SoFi is a leader in the student loan refinancing space. It also offers private student loans for graduate students and undergraduates. When you refinance your student loans you can consolidate all your loan payments into one with a lower interest rate which can make your loan repayment both cheaper and easier.
The refinancing process also allows borrowers to choose a new loan term. Whether you choose to shorten or lengthen your repayment term depends on your financial situation and how fast you want to pay off your new loan.
SoFi Student Refinancing Loan
SoFi is a legitimate online lender that offers student loan refinancing and private student loans. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan. Its private loan is best for flexible repayment options and no fees. There are some private lenders that offer their own refinancing protections, and SoFi is one of them.
SoFi Student Loan Refinancing offers borrowers everything from unemployment protection to Covid forbearance and loan deferment. Plus, SoFi will honor any pre-existing grace period you have on the loans you refinance. While federal student loan borrowers aren’t advised to refinance right now, anyone with private loans should take time to consider their options.
Refinancing definitely has its perks. But there’s a big reason why federal student loan borrowers should pause: Refinancing your federal loans with a private lender means you lose access to federal loan protections, such as income-driven repayment plans, student loan forgiveness, and deferment/forbearance options.
Can I Refinance my SoFi Loan?
With SoFi, you’re always able to apply to refinance your loan again at no additional cost. There are no prepayment penalties for repaying your existing loan early, and there are no origination fees for taking out a new loan.
Is SoFi Good to Refinance With
Is SoFi a Good Lender? SoFi has an A rating with the Better Business Bureau, but it is not BBB-accredited. In 2020, the Consumer Financial Protection Bureau received 18 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan.
Yes, like I earlier said SoFi is a legitimate online lender that offers student loan refinancing and private student loans. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan. Its private loan is best for flexible repayment options and no fees.
Does SoFi Charge a Refinance Fee
In most cases, you won’t have to pay anything upfront to refinance your student loans. With SoFi, for instance, there are no application fees and no origination fees. And unlike many lenders, SoFi doesn’t even charge a fee for late payments. Because of their cheap APR and lack of fees, SoFi scores extremely well in this category. They also score well for having big loans (up to $100,000), with as long as 84 months to pay them off.
Can SoFi Refinance Private Loans
SoFi, however, will consolidate and refinance both federal and private student loans. Borrowers with good credit and a strong financial picture could qualify for a lower interest rate and see substantial savings over the life of the loan through refinancing. You can get more details about SoFi refinancing loans here.