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1NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circ*mstances.
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Why refinance your student loans with SoFi?
Refinancing could help you pay off your student loan sooner or bring down your monthly payment amount—all on your terms. You may pay more interest with an extended term.
You could save more over time.
A competitive fixed or variable student loan refi rate could help you save thousands.
Pay off your loan sooner.
A shorter term can help you pay off your loan faster. Plus, you could receive a special rate discount with autopay.4
Simplify your debt.
Consolidate all your student loans into one easy payment.
Free up your finances.
Lower your monthly payments and put more money toward other goals, like buying a home and saving for retirement. Just remember: you may pay more interest over the life of your loan.
Use our Student Loan Refi Calculator to see how much you could save by refinancing your student loans with SoFi.} headingText="Calculate your savings." imgAlt="Student loans calculator illustration" imgSrc="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/pl-calculator.png"/>
The Student Debt Guide is here.
It includes all the information you’ll need to tackle your student loan payments and get to life after debt.
Check it out
{/* Horizon */} View your rate} steps={[ { description: 'It only takes two minutes to explore your options—with no effect to your credit score.†', img: { alt: 'How student loan refinancing works, step 1', src: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-1_Desktop%402x.png', srcSet: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-1_Mobile%402x.png 320w, https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-1_Desktop%402x.png 846w' }, title: 'View your rate.' }, { description: 'Find a term and monthly payment that works for you—and see how much you’ll save.', img: { alt: 'How student loan refinancing works, step 2', src: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-2_Desktop%402x.png', srcSet: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-2_Mobile%402x.png 320w, https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-2_Desktop%402x.png 846w' }, title: 'Select your terms.' }, { description: 'Finish filling out your info online. This step will include a hard credit pull.', img: { alt: 'How student loan refinancing works, step 3', src: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-3_Desktop%402x.png', srcSet: 'https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-3_Mobile%402x.png 320w, https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SLR22-610581_SLR-Product-Page-Redesign_MAY2023_Phone-3_Desktop%402x.png 846w' }, title: 'Complete your application.' } ]} title={
How refinancing{' '}student loans works:
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See terms that work for you.
Lower your monthly payment or lower your student loan refi rate. You may pay more interest overall with a lower monthly payment. See payment examples.
View your rate
BTW it's a soft inquiry, so it won't affect your credit score.†
Fixed
5.24%–9.99% APR2
with autopay
Variable
6.24%–9.99% APR2
with autopay
We know student loan refinancing.
Since 2011, we’ve helped over 450,000 members refinance their student loans and make strides toward achieving financial freedom. Here’s how:
Serious savings
You could save thousands with a lower interest rate and no fees.
Easy online process
Your time matters. View your rate in two minutes.
Member benefits
Get access to financial advice, unemployment protection4, and more.
We're helping college grads get their money right.
475,000+ SoFi members have refinanced their student loans
$41 billion+ in student loans refinanced
4.7/5 stars starts on Trustpilot
*4.7/5 star rating based on 7,156 reviews as of October 19, 2023. See trustpilot.com/review/sofi.com for more info.
I refinanced my student loans and I was able to use the extra money to put toward my home and other investment accounts through SoFi.
—Ebony H., doctor
Actual SoFi member. Paid testimonial.5
FAQs
Who should refinance their student loans? Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation. Is it worth it to refinance a student loan? The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run. Can I refinance both federal and private student loans? Yes, SoFi will consolidate all qualified education loans. Am I a good candidate to refinance my student loans with SoFi? SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.
What is the difference between consolidating and refinancing student loans? Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here. What’s the difference between fixed and variable rate loans?
Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.
Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed-rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating-rate loans.
Find more info on Fixed vs. Variable Rate Loans.
Where can I find more information about student loans in general? Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.
See all FAQs
More information and resources on student loan refinancing.
Get help from a human.
Ask questions and get help every step of the way from our live customer support team.
2Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20-year terms are capped at 13.95% APR. SoFi rate ranges are current as of 1/21/22 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. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments 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. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
Personal Loan Terms
Fixed rates from 8.99% APR to 29.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.
PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 8.99% APR to 29.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.
PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.99% APR to 29.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.
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1 NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circ*mstances.
* Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and may be subject to other restrictions. You may pay more interest over the life of the loan if you refinance with an extended term. Minimum loan amount of $5,000 unless required to be higher to comply with applicable law. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
† To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
3 The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments 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. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
4 Calculated savings examples are only estimates based on the following hypothetical assumptions: The minimum savings calculation assumes the borrower is refinancing $75,000 of student loans for 5 years. The maximum savings calculation assumes the borrower is refinancing $75,000 of student loans for 15 years. Both examples assume our rates increase 1.25% in the next year. Any payments and savings may vary and will depend on the actual loan amounts and APR for which the borrower is approved.
5 The experiences of member(s) shown may not be representative of the experiences of all members. SoFi Ambassadors are compensated.
4.6/5 star rating based on 7,565 reviews as of January 9, 2024. See trustpilot.com/review/sofi.com for more info.
According to Experian, one of the three main credit bureaus, 670 is generally the base credit score that lenders require to be eligible for student loan refinancing. On the FICO Score ranges, scores between 670 and 739 are considered 'good.
A student loan refinance could help you save interest and make your monthly payments easier to manage. Generally, though, refinancing is a better fit if you have private student loans and a robust credit profile. Before refinancing your student loans, here are some ways to determine if it's a smart move for you.
Not everyone can qualify to refinance student loans. You typically need a college degree, good credit and an income that lets you comfortably afford your expenses and debt payments. If you meet these requirements, consider refinancing in these circ*mstances: The savings will make a difference.
They'll run a credit check to see how you've handled debt in the past. It can be tough to qualify independently without a credit history or a limited one. Many lenders won't advertise a specific minimum credit score, but a score in the mid-600s or higher can help you meet private student loan credit score requirements.
Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.
Most private student loans do not offer income-driven repayment plans. Private student loans do not qualify for teacher loan forgiveness or public service loan forgiveness. Private student loans have limited options for financial relief when a borrower experiences financial difficulty.
As long as you qualify, you can refinance your student loans as many times and as often as you'd like. There is no limit on how often one can refinance. Taking this step makes the most sense when your finances or credit score improves or interest rates decline.
Student loan refinancing is the process of combining individual federal and/or private student loans into a single, new loan offered by only one private lender. The ultimate aim of student loan refinancing is to save money as you work to repay your debts.
Shorten repayment to save on interest. If you want to pay off student loans fast, you can refinance and choose a shorter repayment schedule than you currently have. This will likely increase your monthly payments. You can also speed up repayment by paying more on your existing private loan.
If you have bad credit, you may be motivated to refinance your student loans to lower monthly payments. However, many lenders require a minimum credit score in the mid-to-high 600s. You will likely need a cosigner on the loan application to qualify.
Credit isn't the only factor in whether you get approved or denied. The lender will also pay special attention to your payment and credit history. If you've missed several payments in the past or made a late payment, student loan refinance lenders are more likely to reject your application.
Most lenders require the following documents for a student loan refinance application: Government-issued photo identification, such as a driver's license or passport. Social Security card or number. Proof of income, such as pay stubs or a job offer letter.
Since private student loans come from private financial institutions, it's not possible to transfer private student loans into federal ones. However, it may be possible to get some federal-like benefits on your private loan, such as forbearance if you run into financial hardship.
If you decide to move forward with a student loan refinance offer by submitting a formal application, a lender will conduct a hard credit inquiry, which will impact your score. This impact, however, is usually temporary and may be worth it if you're able to secure better loan terms.
The average credit score for approved Sallie Mae borrowers is around 748 for undergraduate student loans. That's pretty high – but don't panic if your credit score is much lower than that. You'll need a minimum credit score (or have a cosigner with a minimum credit score) that is somewhere in the mid-600s.
Lenders use your FICO® Score to estimate your credit risk—how likely you are to pay your credit obligations as agreed. It also helps you get credit based on your actual borrowing and repayment history. If you have a Sallie Mae private student loan, you may have access to your monthly FICO® Score for free 1.
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