SoFi Private Student Loans Review 2026

SoFi® was founded in August 2011 by a group of Stanford business school students. Since then, the company has funded more than $73 billion in loans and served over 10 million members.

SoFi offers features that are uncommon among student loan lenders, including bonuses for good grades, access to financial planners, and travel deals. It also provides flexible private student loans for undergraduates, graduates, parents, and professional students.

This SoFi review will help you decide whether its private student loans are the right choice for you.

SoFi private student loans review

Best for: Member benefits

SoFi offers some unique benefits other lenders don't, including the following:

• Good grades bonus: You can earn as much as $250 per academic term when your GPA is 3.0 or higher. The bonus is deposited directly into your SoFi checking or savings account.
• Rewards program: You can earn points for actions like signing up for credit score monitoring or using other SoFi products. You can then redeem those points to help pay down your student loan.
• Access to complimentary financial planning: SoFi members can book 30-minute sessions with financial planners to get personalized advice at no cost. These experts can help you build a budget, set financial goals, plan for the future, or choose the best repayment strategy.
• Travel discounts: Members can get exclusive deals on flights, hotels, and rental cars through SoFi Travel.

Pros and cons

Here are some of the biggest advantages and disadvantages of borrowing with SoFi:

Pros

• Top customer service ratings: SoFi consistently receives strong reviews from borrowers for its customer support, which can make a big difference when you need help managing your loan.
• No fees: SoFi doesn't charge any application, origination, or late payment fees or prepayment penalties.
• Valuable member benefits: SoFi offers exclusive perks to members, including access to financial planners, rewards for responsible financial habits, and a 0.25 percentage point rate discount when you enroll in autopay.
• Cosigner release after 12 consecutive months of on-time payments: You can request to remove your cosigner after completing 12 consecutive on-time monthly payments and meeting specific credit and income requirements.

Cons

• No disclosed credit or income requirements: SoFi doesn't share the minimum credit score or income you need to qualify.
• Shorter repayment terms than some lenders: SoFi's longest repayment term is 15 years. Other lenders may offer terms up to 20 years, which can help lower your monthly payments (though you may pay more in interest over time).

Eligibility requirements

SoFi offers private student loans to parents, undergraduates, and graduate students. To be eligible to borrow with SoFi, you must:

• Be at least the age of majority (at which you're legally considered an adult) in your state.
• Be a U.S. citizen, permanent resident, or eligible non-permanent resident alien.
• Have proof of citizenship status, including but not limited to a valid. government ID, a valid U.S. passport, or a certificate of U.S. naturalization
• Be enrolled in an eligible degree-granting program at an eligible school. Associate degree programs do not qualify.

You'll also need to meet SoFi's underwriting requirements, which typically include a strong credit history and sufficient income. While SoFi doesn't list a minimum credit score, it notes that most private lenders require at least good credit — typically a FICO score between 670 and 739.

You must also show proof of income to demonstrate you can afford monthly student loan payments. If you don't meet these requirements on your own, you can apply with a cosigner. Cosigner release is available after 12 months of on-time consecutive payments, as long as you meet the credit and income criteria at that time.

Current private student loan rates

Borrowing limits

SoFi's minimum loan amount for private student loans is $1,000. There's no stated maximum, but you can't borrow more than your school-certified cost of attendance, minus any other financial aid you receive, such as federal student loans, scholarships, or grants.

Repayment terms

Borrowers have a choice of flexible repayment terms for private student loans, including terms lasting:

• 5 years
• 7 years
• 10 years
• 15 years

There are no prepayment penalties if you decide to repay your loan early, and there are also no late fees charged during your repayment period.

Notable benefits

You can take advantage of many benefits with a SoFi loan, including: 

• Rate discounts: In addition to an autopay discount, you can get a discount for taking out another private student loan with SoFi. 
• Referral bonus: You can get up to $1,500 if you refer a friend to SoFi.
• Financial planning: SoFi members can schedule a free 30-minute session with a financial planner. 

What to consider before borrowing from SoFi

SoFi can be a great choice if you’re interested in unique borrower benefits. The lender can also help you save money through its multiple discount options. However, the lender doesn’t disclose its income and credit requirements, so you must prequalify to find out if you’re eligible for a loan. SoFi also offers fewer repayment term options than some lenders, so you may not be able to choose a term that works for you.

How to apply for a SoFi student loan

To apply for a private student loan from SoFi:

1. Get the application process started by clicking “View your rate” on the lender's website.
2. Provide the necessary information, including your name, contact details, Social Security number, and desired loan amount. If you're applying with a cosigner, you'll also need to provide their information.
3. You'll receive an approval decision in minutes and can decide which loan, if any, to accept based on the loan terms you're offered.
4. Once you accept a loan offer, SoFi will work with your school to disburse the funds. This process can take 6 to 8 weeks.

How SoFi compares with other lenders

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine SoFi's lender rating, Credible collected more than 1,000 points of data on two dozen private student loan companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.