SoFi student loan refinancing review —a private lender that offers robust protections

One of the big drawbacks of refinancing your federal student loans is that you lose access to many government protections, including income-driven repayment plans and possible deferment and forbearance options.

This pain point for borrowers provides an opportunity for SoFi, and the bank has loaded up its refinance loans with features such as qualified loan deferment, limited forbearance for borrowers who lose their jobs, and more. While these perks remain a far cry from what you get from federal loans, they still represent some of the best you'll find when converting your government loans to private via refinancing.

Read on for the full details of SoFi's student loan refinancing, including the Annual Percentage Rates, perks, fees, loan amounts and term lengths.

Before applying to refinance your student loans through SoFi, consider these pros and cons.

SoFi does not charge borrowers any application or origination fees to take out a refinancing loan. There are no early payoff penalties.

Borrowers typically need good credit to qualify for student loan refinancing, but SoFi allows you to apply with a co-signer who meets the credit and income requirements. A co-signer is then liable for any payments until the loan is fully paid off. SoFi does not offer a co-signer release option.

When it comes to payment protections for borrowers, SoFi offers some of the most extensive options of all private lenders. Borrowers who find themselves unexpectedly unemployed can request loan forbearance offered in three-month increments, capped at 12 months. Lastly, SoFi offers loan deferment on your refinanced loan if you go back to school, plus it will honor the first six months of any pre-existing grace period that you had on your loans before you refinanced.

Loan amounts vary from a minimum of $5,000 to over $10,000 for medical/dental residency loans, with no maximums.

Here's how SoFi stacks up against other popular student loan refinance lenders.

SoFi vs. Earnest

SoFi allows borrowers to refinance up to the cost of attendance, while Earnest only lets you refinance up to $550,000. This can make SoFi the obvious choice between the two if you need more than $550,000 in refinanced loans.

Both lenders offer fixed and variable rates and neither require a co-signer to qualify. However, a co-signer is certainly nice to have if you have a low credit score and worry about qualifying for some of the best terms.

SoFi vs. PenFed

Much like Earnest, PenFed caps the amount of money you can refinance. Borrowers can refinance up to $300,000, which is actually lower than Earnest's limit.

Like SoFi, PenFed doesn't charge an application fee, origination fee or prepayment penalty. SoFi allows repayment for up to 20 years while PenFed's terms are a bit shorter; they give you up to 15-year repayment terms. Also, keep in mind that PenFed is a credit union and you'll need to be a member to refinance your loan.

Interested borrowers can go online to SoFi's website to begin the process by checking their loan rate. It's free and won't result in a negative impact on your credit score. Once you receive a rate, you can select your preferred loan term and then officially apply online.

SoFi Student Loan Refinancing is a great option for borrowers looking to refinance at a lower rate while also having some protections should something in their financial situation change.

To get even better refinancing terms or lower rates, applicants with a lower credit score can also apply for with a co-signer.

This lender also has the added benefit of not imposing any limits on how much money you can refinance, making it easier for those who borrowed a higher amount to still refinance their balance.

Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.

Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.

Member Rate Discount: To be eligible for an additional 0.125% interest rate reduction on a Student Loan Refinancing, you must, within 31 days of loan funding, either (1) be a SoFi Plus subscriber, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.

SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount
Eligible Direct Deposit means regularly recurring deposit of regular income to an Automated Clearing House ("ACH") Network during a 30-Day Evaluation Period (as defined below). Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not generate payments that are detectable by our system. So qualifying direct deposits are those where the student loan refinance discount rate is applied automatically for each month where you have an Eligible Direct Deposit of at least $1,000 per 30-day Evaluation Period. Eligible Direct Deposit does not include transfers between accounts you own, refunds, rebates, reimbursements, stimulus payments, merchant refunds, or payments from person-to-person payment services (such as Venmo). To qualify for the 0.25% interest rate reduction, the direct deposit must be recurring and paid directly into a SoFi Checking or Savings account. For the avoidance of doubt, deposits made via check, cash, or mobile check deposit are not eligible. Direct Deposit eligibility is determined by SoFi's sole discretion. The 30-Day Evaluation Period refers to the period starting on the "Start Date" and ending on the "End Date" set forth on the App Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APV Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking → Checking → APV or (ii) Banking → Checking → APV Details. If you do not qualify for the discount during the initial 30-Day Evaluation Period, your loan will not be eligible for a discount unless you re-qualify in a later 30-Day Evaluation Period. If you qualify during the 30-Day Evaluation Period, the discount will be applied on a going-forward basis only. SoFi Bank determines eligibility. If you have a joint account, each account holder receives Eligible Direct Deposits into your SoFi Checking and Savings account, then you will be eligible for all SoFi Plus benefits, including on accounts you hold in your own name.

Federal Loan Disclosure: Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELiIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).