SoFi student loan refinance (actual company name is Social Finance, Inc.) was founded in 2013. They stand apart from others because they were the first “tech” company to enter the space. They are now well known because they have the biggest marketing budget of all the student loan refinance companies. This is why you may know them…you’ve been bombarded by their advertisements.
In our 2019 SoFi student loan refinance review, we provide an overview of the company, pros, and cons. Be sure to check out the other companies also by checking out our Best Student Loan Refinance Company review page.
As noted in our Student Loan Refinance Guide, FitBUX partners with seven student loan refinancing companies. We have an in-depth knowledge of their underwriting guidelines and have been asked by each company not to disclose certain items. We honor their wishes by not giving out specific information such as typical rates for various FICO scores and DTI ratios. If you’d like help based on your situation, I highly recommend using our free student loan refinance service in which we will help you choose the right student loan refinancing company.
Also, to help you, we developed a step-by-step student loan refinance checklist. Complete the info below and we’ll send you the checklist via email!
Table of Contents
SoFI Company Overview
SoFi is the largest student loan refinance company in the country. They have great technology when it comes to checking interest rates and submitting your documentation to qualify for the loan.
- Currently, they offer fixed and variable rate student loans that range from 5, 7, 10, 15, and 20 years. Here is an article about fixed and variable rate student loans if you’d like to learn more.
- Current fixed interest rate: 2.99% – 6.28%
- Current variable interest rate: 2.25% – 6.28%
- Loan amounts: $5k – No Limit.
- You have to have a 650 credit score or higher (Learn one trick to increasing your credit score in this article)
- No minimum income level is required. However, their sweet spot for refinancing is for those that have an income over $100,000
Pros of Using SoFi
Below are the pros of working with SoFi student loan refinance.
- Competitive Rates: If you have a good credit score, six figure income, and/or a good co-signer, SoFi is extremely competitive.
- Available in all 50 States: Its great to see that they are available to everyone.
- Refinancing For Doctors and Dentists: Medical and dental residents as well as fellows can pay $100 a month up to four years during residency.
- Bi-Weekly Payment: If you make your payments via auto-pay, you can elect to make payments bi-weekly. This can save you a lot of money in the long run.
- Start-to-Finish: Typically as fast as one week. This makes them the second fastest in the industry behind Earnest and tied with Commonbond.
- Forbearance: If you have an economic hardship from involuntary job loss you may postpone payments up 12 months.
Cons Of Using SoFi
Below are the cons of refinancing with SoFi student loan refinance.
- Not Having Funds: Over the years, SoFi has run out of money to lend. This is a result of their tremendous growth. However, instead of being forth right about this with borrowers, they often times strung them along for months with various excuses. SoFi has actually been sued for this. However, we haven’t heard this complaint for a while so it seems like the company’s new management has fixed this problem. However, we still leave it as a con in case it happens to you, you’ll know why.
- Company Attitude: This also seems to be changing with new company management. As mentioned, SoFi is the largest refinance company in the country and this was evident in their attitude. In fact, their first commercial that they aired during the Super Bowl a few years back basically said in not so many words, “We are the best. Therefore, we want the best. If you aren’t the best don’t bother coming to us.” They received a lot of negative feedback on social media about this. However, as previously mentioned, new management seems to be changing this corporate culture.
- Mohela Loan Servicer: This really isn’t a bad thing. However, we put it as a con because some people get really mad when they find out they have to make payments to another company. The reason it isn’t bad though is Mohela is the best loan servicer in the industry.
- No Co-Signer Release: Most of the student loan refinance companies FitBUX partners with offer to release your co-signer from liability after so many months of consecutive payments. SoFi does not offer this option.
Student Loan Refinance Company Reviews By FitBUX
Our FREE student loan planners have helped thousands of Young Professionals manage and eliminate over $1 billion in student loans. We help you develop your plan for free because planning your financial future should not cost you your financial future.
If you would like free expert help deciding if student loan refinancing is right for you, check out FitBUX’s free student loan refinance service. You can also join us for our Secrets to Student Loan Refinancing Webinar.
Also, if you are pursuing student loan forgiveness via an Income-Based repayment plan, do not refinance!