For this review, Business Insider's personal finance team compared SoFi student loans to the best private student loans of 2025 and found it to be an industry leader thanks to its relatively low interest rates, straightforward application process, and borrower-friendly features like flexible repayment options and cash rewards for good grades.
SoFi also provides benefits like a 0.25% interest rate discount for borrowers who enroll in autopay, and personalized financial advice to help manage student loan repayment effectively.
Here's what to know about SoFi Undergraduate Student Loans and who may be eligible for them.
SoFi Student Loans Overview
What are SoFi Student Loans?
SoFi® is a bank and lender offering a variety of private student loans, including options for undergraduate, graduate, law, MBA, health professions, and parent loans.
SoFi offers both undergraduate and graduate private student loans, as well as loans for law, MBA, and health profession students. There are also parent loans for parents of students.
The lender charges relatively low fixed and variable interest rates on both loan options, has several repayment options, and doesn't charge any origination or late fees. The application process can be done in as few as three minutes, and customer service is easy to reach via multiple options.
SoFi may be a smart option if you need help financing your educational goals and have exhausted your scholarships, grants, and federal financial aid. Make sure you compare at least a few lenders when applying for your loan, as this will help you get the best rate and terms. With most lenders, you can also set up autopay to reduce your interest rate even more.
The minimum you can take out is $1,000, 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 U.S. 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
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 can also reach the company by mail, virtual chat, or by messaging them on X at @SoFiSupport to get help.
SoFi Member Benefits
SoFi members get a number of perks you won't find with other lenders, including exclusive rate discounts, financial and estate planning advice, and referral bonuses. Membership at SoFi is free.
SoFi Autopay Discounts
If you're willing to put your account on autopay, you can get 0.25% knocked off your interest rate. This would take an interest rate of 10% and bring it down to 9.75%, saving you significantly on interest over time.
SoFi Continuing Scholar Discount
If you take out a subsequental year's loan, you can qualify for a 0.125% discount.
SoFi Family Discount
Cosigners who sign for a second borrower qualify that loan for a 0.25% discount.
Student Loan Refinancing with SoFi
You can also refinance student loans that you already have through SoFi, but the loan amount must be a minimum of $5,000. This could help change your loan term, pay off your loan faster, or consolidate your loans, federal or private, into one existing one.
Potential borrowers can contact SoFi directly for free consultations to discuss your particular financial situation, helping you make informed decisions about refinancing. Those refinancing with SoFi are also eligible for the 0.25% rate discount if enrolled in autopay.
Loan Term Options
SoFi offers four distinct term options for its student loans. You can opt for five-, seven-, 10-, or 15-year terms. There are no penalties for paying your loan off before this point, though.
How to Apply to SoFi
SoFi offers an easy online application process that you can complete in just minutes. Here's what the process looks like:
- Gather the 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.
- Fill in the details of your online application. After doing so, you'll get your interest rates.
- Send the required supplementary documents. SoFi may require certain financial documents including proof of income and residency.
- 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.
In addition to basic requirements like being a U.S. citizen enrolled in a degree-granting school half-time or more, you will also need to meet the following:
SoFi Credit Score and Income Requirements
You'll need to pass a credit check, but SoFi doesn't disclose exactly what scores you'll need to qualify for its loan programs. You or your cosigner will also need to be employed or have enough income from other sources to afford your monthly payments for the entirety of the loan term.
Qualify with a Cosigner at SoFi
If you're worried about qualifying for a loan on your own, you can bring in a cosigner. The lender then considers the cosigner's credit and income when evaluating your loan application. SoFi also allows you to request a cosigner release if you meet certain conditions.
SoFi Student Loan Interest Rates and Fees
A loan's rates and terms will play a big role in your monthly payment and how much you pay to finance your education in the long haul. Here's what to know about SoFi's:
Fixed vs. Variable Rates at SoFi
SoFi offers both fixed and variable-rate student loans. The undergraduate rates are 4.64% - 15.99% variable and 3.54% - 15.99% fixed (with AutoPay discount) while the graduate rates are 4.64% - 15.86% variable and 3.54% - 14.83% fixed (with AutoPay discount).
With fixed rates, your interest rate remains the same for the entire loan term. Variable rates can change over the course of your loan, changing your monthly payment with them.
SoFi Student Loan Repayment Options and Flexibility
You have four options to repay your SoFi 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.
In-School Payment Options
If you're able to make payments in school, you can choose partial, interest-only, and immediate payments.
Here's how the three compare:
Partial
- Unpaid interest accrues
- Low in-school payments
- Reduces some of overall cost
Interest-Only
- Pay loan's interest monthly while in school
- Moderate in-school payments
- Reduces overall cost
Immediate
- Repay principal plus interest right away
- Lowest overall cost
- Highest in-school 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.
Grace Periods and Deferment Options
You can also defer payment to avoid paying the loan back until after graduation. Deferred payments are the most expensive option because you're not paying off anything during your time in school, so your balance (and interest) will continue to grow until you graduate and start making payments. You can also defer payments if you enter active military service or become disabled.
SoFi also offers payment-free grace periods for up to six months on all student loans — including refinanced ones.
SoFi Student Loans Pros and Cons
If you're considering SoFi for a private student loan, make sure you weigh these pros and cons first.
Advantages of Choosing SoFi
- Highly competitive APRs. SoFi's student loan interest rates are some of the best you can find, particularly if you have great credit.
- Multiple repayment term lengths. Choose between five, seven, 10, and 15-year repayment term lengths.
- No fees. You won't be hit with any fees when you take out a loan with SoFi, saving you a good chunk of money on the overall cost of your loan.
- Quick application process. It'll only take a few minutes to get a student loan from SoFi.
Potential Drawbacks
- Credit check required. This hard inquiry could ding your credit score slightly in the short term.
- Loan terms max out at 15 years. Some other lenders offer 20-year loans or longer.
- Processing times are lengthy. SoFi says it can take up to six weeks to fund its student loans.
Alternatives to SoFi Student Loans
See how SoFi Student Loans stack up against the competition.
SoFi Student Loans vs. College Ave Student Loans
If you have good credit, you may get a marginally better fixed APR with College Ave than with SoFi, as College Ave has a lower minimum rate.
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.
College Ave Student Loan Review
SoFi Student Loans vs. Sallie Mae Student Loans
SoFi and Sallie Mae Undergraduate Student Loans have nearly identical APR ranges for both fixed and variable rate loans.
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.
Sallie Mae Student Loans Review
4.64% - 15.86% variable and 3.54% - 14.83% fixed (with AutoPay discount)
Undisclosed
Minimum of $1,000
- No origination fees, prepayment penalties, or late fees
- Highly competitive APR
- Several options for repayment term length
- Quick application process
- Credit check required
- $1,000 loan minimum
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
SoFi Customer Experience
SoFi's customers generally report a good experience with the lender. It rates 4.4 stars out of 5 on Trustpilot, and its mobile apps are also highly rated, indicating they're easy to use and navigate. Keep in mind SoFi offers multiple products and services beyond student loans, so not all customer reviews relate to student loans specifically.
Is SoFi Trustworthy?
The company is considered trustworthy, too, boasting an A+ rating from the Better Business Bureau. This means it's good at responding to complaints and communicating with customers.
There are no major lawsuits pending against the company, though SoFi did attempt to sue the Department of Education last year to end the student loan payment freeze post-pandemic.
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: interest rates, fees, term lengths, borrower accessibility, repayment options, customer support, and company ethics.
Each category's weighting is determined based on its importance to your borrowing experience.
Read more about how we rate student loans >>
SoFi Student Loan FAQs
SoFi offers private student loans for undergraduates, graduates, and professional students, in addition to student loan refinancing options for existing loans.
SoFi's interest rates are competitive, offering both fixed and variable rate options. The undergraduate rates are 4.64% - 15.99% variable and 3.54% - 15.99% fixed (with AutoPay discount) while the graduate rates are 4.64% - 15.86% variable and 3.54% - 14.83% fixed (with AutoPay discount). Rates can be further reduced through 0.25% autopay discount and other offers.
Borrowers can choose from multiple in-school repayment options, including immediate payment, fully deferred payment, interest-only payment, and partial payment. SoFi also offers various term lengths for loan repayment.
Eligibility for SoFi student loans depends on factors like credit score, income, educational enrollment status, and meeting SoFi's underwriting criteria. Co-signers can help meet the requirements and potentially secure lower interest rates.
