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While most private lenders call to collect once a borrower becomes unemployed, SoFi calls instead to see how they can assist with job placement and career development. The private lender is the first of its kind to offer these dedicated, personalized services to student loan borrowers.

San Francisco, CA – Sept. 18, 2013 – 

SoFi (Social Finance, LLC), the community-based private student lender, announced today the addition of former Assistant Dean of Career Management at the Simon School of Business Robert Park as Head of Career Strategy & Professional Development.

This hire demonstrates the company’s one-of-a-kind commitment to providing personalized job placement and career development benefits to its growing population of over 2300 borrowers.  The company is the first and only student lender to offer this service to its customers.

“Most private lenders call to collect once a borrower becomes unemployed, but we call instead to see how we can assist with career transition,” said SoFi Chief Executive Officer Mike Cagney. “We are excited to lead the way in providing this service because we know our borrowers have goals beyond simply paying off their debt, and we want to help them.”

Park’s significant experience and proven track record of success in recruiting, professional development, and career coaching will be critical as SoFi furthers the scope and reach of its borrower benefits.

“By investing in the professional success of borrowers, I see great opportunity for SoFi to have a positive impact on these individuals as they progress in their careers,” said Park. “Whether a borrower is looking for a new job, positioning themselves for a promotion, or seeking advice on long-term career goals, we want to be their first call.”

Student loan borrowers can apply to refinance with SoFi to access these and other customer benefits at www.sofi.com.

About SoFi 
SoFi is an innovative student lender focused on building a community around traditional financial products. Recent graduates and current students benefit from a lower loan rate and resources dedicated to helping them achieve their life and career goals. Founded in 2011, SoFi has funded over $175 million in loans to students and alumni from 100 top universities. To learn more about SoFi visit: www.sofi.com

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There are a lot of factors to take into account when choosing a student loan – differing interest rates, private vs. public, the pros and cons of working with various lenders.  Among those choices, we at SoFi have found one of the things that trips up borrowers the most is the choice between fixed rate and variable rate (also known as floating rate) loans.

Private student lender SoFi announces fixed rates as low as 4.99 percent (with Autopay); new variable rate student loan product with rates as low as 2.94 percent (with Autopay).

San Francisco, CA – Sept. 6, 2013 – SoFi (Social Finance, LLC), the community-based private student lender, announced today that it has reduced interest rates for its fixed rate product as low as 4.99 percent and added a new variable rate student loan product with rates as low as 2.94 percent. This expanded product selection offers increased options for eligible customers interested in consolidating and refinancing their federal and/or private student loans.

“By achieving success in the student loan market, we have been able to lower our cost of financing. With today’s announcement, we are now passing along these savings to our customers in the form of reduced rates,” said SoFi’s Chief Executive Officer Mike Cagney. “We believe these rates are the lowest cost options for graduates looking to refinance their educational debt.”

Graduates who choose to refinance with SoFi at a fixed rate can select from a 5, 10, or 15-year loan term. Rates are set for the lifetime of the loan and range from 4.99 percent APR (with Autopay discount; when a 5-year term is selected) to 6.99 percent APR (without Autopay discount; when a 15-year term is selected).

SoFi’s variable interest rates are tied to the 1-Month LIBOR and currently range from 2.94 percent APR (with Autopay discount) to 5.18 percent APR (without Autopay discount). Interest rates are capped at 8.95 percent APR over the lifetime of the loan. All fixed and variable rate SoFi loans continue to have no origination fees and no prepayment penalties.

“We are pleased to offer expanded loan options that lower our borrowers’ debt burden and allow them to select the type of loan that is best suited to their needs,” said Cagney.

About SoFi 
SoFi is an innovative student lender focused on building a community around traditional financial products. SoFi connects students and recent graduates with alumni and other community investors through school-specific student loan funds. Investors earn an attractive return, borrowers receive a lower loan rate than their private and federal options, and both sides benefit from the SoFi community. Founded in 2011, SoFi has funded nearly $150 million in loans to students and alumni from 100 top universities.

***Correction: Variable interest rates range up to 5.19 percent (without Autopay); not 5.18 percent as originally published*** 

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As CEO of a company that’s working to revolutionize the student loan industry, I have to say the past couple of weeks have been interesting to watch.

President Obama’s much-debated plan to increase college affordability has stoked the fires of an already heated national dialogue about the rising cost of higher education. I applaud the President for addressing this issue, and I’m pleased that this event is bringing the conversation to the forefront.  However, I still think there are some fundamental flaws in the plan.

Earlier this year, we launched the SoFi Entrepreneur Program to help our borrowers who have entrepreneurial aspirations refine their startup ideas, connect with mentors and potential investors, and develop the skills critical to getting early-stage funding.