (of full principal and interest), students may be able to apply to release their cosigner from the loan. An underwriting process will be required which means students must be able to qualify based on the strength of their own credit worthiness, including proof of income. There could be other conditions and terms which may limit your ability to remove a cosigner, you will need to refer the terms and conditions for cosigner release of your loan.
| Pros | Cons |
|---|---|
| Competitive rates on multiple loan products for degree seeking students, as well as parents. They also offer refinancing. | You must create an account to check rates online, and the lowest advertised rates may not be what you qualify for. |
| Parents can refinance in their son/daughter’s name | No federal subsidy (meaning there is no government assistance in paying for the loan) |
| Customers are considered members and memberships come with a number of benefits, including unemployment protection and career advice | Not eligible for income-drive repayment plans |
| Flexible repayment terms |
How SoFi Gives Back
SoFi contributes to local communities and social causes, as evidenced by their partnership with the Los Angeles Rams to address social injustices throughout the greater Los Angeles region. They also teamed up Bolt Academy to help address the needs of low-income, underserved, and underrepresented individuals. SoFi also periodically holds contests and drawings to help pay off participating members’ debt, including their Ditch the Debt Life contest where the grand prize is $50K.
SoFi Headquarters
SoFi headquarters are in San Francisco, California with over 1,300 employees.
