Student debt is often a key financial concern among 20- and 30-somethings, and rightfully so. Though the data still proves that higher education pays off over time, having a lot of student debt can hinder a borrower’s financial situation years into their professional life.
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Today, the Treasury announced a public inquiry into marketplace lenders. As the nation’s second largest marketplace lender, we welcome the Treasury’s inquiry. At SoFi, fairness and transparency are critical factors in our partnership with our borrowers, and we strive to have an equally strong partnership with the Treasury. To that end, we’ve been forthcoming with the Treasury and have enjoyed regular, positive communications and meetings with officials for the past several years.
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The following is SoFi’s response to the CFPB regarding its recent inquiry into student loan servicing practices.
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