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SoFi Student Loans

4.8 out of 5 stars
164 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

Sep 08, 2016
The best debt consolidation ever!
jdbrech Product User

SoFi has made my out of control student loans manageable and over with in 15 years vs. 30. The process was easy, they were fast, payments are all on auto pay so I don't have to think a lick about those long-looming loans. I use them for student loan consolidating and a smaller consumer loan debt consolidation. I would highly recommend them to everyone.

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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.

Feb 14, 2017
Personal loans made easy
Anonymous Product User

I needed a debt consolidation loan that was larger than most companies would allow me to take out. SoFi gave me the opportunity to consolidate all my debt into one load and I'm paying less than I did before and have an actual date the debt will be paid off. Application process was easy and customer service was always very helpful. Definitely recommended.

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Feb 07, 2017
Personal Loan
Anonymous Product User

I took out a personal loan from SoFi in early 2016 to pay off credit card debt that I had built up in my mid-twenties & it was one of the best moves I've ever made financially. The application process was incredibly easy, they're fully transparent & their interest rates are significanly lower than all other lenders including banks (I did my research!) - the impacted result on my credit was life changing. They also go above & beyond for their members by offering entrepreneurial events, home buying informational socials, true social events & more - they treat their customers like family. Give them a shot, you won't be let down.

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Feb 01, 2017
Simple, easy, fast.
Anonymous Product User

Refinanced about 120K of loans down to 4% from professional school rather easily.

Best part: wait for it... ACTUAL HUMAN BEINGS on the other end of the phone are ready to help, and not bounce you between automated menus that will lead to the wrong place.

Thanks for getting it right, SoFi.

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Feb 01, 2017
Personal Loan
Nurselady777 Product User

Great company to deal with; everyone was friendly, and I had my loan into my checking account in a couple of days!

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Jan 31, 2017
Easy, fast, safe, and professional!
Anonymous Product User

I'm so glad I consolidated my credit through SoFi.  It was a speedy and painless process! 

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Jan 30, 2017
Best Customer Service
Anonymous Product User

So easy to secure a loan. Interest rate cut my Federal loan in half. Approved in just three days including the weekend. Who needs another Federal run program when we have SoFi. I have already recommended to others

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Jan 30, 2017
Personal loan.
Anonymous Product User

About as pain-free a loan approval process can be. Very user-friendly website; quick response times. My loan was funded in a matter of days, not weeks or months.  Highly recommended!

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Jan 29, 2017
Personal loan
Jaywood05 Product User

I have good credit history but I was at about 100% credit card debt usage so no bank would ever give me a loan.  I decided to try Sofi to consolidate. I started this process on a Sunday, answered less questions than I do when I order pizza online, uploaded my ID and was told they would review my application.  Monday morning a person saying they were from sofi calls me to verify some info, so I tell this random person my name, address and last 4 of my social.  She tells me "we'll fund your request in a few days."   I am totally confused as I confirm that she said fund and not review your application for approval. She again confirmed we were done and I would have my loan funded. 

I woke up Tuesday with $30k in my bank account at an 11% interest rate, no origination fee, and a reasonable repayment schedule that cuts my monthly payments in half. If you have some high interest debt you need to pay off or want a loan for some sort of unexpected expenses I would strongly suggest you try here first before any other options. 

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Jan 21, 2017
Competetive and simple
Anonymous Product User

I saved over 3 points when I switched from a 30 year loan to a 5 year SoFi.  Sure the payments went up but I will save thousands over the next 5 years and finaly get this monkey off my back.

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Jan 13, 2017
Sofi is shockingly simple.
ecroucho Product User

The application process is the simplest business transaction I have ever completed.  I applied in a few minutes with very basic information and a copy of my driver's license.  A couple days later, my loan was approved with exactly the terms that were promised.  The loan was funded a few days later after friendly and helpful calls from Sofi representatives explaining the process and answering my questions. I wish I was treated with such respect and transparency by all companies I do business with.

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