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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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General SoFi Student Loan Information

4 months ago · Updated

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What is the minimum and maximum amount I can borrow for my student loan?

The amount you can borrow depends on which SoFi student loan product you choose

SoFi Private Student Loans

  • You can borrow as little as $1,000, although minimums may be higher in some states due to legal requirements.
  • There’s no overall maximum for an upcoming school term or academic year, but each application is capped at $99,999.
  • If you need more after your first application is signed, you can apply again for any additional amount you need.

SoFi Student Loan Refinance

  • You can refinance as little as $5,000, although minimums may be higher in some states due to legal requirements.
  • You can refinance up to the full balance of your eligible education loans.

If you’re not sure which option is right for you, we’re here to help you find the best fit for your goals.


Which type of student loan should I apply for?

To find the best student loan for you -

Choose a Student Loan Refinance if you’d like to:

  • Refinance your own student loans (in your name and for your education).
  • Refinance and assume responsibility for PLUS loans originated by your parent.

Choose a Parent PLUS Refinance if you’d like to:

  • Refinance an existing PLUS loan for your child.
  • Consolidate student loans that are in a parent's name, but associated with their child's education.

Choose a Medical or Dental Residency Refinance if you’d like to: 

  • Refinance existing medical student loans 
    • Please note that residency relocation loans are ineligible 
  • Only pay $100 monthly during your residency or fellowship 

Choose a Private Student Loan if you'd like to:

  • If you are a current student or a parent with a child who is a current student.
    • Undergraduate Loans
    • Graduate Loans
    • Graduate Program Loans, such as Medical and Veterinary, Dental, STEM, Law, and MBA
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  • Parent Loans


    • Do I have to refinance the full amount of an existing student loan? 


    No, you do not have to refinance all of your current loans. You can choose to refinance only some of them. To help with your request, we’ll need the name of your current loan servicer and details about the loans you want to refinance, such as specific loan numbers or interest rates.


    If your refinance loan is approved, please review your loan documents carefully before signing to make sure the correct loans are included. If anything looks incorrect, contact us right away.


    Who will service my student loan?

     

    We service our student loans! Once your loan goes into repayment you can contact us to answer any questions at 855-456-7634.

     

    How do I get a lower rate on a SoFi Private Student Loan?

     

    You have the option to provide additional income documentation to see if it assists with your offer eligibility. Another option would be to add a co-signer on the loan to help with eligibility and potentially better rates.

     

    How is my payment applied to my SoFi Student Loan?


    Any payment you make, including your monthly payment or an extra payment, is first applied to any interest that has accrued on the loan since the last payment received. Once that interest is satisfied, the remaining amount is applied to your principal balance. This is standard across the Student Loan industry and helps prevent unpaid interest from accumulating and creating larger balances down the road.

     

    How do I change my due date for my student loan refinance?


    If you are interested in changing the due date of your student loan payments, please give us a call at 855-456-7634, and our team would be happy to assist! We can accommodate any payment date between the 1st and 28th.

     

    I have an active student loan application that I want to cancel, how do I do that?


    We’ll be sorry to see you go, but we can help! Give us a call at 855-456-7634 and one of our customer support representatives will assist you with your request.

     

    For student loans, does SoFi offer any special discounts or forgiveness programs for those in the military?

     

    SoFi does not currently offer specific discounts for military members. However, borrowers who are called to active duty may be eligible for a military deferment.

     

    Additionally, borrowers who are in repayment may qualify for benefits under the Servicemembers Civil Relief Act (SCRA). If eligible, the loan servicer will cap the interest rate at 6% while the borrower is on active duty, if the existing rate is higher.

     

    What repayment assistance programs and cosigner release options are offered by SoFi?

     

    SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans.

     

    Will making a large payment or additional payments change my monthly due amount?

     

    Making a large payment or additional payment does not automatically change your monthly payment. For a fixed-rate loan, you will continue to owe the same amount the following month unless you request a re-amortization, which may lower your monthly payment.

     

    For a variable-rate loan, you will also owe the same amount the following month unless you either (1) request a re-amortization, or (2) the SOFR rate changes and your loan re-amortizes due to a change in your interest rate.

     

    If you have made additional payments to your loan, we may be able to re-amortize your loan, which may reduce your monthly payment. 

     

    Have more questions? Chat with us or call 855-456-7634 to speak with an agent.