Sofi Loans Reviews

Sofi Loans
( 5 reviews )

About Sofi Loans

SoFi, found online at, is a new type of company that is changing the way the United States collegiate system looks at student loans, by providing a unique alternative to private and federal loans.

According to their website, the $1 trillion dollar student loan market is a broken system. Students are coming out of college weighed down by debilitating debt with high interest rates, thereby starting their adult lives at severe disadvantage.

In order to address this problem, SoFi came up with an interesting solution. They created a community of alumni around their alma mater and incentivized them to invest their money in a lending pool for students from that same school. Qualified students can then fund their education out of these lending pools for a fixed rate loan with lower interest than they can get from either private or federal student loans.

This system is intended to help students, alumni, and the schools. The students are able to acquire the funds they need at better rates, the schools retain promising students with financial difficulties, and the alumni have what SoFi calls the “double bottom line return.” 


This double bottom line return means that alumni helping to provide SoFi loans benefit both financially and socially from participating in this program. And while the website is unable to release standard returns on investments due to regulations, they do say that interested investors have the option to invest through a tax-deferred IRA or 401K account.

According to the website, over $90 million in loans have been distributed through the SoFi system, with a zero default rate, as of March 2013. Currently, there are 78 different colleges and universities participating in this program.

Alumni from colleges that are not currently working with the SoFi system can contact them to determine how to potentially get your alma mater on board. You can also invest with SoFi even if your alma mater is not participating.

Students with questions about rate calculators or loan consolidation can contact one of the SoFi loans representatives.

If you have any experience with this company, please leave your Sofi loans reviews below.

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5 ‘Sofi Loans ’ Reviews
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They're liars and ignore you when you have a question. Worst customer service ever!
November 25, 2019
Ughhh! If I could leave 0 stars, I would! I signed up solely because their advertising offer that theyll give you $50 when you do sign up. So I started an account almost 2 months ago

Bait and Switch?
October 5, 2018
Applied for a smaller personal loan. I liked how you could put in different loan amounts to see the rates. I lowered my amount to get the best rate. Sent info in and underwriting was extremely fast. That is when it went down hill. After sending more info I receive and email that they still will give me a loan but the loan amount will be reduced by over 37% while the rate needs to be increased over 64%. I called to dispute some of what they were saying. It has now been 5 days of crickets after being fast. It feels like they sucker you in with a great rate then when you don't jump on the increase they don't seem interested.

June 21, 2017
I have excellent credit with a student loan balance of $26k left at 7.5 interest. They offered me 6.75 but wanted $20k for the loan! Who in their right mind would agree to this!? Read the contract! I'm afraid they've ripped off multiple people with this scam. I'm only mad I let them pull my credit. I have the contract for proof if this is ever tried to be disputed.

Paul D November 28, 2020

I think this firm is very deceptive and highly discriminating in their business model.

I they have Policy and Requisites that go against all State and Federal Law in place.

I believe they pride themselves in bait and switch, and then place your personal info

with predatory lenders to further disadvantage folks getting hooked on deceptive practices.

Life changing
December 28, 2015
I started off with over $32,000 in student loan debt with an 8.5 (fixed rate) interest rate and roughly an upper 600s credit score. Sofi refinanced my loan to be 6.5% (fixed rate) for ten years saving me around $15,000. I refinanced the same loan with them again to get a lower rate and now I am at 5.99% (fixed rate) for 7 years which shaves off another $3,000. My credit scores weren't any better when I applied for the second refinance but Sofi looks at various factors in order to give you the best rates possible. I am just an average government worker making just over $40,000 a year. So please don't think you have to be a doctor or a lawyer making 6 figures a year to get approved. Applying with Sofi was the best decision I ever made in 2015. Plus, the customer service is awesome.

Lindsey C November 25, 2019

Ha yeah right, you must work for them or something. Literally everyone EXCEPT YOU (including myself) comments on how their customer service is the WORST... then here you are saying it's great. You don't follow anyone, good try Sofi employee!

Just Started
January 7, 2015
I refinanced very recently with sofi. My subsidized student loan through the government would've lasted 18 years paying principle of $60/month and interest of $100/month. With sofi, my loan term is 10 years now, I'm paying more each month, but I'm saving $5-6 thousand in interest in the end. The customer service is easy to reach and so far I am glad I did it.

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