This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Refinancing federal loans with SoFi converts them to private loans, eliminating access to federal repayment programs—including options that may become available in the future—such as Income Based Repayment.
The updated Privacy Notice explicitly discloses that SoFi collects user information through cookies, pixels, and other tracking technologies and shares this data with social media, advertising, and analytics partners. Previously, the policy described these practices in more general language. Under the revised terms, continued use of SoFi's website constitutes acceptance of these tracking and data-sharing practices unless the user actively makes selections in the Privacy Preference Center. You can use the preference center to opt out of optional tracking technologies, though strictly necessary cookies cannot be disabled.
View change record →The updated privacy notice explicitly discloses that SoFi uses pixels and tracking technologies to collect information about your actions and preferences, and shares this data with social media, advertising, and analytics partners. The revised consent interface distinguishes between strictly necessary cookies (which cannot be disabled) and optional cookies for performance and targeting purposes (which require affirmative consent). The terms state that if you do not make a selection, you agree to use of these technologies; you can opt out by toggling the button that appears to the right of each optional cookie category.
View change record →The updated terms establish a more permissive consent model for tracking technologies. Previously, the policy stated that users could 'choose not to allow some types of cookies' (opt-in structure). The revised language now states 'If you do not make a selection, you agree to our use of these technologies' (opt-out structure). This means that continued use of the website without affirmative rejection constitutes acceptance of cookies, pixels, and data sharing with advertising and analytics partners. The updated terms also explicitly disclose that SoFi shares collected information with 'social media, advertising, and analytics partners,' providing more specificity about data sharing destinations. You can decline the Privacy Preference Center or decline all optional tracking technologies through the updated preference settings.
View change record →If the reader refinances with SoFi, the resulting loan is a private loan and the reader will not have access to the repayment options offered by the federal loan program, including Income Based Repayment.
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"SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment...Excerpt from SoFi's Privacy Notice
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Refinancing federal loans with SoFi converts them to private loans, eliminating access to federal repayment programs—including options that may become available in the future—such as Income Based Repayment.
If the reader refinances with SoFi, the resulting loan is a private loan and the reader will not have access to the repayment options offered by the federal loan program, including Income Based Repayment.
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