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SoFi Review
SoFi Review
February 15, 2023 / Nadav Shemer
SoFi Review
February 15, 2023 / Nadav Shemer
4.99% -13.13% variable APR*
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In a Nutshell

SoFi Lending Corp, better known as SoFi, is a digital lender specializing in private student loans and various other lending products. Its tech-powered underwriting process assesses borrowers on their financial health, including credit history. SoFi offers four ways to repay your loan while in school: full principal and interest, interest-only, partial, or full deferment.


  • Low rates for graduate loans
  • Member rewards
  • College planning tools


  • Can be difficult to refinance
  • Very difficult to get approved without co-signer

SoFi at a Glance

Loan types: Undergraduate, graduate, law, MBA, parent

APRs: 5.49% - 13.97% variable, 4.44% - 14.7% fixed

Repayment terms: 5-15 years

Loan amount: Up to 100% of cost of attendance

Origination fees: No

Loan Rates and Fees

SoFi offers competitive rates on undergraduate loans and among the lowest rates on the market for graduate, law school, MBA, and parent loans. All SoFi borrowers have a choice between fixed and variable rates. Like other lenders, the lowest rates are reserved for borrowers and co-signers with excellent credit. An automatic 0.25% rate discount applies when using autopay to make monthly payments. The rates below include the autopay discount.

Loan type

Variable APRs

Fixed APRs

Undergraduate loans

5.49% - 13.97%

4.44% - 14.7%

Graduate loans

5.12% - 13.07%

5.25% - 13.60%

Law & MBA loans

5.12% - 12.63%

5.25% - 13.15%

Parent loans

5.74% - 13.13%

6.50% - 13.98%

Repayment Options

SoFi offers a choice of four repayment terms: 5, 7, 10, or 15 years. The longer your loan, the smaller your monthly payments, but the more you will pay in interest overall.

SoFi offers a choice of four repayment options while you’re still in school.

  • Immediate. Start repaying your principal and interest right away to lower the overall cost of your loan.
  • Interest-only. Pay only the interest charges while you’re in school to strike a balance between moderate in-school payments and a moderate reduction in overall costs.
  • Interest-only. Make a $25 payment each month during school for a small reduction in accrued interest and the overall cost of the loan.
  • Deferred. Defer your payment until six months after you leave school, reducing stress while in school but increasing the overall cost of your loan.

Discounts and Rewards

  • Member benefits. SoFi student loan borrowers automatically receive access to a range of third-party partner offers.
  • Referral bonuses. When a friend or relative borrows from SoFi using your referral link, both you and your referee receive a $300 bonus.
  • Edmit Plus college planning. SoFi student loan borrowers automatically receive access to Edmit Plus – a tool that helps you estimate financial aid, compare the cost of attendance at different schools and find merit aid and scholarships.

Application Process

It only takes three minutes to find out if you pre-qualify without any impact to your credit, followed by an additional 15 minutes to fill out an application. Once you lock in your loan, SoFi will contact your school to confirm your enrollment. The entire process, from application to actually sending the money to the school, typically takes 4-6 weeks, but it can be shorter or longer than that, depending on the school.

To qualify, borrowers must:

  • Be the age of majority in their state of residence or have an age-of-majority co-signer;
  • Be a US citizen, permanent resident, or visa holder (international students may apply with a creditworthy co-signer who is a US citizen or permanent resident);
  • Be employed or have sufficient income from other sources (either borrower or co-signer).;
  • Use the loan for qualified higher education expenses at an eligible institution;
  • Be enrolled at least half-time in a degree-granting program at an eligible institution; and
  • Be making Satisfactory Academic Progress (SAP), which is certified by the school the borrower is attending.

Co-Signer Options

According to SoFi, having a co-signer with a solid financial history and good, established credit makes approval seven times more likely. Borrowers may apply for co-signer release after 24 consecutive on-time full principal and interest payments.

Customer Service

SoFi offers digital applications only. To get support from a SoFi representative, call 855-456-SOFI (7634) from Mon-Thu, 5am-7pm PT or Fri-Sun 5am-5pm PT.

About SoFi

Social Finance, Inc., also doing business as SoFi Lending Corp or SoFi, is a tech-powered personal finance company based in San Francisco. It was founded in 2011 with the goal of providing affordable student loan options. Today, its products include student loans, home loans, personal loans, and wealth management products.


SoFi has earned a reputation as one of the top digital lenders for private student loans and other lending products. If it has one advantage over competitors, it is the lowest rates on offer for graduate, MBA, and law school loans. If you or your co-signer have excellent credit, then SoFi may be able to offer you a loan with interest as low as 4.49% to 5.12% APR.

Get started now, visit SoFi
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.