Author Topic: Refinancing Student Loans- Is SOFI still the best these days?  (Read 310 times)

wealthviahealth

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I paid off my student loans a few years ago and greatly benefited from refinancing with SOFI- the entire process was easy but I also had/ have excellent credit.
Helping my partner through this process right now and they have massive student loans, some of which are as high as 11% which I cant wrap my brain around.

Is SOFI still the gold standard in student loan refi world or have better options emerged?
Their credit is likely in the fair/good range but it feels like doing anything to bring these rates down is the next move.



Sibley

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Re: Refinancing Student Loans- Is SOFI still the best these days?
« Reply #1 on: May 03, 2021, 08:05:14 AM »
There's several companies that I would check. Earnst, Sofi, and Education Loan Finance are the 3 I remember. Nerdwallent probably has the full listing. Each company targets different groups, so you'll want to figure out which ones are possibilities. It is worth checking different ones as you might get better rates at one over the other.

JustK

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Re: Refinancing Student Loans- Is SOFI still the best these days?
« Reply #2 on: May 03, 2021, 12:08:33 PM »
You can find and compare rates for student loan refinancing on Credible. Supposedly there is a MMM link with a referral bonus, but I don't think it works anymore (or at least it didn't work for me).

therethere

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Re: Refinancing Student Loans- Is SOFI still the best these days?
« Reply #3 on: May 03, 2021, 12:16:59 PM »
In my experience Earnest tended to provide better rates for higher net worths. While SOFI gave better rates for higher income. I also saw some good rates from Citizen's Bank but there was a minimum loan amount I couldn't meet.

Like any other loan you have to just submit your info and compare rates. Almost all student loan refinancing has new account bonuses. So make sure you start with a referral or bonus link for your initial quote or they might not honor it.

mckaylabaloney

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Re: Refinancing Student Loans- Is SOFI still the best these days?
« Reply #4 on: May 04, 2021, 10:49:31 AM »
I've refinanced a bunch of times (including through SoFi, Earnest, and Credible) and have found Earnest to be the best for customizing loan terms, in case that's useful to your partner. Earnest also gave me the best rate (by far) on my most recent refinance. But they should just apply everywhere; there's no reason not to and different companies are likely to prioritize different elements of applications (i.e. one company may be more interested in credit score, another may be more interested in income, etc.).

One thing to note is that SoFi is trying to become an all-in-one financial company for people; they now offer checking accounts (with 0.25% interest), mortgages, and brokerage accounts in addition to student loan refinancing. I actually have my primary checking account with them. There may be benefits to having multiple types of accounts; it's worth looking into if they end up giving your partner a good refinancing rate.