The Offer
Direct Link to offer | another link
- SoFi is offering $1,000 referral bonus for doctors and dentists who refinance their student loans with the bank.
- Referrer and new member each gets $1,000.
The Fine Print
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Each person referred should be someone you have a direct, personal relationship with. You may not distribute a Referral Link or otherwise solicit anyone through mass email, any form of commercial advertising or other similar means.
- Offer is subject to lender approval and not available to residents of Vermont.
- The offer is only open to new medical or dental Student Loan Refinance borrowers and may not be combined with other offers aside from the autopay discount.
- For both the referrer and referee to each receive a $1,000 bonus, the referee must: (1) register and apply for a medical or dental student loan refinance through the referral link provided; (2) meet SoFi’s underwriting criteria; (3) complete and fund a loan with SoFi; and (4) have or apply for a SoFi Checking and Savings or have a SoFi Money account to receive the bonus.
- Once conditions are met and the loan has been disbursed, both the referrer and referee welcome bonus will be deposited into their respective SoFi Checking and Savings or Money account within 30 calendar days.
- If the referrer and/or referee do not qualify for the SoFi Checking and Savings SoFi will offer payment via ACH pending completion of Form W9.
- Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit.
- Bonus amounts of $600 or greater in a single calendar year will be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.
Our Verdict
This can potentially be a nice deal for doctors/dentists and presumably those in medical school (please see this comment before refinancing student loans, especially for those still in school). Anyone should be able to find the referrer offer, and can refer a friend who is a doctor/dentist or medical student. Do not share your links in the comments, per the fine print of the offer.
Hat tip to reader Gadget
Generated link for wife(Certified Nurse Midwife) and chat confirmed she was eligible. $5000 min
My wife, not a physician, who only has an SoFi investment account was able to generate a referral link for me. I was able to refinance my private student loan which is <$10K. I confirmed on chat that the referral bonuses are pending and if approved and refinanced, we will each be getting $1,000 90 days later. $2,000 for refinancing <$10,000 is pretty sweet! Can confirm, did result in a hard pull.
Did it allow to select how much of your loan you wanted refinanced?
Did you already have a Sofi account of some sort?
I did have a sofi account already. Even had a student loan with them until about 3 years ago. I submitted the loan amount, which was then verified by the loan payoff letter. I refinanced the whole amount. Its unclear to me if it will let you refinance only part of the loan.
PhDs are left out as usual
That’s because PhDs have a much lower upside compared to physicians and dentists. Would you want to invest in someone with a PhD in underwater basket weaving?
I’m thinking we could just refinance a small amount and qualify. I think their minimum to refinance is $5k, which would make for a sweet deal.
Sort of makes me wish I hadn’t paid off my loans… If P2 refers me and I still had a loan, no matter what size (?), that would be $2k.
Curious if there’s a minimum amount you need to refinance
Nothing mentioned in the terms.
I played around with the app and the minimum you can refinance is $5000.
They should have an offer for Doctor Of Credit. It’s also a doctor!
A website is a doctor? Your jokes are getting worse and worse.
Lok Hang Wong
Sorry, I’ve been too busy dealing with morons in real life to care about the ones here.
I’ll try to get a word in the next time he comments, since it looks like the moment has already passed here.
Do not refinance to private loans in medical school or residency. There is a very high chance you will end up working for a not for profit healthcare system. With the changes to PSLF it is very worthwhile to pursue. I never refinanced my federal loans (though I did consolidate them) and when the waiver came out in 2021 both my husband and I qualified for it. Over $300,000 in student loans completely forgiven. It really felt like winning the lottery! So many people who refinanced to private (to secure a lower interest rate) lost out completely and were filled with regret.
Wow, also not taxable for PSLF, right? Nice.
well it also depends on ur speciality. with all the gunners gunning Rads/Ortho/ENT/Uro/Opthal, there salary is going to start at 400k anyways, especially private.
True, but those who took out private residency search loans or similar private loans can take advantage of this deal. I recently had ~$350K forgiven via PSLF. I also have a small private loan that was originally a residency search loan to fund travel expenses during interviews. I’ve been bouncing this around for years to take advantage of these kind of sign up bonuses. This bonus would cover 12 months worth of payments.
Yes, almost certainly generates a hard pull. I watch my credit score closely, hard pulls account for a pretty small proportion of the credit score calculation. I’d avoid it if I was buying/refinancing a house soon. But otherwise I’m not too worried about hard pulls.