SoFi Blog

Yes! SoFi will refinance student debt for medical residents, dental residents and fellows before you become an attending physician or dental professional. Residents will be required to make minimum monthly payments of $100 on their debt to SoFi until the end of your residency or fellowship program, up to 84 months, plus a 6-month extension intended for the period between completing residency and becoming an attending physician (90 months maximum). After this time, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule (“Full Repayment Term”).

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
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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.