VentureBeat Q&A with Mike Cagney
VentureBeat’s Christina Farr recently interviewed Mike in a post titled “SoFi’s CEO: ‘The student loan market is broken. Let’s fix it.'” Mike followed-on with his own post on what SoFi is doing to fix the student loan market. His 3 main points were:
1. Lowering loan rates. Our loan rates are lower than Federal Direct and PLUS loans. Graduates who have refinanced with us have saved an average of over $9,600
2. Providing critical education to borrowers. We’re going to help students “know before you owe” by releasing an online application that allows you to enter your school, major, where you plan on living when you graduate and how much debt you plan on incurring. The application then tells you how likely you will be to be able to make your loan payments when you graduate. You shouldn’t be taking out $100,000 in debt and going into a $30,000 a year job – it just won’t work.
3. Connecting students and alumni.
You can read the full story on VentureBeat story here: http://venturebeat.com/2012/09/18/sofi-student-loan/
For his full blog post, click here: https://www.sofi.com/blog/revolution/