Refinancing Student Loans – SoFi Review

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Student loans have caused graduates thousands of dollars of grief for more than half of their lives and are often the culprit for stress, depression, and financial inconsistency. Battling the weight of student debt can be done with a reliable refinance service, but who can be trusted with the rescue rope?

Meet SoFi, your best place for student loan refinancing and other financial borrowing needs!

What Type Of Service Is SoFi?

As their websites positively state, SoFi is a finance company that can help you get ahead. More than that, they are a community that caters to a strong membership by offering a series of loans and refinancing options and tools to help you get settled financially.

From refinancing student loans and mortgages to getting personal loans or career coaching, they have many different ways to get you money and support staff. They have over 500,000 members and over $300 billion funded into loans through their services.

Today, we’re looking at their student loan refinancing option since you don’t see many online companies as great as SoFi offering a loan for that.

What Does It Mean To Refinance A Student Loan?

Anytime you refinance a current loan, you’re having another company pay it off and offer a new contract and term to you. This includes changes to length, interest rates, and other variables.

Refinancing is a great option for people who are feeling stuck and disappointed in their current loan terms. Student loans take years to pay off, and a lot can change within that time. Shortening your loan term with SoFi and getting better APR offers can save you several thousands of dollars over the years.

How Does Refinancing Student Loans With SoFi Save You Money?

Some student loans are high-interest or unsubsidized, with contract terms that last decades. Paying high interest for that long can really hurt over time and cost you unnoticed thousands by the end of it.

Shorter terms, lower APR, and customized loan details by the SoFi staff help reduce the extra amount you pay and keep it close to what you actually owe. Sometimes student loans can rack up hundreds of thousands of dollars, so every penny counts when it comes to shaving off that interest you end up owing.

SoFi helps with this, and their rates start at 3.95%! That’s about $15,000 in lifetime savings on average. Does it sound worth it to you yet?

What Does Refinancing Student Loans With SoFi Look Like?

Every loan term is different depending on the individual applying. SoFi tries to make its offers accessible to anyone assuming they have a solid monthly income and are residents of the USA.

Interest rates vary depending on if you get a loan with fixed rates or variable ones. They don’t typically go above 8%.

Minimum loans are $5,000 and can extend as high as your total loan balance left to repay on your current term.

Terms can last from 5-20 years, but SoFi believes that shorter terms are the best option for everyone. You’ll get lower interest rates the shorter your loan term.

What Do You Need For A SoFi Student Loan?

If you are considering refinancing your student loans, you’re probably in a place of success in your life. The requirements for qualifying for a loan with SoFi are high compared to other online lenders, but that’s due to the nature of these loans and the very low APR.

To get a SoFi student loan, you’ll need:

  • 650+ credit score
  • Sufficient income in a stable job
  • Graduated from their list of eligible schools with at least an associates degree
  • Have positive spending and borrowing history

Why Is SoFi Such A Great Choice?

Since they aren’t a bank and they do so much more than any other online loan company, SoFi brings something very special to the table. Their dedicated staff and special membership exclusive features like wealth management and career coaching make it an experience that extends past just borrowing money.

The community that SoFi has created and is so loved for speaks for the company on its own. It’s rare to find online lenders that care so deeply for those they do business with, which makes SoFi a gem.

All of this, combined with the guarantee of saving thousands of dollars in life savings with a student loan refinancing contract, makes SoFi a top-choice for anyone hoping to get their debt under control faster.

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