Comments on: SoFi Student Loan Refinance Review

By: Rachel

Rachel — Wed, 27 Oct 2021 11:49:34 +0000

Pros: They are quick to respond.

Cons: Do not expect compassion or flexibility from them.

When considering refinancing with SoFi, I called and specifically asked about In-School Deferments as I am currently enrolled full-time in graduate school and cannot afford to make payments. The customer service agent assured me that SoFi would help me in this regard, so I decided to go through with the refinancing.

I made a rookie mistake: I didn’t carefully read the contract. It turns out that they require interest payments from people enrolled full-time in school if that person refinanced their loan with them. I explained that I cannot afford this. I asked if I could pay a reduced amount. I explained that I was misled in my earlier communications about the terms of in-school deferments.

SoFi did not care and are still insisting that I pay the full amount, which is 20% of my meager income working 30 hours each week in addition to my full-time schooling. Now I have to figure out how I can come up with this money, and I honestly have no idea.

As a note, I could remove the in-school deferment and then apply for economic forbearance, but they only allow a maximum of 12 months of economic forbearance for the life of the loan, and I have two more years of my PhD, so that is of little help.

By: Jenn C

Jenn C — Mon, 12 Oct 2020 05:23:10 +0000

In reply to Mike Andrews. Same here. I make a good income employed for 8 years full time, my credit score is 793 and they still denied me for a $13k refinance! I went with Laurel Road, they approved me right away and I got a $400 referral bonus I split with my sister :)

By: Matt Kries

Matt Kries — Sun, 08 Mar 2020 12:50:04 +0000

SoFi is a scam. When the fed cuts interest rates it has zero impact on the rates they offer. Just move to another country and do income based repayment for 20 years, don’t mess with these people.

By: Jennifer Love Stringfellow

Jennifer Love Stringfellow — Tue, 20 Nov 2018 08:22:28 +0000

We just had a wonderful experience refinancing our student loans with SoFi! We applied for several different products and eventually got a loan for $187,000 bringing our interest rate down to 3.8% from 7.5%, reducing our monthly payments from $2,300 to $1,600! I highly recommend this company for refinancing – not to mention their incredible career and professional benefits for members, and lots of free stuff! They work with you to make it happen–trust me, if we can get refinanced, ANYONE can!

By: Pedro30324

Pedro30324 — Tue, 20 Nov 2018 08:18:29 +0000

The sofi rates are competitive. The online process is easy and you can get pre-qualified without impacting your score. I got approved in a day or so. Unlike other refinancing options this one also offers a freeze on commitments in the event you lose your income. This is reassuring. Its worth looking into, to reduce interest charges and possibly help to improve your score along the way. This is particularly encouraging as credit card rates are going to be on the upswing going forward.

By: Jennifer Love Stringfellow

Jennifer Love Stringfellow — Tue, 20 Nov 2018 08:13:35 +0000

Me too, i loved it!! Sure, I had to try different products, but hey, they are cutting my interest rate in half, I don’t mind phone calls and a few weeks to get through the process. I had to try three different times before I was approved. They worked with me though! They were awesome. I had to go with a longer term than I wanted, but the interest rate was half what I was previously paying. I eventually got a loan for $187,000 bringing our interest rate down to 3.8% from 7.5%, reducing our monthly payments from $2,300 to $1,600! I highly recommend this company for refinancing – not to mention their incredible career and professional benefits for members, PLUS they just sent us a chocolate pecan pie for joining! They work with you to make it happen–trust me, if we can get refinanced, ANYONE can!

By: JS

JS — Tue, 20 Nov 2018 08:13:33 +0000

In reply to FeFist.

That’s how they operate, they actually review all details about you before they approve your loan. I have had 3 loans with them in the past and each one of them took at least a week before they approved it.
– They do not operate like most financial institutions.
Facts:
– Number of pple in your income bracket of $60K with SoFi loans are 32%
– Average SoFi income is $110k which is about 42% of their loans
– 50.1 % of SoFi members own a home
– 39.4 % Rent
-10.6% live with Parents
– 77% have a fixed rate loans on Mortgages
Otherwise, their rates are great. personal loans are at 5.19%, Student Loans start at 2.815% include those with parents and medical students.
– They now offer Wealth Management accounts and they give you $100 for just opening the account.

By: Jake

Jake — Tue, 20 Nov 2018 08:12:29 +0000

I just got approved for 4.625% fixed interest for 5 years to refinance my student loan of $17900. I have an excellent credit score of 810 so I was disappointed that I didn’t get a rate below 4%. I accepted it anyways since it is still lower than my current rate of 5.25-6%. The application was pretty easy as everything is online. After 2 weeks, I was able to sign my acceptance letter and now I am just waiting for disbursement.

By: Vic

Vic — Tue, 20 Nov 2018 08:10:30 +0000

I filled out the paperwork online a month ago. It was easy to do and whenever I called with a question, I was directed to a person who could help me.It took 2 weeks for me to get an answer about approval. I was excited at the prospect of lowering my student loans but in the end I walked away very disappointed. I have credit scores over 800, and my loan was for $55K. I make a little more than $50K. I’ve never missed a mortgage, car or student loan payment; I owe nothing on any credit cards and I just paid off my car. My application was accepted but at a higher interest rate (6.74%) than what I currently have on my loans. I called SOFI to ask why the higher interest rate because I always qualify for the lowest rate on my past loans. I was told that they look at income and years of employment. I told them that I’ve been working in my field for over 20 years and I have 14 years at my current employer! I was very angry that I didn’t qualify for their lowest rate so I have not signed the final paperwork to allow them to refinance my loan. I’ve gotten 2 phone calls from them to remind me to sign my loans but I will not sign with them. I will look for some other financial institution to help me with my loans. Do not use SOFI!

By: Jennifer Love Stringfellow

Jennifer Love Stringfellow — Tue, 24 Jul 2018 14:57:08 +0000

In reply to Tsarkov19. Depends on the loan and whether you are or were married when you take it out. Read your loan terms carefully! (I am an attorney).