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Biggest SoFi Refinance Bonus (Up to $500)

SoFi offers student loan refinancing, personal loans, investment accounts and more. SoFi is one of the most popular student loan refinancing options. It has historically been a leader in the industry, continuing to offer competitive rates in 2024. Plus, you can get the best SoFi refinance bonus offer anywhere when you use our SoFi referral bonus link to apply.

This SoFi referral bonus comes directly from Student Loan Planner®, offering a $500 bonus if you refinance $100,000 or more. Keep reading for our SoFi student loan refinancing review, as well as more information about the SoFi refinance bonus program.


4.5 out of 5

SoFi: Best if you're unsure where to apply

  • Positives: Competitive rates, flexible terms and view rates in just two minutes
  • Allows cosigners: Yes, but no cosigner release offered
  • Deferment or forbearance available: Yes, in limited situations
  • Interest rates: Fixed rates 5.24 – 9.99% APR; Variable rates 6.24 – 9.99% APR (rates include optional 0.25% AutoPay discount)
  • Bonus: $500 for refinancing 100k or more.

SoFi review: Top benefits of refinancing with SoFi

SoFi has a solid reputation as a student loan refinancing lender. It's continuously ranked as one of the best refinancing lenders, competing with other popular lenders, such as Laurel Road and Earnest. Overall, our readers report positive experiences with SoFi based on the results of our 2024 refinancing survey. Here’s where SoFi shines as a student loan refinancing lender.

1. SoFi offers great refinancing interest rates

SoFi has historically offered competitive rates, saving student loan borrowers thousands on student loans. Our readers shared some of their experiences with lowering interest rates with SoFi:

“Refinancing with SoFi was the best decision. I received a much lower rate than what I started with.”

“SoFi matched and beat a competitor’s rate offer.”

January 2024 Student Loan Planner Reader Survey

That said, the student loan refinancing market responds to current financial conditions, which is why we aren’t seeing attractive refinancing offers compared to 2022 and 2023.

SoFi continues to offer some of the best refinancing rates for 2024. But that can quickly change at any given moment, so if you’re looking to refinance student loans, you need to check all of the top refinancing lenders to find the best deal.

2. SoFi is an attractive choice across all income levels

In the past, we’ve seen a focus on borrowers with high income and student debt levels. But our 2024 refinancing survey found that SoFi has recently done well with borrowers from varying income levels and student loan amounts across the board.

SoFi performed particularly well amongst the following professions:

  • Corporate professionals (63% of the market share)
  • Occupational therapists (75% of the market share)
  • Veterinarians (36% of the market share)

SoFi can be a great option for many student loan borrowers. So, it’s a great place to start if you aren’t sure where to apply. That said, if you have a high income and equally high student loan debt, you might find a better fit with a lender like Laurel Road (which tends to focus on medical professionals).

3. SoFi offers great payment flexibility

One of the major downsides of refinancing federal student loans is that you lose access to borrower protections like income-driven repayment plans, forgiveness options, forbearance and deferment.

While SoFi doesn’t match all of these federal benefits, they do a better job than many lenders at offering payment flexibility to its borrowers. With SoFi, you can postpone monthly payments for a variety of reasons including:

  • Residency or internship deferment. You can request up to 54 months of deferment while enrolled in an eligible internship or residency program.
  • In-school deferment. Loan payments can be postponed if you return to school on a half- or full-time basis.
  • Military deferment. Payments can be postponed while the borrower is serving in active military duty.
  • Disability deferment. Payments can be postponed while the borrower is rehabilitating for a disability.

Additionally, you might qualify for forbearance or reduced payment options on a case-by-case basis.

Here’s what one of our readers had to say about their experience with SoFi:

“I previously refinanced with Laurel Road and didn’t have the best experience because they wouldn’t lower my payments when I lost my job. SoFi, on the other hand, worked with my situation.”

January 2024 Student Loan Planner Reader Survey

It’s fantastic that SoFi offers borrower protections that other private lenders might not. But you should only consider refinancing if you owe less than 1.5 times your current income. And if you have a chance to qualify for Public Service Loan Forgiveness (PSLF) by working at an eligible school, hospital or other nonprofit, you definitely should not refinance through SoFi or any other lender.

4. SoFi is responsive and easy to work with

When it comes to customer service, student loans are often a pain. It can be hard to get in touch with loan servicers and receive straightforward and accurate advice. One of the secondary benefits of refinancing is that you get to choose your lender.

SoFi generally has a responsive customer service team and an easy loan application process.

The application was easy and a quick process. I didn’t have any real issues, and it was handled in a timely fashion.”

“SoFi has good communication, good customer service, and it’s nice they do free events for customers.”

January 2024 Student Loan Planner Reader Survey

Who you choose to refinance with should come down to whoever offers you the lowest interest rate. But other factors, like cash-back bonuses and overall customer experience, can also matter.

5. SoFi offers other customer benefits

With SoFi, you get more than just a new loan servicer. You also have the opportunity to access other member benefits, such as:

  • Financial planning from credentialed advisors.
  • Remote workshops and events to advance your career.
  • Networking opportunities via exclusive member community.

A few of these member experiences include wine tasting and cooking, crafting and painting, and meditation and yoga. A lender that values you for more than your finances? That’s definitely unusual. And unusual things like that have helped SoFi develop a lot of brand loyalty from its members.

As cool as those things may, you shouldn’t pick your lender because of its ability to help you design your LinkedIn profile or because they’re helping you reach a new state of “zen.” You really need to focus on the interest rate, loan terms and payment flexibility options.

If SoFi is the best option using those criteria, then feel free to go with them. All of the other perks will be icing on the cake.

Not sure what to do with your student loans?

Take our 11 question quiz for a personalized recommendation on whether refinancing is right for you.

refinance student loans without a degree

A quick review of SoFi’s ever-expanding product line

While it started out as strictly a student loan refi company, SoFi has consistently added services to its product line. It’s trying to leverage technology to remove pain points from new finance products in similar ways to how they improved the student loan refinance experience.

  • Mortgages. SoFi’s mortgage product makes it possible for borrowers to qualify for more than traditional lenders by only requiring a 3% to 5% down payment for well-qualified applicants.
  • Wealth management. SoFi’s wealth management platform offers various options for retirement planning and automated or active investing.
  • Insurance. SoFi provides coverage for auto, home and life.

Additionally, it provides high-interest checking accounts with no account fees and access to 55,000+ fee-free ATMs within the Allpoint Network.

Clearly, SoFi is trying to be the “everything” shop of finance in the same way Amazon dominates retail. However, having to market, manage and grow so many services could hurt SoFi’s student loan refinancing product as it progressively loses its undivided attention. That hopefully won’t be the case, but it’s something to keep an eye on.

But for now, SoFi has some of the best rates and continues to rank amongst the top refinancing lenders among our readers.

Compare SoFi with other lenders and refinancing bonus offers

The financial industry has been painfully stuck in the 20th century. Most borrowers don’t want to go to a brick-and-mortar bank or wait in line at the teller drive-thru. Innovative companies have a great opportunity to step up and fill that void. SoFi was one of the first companies to do so.

But it continues to win a significant market share of student loan borrowers looking to refinance due its competitive rates and positive customer experience. However, the landscape of the student loan refinancing market is constantly changing. So, it's best to check with all of the top refinancing lenders — including marketplaces like Credible and Lendkey — to score the best interest rate, repayment options and referral bonus.

If you want to refinance your student loans and get the biggest cash-back bonus with SoFi, be sure to use our SoFi referral link.

SoFi review: FAQs

Below are answers to several questions borrowers frequently ask when they’re considering a student loan refinancing company.

What is the minimum and maximum amount I can refinance with SoFi?

The minimum amount is $5,000, and the maximum is equal to the full amount of your student loan balance. Note that some states might have a higher minimum amount.

Does SoFi require borrowers to have a college degree?

SoFi requires an associate’s degree or higher from a Title IV accredited school in order to refinance.

Does SoFi offer a cosigner release?

SoFi doesn’t offer a cosigner release for refinanced student loans. However, in-school private student loans disbursed after May 1, 2019 might qualify for a cosigner release.

What repayment period does SoFi offer?

SoFi offers fixed rates and variable rate loans with various repayment terms, including 5 years, 7 years, 10 years, 15 years and 20 years.

Does SoFi charge fees to refinance student loans?

SoFi doesn’t charge application fees, origination fees or prepayment penalties for refinanced student loans.

Will checking my interest rate affect my credit?

SoFi does a soft credit pull, which will not impact your credit score. However, if you choose to apply, SoFi will request a full credit report.

Does SoFi offer an autopay discount?

SoFi offers a 0.25% autopay interest rate discount. However, enrolling in autopay isn’t a requirement to receive a loan from SoFi.

Does SoFi offer a cash-back bonus for student loan refinancing?

Use the Student Loan Planner® SoFi referral bonus link to receive a $500 cash-back bonus when you refinance $100,000 or more.

Refinance student loans, get a bonus in 2024

Lender Name Lender Offer Learn more
$500 Bonus
*Includes optional 0.25% Auto Pay discount. For 100k or more.
Fixed 5.24 - 9.99% APR*
Variable 6.24 - 9.99% APR*
splash logo
$1,000 Bonus
For 100k or more. $300 for 50k to $99,999
Fixed 5.19 - 10.24% APPR
Variable 5.28 - 10.24% APR
$1,000 Bonus
For 100k or more. $200 for 50k to $99,999
Fixed 4.99 - 9.74% APR
Variable 5.89 - 9.74% APR

Not sure what to do with your student loans?

Take our 11 question quiz to get a personalized recommendation for 2024 on whether you should pursue PSLF, Biden’s New IDR plan, or refinancing (including the one lender we think could give you the best rate).

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