SoFi is here to help you refinance your student loans

"Interest on debts grows without rain." - Yiddish Proverb

Student loans were often locked in at rates higher than you could be eligible for today. For this reason, GiraffeSpot really likes the online student loan refinancing platforms that allow graduates an easy way to find the best refinancing solution for them.

Is the weight of your student debt crushing you?

Social Finance, Inc. (SoFi) is an online personal finance company that provides student loan refinancing, mortgages and personal loans. Sofi membership includes access to career advisors, a connection to a large community and access to member events.

This is a review of Sofi’s student refinancing services.

Basic Features:

Loan range:$5,000 - $100,000
Variable rate APR:                            2.41% - 7.874% APR
Fixed rate APR:3.49% - 8.124% APR
Loan period:5, 7, 10, 15 and 20 years
Minimum income:Must have a responsible financial history and a strong monthly cash flow
Employment criteriaMust be employed or have an offer of employment to start within the next 90 days
Degree required:Associates degree or higher
Use of co-signer:No
Release of co-signer:Of refinanced loans
Interest only payments:Not disclosed
School:Title IV-accredited
In-house customer service:Yes
Fees:No origination fee, no prepayment penalty
Discharged in death:Not guaranteed but automatic discharge has been common practce among lenders
Forbearance:Benefits are offered in 3 month increments and capped at 12 months
Minimum credit score:680

Their process
SoFi requires you to be a US citizen, permanent resident or visa holder (E-2, E-3, H-1B, J-1, L-1, or O-1).

Customized terms
SoFi has a great community with many perks for their members, including free guidance to their licensed financial advisors with access to SoFi Wealth, LLC. If you refinance with SoFi, you can also get paid up to $300 for every referral who becomes a SoFi member, while your referral gets $100.


  • Available nationwide
  • No prepayment penalty
  • High refinance limit up to $500,000
  • No hidden fees, no catch
  • Additional membership perks


  • No official forgiveness on death is disclosed
  • No academic or military deferment disclosed
    Sofi loans are offered nationwide and seems to appeal to a large mass of graduates that are earning over $100,000 a year. The additional perks of membership make this option quite interesting and perhaps more valuable than similar platforms, depending on your interest in the perks.