SoFi ReFi Program Is Now Available at 27 Schools
SoFi ReFi Program Is Now Available at 27 Schools
In May we introduced the first phase of SoFi ReFi, our graduate loan refinancing program, to five schools: the Stanford Graduate School of Business, Harvard Business School, MIT’s Sloan School of Business, the University of Pennsylvania’s Wharton School of Business, and Northwestern’s Kellogg School of Business and worked closely with the alumni community at these schools to get the program up and running. The first few months have gone well and we’ve had a great response from both students and alumni to the program.
Our intent was to expand the program to more schools as soon as we could and I’m proud to say that we’ve been able to that very quickly. Today we announced the addition of 22 more schools to the SoFi ReFi program. Now, qualified applicants who received graduate degrees in business from the following schools can refinance their existing student loans at a fixed rate of 5.99% APR* with no origination fees:
1. Babson College Olin Graduate School
2. Boston College Carroll School of Management
3. Boston University School of Management
4. Brigham Young University Marriott School of Management
5. Carnegie Mellon University Tepper School of Business
6. College of William & Mary Mason School of Business
7. Columbia University Business School
8. Cornell University Johnson Graduate School of Management
9. Dartmouth College Tuck School of Business
10. Duke University Fuqua School of Business
11. Emory University Goizueta Business School
12. Georgetown University McDonough School of Business
13. New York University Stern School of Business
14. University of California Berkeley Haas School of Business
15. University of California Los Angeles Anderson School of Management
16. The University of Chicago Booth School of Business
17. University of Michigan Ross School of Business
18. University of North Carolina Kenan-Flagler Business School
19. University of Rochester Simon Graduate School of Business
20. University of Southern California Marshall School of Business
21. University of Virginia Darden School of Business
22. Yale University School of Management
With far too many business school graduates paying student loan interest rates of 7.9% or higher, there is no better time for a program like this. We offer a better option to help students save thousands of dollars on existing loans with our alumni community-based loan consolidation solution. To date, participants in the SoFi ReFi program will save an average of more than $9,600, each over the course of their loans.**
We pool investments from each school’s alumni community and use those funds to provide loans to its students and recent graduates. Because the loans are financed by members of a school’s alumni community, we’re able to offer qualified borrowers benefits substantially comparable to those offered by the government’s loan program at fixed interest rates more favorable than those of the government’s unsubsidized Direct and PLUS loans, and much more favorable than virtually all fixed-rate private offerings.***
We’ve also released our new $100/$100 summer savings referral program. The $100/$100 program saves borrowers even more on their student loans when they help expand SoFi’s social network with friends and family referrals.****
* This product requires the borrower to sign up for automatic ACH payments. A 6.24% (6.24% APR) fixed rate loan consolidation product is also offered that does not require sign up for automatic payments. Both APR assumptions are based on a $10,000 loan, 15 year repayment term, and beginning monthly repayment 30 days after loan origination. Your APR may increase or decrease based on your own circumstances. You will receive a customized APR estimate during the application process.
** Savings are based on the average savings per applicant at said school as of 6/29/2012 and include Stafford and Grad Plus Loans. Savings amount for each borrower is based on how much a borrower is expected to save in total finance charges over the life of the loan. Savings were calculated based on an estimated 6.55% rate for Stafford loans (includes .25% ACH discount), 7.65% for grad plus loans (includes a .25% ACH discount) and 5.99% for the SoFi loan (requires ACH sign up). All calculations assume a 15-year payback term, equal monthly payments starting 30 days after disbursement, no deferments, no forbearances and no origination fees. Please contact us at sofi.com or at 888-889-9061 for additional details. These savings are not guaranteed for all applicants. Your potential savings will depend on your existing loan rates, existing loan terms, existing interest rates and selected payback period.
*** Direct Loans and other private loans may offer benefits not offered by SoFi. Please carefully consider all your options. For information about federal loan benefits, see: http://federalstudentaid.ed.gov/federalaidfirst/index.html.
**** SoFi’s $100/$100 policy will provide $100 toward a borrowers outstanding SoFi loan for each new SoFi borrower referred. Additionally, any borrower referred by an existing SoFi borrower will also receive $100 toward his/her SoFi loan payment. Terms and conditions apply. Complete details of the program, which expires September 30, 2012, can be found at SoFi.com.
Terms and Conditions Apply. To qualify borrower must be a U.S. citizen or permanent resident and meet underwriting requirements. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. VISIT WWW.SOFI.COM FOR THE MOST UP TO DATE PRODUCT INFORMATION. All loans made under Social Finance Inc. or Sofi Lending Corp, dba “SoFi.” Social Finance, Inc. is a licensed California Finance Lender License Number: #6054513.