SoFi Blog

Residents can lower their rates without compounding interest during residency

San Francisco, Calif. — October 11, 2017 — SoFi announced today the launch of its Medical Resident Student Loan Refinancing product, an extension of its market-leading Student Loan Refinancing offering, specifically targeted for medical residents and fellows.

With this product, eligible medical residents and fellows can keep their student loan interest from compounding over the course of residency (up to 54 months), and only make $100 monthly payments during residency or fellowship¹. After that, their regular payment schedule will commence. SoFi offers five different full repayment terms, ranging from five to twenty years at low fixed and variable rates.

Medical residents as a group are one of the most debt-burdened populations of students in America. Seventy-six percent of 2016 medical school graduates have student loans, with a median student debt load of $190,000 at graduation.² At the same time, medical residents and fellows typically earn only $60,000 a year.

“Medical residents and fellows so often defer dealing with their student loans until later in the careers when they’ve piled up interest,” said SoFi’s Senior Vice President of Product Management, Meron Colbeci. “We’re providing an easy, affordable way to help residents take control of their debt early on in their career.”

In addition to financial benefits, residents and fellows who refinance with SoFi will have access to SoFi’s suite of member benefits such as wealth advisors, career coaching, and networking events.

SoFi has a dedicated customer service team for medical residents and fellows to address any questions about this product, reachable via phone at 866-336-DOCS or via email at [email protected]. More information is also available on the web at https://sofi.com/medical-resident-refinance/.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
Rachel Reichblum
Senior Manager of Product Communications
[email protected]

Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS #1121636. Terms and Conditions apply; see SoFi.com/legal for details. Advisory services are offered through SoFi Wealth, LLC.

1. While the interest will not compound during the residency period, interest is still charged. The minimum monthly payment of $100 may not pay all of the interest due each month, which will likely result in negative amortization during the residency period.
2. American Association of Medical Colleges. Medical Student Education: Debt, Costs and Loan Repayment Fact Card 2016. (https://bit.ly/2gamNLU). Last accessed 10 October 2017.

When you’re in the personal finance business, the real human impact of debt can get overshadowed by interest rates, terms, and other number jargon. But—there is a hugely meaningful moment when that debt is suddenly gone. It’s the culmination of years of hard work, sacrifices, and pushing toward a goal of seeing a $0 balance over the span of many years. Despite all that effort, the final payment usually happens without much fanfare.

Tom Hutton to Ensure Strategic Continuity as Board Accelerates Search Mike Cagney Resigns as CEO and Member of the Board Effective Immediately

September 15, 2017 – San Francisco, Calif. – The SoFi Board of Directors today announced that Executive Chairman Tom Hutton will expand his responsibilities and become interim CEO effective immediately, assuming day-to-day leadership of the company. The Board has accepted co-founder Mike Cagney’s resignation as CEO and as a member of the Board effective immediately and will accelerate its search for a new CEO.

“SoFi’s management and employees have built a remarkable company, and I look forward to helping the company continue to grow,” Hutton said. “The business is strong, stable and well-positioned. For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture.”

Hutton was appointed to the SoFi board June 2012. An initial investor in the company, he serves as managing director of XL Innovate, a venture capital firm focused on insurance and financial technology. He was formerly CEO of White Mountain Re Group and Risk Management Solutions Inc. He has served as a director of several private and public financial companies.

On Monday, the company announced that Steven Freiberg, acting CFO and a member of the SoFi board, will take on an expanded role as vice chairman. Freiberg, a 30-year financial services sector veteran, previously served as CEO of E*Trade and co-chairman and CEO of Citigroup’s Global Consumer Group.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
SoFi PR
[email protected]

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Over the last few days, we’ve been engaged with The New York Times about a story they’ve now published regarding SoFi’s business, culture, and our CEO Mike Cagney. We’re going to set aside the personnel matters raised in the story as a matter of policy, and will not address every inaccuracy in the story. However, we have some issues with the story that we want to address.