SoFi burst onto the scene in 2011, quickly becoming one of the leaders in student loan refinancing and consolidation. The San Francisco-based company offers among the most competitive interest rates in the industry and is known for round-the-clock customer service.
SoFi operates within fairly strict credit criteria. The company’s non-traditional underwriting process evaluates merit, employment and financial history, and monthly debt-to-income ratios. SoFi also heavily considers the applicant’s estimated cash flow, career path, and level of education. The company’s ideal borrower boasts strong job stability, substantial income, and a proven history of managing their budget and credit.
SoFi champions transparency and a strong sense of community in everything it does. With SoFi, what you see is what you get. The company makes sure you’re well aware of all the member benefits that it entails. What sets SoFi apart from others in the crowded student loan space is its commitment to the personal growth and career development of its 500,000 members and counting.
In November 2019, the minimum student loan refinance amount for SoFi was increased from $5,000 to $10,000 (100% of school-certified expenses) for all California residents.
Learn More: SoFi Student Loan Refinance Review
- Very competitive rates.
- Free consultations.
- No hidden fees or prepayment penalties.
- Live customer service available nights and weekends.
- Checking rates does not affect your credit score.
- Refinancing is available in 49 states, plus the District of Columbia.
- A swift application process allows for pre-qualification in just 15 minutes.
- Capitalize on networking events, career services, and complimentary financial advising.
- If you lose your job for no fault of your own, SoFi will suspend your monthly payments for up to 12 months. Not only will this provide financial relief while searching for a new job, but SoFi will also connect you with job placement services. Still, the interest that accrues during this period of unemployment would be added to the loan.
- Get additional rate discounts on other products like personal and mortgage loans.
- SoFi offers wealth management services and SoFi Money, a new personal banking app that simplifies checkings and savings.
- Very strict underwriting criteria. The average SoFi borrower has a credit score over 700 and an income upwards of $100,000.
- Residents of Nevada are not eligible for refinancing. Variable rate loans are not available in Ohio or Tennessee.
- The soft credit pull that comes with checking rates on conditional offers does not impact your credit score. If you choose to move forward on an offer, a hard credit inquiry will affect your credit score.