09/17/2020

SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue,
as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.

SoFi Blog

Tips and news—
for your financial moves.

How SoFi Will Revolutionize the Broken Student Loan Industry

We’ve gotten a lot of attention on the back of our $77 million B-round. Most of this attention has been positive, but there are still a few cynics out there. Notably, some people have asked, “OK – you lower loan rates – but how are you actually disrupting this market and solving the student debt problem?” Fair point, especially given how crappy student loan solutions have been to date – both from the government and private lenders.

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Upgrade Your Grad Plus Loan

Student loans aren’t fun, and they can be confusing. What frustrates us at SoFi is the dogma in the market that students should always exhaust their federal loan options before considering private loans. This can be very bad advice. While we agree that subsidized Direct and Perkins loans are clear no-brainers for students if you are eligible for them, things get more ambiguous with unsubsidized Direct loans and become down right murky with the egregiously burdensome Grad PLUS loan.

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