SoFi Blog

There has been a growing regulatory interest in non-bank (marketplace) lenders, from the State of California to the Fed, the FDIC and the Treasury. And while some of this attention can be misguided, we should expect and welcome greater interest given the rapid growth of our industry. Foundation Capital suggests one trillion dollars of global marketplace loan origination by 2025. What is sometimes lost in discussions, however,is why this growth is occurring. Simply put, many non-bank lenders are taking an unorthodox approach to lending to meet consumer needs in a way that traditional financial services firms won’t (or can’t). And as a result, the impact is far greater and more inclusive than many realize.

We get a lot of amazing and humbling feedback from our members, but recently we received an extra special note and package. Robert, a SoFi member and student loan refi borrower, went to Christopher Newport University in Newport News, VA. He graduated in 2010 with a BA in Political Science and four student loans. He consolidated with a big bank but he said it left him with a large payment and interest rate. He then refinanced with SoFi and lowered his payment and loan duration. He’s now an operations manager, is married and has a 2 year old son. We loved his inspiring poem and hope you do, too:

These days, it seems the only thing more expensive than San Francisco rent is a San Francisco mortgage payment. Or is it the other way around?  It’s getting hard to keep track.

It’s hard to feel “merry and bright” when you’ve got student loans hanging over your head. This season, instead of letting loans dampen your spirits, why not use some of that holiday downtime to make a dent in your debt? Grab a drink (or six) and use our Holiday Student Loan Game to help you get organized, save money and set your loans up for success in the New Year.

Cheers to dominating your student loan debt in 2016 – and happy holidays from SoFi!

The Fed made headlines this week when it announced it will raise its key interest rate for the first time in nearly a decade. While the initial increase is a marginal 0.25 percent, the Fed’s plan to steadily increase rates over the next few years clearly has implications for the broad economy – not to mention individuals like you and me.

Homeowners and prospective homebuyers in particular may be wondering what this news means for mortgage loan rates. Let’s take a look at four different types of mortgage borrowers and how they could be affected.