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SoFi offers a full range of private student loan services and refinancing options with no fees, flexible terms, and competitive rates. It's designed to help students and parents cover educational expenses with ease.
Plus, SoFi's refinancing solutions could help you save thousands by paying off your student debt sooner or reducing your interest rate. Whether you're looking to secure a new student loan, refinance an existing student loans, or need a more manageable repayment plan, SoFi offers the flexibility and financial support you need.
by SoFi Bank, N.A. Member FDIC
Loan Coverage
SoFi covers up to 100% of school-certified costs, including tuition, room and board, books, supplies, and other educational expenses. There’s no limit to what SoFi will cover as long as your school certifies the expenses, making it ideal for a wide range of academic pursuits. Visit SoFi's student loan page to see how much financing you can qualify for.
Loan terms
SoFi offers a variety of loan terms to fit different financial needs, including 5-year terms (lowest interest rates, higher monthly payments), 7-year terms, 10-year terms, and 15-year terms (higher interest rates, lower monthly payments)
Repayment options
SoFi offers several repayment options tailored to different financial situations. The 'deferred plan' allows you to start payments six months after graduation, but it comes with the highest overall cost. The 'interest-only option' lets you pay just the interest while you’re still in school. For those who prefer to manage small payments during school, the 'partial repayment option' provides a fixed amount to pay monthly. If you're looking to minimize overall costs, the 'immediate repayment plan' begins both principal and interest payments right away, resulting in the lowest overall cost.
Additional benefits
SoFi provides valuable additional benefits beyond its loan services. With career support, borrowers can access coaching and networking events to assist with their professional development. Additionally, SoFi offers exclusive member perks, including financial planning tools and invitations to special events, great for students looking to advance in their educational career.
Refinancing your student loans with SoFi offers significant benefits, including the potential to lower your interest rate and save thousands over the life of your loan. SoFi has refinanced over $30 billion in student loans for more than 450,000 members, making them a leader in student loan refinancing.
With no fees, competitive rates, and flexible terms, SoFi makes it easy to refinance both federal and private student loans. You can check your rate in just two minutes, giving you a fast and simple way to see how much you could save.
Refinancing benefits
Loan types eligible for refinancing
SoFi eligibility requirements
To qualify for SoFi's private student loans or refinancing options, applicants need a solid credit score and a stable income. However, SoFi doesn’t rely solely on credit scores. They take a more holistic approach, considering factors like career experience and education background, giving borrowers with diverse qualifications a chance to apply.
Cosigners
For students, having a cosigner significantly improves approval chances—up to six times more likely for undergraduates and twice as likely for graduate students. Once you’ve made 24 consecutive on-time payments, you can apply to release your cosigner from the loan, giving you greater financial independence as you progress in your career.
How to apply
Applying for SoFi’s student loans or refinancing is quick and user-friendly. The online prequalification process takes just two minutes, providing you with your rate almost instantly. For repeat borrowers, SoFi offers the added convenience of saving your information, making future applications even faster. If you're a returning customer, you can also take advantage of a 0.125% rate discount on future loans, whether you're a repeat cosigner or a continuing student securing subsequent financing.
SoFi student loans
SoFi refinancing loans
View your personalized loan estimate and see what rates you qualify for.
SoFi offers a comprehensive range of private student loans and refinancing options tailored to meet the needs of students, parents, and graduates. With flexible repayment terms, competitive rates, and no fees, SoFi makes managing educational costs and student debt easier.
Whether you're starting your academic journey, seeking to fund it, or looking to refinance and save on interest, SoFi’s personalized approach and user-friendly application process provide the support you need. With the ability to cover up to 100% of school-certified costs and refinancing options that cater to diverse professional programs, SoFi stands out as a trusted partner for managing your educational finances.
Before committing to private loans, its recommended that students first exhaust all federal and school-funded aid options. These resources often come with more favorable terms, and it’s important to take advantage of them before turning to private lending. However, if you’ve already tapped into those resources and still need financial assistance, private student loans can provide flexible payment options and comprehensive refinancing coverage. This makes it easier for borrowers to secure lower interest rates and manage their debt repayment in a way that aligns with their financial goals.
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