SoFi Student Loan Review - Latest Update

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If you’re shopping for private student loans as an undergraduate or need financing for law school or an MBA, SoFi® may have an option that fits. The lender offers competitive rates and several repayment choices, but its member perks and discounts help set it apart.

SoFi customers can access benefits such as interest rate reductions, networking opportunities and guidance from a credentialed financial planner, which is why Money selected it as the top student loan lender for extra perks.

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SoFi Student Loans at a Glance

SoFi began in 2011 as a student loan refinance company and later expanded into in-school private student loans. It now offers financing for undergraduate, graduate and international students, as well as parent borrowers. Borrowers may choose between fixed and variable interest rates.

Pros

• No late or insufficient funds fees
• Multiple discounts available
• Wide range of specialized loan programs
• Several in-school repayment choices

Cons

• Not available for associate degrees
• Many perks are limited to SoFi members

Students at private colleges, law schools or medical schools can quickly hit the limits of federal student aid. SoFi allows borrowers to finance up to the school-certified cost of attendance.

Membership can also come with extras such as financial guidance, estate planning help and exclusive networking events. In addition to the standard 0.25% autopay discount, SoFi offers a returning scholar discount and a cash bonus for borrowers with Good Grades. Borrowers who run into financial hardship may also be able to request forbearance.

Not every applicant will qualify, though. To be eligible for a private student loan, you must be enrolled in a four-year program at least half-time. Students pursuing associate degrees are not eligible.

Applicants generally need good to excellent credit to qualify. SoFi does not publish a minimum credit score or income requirement. However, the lender said the weighted average FICO score for originated student loans was 769 for borrowers in the latest reported year. According to Experian, that falls in the “very good” range. Borrowers with poor to fair credit will likely need a cosigner.

Keep in mind that SoFi’s minimum loan amount for private student loans or student loan refinancing is $1,000. The company uses both in-house servicing and third-party servicing through Nelnet to handle repayment, though it says most borrowers will soon be able to make payments directly through SoFi.com or the mobile app.

SoFi’s Services

SoFi is best known for student loan refinancing, but it also offers multiple private student loan products. Options are available for undergraduate, graduate and international students, along with parents borrowing for college costs. Specialized loan programs are also available for health professions, medical, dental, veterinary, law and MBA students.

What they offer: Private student loans

With SoFi’s private student loans, borrowers can access between $1,000 and 100% of the school-certified cost of attendance. Loan terms run from five to 20 years, and all loans except parent loans come with four in-school repayment choices:

• Deferred: Under this option, you make no payments while enrolled, then receive a six-month grace period after graduation or leaving school before principal and interest payments begin.
• Interest-only: While in school, you pay only the interest that has accrued.
• Partial: This plan requires a flat $25 monthly payment during school.
• Immediate: This option has the lowest total cost, but you begin paying principal and interest while still enrolled.

Parent borrowers can choose only interest-only or immediate repayment.

Applicants, especially those without an established credit history, may improve their odds by applying with a cosigner. As credit and income improve, borrowers may qualify for cosigner release after making 12 consecutive on-time monthly payments.

SoFi does not charge origination fees on private loans, and it also does not impose late fees or prepayment penalties.

What don’t they offer?

SoFi offers a broad range of loan products, but there are still some restrictions to keep in mind:

• Borrowers must be enrolled at least half-time: Part-time students are not eligible for SoFi loans.
• Only four-year and graduate programs qualify: SoFi student loans are limited to four-year colleges, universities and graduate programs. Students pursuing associate degrees will need another lender.

SoFi’s Credentials

SoFi received regulatory approval to become a bank holding company and acquired Golden Pacific Bank. Operating as SoFi Bank, the company expanded its offerings to include a credit card and checking account, while also using the bank structure to fund loans. SoFi Bank is now regulated by the FDIC and supervised by the Consumer Financial Protection Bureau.

Licenses and Registrations

SoFi holds state licenses in all 50 states and Washington, D.C., allowing it to offer loans nationwide.

Awards and Certifications

SoFi’s consumer products are often recognized among the best in their categories by a range of publications, including Money. The company was also named to CNBC’s 2025 list of the world’s top fintech companies and has previously appeared on Fast Company’s Most Innovative Companies list.

Third-Party Ratings

Although SoFi has been rated for mortgage products, its student loan offerings have not been assigned ratings by credit rating agencies.

Regulatory Actions

SoFi has faced some regulatory scrutiny over marketing tied to loan refinancing, but it has not faced regulatory action related to its in-school private student loans.

In the Consumer Financial Protection Bureau complaint database, more than 6,000 complaints about SoFi were submitted over the past three years. Most involved other financial products. Of those complaints, 271 concerned student loans and 398 involved credit reporting. The most common issues related to loan access and inaccurate information on credit reports.

SoFi’s Accessibility

SoFi says it aims to provide strong customer support through educational materials and live service representatives.

Availability

SoFi does not have physical branches or walk-in locations. Applications for private student loans are completed entirely online.

Contact Information

During the application process, you can reach SoFi with questions by chat or phone. Support is also available through the mobile app, or by calling 855-456-7634 Monday through Thursday from 5 a.m. to 7 p.m. PST, and Friday through Sunday from 5 a.m. to 5 p.m. PST. Live chat is available during those hours as well.

User Experience

SoFi’s website is straightforward to use, and applicants can prequalify to review rates without affecting their credit score. The form can be completed in just a few minutes to see available options.

After selecting a loan and submitting an application, SoFi conducts a hard credit inquiry.

The lender also offers a strong collection of educational content about student debt, refinancing and other financial topics. Resources include articles and loan calculators, and members can also seek advice from a credentialed financial planner.

SoFi’s Customer Satisfaction

SoFi generally receives favorable marks for customer service in its student loan business. Still, because it offers other financial products such as life insurance, investments and mortgages, some ratings are affected by issues tied to those offerings.

Customer Complaints

SoFi has a 1.31 out of five rating with the Better Business Bureau, based on roughly 370 reviews. Common BBB complaints involve banking products and denied applications. On Trustpilot, the lender has a stronger 4.4 out of five rating based on more than 14,600 reviews, and Money’s reporting indicates that score has improved recently. Many reviewers praise how easy the lending process is.

Third-Party Ratings

While SoFi is not separately rated by third-party groups for its student loan products, it appeared in the 2026 J.D. Power Direct Banking Study and the 2026 Consumer Lending Satisfaction Study.

The latter ranked major personal loan lenders based on customer satisfaction with the application process, loan management, shopping experience and loan terms. Among 22 lenders, SoFi ranked above average with a score of 719 out of 1,000. The average score was 706, and the top lender scored 779.

SoFi FAQ

What credit score do you need for SoFi student loans?

SoFi does not publish a minimum credit score requirement. Its annual report says the average weighted score for borrowers who took out student loans in the latest reported year was 769, which is considered “very good” on the FICO scale. To qualify for the best rates, you will likely need an even stronger score.

Is SoFi trustworthy?

Yes. SoFi is a reputable lender regulated by multiple authorities, including the CFPB, and it is licensed in all 50 states.

What is the most significant difference between SoFi and Sallie Mae?

Both SoFi and Sallie Mae are widely recognized lenders. The biggest difference is that Sallie Mae does not offer student loan refinancing. If you want to refinance loans to lower payments, save money or pay off debt faster, Sallie Mae is not an option.

Are SoFi loans good for student loans?

Yes. SoFi offers a broad range of student loan products with competitive rates and multiple repayment choices. The lender was also rated above average in J.D. Power’s 2026 Consumer Lending Satisfaction Study.

Reach new academic heights with SoFi