Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Find more recommendations in our guides to the best private student loans and best student loan refinancing companies >>
Who Is SoFi Best For?
SoFi student loans are best for borrowers with great credit who are looking for top-notch APRs and protection in the case of unemployment. SoFi also doesn't charge any fees, so it's a good lender if you want to cut down on the overall cost of your loan.
SoFi's one major downside is that is has a minimum loan amount of $5,000, so if you only need to borrow a bit of money, it isn't the best choice.
Types of Student Loans Offered by SoFi
SoFi offers student loans for several types of degrees, including:
- Undergraduate
- Graduate
- Law school
- MBAs
- Health professions
- Parent loans
- Loan refinancing
SoFi Student Loans Details
The minimum you can take out is $5,000, with a maximum of up to 100% of the cost of attendance.
You need to meet the following qualifications to get a loan:
- Be a US citizen or permanent resident or visa holder
- Be at least 18 years old
- Be enrolled in a degree-granting school half-time or more
- Be making satisfactory academic progress as defined by your school
- Pass a credit check
- You or your cosigner need to be employed or have enough income from other sources
Prioritize your federal student loan options before applying for any private student loan, including one with SoFi, as you can often get better terms and protections through the government.
You can contact SoFi's customer support by phone from Monday to Thursday, 5:00 a.m. to 7:00 p.m. PT, or from Friday to Sunday, 5:00 a.m. to 5:00 p.m. PT. You may also reach out to the company by mail, or tweet at them to get help.
SoFi Undergraduate Student Loans
SoFi offers a unique feature called unemployment protection on your student loans. Eligible borrowers are able to suspend payments on your loans if you lose your job through no fault of your own, for up to 12 months. SoFi will also provide job payment assistance. However, interest will continue to accrue during this forbearance period and will be added to your principle.
SoFi Graduate Student Loans
Graduate borrowers are also eligible for the company's unemployment protection program, which provides up to 12 months of loan forbearance in the case you lose your job through no fault of your own.
Pros and Cons of SoFi Student Loans
How to Apply for SoFi Student Loans
1. Gather required information. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.
2. Fill in the details of your online application. You're apply to complete the application in about 15 minutes, and after doing so you'll get your rates.
3. Send the required supplementary documents. SoFi may require certain financial documents including proof of income and residency.
4. Accept your loan offer. After you get all your documents in order, SoFi will send you a formal loan agreement. SoFi will fund your loan after you sign on the dotted line.
What Options Do I Have to Repay My SoFi Student Loans?
You have four options to repay your student loan after you've taken it out: deferred, partial, interest-only, and immediate payment. Each option has its advantages for different types of borrowers.
| Deferred | Partial | Interest-only | Immediate |
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Deferred payments are the most expensive option because you're not paying off anything during your time in school or in your grace period, so your balance will continue to grow until you graduate and start making payments.
Immediate payments are the least expensive option because by paying down your debt in full monthly payments right away, there's less time for interest to accrue on your loan.
SoFi Student Loans Frequently Asked Questions
What credit score do you need for a SoFi student loan?
SoFi doesn't disclose its minimum credit score requirements.
How long does it take to get a SoFi student loan?
After you submit your application, the lender may approve your student loan right away.
What credit score is needed for a SoFi student loan?
SoFi does not disclose the minimum credit score required to qualify for a student loan. In general, if you have a credit score of 670 or higher you'll have a better chance to meet most student loan lenders' eligibility requirement.
Does SoFi offer student loan refinancing?
Yes. SoFi is one of the leading providers of student loan refinancing.
Are SoFi student loans forgiven?
Private student loans are not eligible for federal forgiveness. However, SoFi says if the primary borrower dies during school or repayment, the remaining balance of the loan is forgiven.
Are SoFi student loans federal or private?
SoFi is a private lender. You should exhause all of your federal student loan options before borrowing from SoFi or any other private lender to pay for school.
Is SoFi legit?
The Better Business Bureau gives SoFi an A+ grade. The BBB evaluates companies by measuring a business' responses to consumer complaints, honesty in advertising, and clarity about business practices.
SoFi Student Loans Competitors
SoFi vs. College Ave
If you have good credit, you may get a marginally better fixed APR with
However, if your credit isn't in the best shape, SoFi's maximum interest rate is lower than what you could pay with College Ave. SoFi won't charge any late fees, while College Ave may penalize you up to $25 for a delayed payment.
SoFi also comes with an unemployment protection program that allows eligible borrowers to suspend payments on their loans if they lose their job through no fault of their own, for up to 12 months. College Ave doesn't have a similar offering.
SoFi vs. Sallie Mae
SoFi has a significantly lower minimum and maximum fixed APR than
You can start making immediate payments on your full loan balance (principal plus interest) with a SoFi student loan, but Sallie Mae only offers deferred, fixed, and interest-only repayment plans.
Why You Should Trust Us: How we rated SoFi student loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.