by Joanne Bradford

‘Fifty percent off’. ‘Buy one get one free’. ‘Twenty four hour sales’. Yes, Black Friday and Cyber Monday are all about the deals, as well as the associated frenzy that comes with them every year.

But while we’re rushing stores and frantically going online to fill our carts, we often don’t think about the hidden prices that can come with those discounted items. If we took a moment to consider that swiping a credit card on all those bargain purchases comes with the added cost of APR fees, we’d probably be less excited to camp outside a store for the evening, or actually fight over a TV. Point blank: With credit card interest bills over time, Black Friday and Cyber Monday sale items actually cost more than those crazy deals suggest.

SAN FRANCISCO, Calif. – November 10, 2017 – SoFi announced today the closing of a $727 million issuance of SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”) notes. It is SoFi’s largest offering of securities backed by consumer loans and is the company’s 11th ABS transaction this year, bringing SoFi’s total issuance for 2017 to $6.1 billion.

“SoFi’s securities have performed well in the market, and investor demand for this offering was strong with over $2.2 billion of orders,” said Erica Dorfman, Vice President of Capital Markets for SoFi. “There were 39 investors in this deal, including five new institutions.”

SoFi has established its place as one of the country’s 10 largest sponsors of asset-backed securities, completing 14 deals over the past year totaling $6.5 billion. Rating agencies have raised their ratings on 12 previous SoFi securitizations, reflecting the strong performance of the underlying loans. Joint lead managers on SCLP 2017-6 were J.P. Morgan, Deutsche Bank, Goldman Sachs, and Mizuho Securities.

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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[Updated as of 9/27/18: Removed outdated savings calculation information.]

A recent SoFi member survey suggests that over a third of millennials have lost sleep over their student loan debt; 15% have sought care from mental health professionals because of student debt anxiety

SAN FRANCISCO, Calif. – November 7, 2017 – On the heels of the end of most new college graduates’ student loan repayment grace period, SoFi today announced its first-ever Refi and Relax campaign, which aims to educate graduates on their refinancing options as a way to relieve the overwhelming stress that comes with carrying student debt.

“We hear everyday from people with student debt that it feels like an anchor weighing them down from achieving other goals,” said Joanne Bradford, chief marketing officer of SoFi. “There are millions of people who could take advantage of refinancing their student loans to lessen their burden that just don’t even know it’s an option for them.”

Student loan debt is a large source of anxiety and stress for many young Americans. According to a recent SoFi member survey of over 1,200 respondents, eighty three percent shared that they’ve felt like they couldn’t relax due to the burden of the debt. Fifty percent of people dealing with student loan debt reported feeling anxious and/or depressed, and fifteen percent of respondents went so far as to talk with a mental health professional about the stress of their student debt.

Over a third of respondents have reported losing sleep due to student loan debt. Seventy five percent of respondents shared that they would give up social media if it meant their student loans would disappear. Forty percent of respondents said they would stay at a job that they hate because of student loan debt. Another twenty percent are willing to take even more dramatic measures by sacrificing a finger or toe in exchange for erasing their student loans.

Americans currently owe over $1.34 trillion in student loan debt, about $319 billion more than total credit card debt, according to the Federal Reserve Bank of New York’s August 2017 report.

Refi and Relax will comprise of a robust social media advertising campaign (#RefiandRelax), in addition to a members-only launch party in New York exclusively for those who recently refinanced their loans. On November 7, to give SoFi members a night off to unwind, the event will be dedicated to utmost relaxation, with manicures from GlamSquad, playtime with Socials Tees puppies, premium giveaways, and more.

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

Danika Owsley

Director of Consumer Communications

[email protected]