SoFi Student Loan Review: 2026 Pros, Cons, and Alternatives

SoFi Rates and Fees

SoFi’s undergraduate fixed APR ranges from 3.43% to 15.99%, and its variable APR ranges from 4.64% to 15.99%, both inclusive of the 0.25 percentage point autopay discount. Rates are current as of January 28, 2026, and assume a $10,000 loan. For graduate students, the rate ranges are similar, with some specialty programs (MBA, law, health professions) potentially receiving slightly different pricing. The lowest rates are reserved for borrowers with the strongest credit profiles and co-signers.

Variable rates are tied to the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin between 0.95% and 12.30% for undergraduate loans. The current 30-day average SOFR index rate is approximately 3.69%. Variable rate loans are capped at 17.95% regardless of index movement. In the current rate environment, the gap between SoFi’s fixed and variable floor rates is roughly 1.2 percentage points, which may not justify the risk of a variable rate for most borrowers planning to carry the loan for the full term.

SoFi charges no origination fee, no application fee, no late fee, no insufficient funds fee, and no prepayment penalty. This is one of the cleanest fee structures in the private student loan market, matched only by Earnest. The 0.25% autopay discount applies during active repayment and is suspended during deferment and forbearance. Unlike some competitors, SoFi’s autopay discount is applied to the principal balance rather than reducing the monthly payment amount, helping borrowers pay down the loan faster. Returning SoFi borrowers receive a 0.125% continuing scholar discount on subsequent loans.

Sample Cost Comparison: $30,000 SoFi Loan

*Variable rate scenarios assume the starting rate remains constant for illustration purposes. Actual payments will fluctuate with index rate changes.

SoFi In-School Repayment and Loan Terms

SoFi offers four in-school repayment options for its private student loans. The deferred repayment option requires no payments while enrolled and during the six-month grace period; unpaid interest capitalizes at the end of the grace period, increasing total loan cost. The fixed repayment option requires a $25 monthly payment during school and a grace period, which reduces the amount of interest that capitalizes. The interest-only option requires borrowers to pay accruing interest each month, preventing capitalization entirely. The immediate repayment option requires full principal and interest payments while still enrolled, which minimizes total cost but requires higher monthly cash flow during school.

Loan amounts start at $1,000 and go up to 100% of the school-certified cost of attendance minus financial aid. The cost of attendance typically includes tuition, fees, room, board, books, supplies, transportation, and personal expenses. Repayment terms are available in four lengths: 5, 7, 10, or 15 years. The terms for options are the same for both undergraduate and graduate borrowers. A minimum monthly payment of $25 applies during the in-school period for the fixed repayment option.

SoFi offers deferment for borrowers who return to school at least half-time for a graduate degree, enter a disability rehabilitation program, or (for older loan vintages) experience unemployment or economic hardship. Forbearance of up to 12 months is available for involuntary unemployment, military mobilization, natural disasters, and short-term hardship situations. A skip-a-pay option is available for borrowers experiencing a one-time, short-term expense. Interest continues to accrue during all deferment and forbearance periods. SoFi provides death and disability discharge on its private student loans. Students must reapply for a new loan each academic year.

SoFi Co-signer Policies

Applying with a co-signer is strongly recommended by SoFi, particularly for undergraduate borrowers. Industry-wide, more than 90% of private student loans for undergraduates involve a co-signer. SoFi reports that applicants with co-signers are significantly more likely to be approved and typically receive lower rates. Co-signers must be the age of majority in their state of residence and must be U.S. citizens, permanent residents, or qualifying non-permanent resident aliens.

For in-school loans disbursed after May 1, 2019, SoFi offers co-signer release after the borrower makes 12 consecutive on-time full principal and interest payments. The borrower must also pass an underwriting review and meet SoFi’s credit and income requirements at the time of application. This 12-month timeline matches Sallie Mae for the fastest co-signer release in the industry. However, SoFi does not offer co-signer release for refinanced student loans or for in-school loans disbursed before May 1, 2019. For those borrowers, the primary path to removing a co-signer is refinancing the loan into the borrower’s name alone, which requires meeting SoFi’s refinancing eligibility criteria.

One important note: only payments made during full principal and interest repayment count toward the 12-payment threshold. Payments made during in-school deferment, the grace period, or under the $25 fixed or interest-only options do not count. In practice, a borrower who defers payments and uses the full six-month grace period cannot apply for co-signer release until roughly 18 months after graduation.

SoFi Eligibility and Application Process

SoFi does not publish a minimum credit score or income threshold. The 2024 annual report shows a weighted average FICO score of 766 for originated student loans, placing the typical SoFi borrower well into the “very good” range on the FICO scale. SoFi evaluates creditworthiness, income, professional experience, and the monthly expense-to-income ratio.

Eligibility requires U.S. citizenship, permanent residency, or qualifying non-permanent resident alien status (including DACA recipients and asylum seekers). International students with a qualifying U.S. co-signer are eligible. Non-permanent residents must have valid documentation showing current immigration status, and permanent residents must hold a Green Card with at least two years of total validity. Borrowers must be enrolled at least half-time in a degree-granting or graduate certificate program at an eligible Title IV institution. Associate degree programs are not eligible, which excludes community college students. Students in their final semester may qualify with less-than-half-time enrollment.

SoFi offers in-school loans in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and American Samoa. The application is fully digital. SoFi offers soft-pull prequalification, allowing borrowers to see estimated rates in as little as three minutes without a hard credit inquiry. After selecting a loan offer, the full application triggers a hard pull. Co-signers can be added with a single click and complete their portion separately.

SoFi Funding Speed and Disbursement

SoFi’s application process returns a credit decision in minutes after soft-pull prequalification. However, the total timeline from application to disbursement is longer than that of some competitors. After the borrower accepts a loan offer and signs the loan documents electronically, SoFi sends the application to the school’s financial aid office for certification. The school verifies enrollment status, academic progress, financial aid package, and cost of attendance.

SoFi and multiple independent reviews indicate that the full process, from application to disbursement, typically takes four to six weeks. This is notably longer than the one-to-three week range cited by Sallie Mae and Earnest, largely because SoFi’s school certification process tends to run longer at certain institutions. Borrowers should apply well in advance of tuition deadlines. Funds are disbursed directly to the school, and any excess above direct charges is refunded to the student per the school’s normal refund process. Interest begins accruing when funds are disbursed to the school.

SoFi Customer Experience

SoFi’s consumer reputation is among the strongest in the private student loan market. The company has a Trustpilot rating of 4.2 out of 5.0 based on roughly 10,000 reviews, with the majority of feedback praising the application process, competitive rates, and responsive customer service. SoFi scored 716 out of 1,000 in the J.D. Power 2025 U.S. Consumer Lending Satisfaction Study, above the industry average of 704. The BBB assigns SoFi an A+ rating, though the company is not BBB-accredited.

The CFPB received 34 private student loan-related complaints about SoFi Technologies in 2024, a very low number relative to the company’s loan volume. The most common complaint category involved dealing with the lender or servicer. All 34 complaints were closed in a timely manner. For context, SoFi’s total CFPB complaint volume across all products (including personal loans, banking, and credit cards) was 1,707 in 2024 and 2,854 in 2025, reflecting the rapid growth of its broader product suite rather than student loan-specific issues.

Customer support is available seven days a week by phone, email, and live chat. SoFi’s mobile app receives generally positive ratings, and the platform provides a unified experience across lending, banking, and investing. SoFi members have access to complimentary financial planning sessions (30 minutes each), career services, and educational resources. The company also hosts member events and offers rewards points redeemable toward loan paydown. Student loans are currently serviced by MOHELA, though SoFi is transitioning servicing in-house, which should improve the integrated experience over time.

SoFi Financial Strength and Reputation

SoFi Technologies is publicly traded on Nasdaq (ticker: SOFI) and operates SoFi Bank, N.A. as an FDIC-insured national bank. The company reported full-year 2025 revenue of $3.61 billion, net income of $481 million, and total assets of $50.66 billion. SoFi achieved its ninth consecutive quarter of GAAP profitability in Q4 2025, with record quarterly revenue of $1.0 billion. The deposit base grew to $37.5 billion, providing low-cost capital for lending operations. Student loan originations totaled $1.9 billion in Q4 2025, up 38% year-over-year.

SoFi’s regulatory history is largely clean, though not entirely without blemish. In 2024, SoFi paid a $1.1 million fine related to a consumer identification fraud issue from 2018-2019 in its brokerage service (unrelated to student lending). The company dropped its lawsuit against the Department of Education in 2023 following the passage of the Fiscal Responsibility Act. SoFi has not faced regulatory actions specifically related to its in-school private student loan products. The company’s bank charter, obtained in January 2022, subjects it to OCC and FDIC oversight, which provides an additional layer of regulatory scrutiny compared to non-bank lenders.

Who Is SoFi Best For?

Good Fit

• Graduate and professional students with strong credit (FICO 700+) who can take advantage of SoFi’s competitive rates, zero-fee structure, and specialty loan products for MBA, law, and health professions programs.
• Borrowers who want a one-stop financial platform and value the ability to bank, invest, borrow, and refinance with a single provider while earning rewards points and member perks.
• Families who want both in-school loans and a refinancing path with the same lender, since SoFi offers competitive refinancing (5-20 year terms) for borrowers who want to lower their rate or consolidate after graduation.
• Rate shoppers who want to compare without a credit hit, since SoFi’s soft-pull prequalification lets borrowers see personalized rates in minutes.
• Students maintaining a 3.0+ GPA can earn up to $250 per academic term through SoFi’s Good Grades cash bonus program.

Not the Best Fit

• Community college, trade school, or certificate program students. SoFi does not cover associate degree or non-degree programs. Sallie Mae and Ascent serve these borrowers.
• Borrowers without a co-signer who have limited credit history. SoFi’s high credit bar (766 average FICO) means applicants with fair credit will likely be denied without a strong co-signer. Ascent and Funding U are better options for this segment.
• Borrowers who need the fastest possible disbursement. SoFi’s four-to-six-week application-to-disbursement timeline is longer than competitors like Sallie Mae and Earnest, which can fund within one to three weeks.
• Rate-sensitive borrowers seeking the absolute lowest rate floor. Credit unions like ISL Education Lending and nonprofits like INvestEd and EdvestinU typically offer lower rate ceilings and may beat SoFi’s floor rate for the most qualified borrowers.

How to Apply for a SoFi Student Loan

1. Exhaust federal options first. Complete the FAFSA and review your federal loan award (Direct Subsidized, Direct Unsubsidized) before considering private loans. Accept all federal aid you are offered.
2. Visit sofi.com and select your loan type. Choose from undergraduate, graduate, MBA, law, health professions, or parent loans.
3. Check your rate with soft-pull prequalification. Provide basic personal and financial information to see estimated rates and terms without a hard credit inquiry. Add a co-signer if desired.
4. Complete the full application. Select your loan amount, rate type (fixed or variable), repayment term, and in-school repayment option. This step triggers a hard credit pull.
5. Accept your loan offer and sign electronically. Review the final rate, term, and repayment schedule, then sign the loan documents online.
6. School certification. SoFi sends the loan to your school’s financial aid office for certification. The school verifies enrollment, cost of attendance, and other aid. This step can take several weeks.
7. Disbursement. Funds are sent directly to your school. Any excess above direct charges is refunded to you. Enroll in autopay for the 0.25% rate discount.

How SoFi Compares

Final Verdict on SoFi Student Loans

SoFi earns a 4.0 out of 5.0 in our scoring framework, placing it in the top tier of private student lenders alongside Earnest and College Ave. Its strengths are substantial: a completely fee-free structure (including no late fees), soft-pull prequalification, 12-month co-signer release, four in-school repayment options, an integrated financial services ecosystem with genuine member perks, and the availability of student loan refinancing under the same roof. For graduate students and well-qualified borrowers who value the convenience of a single financial platform, SoFi is a compelling choice.

The weaknesses are real but narrow. SoFi’s credit bar is among the highest in the industry (766 average FICO), and its lack of transparency around underwriting criteria can frustrate prospective applicants. The exclusion of associate degree and trade school students limits accessibility for an important segment of borrowers. The four-to-six-week disbursement timeline is slower than several competitors, and borrowers with loans disbursed before May 2019 have no path to co-signer release other than refinancing. The rate floor (3.43% fixed) is competitive but slightly above the best credit union and nonprofit options.

Before applying for any private student loan, including SoFi, borrowers should exhaust all federal student loan options. Federal Direct Subsidized and Unsubsidized Loans carry fixed rates set by Congress (currently 6.39% for undergraduates and 7.94% for graduates in the 2025-2026 academic year), offer income-driven repayment plans, and provide access to Public Service Loan Forgiveness and other protections that no private lender matches. Private loans should fill the gap after federal aid, savings, grants, and scholarships have been maximized.

Methodology

This review scores SoFi across six weighted categories: Rates & Fees (25%), Loan Terms & Repayment Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). Data was sourced from SoFi’s website and SEC filings, the CFPB Consumer Complaint Database, BBB and Trustpilot profiles, app store ratings, and lender disclosures.