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SoFi Student Loans: 2024 Review

Updated on Jan. 1, 2024

At a glance

Bankrate 2024 Awards Winner: Best student loan for good credit borrowers

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Repayment Options
Rating: 4.9 stars out of 5
4.9
Affordability
Rating: 4.4 stars out of 5
4.4
Customer Experience
Rating: 4.8 stars out of 5
4.8

About Bankrate Score

SoFi started out in the student loan refinancing space but has since expanded its product line to include private student loans, law school loans, medical school loans, parent loans, personal loans, mortgages, investing, banking products and insurance.

Lender Details

Moneybag

Loan amount

$1,000 to total cost of attendance

Rates

APR from

5.74% Variable APR; 4.19% Fixed APR

Clock Wait

Term lengths

5 to 20 years

SoFi features

SoFi offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. Low rates, optional fees, rate discount opportunities, a full menu of repayment options and exclusive member discounts make it worth consideration.

One of SoFi’s standout features is its member benefits, which include financial planning assistance. Students can also benefit from tools like Evernote, Grammarly and Coursera as well as career resources. And unlike many other lenders, SoFi has an app for easy access to deals, financial planning tools and educational articles. 

SoFi: In the details

Pros and cons of SoFi student loans

PROS

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    No fees required. SoFi does not charge any fees when you borrow, including late fees.

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    Member benefits. Rewards, financial planning assistance and member-only benefits are available to SoFi customers.

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    Discounts for co-signers. SoFi offers a 0.125 percent family rate discount for co-signers who have previously borrowed a student loan from SoFi.

CONS

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    Strict requirements to refinance. While not uncommon, you do have to meet a long list of eligibility criteria to qualify.

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    Average grace period. SoFi offers a six-month grace period like many other student loans, including federal student loans.

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    Maximum term of 15 years. For undergraduate and graduate student loans, you are limited to a repayment term of 15 years. Some lenders go up to 20 years.

SoFi student loan requirements

Eligibility requirements for a SoFi student loan vary slightly by loan type but share some common characteristics.

In order to apply for an undergraduate or graduate loan, students must:

  • Be the age of majority in their state of residence or have a co-signer who is.
  • Be a U.S. citizen or permanent resident.
  • Be employed or have sufficient income from other sources, or have a co-signer who does.
  • Use the loan for qualified higher education expenses.
  • Be enrolled at least half time in a degree-granting program or graduate certificate program at an eligible institution.
  • Meet SoFi’s underwriting criteria.
  • Be making satisfactory academic progress.

Undergraduate students must be enrolled in a bachelor degree-granting program. SoFi does not accept students enrolled in associate degree-granting programs.

In order to refinance student loans, students must:

  • Be the age of majority in their state.
  • Be a U.S. citizen, permanent resident or visa holder.
  • Reside in a state where SoFi is authorized to lend.
  • Be employed, have sufficient income from somewhere else or have an offer of employment to start within the next 90 days.
  • Have graduated with an associate degree or higher from a Title IV school.
  • Be refinancing educational debt that originated from an eligible, accredited Title IV school.

Medical residents looking to refinance their loans must:

  • Be a medical/dental resident or fellow with up to seven years remaining in an approved program.
  • Be the age of majority in their state.
  • Be a U.S. citizen or permanent resident.
  • Have graduated with an MD, DO, DMD or DDS from an eligible Title IV accredited university or graduate program in the U.S.

Dental residents must also provide documentation with proof that they are not taking on additional tuition liabilities.

Someone looking to borrow on a student’s behalf must: 

  • Be the age of majority in their state.
  • Be a U.S. citizen, permanent resident or visa holder.
  • Use the loan for qualified higher education expenses at an eligible institution.

You are not required to be the legal guardian of the student to qualify. However, the student must be enrolled at least half time in a degree-seeking graduate or undergraduate program at an eligible institution. 

Who is this loan good for?

SoFi is a good option for borrowers interested in an online lender with low rates, no fees required and plenty of repayment options. But it’s also a good fit for those who need to refinance high-interest federal or private student loans.

SoFi also offers exclusive member benefits to its customers, including rate discounts, access to career resources, financial planning assistance and a member community.

Interest rates

SoFi offers a few discounts for its loans, including a standard 0.25 percent discount for setting up automatic payments. Current SoFi customers applying for a loan product of a different type may also be eligible for an additional rate discount of 0.125 percent, and if you use a co-signer who is already a SoFi member, you could take another 0.125 percent off of your rate.

Here are the rate ranges for each loan product at SoFi, including autopay discounts:

Loan product Variable rate Fixed rate
Undergraduate student loans 5.74%-14.30% APR 4.19%-14.30% APR
Graduate student loans 5.74%-14.13% APR 4.74%-14.13% APR
MBA school student loans 5.74%-14.05% APR 4.74%-14.05% APR
Law school student loans 5.74%-14.05% APR 4.74%-14.05% APR
Health professions loans 5.74%-14.13% APR 4.74%-14.13% APR
Parent loans 6.07%-14.48% APR 6.25%-14.48% APR
Student loan refinancing 6.24%-9.99% APR 5.24%-9.99% APR
Medical professional loan refinancing 4.49%-9.99% APR 5.49%-9.99% APR
Law and MBA loan refinancing 6.24%-9.99% APR 5.24%-9.99% APR
Parent PLUS loan refinancing 6.24%-9.99% APR 5.24%-9.99% APR

Fees and penalties

SoFi doesn't require borrowers to pay any fees whatsoever — no origination fees, insufficient fund fees or late fees required.

Repayment terms and grace period

SoFi’s private student loans come with repayment terms of five to 15 years. Its refinancing products have repayment terms of five to 20 years. All of its private loans have a six-month grace period, and SoFi will honor an existing six-month grace period for loans that it refinances.

Repayment options include:

  • Deferred: Make no principal or interest payments until six months after leaving school or drop below half-time enrollment.
  • Interest-only: Make interest-only payments while you’re in school to reduce the overall cost of the loan.
  • Partial: Pay $25 per month on your loan while in school.
  • Immediate: Start making principal and interest payments as soon as you start school.

How to apply for a loan with SoFi

The student loan application process through SoFi — whether for an undergraduate loan, graduate loan or refinancing loan — can be completed entirely online. You can apply and get a decision within minutes, according to SoFi. 

The full process, from completing the application to SoFi sending the money to your school, takes anywhere from four to six weeks. If you’re refinancing, the funding process takes about seven to 15 business days.

Before applying, prepare your Social Security number, proof of income, bank account information, school name, cost of attendance, student status, existing financial aid, expected graduation date, references and co-signer information.

Here’s what the process looks like when applying for a student loan from SoFi:

  1. Start the process online and find out if you’re prequalified within a few minutes. The entire application can be filled out online.
  2. Choose an interest rate and repayment option. You have the option of variable or fixed rates and four different repayment options.
  3. If approved, sign the loan and accept. SoFi allows you to upload screenshots of your information and electronically sign paperwork.
  4. SoFi sends the loan application and information to your school for certification.
  5. SoFi sends money to your school within four to six weeks.

Customer service

SoFi gets an “A+” score from the Better Business Bureau. The score considers complaint history and the institution’s response to those complaints.

Its customer service department is available seven days a week from 5 a.m. to 7 p.m. PT Monday through Thursday and from 5 a.m. to 5 p.m. PT Friday through Sunday.

You can contact customer service by phone at 855-456-7634.

SoFi frequently asked questions

How Bankrate rates SoFi

Overall Score 4.7
Repayment Options 4.9 SoFi boasts many loan types and repayment options.
Affordability 4.4 While SoFi’s grace period is relatively short, it has some of the lowest interest rates in the business.
Customer Experience 4.8 SoFi excels in the online experience, including access to a mobile app.

Methodology

The Bankrate team evaluated over a dozen lenders to select our top picks for the best student loans. To do this, Bankrate considers 14 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Then, lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.

  • Availability: We looked at minimum and maximum loan amounts, as well as the lender’s eligibility requirements, co-signer option, degrees covered and state availability. Lenders that offered the most flexibility as well as nationwide servicing and that offered financing for a variety of programs ranked higher in this section.
  • Affordability: Fixed and variable interest rates, fees, penalties and discounts were measured in this category. Lenders with the lowest rates, fewer fees and multiple discounts got the higher scores.
  • Customer experience: Our team looked at the ease of the application process, as well as online account management tools, customer support hours, app availability, repayment options and grace periods offered by the lenders. This allowed us to determine the lenders’ ability to satisfactorily serve customers.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.