Student Loan Refinance

This does offer loan deferment for borrowers who return to graduate school on a half- or full-time basis, undergo disability rehabilitation, or serve on active military duty. At the end of any deferment, the total loan balance will be re-amortized over the remaining term of the loan. A borrower may request deferment by completing and signing a deferment request form and providing the appropriate documentation requested on the form. Restrictions apply. Please contact Customer Support for details.

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.

The AutoPay discount is a 0.25% interest rate reduction on loans in which you authorize the loan servicer to automatically deduct monthly payments from any bank account you choose.

To check the rates and terms you qualify for, we conduct 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.

Yes.  Whether you previously consolidated federal loans through the government’s Direct or FFEL consolidation programs or you did a “consolidation loan” with a private lender, you can still apply to refinance the consolidated loan through us just the way you could with any other federal or private loan.

The earlier you refinance to a lower loan rate, the more money you will save. Even if you are in your grace period, interest accrues for unsubsidized federal loans. SoFi will honor the first six months of any existing grace period of the loans you refinance with us.

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.

To be eligible for a  loan, you must be a U.S. citizen or permanent resident 18 years or older and reside in one of our eligible states. Loan eligibility also depends on a number of additional factors, such as a responsible financial history, your income vs. expenses, and employment status. Please review our Eligibility Criteria or call us for further details.

We aim 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.

Today we’re able to refinance graduates with a Bachelor’s degree or higher from Title IV accredited universities and graduate programs. If you believe you are a good candidate for refinancing, we encourage you to apply. Loan eligibility also depends on a number of additional factors, such as your financial history, your income sources and your employment. Please review our Eligibility Criteria or call us for further details.

No. A consolidated loan can only be comprised of loans that were previously in one person’s name. However, you and your spouse can apply separately for refinancing.

Yes, we will consolidate all qualified education loans.

When you consolidate federal loans through the federal loan consolidation program, you’re combining multiple loans together with a resulting interest rate that’s the weighted average of your original loans’ rates.  When you refinance loans with a private lender, you’re also consolidating (i.e. combining) them, but the lender will use your financial information to give you a new, hopefully lower, interest rate.

We will honor the first six months of any existing grace period of the loans you refinance with us.

The interest rate is the percentage of the loan amount that is charged for borrowing money. The APR includes not only the interest rate, but also certain other fees charged by the lender, and represents the total cost of borrowing.

Yes, we have a variable rate product. Please visit our Rates page for more information about our interest rate options.

Whether you choose a fixed or variable interest rate really depends on your particular financial situation. Find out more information on our Fixed vs. Variable Rate Loans resource page. Feel free to give us a call to talk with a customer care consultant about which product may be right for you.

The minimum amount is $5,000 (and may be higher in certain states due to legal requirements). The maximum amount is the full balance of your qualified education loans.

While we aim to ultimately improve financial services for everyone, today we’re able to offer student loan refinancing to highly qualified applicants who meet a number of criteria. We determine eligibility on a number of factors, not limited to:

  • 1. A US citizen or permanent resident.
  • 2. Hold a 4-year undergraduate or graduate degree from a Title IV accredited institution.
  • 3. Good employment history. Currently employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • 4. In good standing on current student loans.
  • 5. Strong monthly cash flow.
  • 6. A responsible financial history.

If one of the above factors changes, such as your employment or monthly cash flow, we encourage you to apply again in the future.

No, there are no origination or prepayment fees on Student Refi loans.

Yes. While adding a co-signer is not required, it may help you qualify for a loan or a lower interest rate.

For guidance on how to add a co-signer, contact us via phone, email or chat once you’ve logged in.

Adding a co-signer is quick—it’s just an email invitation. Depending on your co-signer’s financial situation, the review process for an application with a co-signer may take one to two weeks longer.

If you are pre-approved for a loan, adding a co-signer may lower your rate—but the review process with a co-signer takes one to two weeks longer.

Yes. If you default on your loan, your co-signer will be liable to pay it.

No. The cosigner can only be removed if they pass away, or if you chose to refinance your SoFi loan and qualify on your own.

In short, they consent to your loan before you see your rates so that we can factor in your co-signer when we show your rates.

we provide you the option of adding a co-signer as an opportunity to help you qualify for a loan. Once you request a co-signer, we will instruct your co-signer to complete the application and consent to co-signing your loan. Since adding a co-signer to your application introduces additional effort for our review team, we want to ensure your co-signer is committed to helping you reduce your student debt and ask for their consent to co-sign at the beginning of the process. We will notify you if you are pre-approved with a co-signer; from that point, you will be able to see your rates and select a loan.

Once you have been presented with your offer, we recommend that you discuss the rates and loan terms with your co-signer before proceeding with your application. Your co-signer is not obligated, in any way, if you do not accept the terms.

loans are considered student loans for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information.

Yes, you can refinance a Parent PLUS loan provided you meet the Eligibility Criteria.

The Entrepreneurship Program is available to SoFi members who have already refinanced with us and have entered repayment. Qualified applicants may receive 6-month deferment and will have access to networking and professional mentorship opportunities. Visit our Entrepreneur Program page for more information.

Yes and we would love your help in spreading the word to help your friends save money. Check out our Referral Program, which rewards you with cash for new applicants you refer.

Mortgage FAQ

When a homebuyer is pre-qualified, he or she has provided the lender with the basic information to determine which loan program the homebuyer may qualify for. Whereas, when a homebuyer is pre-approved, the lender has collected, verified and presented the information needed for underwriting and approval.

Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees (your actual fees may not include all of these items). While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders.

Closing costs include items like appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.

If you have a fully amortizing mortgage, portions of your monthly mortgage payment go toward loan principal and interest. Interest-only mortgage payments include only the interest that is due on the outstanding principal balance. If your mortgage carries mortgage insurance, a portion of your monthly mortgage payment will pay this also, unless the lender has paid your mortgage insurance or you have paid your mortgage insurance upfront. If you have set up an escrow account for your mortgage, then portions also go toward your property taxes and homeowners insurance.

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The cost of the mortgage insurance is typically added to the monthly mortgage payment.

Absolutely. PRMI provides a variety of options to lock in your interest rate. Locking your rate means that the lender is agreeing to provide you with your mortgage at that particular rate, and that it won’t go up (or down) between the time you lock it and the time that you close on your home. If your mortgage is fixed-rate, your interest rate will remain the same throughout the life of the loan. Mortgage interest rates fluctuate constantly, and you don’t want to start shopping for a house operating under a certain interest rate assumption, only to be unpleasantly surprised that interest rates have risen during your house hunt.

Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral and the loan amount.

FHA loans are government-insured loans through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or a low closing cost option.

  • Low down payment is required
  • Your own personal savings are not required to pay down payment or closing costs. Gift funds may be used instead
  • You can buy an existing home, or build a new one
  • Some geographic limitations apply

An escrow account is a separate account that holds funds for the purpose of paying bills such as homeowner’s insurance and property taxes. The lender collects the funds to be deposited into the account each month along with your monthly payment and then pays the bills for you when they come due. By taking the annual amounts charged for homeowner’s insurance, property taxes and other annually paid items and dividing them by 12, a payment amount is determined and is added to your monthly principal and interest payment. Spreading the cost of these expenses over 12 months makes it easier for you to budget those expenses and you won’t have to come up with additional cash when bills are due. For some loans, escrow accounts are a requirement.

Your mortgage payment due date is listed on your monthly billing statement or coupon. A late charge is assessed if the payment has not been received and processed by the date noted. It is very important that you establish and maintain good credit by making sure your payment reaches us by the due date each month. Late payments can affect your credit record.

Our complimentary mortgage calculator can help you with this question.

High Balance Conforming: The Housing and Economic Recovery Act of 2008 (ARRA) changed Fannie Mae’s charter to expand the definition of the “conforming” loan. Effective with the November 2008 release of the conforming loan limits, two sets of limits are provided for first mortgages: 1) general conforming loan limits, and 2) high-cost area conforming loan limits. To implement the expansion to serve high-cost areas, Fannie Mae offers the high-balance loan feature, which is broadly applied across their standard conforming business. Pursuant to the American Recovery and Reinvestment Act, loans originated in 2009 may be delivered to Fannie Mae using the higher of 10 the permanent high-cost area loan limits, or 2) the temporary high-cost area loan limits in place for loans originated in 2008.

USDA Rural Development: This program is administered by USDA Rural Development, which serves the public through more than 800 field offices nationwide. Sometimes good credit and steady income are not enough to qualify for a home loan at a commercial lending institution, such as a bank or savings and loan. More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Loan Program, low and moderate-income people can qualify for mortgages even without a down-payment.

It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac. The loan limits are currently $417,000 for a single family house.

A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $417,000.

It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., “2 points” means a charge equal to 2% of the loan balance.