SoFi Review  

By loansmack

Key Features

  • Refinance student loans for former students.
  • Parent loans for children currently in college or about to attend.
  • Can apply with & without a cosigner.
  • 5, 7, 10, 15, 20 year repayment terms.
  • Parent Rates: Variable Rates – 3.69% – 7.115%  Fixed Rates - 4.25% – 8.00%.  
  • Refinance Rates: Variable Rates - 2.815% – 6.740%  Fixed Rates – 3.35% – 7.125%.  
  • No origination fees or prepayment penalties.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.

About SoFi

Founded in 2011, SoFi was the first company to refinance federal and private loans together.  Today, SoFi specializes in refinancing student loans, mortgages, parent loans, as well as offering personal loans, and has funded over $25B in loans to over 400,000 members.


  • Resource Center - If you Refinance with SoFi you get acces to SoFi's Carrer Advisory Group, which can help with career advice (resume building, job search, etc.)
  • Quick Application Process – You can apply in a few minutes.
  • No origination fees or prepayment penalties.


  • No cosigner release - If you get a SoFi loan with a cosigner, you will not be able to release that cosigner later on.

How to get started with SoFi

You can get started with SoFi through their online process. Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.