SoFi Student Loans | Review
Whether you’re looking for private student loans as an undergrad or loans to help pay for a law or MBA degree, SoFi® likely has options for you. SoFi offers competitive rates and multiple repayment options, but it stands out for the added benefits and discounts it offers to members. SoFi customers can take advantage of member benefits like interest rate discounts, networking events and advice from a credentialed financial planner, making it our choice for the top student loan lender for added perks. Table of Contents SoFi Student Loans Overview SoFi’s Services SoFi’s Credentials SoFi’s Accessibility SoFi’s Customer Satisfaction SoFi FAQ SoFi Student Loans Overview Founded in 2011 as a student loan refinance company, SoFi has expanded its services to include in-school private student loans. It offers loans for undergraduate students, graduate students and parent borrowers, and it allows borrowers to choose between fixed interest rates and variable interest rates. Pros No late or insufficient funds fees Multiple discounts available SoFi members get access to extra benefits Cons Loans not available for associate degrees Higher-than-typical loan minimums Students attending private colleges or enrolling in law school or medical school can quickly reach the loan maximums for federal student loans. But with SoFi, students can borrow up to the school-certified total cost of attendance. As a SoFi member, you can take advantage of benefits like financial advice, estate planning and exclusive member networking events. Plus, in addition to the standard 0.25% rate discount for setting up autopay, SoFi offers a returning scholar discount and cash bonus for borrowers with Good Grades. Borrowers experiencing financial issues can apply for a hardship forbearance. However, not all borrowers are eligible for SoFi loans. To qualify for a private student loan, you must be enrolled in a four-year program at least half-time. Those pursuing an associate degree are not eligible. Borrowers typically need good to excellent credit to qualify for a loan. SoFi doesn’t specify its minimum credit score or income requirements. However, the lender reported that the weighted average FICO credit score for originated student loans was 766 for borrowers in 2024. According to Experian, one of the three major credit bureaus, a score of 766 is in the “very good” range. If your credit score is in the poor to fair range, you’ll likely need a cosigner to get a loan. Also keep in mind that the minimum loan amount for private student loans or student loan refinancing with SoFi is $5,000. Other lenders have loan minimums as low as $1,000. In the past, SoFi’s loans were serviced by a third-party company named Mohela. As of the summer of 2025, SoFi is in the process of transferring servicing in-house so that borrowers will be able to manage their loans and make payments directly on the lender’s website or app. SoFi’s Services SoFi is best known for student loan refinancing, but it also offers multiple types of private student loans. SoFi provides loan options for undergraduate, graduate, medical school and law school students, as well as parents who want to borrow to help their children pay for college. What they offer: Private student loans SoFi Private Student Loans Undergrad Graduate School Health Professions MBA or Law School Parent Loan Amounts $5,000 to total cost of attendance $5,000 to total cost of attendance $5,000 to total cost of attendance $5,000 to total cost of attendance $5,000 to total cost of attendance Loan Repayment Terms 5, 7, 10, 15 years 5, 7, 10, 15 years 5, 7, 10, 15 years 5, 7, 10, 15 years 5, 7, 10, 15 years Repayment Options Deferred Interest-only Partial Immediate Deferred Interest-only Partial Immediate Deferred Interest-only Partial Immediate Deferred Interest-only Partial Immediate Interest-only Immediate Interest Rates Fixed: 3.18% – 15.99% Variable: 4.39% – 15.99% Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% Fixed: 3.99% – 16.85% Variable: 5.82% – 16.85% Interest rates are current as of August 7, 2025. Rates include 0.25% automatic payments discount when you set up autopay. Visit site to view disclaimers. With SoFi’s private student loans, you can borrow between $5,000 and 100% of the school-certified cost of attendance. Loan terms range from five to 15 years, and all loans — with the exception of parent student loans — have four in-school repayment options: Deferred: With SoFi’s deferred payment plan, you don’t make payments while you’re in school, and you have a six-month grace period after graduating or leaving school before you have to start paying toward the principal and interest. Interest-only: While you’re in school on an interest-only plan, you only make payments toward the accrued interest. Partial: If you opt for a partial payment plan, you pay a flat $25 monthly payment while you’re in school. Immediate: Immediate repayment has the lowest overall cost, but you have to start making payments against the principal and interest while you’re in school. Parent loan borrowers are only eligible for interest-only and immediate loan payments. Borrowers, particularly those with no credit history, can significantly improve their chances of qualifying for a loan by adding a cosigner to their loan application. As borrowers build their credit scores and incomes, they may be eligible for a cosigner release, in which they remove the cosigner from the loan. Borrowers can apply for cosigner release after making 24 consecutive monthly payments on time. SoFi does not charge origination fees when you take out a private loan, nor does it charge late fees or prepayment penalties. What don’t they offer? Although SoFi has a variety of loan options, there are some limitations to consider: International students aren’t eligible for loans: To qualify for a SoFi loan, you must be a U.S. citizen, permanent resident or non-permanent resident alien (including DACA recipients and asylum seekers). Borrowers must be enrolled at least half-time: Borrowers must be enrolled on at least a half-time basis. Students that are enrolled part-time cannot get a SoFi loan. Students must be pursuing