SoFi - Reviewed & Compared

Summary

SoFi is a reputable online lender that offers a variety of student loans and refinancing options. Founded by Stanford business school students in 2011, SoFi has grown to provide comprehensive student loan services with unique features like no fees and multiple repayment options. This review explores SoFi's offerings, highlighting its strengths and weaknesses to help you decide if it's the right choice for your student loan needs.

MORE: Find The Right Student Loan For You

Company Overview

SoFi started offering student loan refinancing in 2012 and added private student loans in 2019. Based in San Francisco, SoFi provides loans for undergraduate, graduate, law, MBA, health profession, and parent loans. The company is known for its no-fee policy and flexible repayment options, making it a popular choice for students and parents alike.

What They Do Best

SoFi excels in offering a no-fee loan experience, which includes no application fees, origination fees, late fees, or insufficient funds fees. Borrowers can choose from four different repayment options and even apply for a co-signer release. The lender uses a soft credit pull for prequalification, which does not impact your credit score. Additionally, SoFi offers unique benefits such as:

Flexible Repayment Options: Four repayment options for undergraduate, graduate, law, MBA, and health profession loans.

Co-signer Release: Available for private student loans.

Soft Credit Pull: Check if you and your co-signer prequalify without affecting your credit score.

Member Benefits: SoFi members can earn and redeem points to pay down loans and access an additional 0.125 percentage point interest rate reduction.

Negatives

While SoFi offers many benefits, it does have a few drawbacks. The lender does not provide a co-signer release for refinanced student loans. Additionally, the funding process can be slow, taking four to six weeks to complete, including school certification of the loan.

MORE: Find The Right Student Loan For You

Our Final Verdict: 9.2/10

SoFi stands out for its no-fee structure and flexible repayment options, making it an excellent choice for students and parents looking for a hassle-free loan experience. Despite its slower funding process and lack of a co-signer release for refinanced loans, SoFi's comprehensive coverage and member benefits make it a compelling option for managing student loan debt. If you prioritize no fees and flexible repayment plans, SoFi is worth considering for your student loan needs.

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