Refinancing 101: Why SoFi Is a Smart Move for Student Loan Borrowers
If you’re staring down a stack of student loan bills every month, you’re probably wondering if there’s a way to make those payments a little less painful. Refinancing could be the answer. By swapping your existing loans for a new one with a lower interest rate, you could shrink your monthly payments, pay off debt faster and, in some cases, potentially save thousands of dollars.
Get a Competitive Rate
Refinancing means seizing the opportunity to secure a lower interest rate than your current loan offers. SoFi’s fixed rates start as low as 4.49% APR with all discounts¹, making the lender a top choice among borrowers looking for competitive rates.
View loan rates and terms in as little as 2 minutes with SoFi, with no impact to your credit score.†
Streamlined Payments for Simplicity
Handling multiple student loans from various lenders can be overwhelming. Refinancing with SoFi allows you to consolidate all your obligations into one manageable monthly payment. This simplifies your financial life by minimizing the risk of missed payments, allowing you to fully focus on paying down your debt.
Flexible Repayment Options to Choose From
Your financial journey is unlike anyone else's, and SoFi understands that. Their refinancing options offer flexible repayment terms that can be personalized to suit your needs. So whether you’re aiming to pay off your debt ASAP or prefer a lower monthly payment, SoFi will help you personalize a repayment plan that aligns with your long-term goals.
Refinancing federal student loans results in ineligibility for current or future federal student loan benefits, including income-based repayment plans.
SoFi’s Disclosures:
*Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY TERMS AND DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME. To qualify for refinancing, you must fulfill all SoFi eligibility requirements. SoFi only refinances student loans totaling at least $5,000 that you used to fund tuition at an eligible Title IV accredited school where you were enrolled at least 50% time. Loans currently being used to fund education for actively enrolled students are not eligible for refinancing. For more detail, see SoFi.com/eligibility. Lowest rates reserved for the most creditworthy borrowers. You may pay more interest over the life of the loan if you refinance.
Notice: SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Information current as of 3/3/2025 and subject to change. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
¹Fixed Rates: 4.49% APR-9.99% APR (with all discounts). Lowest rates reserved for the most creditworthy borrowers. You may pay more interest over the life of the loan if you refinance with an extended term. Additional terms and conditions apply; see more at SoFi.com/legal/#slr. SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891.
✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, SoFi will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.