I thought I'd provide a review of my experience refinancing my student loans with Sofi. I just did it last week and was pleased with their customer service and the ease of application.
What you need:
Scanned documents or screenshots of: loan billing statement, a recent paycheck, two forms of ID (driver's license and social security card worked for me)
Rates and Terms
You can choose either variable rate or fixed rate. The variable rates are lower for the same length of repayment term, but they do have the risk of increasing. However, they will tell you the maximum it can increase to.
For me, I refinanced my loans from a 6.55% rate with Great Lakes to 4.16% with Sofi. This 4.16% is a variable rate, but the maximum amount it can increase is up to 6.6%. So worse case scenario, I am back to square one. But I would still be saving almost $100/month on interest until that happens.
You can choose a 5, 10 or 15 year term. A five year term had the lowest rate, so I went with it. I plan to pay them off in about 1.5 years, and I'll save almost $1500 in that time with the lower rate. You also get a 0.25% rate drop for using autopay.
Currently their variable rates range from 2.66-5.035%, and their fixed rates range from 3.625-7.49%.
They will do a hard credit pull, and I believe the rate will be a result of both your credit score and income to loan ratio.
Just for data, my credit score was 775 when they pulled it, and my total amount of loans is currently 60% of my yearly salary.
I received two calls from their customer service about issues with the documents I gave them, and the issues were fixed within a few hours after I sent them a new document. (Don't use a .docx file, use PDFs or JPEGs) They also have a live chat feature on their site which is convenient for quick questions.
Sign up through the MMM referral link and you'll get $300.