Refinance Student Loan – Rates
Student Loan Refinancing
Rates & Terms
The following examples depict the APR, monthly payment and total payments during the life of a $10,000 private loan with a single disbursement. All student loan rates below are shown with the Autopay Discount (0.25%) and 0.125% SoFi Plus discount. There are no application or origination fees, and no prepayment penalties.
For variable rate loans, the current index rate is 4.03% and may change monthly. The current index for variable rate loans is derived from the 30 day average SOFR index, thus changes in the SOFR index may cause your monthly payment to increase. 5, 7, and 10 Year terms are capped at 13.95% APR, 15 and 20 Year terms are capped at 13.95% APR to the extent permitted under law.
Your actual interest rate may be different than the student loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. State restrictions may apply.
Fixed Rate Loans
| Terms | Rate | Repayment APR |
No. of Payments |
Monthly Payment** |
Total Payments |
|---|---|---|---|---|---|
| 5 Year | 4.24% – 8.45% | 4.24% – 8.45% | 60 | $185.25 – $204.92 | $11,115.02 – $12,295.46 |
| 7 Year | 4.72% – 8.77% | 4.72% – 8.77% | 84 | $140.03 – $159.73 | $11,762.28 – $13,416.98 |
| 10 Year | 5.02% – 8.82% | 5.02% – 8.82% | 120 | $106.16 – $125.70 | $12,739.60 – $15,084.44 |
| 15 Year | 5.28% – 8.87% | 5.28% – 8.87% | 180 | $80.55 – $100.65 | $14,498.21 – $18,117.86 |
| 20 Year | 5.52% – 9.99% | 5.52% – 9.99% | 240 | $68.90 – $96.44 | $16,536.42 – $23,144.62 |
Variable Rate Loans
| Terms | Rate | Repayment APR |
No. of Payments |
Monthly Payment** |
Total Payments |
|---|---|---|---|---|---|
| 5 Year | 5.99% – 8.70% | 5.99% – 8.70% | 60 | $193.28 – $206.13 | $11,596.89 – $12,367.84 |
| 7 Year | 5.99% – 9.02% | 5.99% – 9.02% | 84 | $146.04 – $160.99 | $12,267.16 – $13,523.35 |
| 10 Year | 5.99% – 9.07% | 5.99% – 9.07% | 120 | $110.97 – $127.05 | $13,316.43 – $15,246.59 |
| 15 Year | 5.99% – 9.12% | 5.99% – 9.12% | 180 | $84.33 – $102.14 | $15,179.70 – $18,385.52 |
| 20 Year | 5.99% – 9.99% | 5.99% – 9.99% | 240 | $71.59 – $96.44 | $17,180.50 – $23,144.62 |
Student Loan Refinancing variable rate loans for 5, 7 and 10 Year terms are capped at 13.95% APR, 15 and 20 Year terms are capped at 13.95% APR.
**Autopay Discount. 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, less interest will accrue each month and more of the monthly payment will be applied to the principal loan balance to help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi.
