Pros / SoFi offers competitive interest rates, a low max-variable cap and unemployment insurance.

Cons / You are less likely to be approved for a SoFi student loan than with other private student loan lenders.

 Verdict / SoFi is a new company bringing a new vision to the student loan industry, with programs and features that aren't included anywhere else.

Editor’s Note: This product has been removed from our side-by-side comparison because it doesn't offer private student loans, just loan consolidation. You can still read our original review below, but Top Ten Reviews is no longer updating this product’s information.

SoFi is a new type of student loan company. With so many changes in regulations, the student loan industry has shifted along with the practice of companies that offer private student loans. These are private loans in addition to the federal student loans, the Stafford and Plus loans. Private student loan companies, including SoFi, encourage their lenders to exhaust all federal aid before turning to private student loans. SoFi takes a different approach to student loans than other private student loan companies by offering peer-to-peer loans.

This peer-to-peer lending allows SoFi to be more competitive with its interest rates and lending programs. SoFi also offers features like unemployment protection and career assistance that other private student loan companies don't offer. SoFi does have a smaller lending base, so it is more difficult to be approved for a SoFi loan. As of this review, So-Fi offers parent loans and student loan refinancing. Yet, for qualified individuals, there are many benefits of going with SoFi to finance and consolidate your college loans, making SoFi the Top Ten Reviews Gold Award winner.


SoFi is a new way of finding private student loans. The peer-to-peer lending, while more difficult to qualify for, offers massive amounts of benefits you simply cannot find with a traditional lender. SoFi is a great place to start looking if you want to refinance your existing student debt or if you are a parent looking to find a loan to help a child pay for college.


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