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SoFi Student Loans

4.8 out of 5 stars
163 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.

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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Jan 09, 2017
DJMValentino Product User

Signed up last Tuesday and received my funding on Friday for a personal loan. The process was very easy and straight forward.

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Dec 27, 2016
Easiest, fastest transaction ever
Anonymous Product User

This loan process took 2 days from application start to my account funding, and over a holiday weekend!

The rates were competitive with other similar products, and I have never had a more seamless or smooth financial transaction in my life. 

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Dec 14, 2016
Personal Loan
Anonymous Product User

They have a excellent product that they offer.

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Dec 13, 2016
Personal loan from SoFi
Anonymous Product User

Great rate and SoFi was overall very professional and easy to work with. The whole process took about 3 weeks from beginnig to end. Once approved, funds were tranfereed within 24 hours. You won't find a better rate on a personal loan most likely.

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Dec 08, 2016
Great way to consolidate student loans.
Anonymous Product User

I have saved so much money in interest since consolidating with SoFi. 

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Dec 07, 2016
Student Loan Refi
Anonymous Product User

The process was easy and quick. I was really happy with my adustable rate until I realized that it was adjusting MONTHLY which leads to fluctuating automatic withdrawals, which are a little inconvenient. I'm pretty nervous that the rates will skyrocket soon and if I did it again, would stick with a fixed rate. I will take ownership of probably not reading the fine print well enough to understand this in advance. (I assumed that my previous experiences with adjustable rate mortgages, which change annually, was all I needed to know.)

Sofi recently hosted a lovely dinner out at a very high-end restaurant in my area (at no cost to attendees), and I was fortunate enough to attend. I would highly recommend accepting any offers for special events, because they really are great experiences!

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Dec 05, 2016
Personal Loan
Anonymous Product User

Easy application process, quick closing, great customer service!

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Dec 05, 2016
SoFi refinancing
Anonymous Product User

The company is very reputable.  Very trustworthy and I am proud to be a member.  The customer service was once completely excpetions and as they have gotten larger this has diminished a little, however, we have met great friends through SoFi community events and I would not leave this company just because of that.

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