SoFi Student Loans Review for 2025

Student Finance & Loan Expert

Students need to make informed decisions about their borrowing and repayment options and to safeguard their financial future. As such, it is very important that they do their research on student loan companies and understand their reputation, terms, and customer service quality. This helps students choose the most suitable loan for their circumstances, helps prevent unexpected issues and fees, and, ultimately, provides peace of mind.

SoFi Student Loans is one such company. In this review, you will learn more about SoFi, including its eligibility requirements, available repayment plans, deferment options, and interest rates. I hope this review will empower you to manage your loans effectively in the future and avoid the pitfalls of debt mismanagement.

Key Things You Should Know About SoFi Student Loans

SoFi is a financial company that offers private student loans and student loan refinancing, among other financial products and services., mortgages, personal loans, insurance, and other financial products.

SoFi student loans start at $1,000 and go up to your school’s full cost of attendance, which includes the total cost of tuition, fees, room, and board as determined by the financial aid office.

The only extra cost you will pay on a SoFi undergraduate student loan is the interest rate, which can be either a variable rate (ranging from 5.74% to 14.83%) or a fixed rate (ranging from 4.19% to 14.83%).

The interest rate you qualify for is going to depend on factors such as your and your co-signer’s creditworthiness, income, and length of work experience.

What are SoFi student loans and how do they work?
Who should consider SoFi Student Loans?
What are the eligibility requirements for SoFi student loans?
What do I need to know about SoFi’s co-signer options?
How do I apply for a SoFi student loan?
What are the advantages of a SoFi student loan?
What alternative lenders should I consider besides SoFi?
What are the disadvantages of a SoFi student loan?
How does SoFi student loan compare to other lenders?
What support options exist if I face financial hardship with my SoFi student loan?
What are the tax implications of SoFi student loans?
Can I repay my SoFi student loan early without penalties?
Do SoFi student loans support aviation training and flight school programs?
What do SoFi student loan borrowers report about their customer experience?
Is my personal and financial information secure with SoFi?
How do I contact SoFi student loan customer service?
Can SoFi student loans benefit students pursuing specialized fields of study?
What are the best repayment strategies for managing SoFi student loans?
Can pursuing alternative education pathways ease my SoFi student loan burden?
Other Things You Should Know About SoFi Student Loan

What are SoFi student loans and how do they work?

SoFi offers private student loans to help students cover the total cost of college. Unlike federal student loans, SoFi loans are provided privately, which means they have their eligibility requirements and interest rates. SoFi offers a streamlined application process, competitive interest rates, and additional financial services beyond just loans, such as refinancing options and career coaching.

A SoFi student loan operates like a traditional private student loan. You apply for a loan amount to cover educational expenses, and once approved, the funds are disbursed directly to your school. SoFi sets interest rates and repayment terms, varying depending on factors such as creditworthiness, degree level, and loan amount.

Here’s an outline of how a SoFi student loan works:

Eligibility and Application. Students must meet SoFi’s eligibility requirements, which typically include being enrolled at least half-time in a degree-granting program at an eligible institution and being a U.S. citizen, permanent resident, or a non-permanent resident alien with a valid Social Security Number and a co-signer. The application process is completed online, where applicants provide personal information, financial details, and information about their school and program.

Loan Options. SoFi offers various loan types, including undergraduate, graduate, and parent loans. Each loan type has specific terms and conditions. Borrowers can choose between fixed and variable interest rates. Fixed rates remain the same throughout the life of the loan, while variable rates can fluctuate based on market conditions.

Loan Amounts and Terms. SoFi allows students to borrow up to the total cost of attendance, minus any other financial aid received. Loan terms range from 5 to 15 years, allowing borrowers to select a repayment period that fits their financial situation.

Repayment Options. SoFi offers multiple repayment plans, including deferred repayment (where payments start after graduation), interest-only repayment (paying only the interest while in school), and immediate repayment (starting full payments while in school). Borrowers can switch between different repayment plans to accommodate changes in their financial circumstances.

Interest Rates and Discounts. SoFi provides competitive interest rates, which can be reduced further through discounts such as AutoPay (automatic payments) discounts. Borrowers can also benefit from SoFi's rate reduction programs if they consistently make on-time payments.

Benefits and Resources. SoFi offers additional benefits such as career coaching, unemployment protection (temporary forbearance if the borrower loses their job), and access to financial planning services. Borrowers become part of the SoFi community, gaining access to networking events, workshops, and other member-exclusive resources.

Who should consider SoFi Student Loans?

SoFi student loans are particularly well-suited for borrowers who value competitive interest rates, streamlined digital experiences, and additional membership benefits such as career coaching and financial planning services. Undergraduate and graduate students with strong credit profiles—or those who can secure a reliable co-signer—will find SoFi’s offerings appealing for funding their education. These loans can also prove advantageous for students who may need refinancing options post-graduation to better manage their debt.

However, SoFi isn't ideal for all borrowers. Students who lack a strong credit history or co-signer might face challenges meeting eligibility criteria. In such cases, exploring alternative private loan options could be a more practical choice. For those searching for loans for college students with no credit this comprehensive guide details private student loans tailored to their unique needs. By carefully comparing loan options based on eligibility, terms, and borrower benefits, students can confidently choose a solution that aligns with their academic and financial goals.

What are the eligibility requirements for SoFi student loans?

To qualify for a SoFi undergraduate education student loan, borrowers must meet these requirements:

Enrollment Status. Applicants must be enrolled at least half-time in a degree-granting program at an eligible accredited institution. Associate’s degree students are not eligible, so you should have at least an associate’s degree from a qualifying university for refinance loans.
Citizenship. An applicant must be a U.S. citizen, a permanent resident, or hold an eligible visa. International students and Deferred Action for Childhood Arrivals (DACA) recipients can apply with a co-signer who is a U.S. citizen.
Age. Applicants must be the age of majority in their state (usually 18 years old) or older.
Creditworthiness. Applicants or their co-signers must meet SoFi’s credit criteria, which include a good credit score and a solid credit history. A co-signer with good credit can help applicants qualify and potentially receive a lower interest rate. In general, a good or excellent credit score, which is 670 or higher on an 850-point scale, will give you the best chances at eligibility and a low interest rate.
Income. Applicants must meet income and employment requirements. They should have a demonstrated ability to make loan payments, often verified through income and employment status. If the borrower does not, the co-signer must earn sufficient income from employment.
School and Program. The school must be an eligible accredited institution, and the program must be degree-granting.
Other Financial Aid. The loan amount requested must be within the cost of attendance minus any other financial aid received.

The total national private student loan balance as of 2023 was $128.8 billion, making it a significant portion of the overall student loan debt landscape. This figure underscores the growing need for private loans to cover students' educational costs and to bridge the gap between federal loan limits and the cost of attendance for universities and colleges.

National private loan debt balance as of 2023

What do I need to know about SoFi’s co-signer options?

A co-signer on a SoFi student loan assumes equal responsibility for repaying the loan. If the primary borrower defaults or is unable to make payments, the cosigner becomes legally obligated to repay the debt. This can significantly impact the co-signer's credit score and financial well-being. As such, it is essential for both the borrower and co-signer to understand the full implications of this shared responsibility before agreeing to the loan terms.

According to SoFi, private student loan borrowers who apply with a strong co-signer may be seven times more likely to have their loans approved. So, if you are considering applying with a co-signer, choose someone you trust, who has a solid income from full-time employment and good credit.

The good news is that SoFi offers co-signers a perk: they could qualify for a 0.125% interest rate reduction on other loan products from SoFi. Borrowers could also get a 0.125% interest rate reduction if their co-signer is a current SoFi customer. The co-signer can be removed from the loan later if you have borrowed a private student loan or a SoFi refinanced loan.

How do I apply for a SoFi student loan?

One of the best things about a SoFi loan is that you can prequalify for a loan on its website. After you enter some basic personal information, SoFi will conduct a soft credit check. The company can then offer you a preliminary interest rate without affecting your credit score and without the credit check appearing on your credit report.

If you wish to proceed with your application, SoFi will conduct a hard credit check, review your full credit history, and confirm your details. This can temporarily lower your credit score by up to five points.

To fill out a full SoFi application, you will likely need to follow these steps:

Visit the SoFi website. Navigate to SoFi's student loan application page.
Provide basic information. Submit personal details like your name, Social Security number, and contact information.
Invite a cosigner. While optional, adding a cosigner can often improve your loan terms.
Review loan options. SoFi will provide you with rate and term options based on your financial profile.
Complete the application. Provide additional information as required, such as proof of enrollment and income verification. You will also need to provide your co-signer’s proof of income.
Submit the application. Once you've reviewed and confirmed all details, submit your application for review.

You will also need to provide your planned graduation date, your upcoming academic term, and the amount of financial aid you plan to borrow or refinance. For undergraduate student loans, SoFi will then verify with your school the information you provided. This could take up to a few weeks.

SoFi estimates that, on average, it takes four to six weeks from the time you submit your application to the time you receive funding. The exact time, however, will depend largely on your school’s process.

For refinance loans, if your application is successful, you must pick your preferred loan term and interest rate type: fixed or variable. SoFi will pay off your prior loans seven to 15 business days after you have successfully supplied all your necessary documentation. Your first payment to SoFi will be due 30 to 45 days later.

The chart below shows the distribution between the total federal and private student loans. In the first quarter of 2024, a hefty 91.2% of all student loan debt was federal, and only 8.84% was from private loans. This significant disparity underscores the reliance on federal student loans by the majority of borrowers due to their more favorable terms and protections. However, private loans, such as those offered by SoFi, are still crucial in filling the financial gaps that federal loans may not cover.

What are the advantages of a SoFi student loan?

SoFi student loans offer several advantages that make them an attractive option for students and their families:

Competitive Interest Rates. SoFi offers both fixed and variable interest rates that are often lower than those of federal student loans and other private lenders. This can result in significant savings over the life of the loan.
Flexible Repayment Options. Borrowers can choose from multiple repayment plans, including deferred repayment (where payments start after graduation), interest-only repayment (paying only the interest while in school), and immediate repayment (starting full payments while in school).
No Fees. SoFi student loans come with no origination fees, no prepayment penalties, and no late fees, which can save borrowers money compared to other lenders that charge these fees.
Loan Amounts and Terms. SoFi allows students to borrow up to the total cost of attendance, minus any other financial aid, with flexible loan terms ranging from 5 to 15 years.
Customer Benefits. SoFi offers additional benefits such as career coaching, financial planning services, and networking opportunities through its member community, helping borrowers succeed during and after their education.
Co-Signer Release. After a set number of on-time payments, SoFi offers a co-signer release option to help students build their credit and reduce the financial burden on their co-signers.
Unemployment Protection. SoFi provides unemployment protection, which allows borrowers to temporarily pause their payments and receive job placement assistance if they lose their jobs.
AutoPay Discount. Borrowers who enroll in automatic payments (AutoPay) can receive an interest rate discount, further reducing the cost of the loan.
User-Friendly Application Process. The application process is entirely online, making it convenient and straightforward. SoFi's customer service is also highly rated, providing support throughout the application and repayment process.

These advantages make SoFi student loans a compelling choice for students seeking to finance their education with favorable terms and added support services.

What alternative lenders should I consider besides SoFi?

For borrowers evaluating financial commitments, it is crucial to conduct an independent comparison among available loan solutions. In addition to SoFi, reputable alternatives include traditional financial institutions and other private lenders that may offer different eligibility criteria, interest structures, and repayment flexibility. Evaluate each option carefully to determine which aligns best with your financial profile and long-term goals. For an extensive overview of traditional options, consider exploring banks that give student loans.

What are the disadvantages of a SoFi student loan?

While SoFi student loans offer several benefits, there are also some disadvantages to consider:

Credit and Income Requirements. SoFi has strict credit and income criteria, which may make it difficult for some students to qualify without a creditworthy co-signer. Those without established credit histories or sufficient income might face challenges in obtaining approval or securing favorable interest rates.
Limited to Degree-Granting Programs. SoFi loans are only available for students enrolled in degree-granting programs at eligible institutions. This excludes those in non-degree programs, certificate courses, or vocational schools.
No Federal Loan Benefits. SoFi loans do not offer the same benefits as federal student loans, such as income-driven repayment plans, public service loan forgiveness, or subsidized interest. Borrowers who might benefit from these federal programs could find private loans less advantageous.
Co-Signer Responsibility. Although SoFi offers a co-signer release option, obtaining it requires a set number of on-time payments and meeting credit criteria. Until the co-signer is released, they remain responsible for the loan if the primary borrower fails to make payments.
Variable Rates Can Increase. While variable interest rates can start lower than fixed rates, they can increase over time, potentially leading to higher monthly payments and total interest costs. Borrowers must be comfortable with the risk of rate fluctuations.
Lack of Deferment Options. SoFi's deferment and forbearance options may be less flexible compared to federal student loans. While they do offer unemployment protection, the terms and duration may not be as generous as federal deferment options for economic hardship or other circumstances.
No In-School Interest Subsidy. Unlike some federal loans, SoFi loans do not offer an interest subsidy while the borrower is in school. Interest accrues from the moment the loan is disbursed, potentially increasing the overall cost of the loan.
Complex Terms and Conditions. Understanding the full terms and conditions of SoFi loans can be complex, and borrowers must carefully read and understand all aspects of the loan agreement to avoid misunderstandings.
Limited Customer Service Channels. While SoFi offers customer service, some borrowers may find the lack of in-person support limiting. Interaction is primarily through online channels, phone, or email.

Considering these disadvantages, it’s crucial for potential borrowers to weigh their options carefully and explore both federal and private loan options to determine the best fit for their financial situation and educational goals.

How does SoFi student loan compare to other lenders?

SoFi student loans compare to other lenders in several key areas, offering both advantages and disadvantages that borrowers should consider:

Interest Rates

SoFi offers competitive fixed and variable interest rates, often lower than those of other private lenders. It also provides interest rate discounts for AutoPay enrollment.

With other lenders, interest rates can vary widely. Some lenders might offer similar rates, while others may be higher, especially for borrowers with less established credit.

Fees

SoFi has no origination fees, no prepayment penalties, and no late fees.

Some lenders charge origination fees, late fees, or prepayment penalties, which can increase the overall cost of the loan.

Eligibility Criteria

SoFi has strict credit and income requirements, often requiring a co-signer for students with limited credit history or income. Loans are also available only for degree-granting programs at eligible institutions.

With other lenders, there is varying eligibility criteria. Some lenders may be more lenient with credit and income requirements or offer loans for non-degree programs and vocational schools.

Repayment Options

SoFi offers multiple repayment plans, including deferred repayment, interest-only repayment, and immediate repayment. It also offers a co-signer release option after a set number of on-time payments.

With other lenders, the repayment options vary. Some may offer similar plans, while others may have more or fewer choices. Co-signer release policies also differ by lender; some may have more stringent requirements.

Customer Benefits

SoFi offers additional benefits such as career coaching, financial planning services, and networking opportunities. It also offers unemployment protection, allowing for temporary forbearance if the borrower loses their job.

With other lenders, there are varying levels of additional benefits. Some lenders may offer similar services, while others may not provide as many extra resources. Moreover, they have different forbearance and deferment policies, with some lenders offering more generous options than others.

Federal Loan Comparisons

SoFi's private loans do not offer the same benefits as federal loans, such as income-driven repayment plans, public service loan forgiveness, or subsidized interest. SoFi is generally better suited for borrowers who have maximized their federal loan options and still need additional funding.

Federal loans, on the other hand, offer unique benefits, including flexible repayment plans, the potential for forgiveness programs, and interest subsidies on certain loans. They also have lower interest rates for undergraduate students compared to many private loans.

Customer Service

SoFi has a primarily online and phone-based customer service, with high ratings for customer support and user experience.

With other lenders, customer service quality varies. Some may offer in-person support or more extensive customer service options, while others might primarily rely on online and phone-based interactions.

SoFi stands out for its competitive interest rates, lack of fees, and additional borrower benefits. However, its strict eligibility criteria and lack of federal loan benefits may not suit all borrowers. When comparing SoFi to other lenders, borrowers must consider their specific needs, financial situation, and eligibility to determine the best option for financing their education.

According to recent data, and as shown in this chart, the average federal student loan debt balance is $37,853, while the total average balance, including private loan debt, maybe as high as $40,681. This highlights the critical need for accessible and flexible student loan options like those offered by SoFi. These loans help students manage their educational expenses.

What support options exist if I face financial hardship with my SoFi student loan?

SoFi offers select programs, such as deferment and refinancing, to assist borrowers experiencing temporary income setbacks or unexpected financial challenges. It is important to review your loan agreement carefully and contact SoFi’s dedicated representative to discuss potential restructuring options tailored to your situation. In addition, consider exploring alternative income-boosting solutions, like enrolling in programs leading to highest paying certificate jobs, which may improve your long-term financial stability.

What are the tax implications of SoFi student loans?

Borrowers should note that tax deductions for interest on private student loans can differ from federal loan benefits and are subject to annual income limitations and updated IRS guidelines. It is advisable to review current tax regulations or consult with a tax professional to determine if interest expenses are deductible in your specific case. Additionally, evaluating how further educational investments—such as enrolling in an online master degree cheap program—intersect with your tax planning could contribute to a more optimized financial strategy.

Can I repay my SoFi student loan early without penalties?

SoFi student loan agreements typically do not impose a prepayment penalty, allowing borrowers to reduce their interest burden by paying off the balance early. However, specific terms can vary based on your loan contract. It is advisable to review your individual agreement or speak with a SoFi representative to verify any conditions that might apply. For borrowers exploring additional options to minimize costs, consider comparing alternatives such as student private loans no cosigner needed to ensure the most financially advantageous strategy.

Do SoFi student loans support aviation training and flight school programs?

While SoFi student loans primarily target traditional academic financing, prospective borrowers pursuing aviation training should evaluate if these loans align with the unique requirements of flight school programs. It is essential to compare standard SoFi offerings with specialized funding options that may offer tailored terms for aviation careers, including training-specific support and repayment options. For those considering a dedicated financing route for aviation education, explore our article on loan for flight school to assess the benefits and requirements of programs designed specifically for flight training.

What do SoFi student loan borrowers report about their customer experience?

Recent borrower feedback highlights a generally positive digital experience paired with transparent communication regarding repayment options. Some users note that while the online platform is intuitive and responsive, the handling of complex queries during high-volume periods can vary. Independent reviews also reveal that expectations for prompt customer service responses differ, underlining the importance of reviewing current satisfaction ratings before committing. For a broader perspective when weighing your financial options, consider researching online schools that accept FAFSA.

Is my personal and financial information secure with SoFi?

SoFi employs stringent security measures to protect your sensitive data throughout the application and loan management process. Advanced encryption protocols, multi-factor authentication, and continuous monitoring practices are used to ensure that your personal and financial information remains confidential. For further details on the security practices or to stay informed about additional educational opportunities, consider reviewing resources such as top online associate degrees in 6 months.

How do I contact SoFi student loan customer service?

You can contact SoFi student loan customer service through several channels:

Phone: The number you can contact for your concerns regarding private student loans and student loan refinancing is 855-456-7634. This number is available Monday to Thursday from 5 a.m. to 7 p.m. PT and Friday to Sunday from 5 a.m. to 5 p.m. PT.

Online Chat: SoFi has an intelligent virtual assistant that is available 24/7 to help you identify and address your concerns. It can also connect you with a live agent during work hours. You can see this chat option on SoFi’s website, via its Contact Us page.

Social Media: You can also reach out to SoFi on social media via X (formerly Twitter).

Can SoFi student loans benefit students pursuing specialized fields of study?

Students pursuing specialized fields, such as cosmetology, may find it particularly challenging to secure adequate funding through traditional lending avenues. SoFi's student loans can help bridge this gap by offering flexible private loan options tailored to various educational needs, including vocational and non-traditional programs. However, potential borrowers in niche fields should compare SoFi's offerings to other specialized loan products to ensure the best fit for their financial goals and career aspirations.

For instance, students interested in cosmetology can explore diverse funding solutions that align with their specific needs. A valuable resource for understanding financial aid and loan options tailored to this field can be found at student loans for cosmetology school. By evaluating all available options, students can make informed decisions that support their educational pursuits while minimizing long-term financial burden.

What are the best repayment strategies for managing SoFi student loans?

Evaluate a structured repayment approach that aligns with your income and budget. Track payment due dates with digital tools and consider making extra contributions toward principal balance when possible. Assess the potential benefits of refinancing options if your credit profile improves, as this may offer lower interest rates and improved terms. Additionally, strategically planning for career advancement—including exploring options like the easiest online masters programs to get into—can boost long‐term earning potential, making it easier to manage future payments.

Can pursuing alternative education pathways ease my SoFi student loan burden?

Exploring alternative educational credentials may offer a strategic advantage for managing SoFi student debt. Targeted training programs can lead to enhanced skills and improved earning potential, ultimately contributing to a stronger financial profile and more manageable repayment options. For example, enrolling in short-term certificate programs can accelerate career progression and diversify income streams without the time and financial commitment of traditional degree programs. This approach not only boosts long‐term employability but also helps mitigate the risk associated with high loan balances by providing additional avenues for income generation.

Key Findings

National student loan debt as of the first financial quarter of 2024 is $1.75 trillion, representing a 1.22% year-on-year decline.

Private loan borrowing constitutes 7.2% of the outstanding student loan debt.

The national private student loan balance is $128.8 billion.

7.3% of students use student loans from a private source, such as a bank or credit union.

The average public university student borrows $32,362 to attain a bachelor’s degree.

In early 2020, 75.3% of private student loans were in repayment, while 20% were in deferment.

20% of all American adults with undergraduate degrees have outstanding student debt; 24% of postgraduate degree holders report outstanding student loans.

Other Things You Should Know About SoFi Student Loan

Is it hard to get approved for a loan with SoFi?

Getting approved for a SoFi student loan can vary depending on individual financial circumstances. Factors like credit score, income, and cosigner availability influence approval chances. While SoFi is known for its streamlined application process and competitive rates, meeting its eligibility criteria is essential. It's recommended to review your financial situation and compare SoFi's offerings with other lenders before applying to increase your chances of approval.

Can international students use SoFi?

SoFi has specific eligibility requirements, and international students might face limitations when applying for student loans. While SoFi offers various financial products, including student loan refinancing, the availability of their student loans for international students can vary based on factors such as citizenship, residency status, and the specific loan program. International students need to explore alternative financing options or check SoFi's eligibility criteria to determine if they qualify for their student loan products.

How long does SoFi take to approve?

SoFi typically aims to provide loan approval decisions within a few business days of receiving a complete application. However, the actual processing time can vary depending on the complexity of the application, the volume of loan requests, and the time it takes for the school to respond. Factors such as credit checks, income verification, and cosigner information can also influence the approval timeline. It's recommended to submit all required documentation promptly to expedite the process.

How do I know if SoFi approved my application?

SoFi will notify you of the loan approval decision via email or through your online account. Once approved, you'll typically receive a loan offer outlining the terms and conditions, including the interest rate, repayment plan options, and disbursement details. If you don't receive a notification within the estimated timeframe, it's advisable to contact SoFi's customer service to inquire about the status of your application.

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