SoFi Review: Refinancing My Student Loans

You know those times when you hear of something that could make a drastic improvement in your life? Then you think, “That sounds awesome, I’ll do that later”. You have every good intention of taking care of that awesome thing but you actually forget to do it. Then you remember again, and forget again, and so on.

I go through these types of situations weekly, sometimes daily. If I don’t write a note down on a piece of paper or set a reminder in my iPhone or Google Calendar, then it almost never gets done. One of the things I think about on a weekly basis is the outrageous 6.5% interest rate on my student loans. It’s been there for a long time now. I’m finally sitting down and doing something about it.

Student loan debt is over $1.5 TRILLION dollars as of 2018 and it continues to get higher. As higher education costs continue to rise, so does this major problem of student loan debt. What do we do about it? For some, it takes 20 years to pay off that loan or even to get to that forgiveness point. For others, there’s refinancing options. Let’s talk about one of the major players in the game right now, SoFi.

Getting started with the refinancing process with SoFi is pretty easy. It only takes about five minutes and I didn’t have to look up any of the information they were asking. The forms were simple and easy to understand and everything was modern and user friendly. Within a few minutes, I received a few different offers to consider.

How The Application Process Goes

Online Pro-Approval

Quick three minute process lets you know if you qualify before you complete the full and boring application.

Select Your Loan

SoFi gives you two options: variable interest rates and loans with fixed interest rates.

Upload Documents

Once you have selected your loan option, you will need to upload verifying documents. Screenshots or smart phone scans are ok!

Sign Acceptance Forms

Review the documents and electronically sign so you can start saving.

Set Up Autopay

Get the .25% extra savings on your interest rate just for enrolling with autopay!



It only takes 2 minutes

 

 

SoFi application process

With the SoFi calculator, you can see how much you are going to save before you even start the application process.

Sofi Student Loan Calculator

How To Choose The Best Offer For You

The first instinct for most people would be to jump on the lowest interest rate fixed offer. If it’s a lower rate than what I’m paying now and it assures me that the rate can’t jump any higher. It makes me feel better about saving my money. However, the lower interest rates come with a shorter repayment period. The shorter repayment period means less time in debt, but is also means larger monthly payments and it might throw off your entire monthly budget. You need to sit down and look over your monthly bills as a family and discuss what would be the best option for you.

As of August 2018, the student loan refinancing rates at SoFi start at 2.48%.



It only takes 2 minutes

Summary
Review Date
Reviewed Item
SoFi Student Loans
Author Rating
51star1star1star1star1star








2 Responses to “SoFi Review: Refinancing My Student Loans”

  1. Sam says:

    Sofi is pretty good with customer service too!

  2. Stancy says:

    I’ve researched many student loan refinancing company’s like Sofi and commonbond and earnest. With my experience I found the best rates with Sofi. The others almost beat it but not quiet. Sofi had amazing customer service and walked me through the whole process of getting things set up. Excited to see my loan balance go down 🙂


Leave a Reply

About

We help students find reviews on colleges, get help with student loan refinancing and other resourceful content to help students.

Social Links

© 2018 EDUInReview.com