SoFi student loan refinance (actual company name is Social Finance, Inc.) was founded in 2013.ย They stand apart from others because they were the first โtechโ company to enter the space.ย They are now well known because they have the biggest marketing budget of all the student loan refinance companies. ย This is why you may know themโฆyouโve been bombarded by their advertisements.
In our 2024 SoFiยฎ student loan refinance review, we provide an overview of the company, pros, and cons.ย 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 8 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 youโd 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.ย ย
SoFI Company Overview
SoFi is the largest student loan refinance company in the country.ย 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 youโd like to learn more.
- Current fixed interest rate: 4.49% – 9.99% APR with all discounts
- Current variable interest rate: 5.99% – 9.99% APR with all discounts
- Loan amounts: $5k โ 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.
- Start-to-Finish: Typically as fast as one week. This makes them the second fastest in the industry behind Earnest.
- Note:ย There is no reason to go directly to SoFi to get a rate. Splash Financial shops multiple lenders. SoFi is one of them.ย Therefore, going to Splash will save you a ton of time.
Cons Of Using SoFi
Below are the cons of refinancing with SoFi student loan refinance.
- Company Attitude: This 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, โWe are the best. Therefore, we want the best. If you arenโt the best donโt bother coming to us.โย They received a lot of negative feedback on social media about this.ย However, as previously mentioned, new management seems to be changing this corporate culture.
- Mohela Loan Servicer: This really isnโt 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 isnโt 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
Lendkey Student Loan Refinance Review
Splash Financial Student Loan Refinance Review
Earnest Student Loan Refinance Review
Laurel Road Student Loan Refinance Review
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