SoFi Student Loans

4.8 out of 5 stars
161 Reviews

From Product Users in the last year


Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

5 5

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Most Helpful Positive Review

Oct 06, 2015
Great Product from a Great Company
carth77 Product User

I feel like a fool for not having refinanced with SoFi sooner. 

When I graduated, I had 30+ loans - some as small as a few hundred dollars, and my largest at 25k. I didn't intentionally take out a ton of loans in college, it's just the way they were given to me and I didn't know any better to ask for otherwise. I've had at least 7 different loan servicers (I started with 5 different lenders, then some of my loans were bought and sold and transferred to other lenders.) That was a headache and a pain each time. Around 2010, I participated in a program through the government that resulted in a Direct Consolidation of some of my loans through FedLoan (not all of them were eligible.) Nothing was refinanced, no rates changed, I was just able to manage my loans somewhat easier by having my loans spread across less lenders. That was helpful, but even then, I still had 3 different lenders, and something like 15 different loans. And I haven't even got to the interest rates yet. My largest loan, and the one with the highest interest rate was a private loan and so I was unable to consolidate it, unable to remove a cosigner, unable to refinance it - unless I took out a loan from a bank (which I looked into and was denied because keep in mind I had recently graduated college and wasn't making a lot of money, had no credit history, etc.) I thought I would be stuck with a 10% interest rate loan forever.

Then I found SoFi. **Cue the angels singing**

Now I have one lender. That I make one payment to. And I cut my interest rates, without lengthening my loan (read: It's more convenient AND I'm saving money!) And I removed a co-signer and improved their credit score. And SoFi offers unemployment relief, career services and advice for maximizing your potential and expanding your opportunities, and hosts events in my city so I can meet other members (borrowers), hear what the company leaders are working on, learn ways to improve my finances outside of just tackling Debt Mountain (smart spending, saving for retirement in a 401k vs an IRA/Roth IRA, buying a house versus renting, etc.)

In short, I feel like a fool for not having refinanced my student loans sooner with SoFi!!

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Most Helpful Negative Review

Apr 08, 2016
DMV Has Better Customer Service
Anonymous Product User

I couldn't agree more with the other negative reviews about SoFi's poor application process.   Their customer service will say one thing but never do it, or it will take months for things to happen with no status updates.  I would not recommend SoFi to anyone.

In December of 2015 SoFi approved my loan application, but I later ended up canceling due to so many mistakes made.  First they couldn't verify my identity and had to mail a paper application.  Then SoFi sent the wrong fund amount to my original provider Navient - and at the wrong time.  SoFi was waiting on Navient to reduce my payoff amount by $7,000 per a negotiated lump-sum payoff.

Prior to my SoFi application AND after SoFi told me they would wait to mail a check until Navient updated the final reduced payoff amount.  SoFi told me this twice and even called me to check on the status.  Well, SoFi's "computer" automatically mailed a full amount fund anyway, before Navient applied the reduced payoff term.  Obviously Navient kept the extra money and rejected my reduced payoff term, costing me $7k in savings.

SoFi apologized and said they would cancel my application and reverse the payment.  That took three months.  SoFi also said they would temporarily put my new loan on hold while they rectified the situation - that never happened.  I had overlapping duplicate payments through both SoFi and Navient for the same loan.  I called SoFi to get help and the SoFi rep basically said "too bad" and claimed the previous reps told me wrong information.

I requested escalation to a supervisor and was told exactly this: "Sounds like we've been telling you what you want to hear, but haven't been delivering results" - which is spot on.  That supervisor went on to say she would personally handle my application mix-up and call me right back - which never happened.  I was never able to contact that supervisor again.

Another annoying thing - you can't call service reps directly who are familiar with your situation.  Every time you call their customer service you have to verify 10 contact information questions with whoever answers before they will transfer you.  On a few other occasions the rep would ask me to explain my situation instead of transferring, staring the whole process all over again.  Very frustrating.

SoFi's internal communication is non-existent.  I referenced their internal support ticket numbers, but many reps "couldn't pull up that system" to read my notes.

I had to call SoFi's loan provider Mohela directly in order to get any kind of decent customer service and results.  Mohela was able to temporarily suspend my duplicate payments until SoFi reversed the funds.  What's the point of using SoFi if they just punt you to Mohela anyway?

I'd rather get a refinance loan through the DMV.  Stay away from SoFi.

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These reviews were written by current and former product users in the last year.

Apr 27, 2017
Very user friendly and easy to apply.
Bibica53 Product User

As long as you have all the information required on your end, it takes minutes for the approval process.

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Apr 19, 2017
Predatory policies, stay away
ash9328 Product User

SoFi is terrible. They no longer provide student loans and now focus on refinance, and they have basically just given up on their student loan product. SoFi lost all record of my 15-yr student loan with them and refused to speak with me because they said I didn't have an account with them. I had to file a formal complaint with the Consumer Financial Protection Bureau in order for them to acknowledge that they lost my account.

SoFi represented to me that they had a standard in-school deferment option... but that was a lie. I submitted an in-school deferment request when I started grad school this fall and was told that not only do I have to continue paying interest on my loan while in school, but I also have to submit a new loan deferment request with the same information every 3 months. But that's not even the issue because the max deferment period is CAPPED. This is nonsense.

I have a pretty good interest rate with SoFi, but I'm actively looking to refinance because I'd rather pay more with a more transparent and less predatory lender.

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Apr 04, 2017
Great Service
DesignLiz Product User

Best service I've had in the financial services industry, period. The reps are friendly and knowledgeable, and the rates are fair. I was able to refinance within a year of my first loan, which has put me on a path to financial wellness. I've already recommended SoFi, and will continue to do so. 

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Mar 29, 2017
Personal Loan
Anonymous Product User

This is how banking should be! Quick application process, excellent communication, approval and financing within 72 hours of application. I have already referred some friends and I will definately use Sofi for any future financial needs. Well done Sofi!!!

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Mar 18, 2017
Anonymous Product User

Easy application, quick turnaround 

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Mar 17, 2017
Loan Servicer
seattlesushilover Product User

I have used Sofi to re-finance my student loans for a much lower rate and to take out some personal loans with interest rates much lower than my credit card interest rates. Sofi has enabled me to dramatically improve my credit score. 

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Mar 17, 2017
Student loan refinance
Anonymous Product User

SoFi made everything easy and seamless, great interest rate and payment options. I highly recommend SoFi over other student loan options.

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Mar 02, 2017
Very easy and speedy loan process
bcohe Product User

I found the entier process with Sofi simple, intuitve and fast.  If you're looking for a no hassle solution, this is it.

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Feb 28, 2017
Amazing Customer Service, Great Rates
Anonymous Product User

This company by far had the best customer service of all of the companies that I looked into. I love that they provide free services such as wealth management, help finding a job, and more. It feels like they really care about their customers as people. Their website and application was very easy to navigate on my own. I had my student loans through Sallie Mae before, and I felt like just a number there. I'm so glad I refinanced with SoFi. Plus, they gave me the lowest interest rates of all the companies that I looked into. Very happy so far. 

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Feb 27, 2017
Refinanced Student Loans
Anonymous Product User

I refinanced my student loans with SoFi over a year ago.  The application process was very easy to navigate and the customer service has been outstanding.  I have recommended SoFi to friends of mine.  Additionally, SoFi hosts community dinners for current SoFi members in my city.  These dinners have all been very well run events held at great restaurants and have been a nice way to connect with people outside my normal social circle.  I will definitely consider SoFi for any additional loans or mortgages in the future. 

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