- SoFi (also known as Social Finance) is a student loan and student loan refinance company that began in August of 2011 in California, so they are a relatively new company
- Social Finance also provides mortgages and personal loans, but SoFi student loans make up the majority of their business
- Loans from SoFi can either be fixed rate or variable, and can be for 5, 7, 10, 15, and 20 years
- SoFi Loan Bonus Offer? Get your $100 welcome bonus when you register and apply through this link
Students looking for SoFi loan reviews are probably wondering what other people have to say about the service. From looking at student reviews of SoFi, it seems like things are mostly popular, but that there are some differing opinions.
When it comes to reviews of SoFi loans, they’re actually across the board. Some people have good reviews of Social Finance loans, saying it’s the best loan they could get, and complimenting the company’s customer service, there are some bad reviews about SoFi. Any negative reviews of SoFi though are usually because the company denied someone’s application.
One review of Social Finance student loans noted that people with high credit scores and high incomes tend to have no trouble with the application process while people who may have some credit trouble in the past or who don’t have a high income will have a little more trouble getting approved for a SoFi loan.
Students who are considering applying for a SoFi student loan should know that it takes a generally good credit score and high income to be approved. So if someone has a credit history with some missed payments, or a credit score that’s below 700, they’re probably best applying with another student loan company to start with.
Student Reviews of SoFi Student Loans
- Usually, the only bad reviews of Social Finance are from people who had their loan application rejected
- SoFi’s loan review rating on Credit Karma is 4.8 out of 5 stars, higher than many other loan companies. Any negative Social Finance review are related to the application process
The first thing most people mention when the review SoFi or Social Finance student loans is the company’s job placement assistance. For the entire time a person is paying a SoFi loan, they can get help finding a job. That means a student just out of school with a Social Finance loan or someone who has been out of school for many years but is still paying on their loan can speak with a SoFi job specialist.
SoFi seems to think that investing in their loan holders and helping them actually find work to pay their loans is cheaper than chasing down students who can’t pay through collections.
Another thing people often mention in SoFi loan reviews is the company’s sign up bonus for new loan holders. People who get a new loan with SoFi are eligible for a $100 cash bonus paid out when they complete their loan. The Social Finance loan signup bonus is certainly something to consider if all other terms are similar.
The rates for a SoFi loan are also lower than industry standard, as low as 2% for a new loan, which is so low that it could save a potential borrower thousands of dollars over the life of a loan. Of course, all of these perks do come with a price. Social Finance wants to be sure their borrowers are able to pay back their loans (which explains the job placement program), but it’s sometimes difficult to get approved for a loan from this company in the first place.
Refinancing Federal Student Loans With SoFi
One of the biggest advantages SoFi has over other loan companies according to Social Finance reviews is that they will often consolidate private loans with federal loans. While many people say this is not a good idea, it actually is a good idea for people who know for sure they will be paying their SoFi loans in full and just want to save a little bit in interest as they pay.
The most important thing to know with consolidating private and federal loans with Social Finance is that any federal loan forgiveness programs are lost. This means programs like IBR and other deferred loan programs aren’t available.
More to Know About SoFi
- At the beginning, Social Finance started with offering 100 loans to students at an average of $50,000 each
When Social Finance began, they used an “alumni funded” lending model where alumni of certain schools were connected with current students and would loan them money personally Alumni who decided to invest actually received a return on their money (more so that just about any other investment method, and in a shorter time), and students got a lower loan interest rate than they would have been able to get anywhere else. SoFi was known for trying to give student loans only to people who were determined to be low risk (i.e. ones who were wealthy).
When the company went to offer other loans like mortgages, they decided to move away from the individual funding model to a more traditional underwriting process that would allow them to finance more loans at a time.
To contact SoFi
There are a few different ways someone can reach a SoFi customer service representative to talk about their loan or their Social Finance application. Calling the number below is the easiest way, followed by using the online contact form or writing to the address below.
- Call (855) 456-SOFI
- One Letterman Drive, Building A, Suite 4700, San Francisco, CA 94129