SoFi Private Student Loans: 2023 Review

Author
Sparrow Team
Sparrow Team
author

This is the official Sparrow account.

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Edited by
Daniel Kahn
Daniel Kahn
editor
Daniel is the co-founder and COO at Sparrow. Daniel is responsible for the day-to-day operations of a company, working closely with other members of the executive team to develop and implement strategies to support the growth and success of the company.
Daniel was a 2023 Forbes 30 Under 30 lister in the Education category.  Daniel was born and raised in Raleigh, North Carolina and graduated from Duke University in 2020.
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Reviewed by
Camden Ford
Camden Ford
reviewer

Camden leads Sparrow’s business operations – everything from product management to business analytics. After graduating Cum Laude from Duke University where he studied Civil Engineering, Camden worked as a Consultant for A.T. Kearney where he worked in their Strategic Operations practice. With a strong background in analytics, Camden strives to deliver data-driven conclusions and insights.

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Updated
February 14, 2024
On a similar note

Best Private Student Loans of 2023

November 14 · 20 min read

SoFi Private Student Loan Snapshot

SoFi’s in-school private student loan product offers a promising solution for students seeking financial support to pursue higher education. With competitive interest rates and borrower-friendly features, SoFi aims to ease the financial burden of college and provide a flexible path to achieving academic goals. In this review, we will delve into the key aspects of SoFi’s student loan offering to help you make an informed decision about your education financing needs.

Pros
  • prosCompetitive interest rate
  • prosVariety of repayment options
  • prosCo-signer release option after 24 months of timely repayment
  • prosOffers additional borrower protections
  • prosIncludes membership perks like career coaching, job search assistance, wealth management, and other personal finance services
Cons
  • consUnclear about credit requirements
  • consNot available to students who are enrolled less than half time
  • consHigh loan minimum of $5,000

Best Features of SoFi Student Loans

Competitive interest rates and zero fees for qualified borrowers

When looking for a student loan, finding a low-interest rate is typically a top priority. Although SoFi has strict qualification requirements, the borrowers who do qualify have access to some of the most competitive rates in the industry. In addition, you won’t have to pay origination fees, application fees, prepayment penalties, late fees, or insufficient funds fees.

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Variety of repayment options

SoFi offers you four repayment options for your student loans, with terms of 5, 10, or 15 years. If possible, it’s beneficial to make in-school loan payments in order to reduce the amount of interest you pay over time.

Repayment Option

Terms

Pros

Cons

Immediate Repayment

Make full payments as soon as the loan is disbursed, while you’re still in school.

You will minimize the interest you pay, resulting in the greatest savings. Because you’re paying down both interest and principal while you’re still in school, you’ll already have made a good start on repaying your loan by the time you graduate.

For many students, it’s not realistic to make full monthly payments while still enrolled in college.

Interest-Only Repayment 

Pay only interest while you’re in school.

Your monthly payments will be more manageable, and your loan balance won’t grow while you’re in school.

You won’t make any progress paying down your loan balance while you’re a student. But at least you won’t owe more than you borrowed when it’s time to start making full payments.

Partial Repayment

Pay $25 per month while you’re in school to reduce accrued interest.

You can keep your loan balance in check, and reduce the total amount repaid.

You’ll still owe more than you borrowed when you graduate, but your loan balance won’t grow as quickly.

Deferred Repayment

Don’t make any payments while you’re in school. Begin repayment after graduation or 6 months after graduation.

You won’t have to make payments while you’re in school.

You will likely pay the highest overall cost since unpaid interest will be added to your principal amount at the end of your grace period.

Note: Parents borrowing on behalf of students (i.e. a parent loan) are limited to interest only and immediate repayment options.

Co-signer release option after 24 months of timely repayment

If you need a co-signer for your student loan, SoFi might be a good option for you. Unlike several other lenders, SoFi allows you to release your co-signer after 24 months of timely payments. This can be helpful if you want to build credit in your own name.

Offers additional borrower protections

While borrowing federal student loans gives you access to federal protections (income-driven repayment, loan forgiveness, and loan forbearance) that most private lenders cannot match, SoFi offers generous borrower protections such as deferment and forbearance. Check out the table below to see if you qualify for any of SoFi’s borrower protections:

Deferment

Forbearance

• Returning to school
• Rehabilitation treatment for a disability
• Unemployment
• Economic hardship/job loss
• Military service

• Unemployment
• Economic hardship/job loss
• Military mobilization
• Natural disaster
• National emergency

Note: During deferment and forbearance, interest will still accrue, but the loan will be re-amortized.

Includes membership perks like career coaching, job search assistance, wealth management, and other personal finance services

SoFi offers a variety of perks that help you take control of your financial future.

  • Career services: SoFi offers you free one-on-one assistance when it comes to improving your resume, landing a promotion, or transitioning to a new job.
  • Member events: SoFi organizes workshops, speaker series, and social events to help you build a strong community.
  • No-fee wealth management: SoFi offers a no-fee wealth management and investing platform to help you get your money right.
  • Referral bonus: You can send a link to your friends to use SoFi’s student loan, investment, or credit card service and deduct up to $75 in student loans. The rules can be found here.
  • Discount on other SoFi loans: SoFi offers its members a 0.125% discount on additional loans taken out through SoFi, including mortgages and personal loans.

Drawbacks of SoFi Student Loans

Unclear about credit requirements

While SoFi used to have a minimum credit score requirement of 650, the company no longer shares an explicit minimum credit score. SoFi only shares that “good or excellent” credit scores will be approved, and for student loans, this usually means those around or above 700. If you do not have a strong credit score, a cosigner with a good credit score will likely be necessary.

Don’t have a strong credit score? Complete Sparrow’s two-minute form to check rates with 15+ different lenders. It’s quick, easy, and does not impact your credit score.

Not accessible to students enrolled less than half-time

If you are not enrolled in school at least half-time, you are ineligible for SoFi student loans.

Enrolled less than half-time? Complete Sparrow’s two-minute form to check rates with 15+ different lenders. It’s quick, easy, and does not impact your credit score.

High loan minimum of $5,000

SoFi does not offer private student loans below $5,000. If you need less than $5,000 to cover the cost of your education, you may be better off looking at other lenders that offer smaller loans.

Looking for a loan that’s less than $5,000? Complete Sparrow’s two-minute form to check rates with 15+ different lenders. It’s quick, easy, and does not impact your credit score.

The latest rates from Sparrow’s partners

If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking Apply below.

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SoFi Eligibility Criteria, Repayment Options & More

Fees and Terms

Loan Terms

5, 10 or 15 years.

Loan Amounts

$5,000 up to your cost of attendance.

Ability to transfer a parent loan to the student

No.

Application or Origination Fee

No.

Prepayment Penalty

No.

Late Fees

No.

Eligibility Requirements (Financial)

Minimum Credit Score

650.

Minimum Income

Does not disclose.

Typical Credit Score of Approved Borrowers or Cosigners

Does not disclose.

Typical Income of Approved Borrower

Does not disclose.

Maximum Debt-to-Income Ratio

Does not disclose.

Ability to qualify if you’ve filed for bankruptcy

Yes, after 7 years.

Eligibility Requirements (Personal)

Citizenship

Must be a U.S. Citizen, permanent resident or non-permanent resident alien.

Location

Available in all 50 U.S. states.

Must be enrolled half-time or more

Yes.

School requirements

Any school authorized to receive federal aid (most four-year public and private institutions).

Percentage of borrowers who have a cosigner

83%.

Repayment Options

In-school Repayment Options

Immediate repayment: Make full payments as soon as the loan is disbursed, while you’re in school.

Interest-only repayment: Only pay interest while you’re in school.

Fixed repayment: Pay $25 a month during school.

Deferred repayment: Wait to make payments until you’re out of school.

In-school Deferment

Yes.

Military Deferment

Yes.

Disability Deferment

Yes.

Forbearance

Yes, up to 12 months.

Cosigner Release

Yes, after 24 months.

Death or Disability Discharge

Yes, loans will be forgiven due to a borrower’s death while in school and/or repayment.

Loan discharge if cosigner dies or becomes disabled

No.

Autopay

Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: No.

Customer Service

Loan Servicer

MOHELA.

In-house Customer Service Team

Yes.

Process for Escalating Concerns

Yes.

Borrowers get assigned a personal customer service representative

No.

Average time from application to approval

Within minutes.

SoFi FAQs

How does SoFi compare to other student lenders?

SoFi student loans are fitting for borrowers who are interested in having a variety of borrower benefits and strong borrower protections. SoFi tends to offer very competitive interest rates relative to other student lenders. Borrowers must have “good” or “excellent” credit scores. Check out the table below to see how SoFi student loans compare to top competitors.

Student loan rates from our partners
lender Ascent logo
Ascent
Minimum credit score
Varies
Fixed APR
Fixed APR

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 3/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

4.09 - 15.71%
Variable APR
Variable APR

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 3/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

6.16 - 16.09%
lender LendKey logo
LendKey
Minimum credit score
660
Fixed APR
Fixed APR

1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.

4.39 - 10.39%
Variable APR
Variable APR

1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.

6.09 - 11.33%
lender Earnest logo
Earnest
Minimum credit score
650
Fixed APR
Fixed APR

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Origination (Private Student Loan) Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

© 2024 Earnest LLC. All rights reserved.

4.11 - 15.90%
Variable APR
Variable APR

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Origination (Private Student Loan) Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

© 2024 Earnest LLC. All rights reserved.

5.62 - 16.20%
lender College Ave logo
College Ave
Minimum credit score
Mid-600s
Fixed APR
Fixed APR

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 2/15/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

4.11 - 15.44%
Variable APR
Variable APR

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 2/15/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

5.59 - 16.65%

Is SoFi a legitimate lender?

Yes, SoFi is one of the largest online lenders in the industry with millions of customers. The company offers student loans and student loan refinancing, along with other financial services such as mortgages, personal loans, insurance, and investment accounts.

Is SoFi available in all 50 states?

Yes, SoFi student loans are available to borrowers in all 50 U.S. states.

How long does it take to get a SoFi student loan?

Submitting an application through SoFi takes a few minutes. Once you’ve submitted your loan application, SoFi will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.

It may take some time to actually receive your loan:

In-School Loans: Your school must approve the loan which may take between four to six weeks.

Refinance: You can speed up the process by requesting debt payoff letters from your existing lenders and loan servicers.

What happens if I don’t qualify for a SoFi student loan?

If you don’t qualify for a SoFi student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, pre-qualified rates from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.

Are SoFi student loans federal or private?

SoFi’s loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.

Does applying for a loan through SoFi hurt my credit score? 

In order to estimate what rate you qualify for, SoFi conducts a “soft credit check” — this does not affect your credit score. If you choose to accept the SoFi loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.

Sparrow aims to give you the tools and confidence you need to improve your finances. Many or all of the products shown here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

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