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Best Value Award 2017
  • Interest Rates: 3.37-6.74%
  • Loan Amounts: $5,000-500,000
  • Pros
  • "Best Value 2017" Award Winner
  • Consolidation for federal and private loans
  • Choice of 5, 10, 15 or 20 year repayment terms
  • Consolidates graduate and undergraduate loans
  • Allows credit scores that are medium and above
  • Loan payments are paused when you are unemployed
  • Cons
  • You must complete a degree to qualify

SoFi Student Loan Consolidation Review

Last Updated:
MoneySavingPro Best Value Award 2017

SoFi, or Social Finance Inc, is a student loan company that offers consolidation and refinancing for both private and federal student loans. It was initially started by Stanford graduates for Stanford graduates as an alternative source of student loan debt help that offered lower rates.

The company eventually expanded to the rest of the nation. SoFi is different from a typical lender because their goal is to not only offer borrowers quality loans but to also turn borrowers into lenders and investors.

You have a choice of 5, 10, 15 or 20-year repayment terms. Shorter terms will mean bigger monthly payments but less money in interest overall while the longer repayment term means small monthly payments but more money paid in interest over time.

SoFi offers consolidation to people with credit scores as low as the medium level, while other lenders only accept people in the good to excellent range.

Unfortunately, you can only qualify for consolidation if you have already received your degree. Student loan refinancing from SoFi is available for both undergraduate and graduate school student loans.

Refinance Interest Rates

When private lenders like SoFi consolidate student loans, they are in point of fact refinancing these loans into one loan with one payment. In turn, borrowers hope for a lower interest rate. Those with the best credit and overall financial picture will qualify for the best rates and save big on interest with refinancing student loans.

You can look at consolidating student loans at SoFi with either a variable or fixed interest rate. Variable rates run from 1.90% APR to 5.2% APR and are capped at 8.95 to 9.95% APR. Fixed rate loans feature rates from 3.50% APR to 7.24% APR. SoFi requires borrowers to sign up for autopay to nail down the best rates.

There are no loan origination fees or prepayment penalties. SoFi also offers unemployment protection, where loan payments are paused and they help you find a new job. Additionally, there are career coaching services for SoFi members, as well as an entrepreneur program allowing qualified applicants to receive loan deferrals and mentorship.

Refinance Application Process

The online application process begins with a click of the find my rate button. The next screen prompts you to create a SoFi account, and from there you'll enter information to see if you are pre-approved. Then you can move on to filling out the actual application.

Those who are approved can compare available loans with a range of interest rates, payments, and terms, allowing you to consider which loan scenario fits your needs and budget. Upon choosing a loan, you'll upload documents to verify your identity and current loan info. Screenshots and smartphone photos are acceptable for document uploads if you don't have a scanner. Add your electronic signature and you're done.

Why Consolidate with SoFi?

The federal Direct loan consolidation program can't combine government and private student loans, but SoFi can combine public and private student loans into one new loan.

One advantage gained is that you'll have only one monthly payment to make rather than a variety of payments. The trick is to see if you can qualify for a better overall interest rate, and lower the overall interest paid over the life of the loan. If you can afford a higher payment, you can also take a shorter term loan and dramatically reduce the total interest payout.

As you consider consolidation of student loans, look at the interest rate you are currently paying on your federal loan. Federal student loans have rates in the 3 – 8% range. SoFi can offer better rates that the higher rate federal loans to those with the best credit. If you are looking to consolidate only federal loans, be sure to look at federal student loan consolidation programs, but not everyone can qualify for them.

How important are interest rates? SoFi claims that their members save an average of $14,000 on their overall student loan debt.

Who Should Consolidate Student Loans?

Refinancing student loans is a good option for those whose overall financial picture has improved since graduating from school.

If you are working in the public sector or are enrolled in a federal debt relief program, you may be better off sticking to these public programs as their features will not transfer to a private consolidation loan.

For example, there are federal programs like the Public Service Loan Forgiveness Program, where your Direct Loan balance may be eligible for forgiveness after 120 payments, provided you continue to work in the public sector. Also, the Teacher Loan Forgiveness Program is there for teachers working in low-income schools for five years.

There are additional federal programs with very specific parameters, and they are great for qualified borrowers. But for those who don't qualify, consolidating student debt by refinancing with a private lender like SoFi is a great option.

Don't forget that SoFi stands apart in the private sector, offering perks to its members that many other private lenders do not, such as their entrepreneur program. It's up to you to carefully weigh the pros and cons of refinancing student debt with a private lender like SoFi. Bottom line, if they can save you money via lower interest rates, and you can afford the payments, it's a good idea.

SoFi Customer Service

SoFi boasts the availability of live customer support seven days a week, via a click of the chat tab. There is also a customer service phone number and email. The Resources drop down menu at the site allows easy access to tools like the student loan calculator, and there is a student loan refinance guide PDF available for download. They have a comprehensive student loan refinance FAQ page with links to additional tools and services.

Some applicants have complained that SoFi sets the bar too high and it's tough to qualify, while SoFi themselves claim that as long as you have "good" credit you can qualify. The service is not available in the state of Nevada, and variable rate loans are not available in Ohio or Tennessee.


SoFi is a student loan consolidation company made by graduates for graduates with the goal of turning borrows into lenders. They offer an attractive variety of loan choices and terms, along with an innovative menu of services for borrowers, who they refer to as members. This makes for a highly reputable lender that is on your side.

They offer an attractive variety of loan choices and terms, along with an innovative menu of services for borrowers, who they refer to as members. This makes for a highly reputable lender that is on your side.

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SoFi Reviews

Average Customer Rating

17 User Reviews

User Rating Distribution

5 Stars 12
4 Stars 3
3 Stars 1
2 Stars 1
1 Star 0
Recommended easy and simple process none

I went in to this not knowing what to expect and everything has been very smooth. My loan was just funded so I'm anxious to start paying on a student loan that is much more in my favor. I will recommend SoFi to anyone!

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Recommended savings on student loan interest None

I found SoFi after a quick internet search looking for student loan refinancing options. The rate I received was excellent and I'm saving so much money every month and I also shortened my term

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Recommended seamless application process; A+ customer service rate was higher than advertised/expected

Customer-driven product and service. Would highly recommend!

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Recommended So easy to sign up and submit application Nothing

SoFi is at the top of its game. The rates are competitive and I feel like a customer instead of just a number. Thanks SoFi for the wonderful rates and customer lending experience!

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Recommended Approved in 3 days @ 3.5% none

I was approved in 3 days while I had been waiting for DRB response for 3 months and received 1% rate lower than DRB

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Recommended Easy to deal with Rate was higher than expected

Great service

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Recommended Low Interest rates Different servicer for payments.

The application process was very easy. Low rates and great user benefits.

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Recommended Low Rate, Quick Turnaround Paper Work

So I get this snail mail on refinancing my federal and private loans through SoFi. I look up and research on SoFi and find that they are one of the best to refinance with. I waited around for a while but then I went to give it a try. I was able to get a quick turnaround on my approval and my rates. Since I consolidated both I got a rather low rate compared to what I was getting currently. Quick and easy for me. Paperwork needed but that's expected. I do recommend seeing what they can offer.

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Recommended Customer Service, Low Rates Need tons of paperwork

With SoFi I have finally experienced good customer service with a loan company. It is so nice to be able to ask a quick question online; every time I have had to call my wait time has been less than five minutes. The loan rate I qualified for was as low as my Federal loan (I consolidated all Private). The only set back was the amount of paper work I had to turn in, but that was expected and not really that horrible.

For everyone that is not sure which company to refinance with, I strongly suggest you pick this one.

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Recommended Customer Support, Turnaround Time, Reliability, Awesomeness None yet!

When I received my referral code from my friend, I really didn't believe him that I could consolidate my Fed Loans and literally cut my blended interest rates in half. And then I did.

SoFi actually considers your degree, your occupation and then actually calculates your risk based on your ability to pay back that loan --> crazy, right?!

I would definitely recommend SoFi to anyone looking to refinance and take control of your debt. I even applied for a personal loan to refi my credit debt from school. Feels incredible to take control of my finances.

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Recommended Huge Savings None

I loved every aspect of refinancing my student loans with SoFi. The application was easy and everyone was super helpful when I would call in with a question. I have also recommended Parent PLUS Refinancing for my parents who took out loans for younger siblings.

SoFi has helped save me thousands over the life of my loan and I couldn't be happier!

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Recommended Awesome Deal Nothing!

I ReFi'ed my student loans with SoFi and I'm saving a ton of money. Thanks SoFi!!

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Not Recommended None Customer service does not exist

The interest rate they offered me was not competative and their customer service is awful. Worst company ever!

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Recommended Good interest rates Customer service and slow process

My experience with Sofi was not a good one. The interest rates they offer are amazing, but their customer service, not so good. I wanted to consolidate two loans and was convinced by the rates, but they did not pay off one of my loans for 3 months! So I was paying off two loans for 3 months and everytime I tried to call the customer reps they told me they would look into it and call back but they never did and I was constantly chasing them.

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Recommended Interest rates are low None

Finally I can relax and know that I am not stretching myself each month trying to pay my student loan and credit cards, I am so pleased I found Sofi as the application was so easy and with such a low interest rate the repayments are affordable and the customer reps are super friendly with any questions you have.

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Recommended Helps consolidate Interest rates vary

As much as Sofi has helped me to consolidate my student loan, what has annoyed me is that my friend who has just applied, got a much lower rate then me and it was the same amount. The application is easy and they make everything straight forward and hassle free, but just watch the small print and make sure you are getting the best deal possible.

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Recommended Low interest rates Have to have completed a degree

Thanks to Sofi I can now sleep at night! I have been so worried about my student loan repayments and finally thanks to Sofi I have been able to refinance to make more affordable repayments as my student loan interest rates were through the roof. The process to applying was easy and the team have been nothing but helpful through the whole process. The only thing is that you do have to have completed a degree to be eligable.

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