Deal has ended, view more SoFi deals by clicking here.
Update 8/15/22: Offer is being sent out via email, valid through 8/24/22. Seems to be targeted now as the old public link is showing expired dates. (ht billyhoho1)
The Offer
- SoFi is offering a $300 bonus when you fund a personal loan or refinance your student loan, $10 bonus for checking your rate.
The Fine Print
- Checking your rate will not affect your credit score.
- SoFi reserves the right to modify or discontinue this promotion at any time without notice.
Our Verdict
Not as good as the $350 bonus previously offered, but still good. Might not be worth taking out a loan or refinancing your student loan just for the bonus, but it’s good to know the offer is out there for people in the market for these things.
They indicate you won’t even get a 1099 for this since it’s less than $600, but legally you’d still have to self-report the income, presumably. We’ve seen a few SoFi loan offers in the past. Do not share your links in the comments below, share them in this linked post instead.
Post history:
- Update 7/3/22: Deal is back as a public offer at this link through July 6th. Bonus is now $500. Just remember, SoFi refinance loans are private loans and do not have the same repayment options or forgiveness options as federal loans.
- Update 2/25/21: Deal is back, but you must use a referral link now and bonus is for a total of $310 instead of $350.
- Update 1/18/21: Offer is back and valid until 2/15/21. You also get a $10 bonus just for checking your rate by 1/31/21. Hat tip to reader Blake
Refinanced from another student loan refinance company to take advantage of this. Unfortunately, I refinanced my Federal student loan debt right before the pandemic in February 2020, so I missed out on the pandemic pauses and recently announced Federal student loan debt cancellation. Received the $500 credit this week, so at least happy to get some benefit from my remaining student loan debt. Thanks DoC!
Refinancing student loans seems like a terrible idea right now. The White House is still considering cancelling $10k, interest rates keep going up, and we’re likely to re-extend the “pause.” I wouldn’t take a $300 bonus to potentially miss out on $10,000+. 0% interest in a high-inflation environment is already giving you free money.
Exception: if you have zero federal loans, that might be a different story.
Likely depends on the interest rate of the loans themselves. When I had student loans, they all seemed to have different interest rates. From 0.1% all the way up to around 7%. This was well over a decade ago so not sure how today’s student loans look. What’s funny is today’s interest rates still look phenomenal compared to the day’s when my parents first bought a house back in the 80s.
When your parents bought a house it was likely doable with just one salary and college could be paid off in one year’s work. Nowadays many programs cost more than a mortgage does now, let alone in the 80s.
Whats the secret to getting approved for a loan rate @ sofi?
From SoFi
Declined
SoFi is unable to offer you a loan at this time, sorry Me! Rest assured, your credit score was not affected.
Applied on 6/28.
Just got approved and signed the document today (7/8/2022). Not sure if I make the cutoff 🙁
Sorry. I posted in the wrong thread, my comment above is for the personal loan.
Showed as $600 welcome bonus on my side!
That’s the personal loan. We posted separately
Any minimum amount to refinance? Can I just refinance a small portion of my loan and get the bonus?
I’m interested in grabbing the bonus but the terms don’t seem to specify a time frame for keeping the loan or payout. Currently preapproved for a personal loan and plan to pay it back immediately. Any potential issues with the bonus doing this?
Ive done these in the past, i see no language disqualifying early payments or non churnable language. will try.
Did the $599 bonus earlier this year. Terms aren’t the most clear. Assuming not churnable?
Is it churnable?