Consolidating federal student loan rates
Borrowers can select the loans they would like to refinance with So Fi, who will pay them off and issue new loans with new terms.So Fi offers borrowers a number of great options for both variable and fixed interest rate loans. The variable rates range from 2.54% to 7.38% and are tied to the LIBOR rate. So Fi offers an interest rate discount of 0.25% if you sign up for autopay.Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Soft credit inquiries allow So Fi to show you what rates and terms So Fi can offer you up front.
So Fi was founded by a group of Stanford business students who wanted to help their peers escape from student debt with lower interest rates.
In addition to meeting So Fi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
Today, there are a number of new private consolidation companies looking to help borrowers improve their financial health.
So Fi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE.
Licensed by the Department of Business Oversight under the California Financing Law License No. So Fi loans are originated by So Fi Lending Corp., NMLS # 1121636. Minimum Credit Score: Not all applicants who meet So Fi’s minimum credit score requirements are approved for student loan refinancing.
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