Sofi.com/Refinance1: Pre-Selected Refinance Promotional Offer Worth It?

SoFi Refinance 1

 

The SoFi Refinance 1 promotional offer is ideal for someone who has high interest student debt.  SoFi has competitive rates (some of the best in the student loan refinance industry) and does not charge costly application or origination fees.

What are the rates associated with the SoFi Refinance offer?

  • Variable rates with Auto Pay will range between 2.19% to 6.36% APR
  • Fixed rates with Auto Pay will range between 3.3.8% to 6.99% APR

The auto pay discount can be obtained by authorizing the loan servicers to automatically deduct monthly payments from a bank account (i.e. Bank of America, US Bank).  The Auto Pay discount rate will save the borrower 0.25%.  Please not the auto pay option is NOT required in order to refinance a loan through SoFi.

Sofi.com/Refinance1 Notes

  • The existing student loan(s) must total a minimum of $5000 to be eligible for refinancing
  • Interest rates on 5, 7, and 10 year terms are capped at 8.95% while interest rates on 15 and 20 year terms are capped at 9.95%
  • Few applicants will qualify for the 2.19%
  • The auto pay option must be linked to a checking or savings account that is in good standing
  • Borrowers must be an US Citizen or a permanent resident of the United States of America
  • Variable rate caps may be lower in some states due to bothersome state laws and legal requirements

SoFi is a San Fransisco based online personal finance firm that specializes in student loan refinancing services.  The firm was founded in August of 2011 and is private at this time.  The SoFi corporate office is based at One Letterman Drive Building C Main Floor Suite 250 San Francisco, CA 94129 and can be reached via phone by dialing 866-357-6342.