Refinance Student Loans

Save thousands on your student loans.

Average lifetime savings of $15,767 when members refinance to a shorter term.
See our savings methodology

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Checking your rate will not affect your credit score✝.

Lifetime savings calculation of $15,767 is based on all SoFi members who refinanced their student loans between January 2017 and April 2018. The savings calculation is derived by taking the estimated lifetime cost of existing student loans minus the lifetime cost of SoFi loans upon refinancing for members who refinanced their student loans. SoFi’s lifetime savings methodology for student loan refinancing assumes: 1) members make all payments on time; 2) members make monthly payments for the full duration of their loan; and 3) members take advantage of AutoPay, which enables them to lower the APR of their loan by 0.25%. SoFi’s average lifetime savings methodology for student loan refinancing excludes refinancings in which: 1) members elect SoFi loans with longer maturity than their existing student loans; 2) the term length of the member’s original student loan(s) is greater is than 30 years; 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment. SoFi excludes the above refinancings in an effort to maximize transparency on how we calculate our average lifetime savings amount and to minimize the risk of member data error skewing the average lifetime savings amount.

SoFi is the leading student loan
refinancing provider.

$18 billion in refinanced student loans
250,000 + members who've refinanced
98% would recommend SoFi to a friend3.

Pick the loan that works for you.

Save on your student loans by choosing between a range of rates and terms. No prepayment penalties and no hidden fees. Ever.

Fixed Rate

Rates available from 3.899% APR to 7.804% APR when you enroll in AutoPay.1

Variable Rate

Rates start from 2.510% APR to 7.554% APR when you enroll in AutoPay.1

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invest in themselves.

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Take your career to the next level with expert guidance from SoFi Career Coaches.

Experience the
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Our member events range from dinners and happy hours to panel sessions and networking opportunities.

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LLC advisors

Our licensed SoFi Wealth, LLC advisors are here to help you manage your money and start investing. No trading, transfer, custodian, or commission fees.

Get exclusive member
rate discounts

Get a 0.125% rate discount on additional SoFi loans—just for being a member.✝✝

How it works:

The student loan refinancing process is fast, easy, and can be done entirely online.

Term

APR

Lifetime
Savings

5-year

3.95%

$13,033

7-year

4.18%

$14,467

10-year

4.69%

$15,724

For illustrative purposes only, your actual savings may vary based on interest rates, balances,
remaining repayment term and other factors.

Get pre-qualified online in just two minutes.

We’ll let you know if you’re qualified before you finish the full application.

Select your rate and term.

Choose between saving on your monthly payment or saving on total student loan interest.

Verify your info and sign.

Upload screenshots of your information, then sign your paperwork electronically.

Switch to one low monthly payment.

We pay off your servicer(s) and issue you one new student loan.

Find my rate

It takes only two minutes and
won't affect your credit score.✝

Meet Brittany

“SoFi refinancing my student loans probably saved around $20K. SoFi just stood out to me. It’s personal. It’s not a robot. It’s not a bank. It’s just people, and they want to help.”

- Brittany, SoFi member

Meet Reina

"Refinancing my student loan with SoFi was probably one of the smartest things I’ve ever done."

- Reina, SoFi member

Common questions

Q: Who should refinance?
–+

Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.

Q: Can I refinance both federal and private student loans?
+–

Yes, SoFi will consolidate all qualified education loans.

Q: 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, has 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.

Q: What is the difference between consolidating and refinancing?
+–

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.

Q: What is a direct consolidation loan?
+–

A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan. The resulting interest rate is a weighted average of your prior loan rates. Refer to https://www.sofi.com/consolidate-student-loans-vs-refinance/ for more information.

Q: What’s the difference between fixed and variable rate loans?
+–

https://www.sofi.com/fixed-vs-variable-rate-loans/

See FAQs

SoFi in the news

CNN Money

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NYT

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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 permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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 are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (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.

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