SoFi Student Loan Refinancing Review 2023

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SoFi is best for those with a strong credit history, offering competitive rates, no fees, and a wide range of additional member benefits such as career services and financial advising.

Introduction

Welcome to Money Verdict's in-depth review of SoFi's Student Loan Refinancing program. Recognized for its competitive interest rates and extensive member benefits, SoFi provides a unique and value-packed service for those looking to refinance their student loans.

Who is Sofi Student Loan a Good Fit For?

If you have a strong credit history and are looking for a financial institution that offers more than just loan refinancing—think career services, financial advisors, and more—SoFi could be the right option for you.

Application Process

The application process starts with a quick online form where you provide basic personal and financial information. SoFi performs a soft credit check for prequalification, which won't affect your credit score. If you're pre-qualified, you'll proceed to upload supporting documentation. A hard credit check will be done before the loan terms are finalized.
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Qualification

To qualify, you generally need a credit score of 650 or above, consistent income, and a low debt-to-income ratio. You must also be a U.S. citizen or a permanent resident and have graduated from a Title IV accredited school.

Our Verdict

SoFi offers a well-rounded student loan refinancing package with its competitive rates, zero fees, and additional benefits. However, the high credit score requirement may exclude some borrowers. If you meet the qualifications, SoFi stands as an excellent option for student loan refinancing.

Pros

Competitive Interest Rates
No Origination or Prepayment Fees
Co-signer Release Option
Comprehensive Financial Tools and Resources
Strong Customer Service

Cons

Higher Credit Score Requirement
Limited Benefits for Medical and Dental Students

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Common Questions (FAQ)

Does SoFi charge any fees for refinancing?

No, SoFi does not charge origination or prepayment fees.

What is the minimum credit score needed for SoFi?

Generally, a credit score of 650 or above is required for loan approval.

Is a co-signer release available?

Yes, SoFi offers a co-signer release option after a series of on-time payments.

Do they offer any career services?

Yes, SoFi provides career support and job placement assistance as part of their member benefits.

What's unique about SoFi's approach to student loan refinancing?

SoFi offers a holistic financial service, including career services and financial advising, beyond just loan refinancing.

Sofi Student Loan Refinancing