Updated on April 15, 2019
By Trish Sammer
When it comes to student loan refinancing, there
In our estimation, SoFi is definitely worth a look for anyone hoping for a better deal on their student loans. SoFi’s track record speaks for itself. This online lender and wealth management firm has refinanced the most student debt in the U.S.
What’s their strategy? They don’t have hefty costs like brick-and-mortar financial institutions, so savings are passed on to members. Let’s dig in a little deeper to see what you can expect from SoFi student loan refinancing.
SoFi looks beyond credit scores and debt-to-income ratios and considers factors like a borrower’s estimated
While other lenders charge higher rates to account for the possibility that borrowers won’t pay back their loans, SoFi has a unique underwriting process that helps ensure that members can make their payments. That translates to some of the most competitive interest rates in the industry.
SoFi may be a digital company, but they value making personal connections. Members are invited to networking dinners in their
Then there are other perks, like a $300 referral bonus for bringing others
Beyond that, fixed interest rates start at 3.890% and variable rates as low as 2.500% when you enroll in AutoPay. There are no origination fees and no prepayment fees.
Plus, members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.
SoFi offers student loan refinancing for undergraduate and graduate studies. It also has special offerings for Parent PLUS refinancing, as well as medical resident refinancing.
Select from loan terms of 5, 7, 10, 15 or 20 years.
Fixed rate loans range from 3.890% APR to 8.074%.
Variable rate loans range from 2.500% APR to 7.115%.
(Rates are as of September 2018 and include AutoPay discount.)
Enrolling in AutoPay gets borrowers
Members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.
Go to SoFi.com and click “Find my Rate.”
You can apply for student loan refinancing with SoFi in just four steps.
You’ll be asked to provide information about your school, your job, and your current loans.
Choose between saving on your monthly payment or saving on total student loan interest.
Upload your information and then sign your paperwork electronically.
Once you’re approved, SoFI will pay your loan servicer(s) and issue you one new student loan. Be sure to continue paying on your old loans until you have verified that they have been paid off by SoFi.
Whether you want to refinance private or federal student loans, pay off loans sooner, or lower your payment, SoFi is a solid choice to help you achieve your goals.