Review of SoFi Student Loans with Low Rates and No Fees | CreditShout

Review of SoFi Student Loans with Low Rates and No Fees


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If you are looking to refinance your student loan debt, you need to check out SoFi student loansWell, SoFi is ourtop recommended lender

​So we recommend you start the process of your student loan refi with SoFi.

So let’s get started and answer the question of “why we recommend SoFi”.

Interested in a Personal Loan Instead?

Read our Review of SoFi Personal Loans Here​

Check out SoFi Personal Loans Here

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How a Student Loan Refinance with SoFi Works

SoFi lets you refinance and consolidate your federal or private student loans into a lower interest rate loan.

Just remember, if you refinance a federal loan, you will give up all federal protections and programs, including income-based repayment programs.

In most states, the minimum loan amount required is $5,000 (recently reduced from $10,000), but there’s no cap on how much you can refinance.

There is no origination fee and no prepayment penalty with SoFi.

Apply Now for a SoFi Student Loan

SoFi’s Interest Rates

At this point, you are probably wondering just how low SoFi’s interest rates for student loan refinancings are.

SoFi offers you the option of choosing either a fixed rate or variable rate student loan.

  • Fixed rate APRs range from 2.9949% (with Auto-Pay activated).
  • Variable rate APRs range from 1.9924% (with Auto-Pay).

These rates are available so long as you enroll in Auto-Pay.

And you can choose to refinance or consolidate your loans You can refinance on a 5, 7, 10, 15, or 20 year term.

Auto-Pay is SoFi’s program where you sign up to have your monthly payment directly debited from your checking account.25%.

We recommend enrolling in Auto-Pay and enjoying the savings over the life of your loan.

We also recommend choosing the fixed-rate loan option if you are thinking of a longer-term loan.

If you do go with the variable rate option, however, you can save a lot of money and maybe even pay off your loan in a shorter period of time with prepayments.

If you choose the variable interest rate you should know that it is capped.

  • ​Capped at 8.
  • Capped at 9.

​Payment Examples for a $10,000 Loan

Do Your Qualify

You can refinance both federal and private student loans through SoFi, including previously consolidated federal loans through the FFEL or Direct consolidation programs or loans that were consolidated already with a private lender.

You will need to meet certain eligibility requirements:

  • US citizen or permanent resident.
  • Hold a 4-year graduate or undergraduate degree from an accredited university or graduate program.
  • Good employment history with current employment or a confirmed employment offer.
  • Good standing on current student loans.
  • Adequate monthly income.
  • Responsible financial history.

​​Right now, SoFi refinances student loans is available in all 50 states.

SoFi typically looks for applicants with credit score above 700.However, they are more concerned with your credit report showing a strong history of repayments and the monthly cash flow necessary to make their loan payments.

And you can apply for a SoFi student loan and check your interest rate without hurting your credit score.This is because they only do a soft credit check with your application.If you decide to proceed, however, they will do a hard credit check.

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

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