Whether you’re looking for private student loans as an undergrad or loans to help pay for a law or MBA degree, SoFi® likely has options for you. SoFi offers competitive rates and multiple repayment options, but it stands out for the added benefits and discounts it offers to members.
SoFi customers can take advantage of member benefits like interest rate discounts, networking events and advice from a credentialed financial planner, making it our choice for the top student loan lender for added perks.
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SoFi Student Loans Overview
Founded in 2011 as a student loan refinance company, SoFi has expanded its services to include in-school private student loans. It offers loans for undergraduate students, graduate students and parent borrowers, and it allows borrowers to choose between fixed interest rates and variable interest rates.
- No late or insufficient funds fees
- Multiple discounts available
- SoFi members get access to extra benefits
- Loans not available for associate degrees
- Higher-than-typical loan minimums
Students attending private colleges or enrolling in law school or medical school can quickly reach the loan maximums for federal student loans. But with SoFi, students can borrow up to the school-certified total cost of attendance.
As a SoFi member, you can take advantage of benefits like financial advice, estate planning and exclusive member networking events. Plus, in addition to the standard 0.25% rate discount for setting up autopay, SoFi offers a returning scholar discount and cash bonus for borrowers with Good Grades. Borrowers experiencing financial issues can apply for a hardship forbearance.
However, not all borrowers are eligible for SoFi loans. To qualify for a private student loan, you must be enrolled in a four-year program at least half-time. Those pursuing an associate degree are not eligible.
Borrowers typically need good to excellent credit to qualify for a loan. SoFi doesn’t specify its minimum credit score or income requirements. However, the lender reported that the weighted average FICO credit score for originated student loans was 766 for borrowers in 2024. According to Experian, one of the three major credit bureaus, a score of 766 is in the “very good” range. If your credit score is in the poor to fair range, you’ll likely need a cosigner to get a loan.
Also keep in mind that the minimum loan amount for private student loans or student loan refinancing with SoFi is $5,000. Other lenders have loan minimums as low as $1,000. In the past, SoFi’s loans were serviced by a third-party company named Mohela. As of the summer of 2025, SoFi is in the process of transferring servicing in-house so that borrowers will be able to manage their loans and make payments directly on the lender’s website or app.
SoFi’s Services
SoFi is best known for student loan refinancing, but it also offers multiple types of private student loans. SoFi provides loan options for undergraduate, graduate, medical school and law school students, as well as parents who want to borrow to help their children pay for college.
What they offer: Private student loans
| SoFi Private Student Loans |
| Undergrad | Graduate School | Health Professions | MBA or Law School | Parent | |
| Loan Amounts | $5,000 to total cost of attendance | $5,000 to total cost of attendance | $5,000 to total cost of attendance | $5,000 to total cost of attendance | $5,000 to total cost of attendance |
| Loan Repayment Terms | 5, 7, 10, 15 years | 5, 7, 10, 15 years | 5, 7, 10, 15 years | 5, 7, 10, 15 years | 5, 7, 10, 15 years |
| Repayment Options | Deferred Interest-only Partial Immediate |
Deferred Interest-only Partial Immediate |
Deferred Interest-only Partial Immediate |
Deferred Interest-only Partial Immediate |
Interest-only Immediate |
| Interest Rates | Fixed: 3.18% – 15.99% Variable: 4.39% – 15.99% |
Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% |
Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% |
Fixed: 3.18% – 14.83% Variable: 4.39% – 15.86% |
Fixed: 3.99% – 16.85% Variable: 5.82% – 16.85% |
| Interest rates are current as of August 7, 2025. Rates include 0.25% automatic payments discount when you set up autopay. Visit site to view disclaimers. |
With SoFi’s private student loans, you can borrow between $5,000 and 100% of the school-certified cost of attendance. Loan terms range from five to 15 years, and all loans — with the exception of parent student loans — have four in-school repayment options:
- Deferred: With SoFi’s deferred payment plan, you don’t make payments while you’re in school, and you have a six-month grace period after graduating or leaving school before you have to start paying toward the principal and interest.
- Interest-only: While you’re in school on an interest-only plan, you only make payments toward the accrued interest.
- Partial: If you opt for a partial payment plan, you pay a flat $25 monthly payment while you’re in school.
- Immediate: Immediate repayment has the lowest overall cost, but you have to start making payments against the principal and interest while you’re in school.
Parent loan borrowers are only eligible for interest-only and immediate loan payments.
Borrowers, particularly those with no credit history, can significantly improve their chances of qualifying for a loan by adding a cosigner to their loan application. As borrowers build their credit scores and incomes, they may be eligible for a cosigner release, in which they remove the cosigner from the loan. Borrowers can apply for cosigner release after making 24 consecutive monthly payments on time.
SoFi does not charge origination fees when you take out a private loan, nor does it charge late fees or prepayment penalties.
What don’t they offer?
Although SoFi has a variety of loan options, there are some limitations to consider:
- International students aren’t eligible for loans: To qualify for a SoFi loan, you must be a U.S. citizen, permanent resident or non-permanent resident alien (including DACA recipients and asylum seekers).
- Borrowers must be enrolled at least half-time: Borrowers must be enrolled on at least a half-time basis. Students that are enrolled part-time cannot get a SoFi loan.
- Students must be pursuing four-year or graduate degrees: SoFi student loans can only be used to pay for four-year colleges and universities and graduate programs. If you’re planning on earning an associate degree, you’ll have to look for another lender.
SoFi’s Credentials
In January 2022, SoFi received regulatory approval to become a bank holding company, and it acquired Golden Pacific Bank. Rebranding itself as SoFi Bank, SoFi used this development to broaden its product offerings to include a credit card and checking account, as well as fund its loans. Now, as SoFi Bank is subject to FDIC regulations adn it is also subject to supervision by the Consumer Financial Protection Bureau.
Licenses and Registrations
SoFi holds state licenses in 50 states, so it can offer loans nationwide.
Awards and Certifications
SoFi’s consumer products are frequently recognized among the top in their field by a variety of publications (including Money). The company was also included on CNBC’s 2025 list of the world’s top fintech companies has previously had a spot on Fast Company’s Most Innovative Companies list.
Third-Party Ratings
Although SoFi has been rated for its mortgage products, its student loan options have not been rated by credit rating agencies.
Regulatory Actions
SoFi has dealt with some regulatory issues regarding the marketing on its loan refinancing. But it hasn’t faced any regulatory actions related to its in-school private student loans.
On the Consumer Financial Protection Bureau (CFPB) complaint database, more than 3,000 consumer complaints were submitted about SoFi in the past three years. But the vast majority of them related to other financial products. Of the complaints, 142 were about student loans and 188 were about credit reporting. The most common complaints concerned issues around getting a loan and incorrect information appearing on credit reports.
SoFi’s Accessibility
SoFi aims to provide comprehensive customer support with educational resources and live customer service staff.
Availability
SoFi doesn’t operate in-person branches or facilities. Users apply for private student loans entirely online.
Contact Information
During the application process, you can contact SoFi with questions by chat or phone. SoFi’s student loan support team is available Monday through Thursday from 5:00 a.m. until 7:00 p.m. PST, and Friday through Sunday from 5:00 a.m. until 5:00 p.m. CST.
User Experience
SoFi’s website is easy to navigate, and you can use the prequalify option to view your rates without affecting your credit score. You can fill out the form to see available options in just a few minutes.
Once you choose a loan and submit an application, SoFi will perform a hard credit inquiry.
SoFi also provides users with a robust library of educational resources about student loan debt, refinancing and other financial topics. Options include articles and loan calculators, and users can also use their SoFi membership to get advice from a credentialed financial planner.
SoFi’s Customer Satisfaction
Generally, SoFi has positive ratings for customer support in its student loan segment. However, it offers a range of other financial products, including life insurance, investment options and mortgages, so some of its ratings have been lowered due to common issues with those products.
Customer Complaints
SoFi has a 1.29 out of five rating with the Better Business Bureau based on approximately 350 reviews. Common problems reported to the BBB concerned issues with SoFi’s banking products and loan denials. The lender has more positive reviews on Trustpilot, with a 4.4 of out five rating, based on more than 9,000 reviews. Many reviews praise the ease of SoFi’s lending process.
Third-Party Ratings
Although SoFi is not rated by third-party organizations specifically for its student loan products, it was ranked in the 2025 J.D. Power U.S. Consumer Lending Satisfaction Study.
The study rated leading personal loan lenders based on customer satisfaction with loan application processes, loan management, shopping and loan terms. In the study of 22 lenders, SoFi was ranked above average. It received a score of 716 out of a possible 1,000. (The average was 704 and the highest-scoring lender received a 768.)
SoFi FAQ
What credit score do you need for SoFi student loans?
SoFi doesn’t publicly list its minimum credit score requirements. However, its annual report stated that the average weighted score of borrowers who took out student loans in 2024 was 766 — a very good score based on the FICO scale, which ranges from 300 to 850. To get the lowest rates, you will likely need an even higher credit score.
SoFi is a reputable and trustworthy lender. It’s regulated by multiple authorities, including the CFPB, and is licensed in all 50 states.
What is the most significant difference between SoFi and Sallie Mae?
Both Sallie Mae and SoFi are well-known lenders. The biggest difference between them is that Sallie Mae doesn’t offer student loan refinancing. If you’re looking to refinance your loans to save money, reduce your payments or pay off your loans faster, Sallie Mae isn’t an option.
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