It’s not every day that you find yourself having dinner with a successful entrepreneur, hedge fund manager and CEO. But this is exactly what a small group of SoFi borrowers will do this week when they attend our special Supper Club event at the home of Mike Cagney, SoFi Co-Founder and CEO.
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Just last week, we expanded our SoFi ReFi program to more schools across the country, and the response has been huge. But we’ve been also hearing from a lot students and parents who are looking for better loan options to pay for the upcoming school year. For so many people who don’t qualify for subsidized federal loans, 6.8% is the best rate they’ve been able to find until now. And often, families needing to borrow beyond the Stafford limits have been looking at 7.9% or higher for a substantial portion of their loans.
Read moreA Better Student Loan Option, With a Maximum Fixed Interest Rate of 6.49% (6.38% APR)*, Ready on a First-Come, First-Served Basis
San Francisco, Calif., – July 18, 2012 – SoFi, a next generation social finance company that harnesses the power of a school’s alumni to offer students a better deal on student loans, is now offering its unique community-based student loans for the upcoming academic year. SoFi offers qualified students a more affordable option to finance school, with fixed-rate student loans at a maximum interest rate of 6.49% (6.38% APR)*, zero origination fees, market-leading benefits and the ability to refinance into a 5.99% (5.99% APR)*** rate after graduating and signing up for automatic ach payments.
“The current student loan system is just plain broken,” said SoFi CEO Mike Cagney. “Students and their parents are having to borrow more at rates that are way too high. We’re working with alumni to create a better option for students, particularly for students who don’t qualify for subsidized loans or may need financing beyond the federal Stafford loan limits. By looking to members of the university community, rather than to the government or the big banks, we think SoFi finally gives these students a much better deal than federal loans at 7.9% or private loans that can top 10%. For a lot of borrowers, SoFi is an easy way to save a lot of money without having to sacrifice many of the appealing benefits of the federal student loan system.”
Features of new SoFi alumni-funded student loans for the 2012-13 academic year include:
— 6.49% fixed rate (6.38% APR)* if you choose to defer payments while in school.
— 6.24% fixed rate (6.24% APR)** if you choose to make payments while in school and sign up for automatic ach payments.
— Refinance into a 5.99% fixed rate (5.99% APR)*** when you graduate and sign up for auto ach payments.
— Matches most benefits of the federal loan program, including a 6 month grace period after graduation; non-standard repayment options such as income-based and extended repayment; deferment and forbearance for economic hardship and other defined circumstances; cancellation upon death or disability. Innovative program also gives borrowers the opportunity to seek loan forgiveness from participating alumni for teaching, public interest work, entrepreneurial efforts or other reasons.
— In-school education deferrals available up to 60 months.****
— Membership in an online community of SoFi students and alumni to facilitate career advice, professional networking and loan assistance.
— Easy online loan application process.
Beginning today, individuals enrolled for the 2012-13 academic year as undergraduate students or as graduate business students at participating colleges and universities can apply online at SoFi.com. While SoFi plans to expand its program to additional campuses, the program is now available at the following schools for MBAs and undergraduate students:
— Babson College
— Boston College
— Boston University
— Brigham Young University
— Brown University
— Carnegie Mellon University
— College of William & Mary
— Columbia University
— Cornell University
— Dartmouth College
— Duke University
— Emory University
— Georgetown University
— George Washington University
— Harvard University
— Lehigh University
— Massachusetts Institute of Technology
— New York University
— Northwestern University
— Purdue University
— Santa Clara University
— Stanford University
— Tufts University
— University of California, Berkeley
— University of California, Davis
— University of California, Irvine
— University of California, Los Angeles
— University of California, Riverside
— University of California, San Diego
— University of California, Santa Barbara
— University of Chicago
— University of Illinois, Urbana Champaign
— University of Michigan – Ann Arbor
— University of North Carolina at Chapel Hill
— University of Notre Dame
— University of Pennsylvania
— University of Rochester
— University of Southern California
— University of Utah
— University of Virginia
— University of Wisconsin
— Vanderbilt University
— Virginia Polytechnic Institute
— Wake Forest University
— Yale University
For a limited time, students may save even more by taking advantage of SoFi’s $100/$100 summer savings referral program. The $100/$100 program saves borrowers even more on their student loans when they help expand SoFi’s social network with friends and family referrals.***** Click here for complete details of the company’s policy, which benefits both referred and referring SoFi borrowers.
About SoFi
Founded in 2011, SoFi offers community-based lending and student loan consolidation programs to MBA, graduate and undergraduate students at US universities. Deepening the relationships between student borrowers and alumni investors, SoFi is a place where social meets finance.
Please note that:
* 6.38% APR Assumes a $10,000 loan with a 22 month in-school deferment, 6 month grace period, monthly payments, no origination fee, capitalization of accrued interest upon entering repayment and a 15 year repayment term.
** 6.24% APR Assumes a $10,000 loan, borrower begins making monthly interest-only or interest and principal payments immediately with auto ach, 15 year repayment term and no origination fee. Does not include any discounts.
*** 5.99% APR requires borrower to have graduated and sign up for automatic ACH payments. Assumes a $10,000 loan, 15 year repayment term, no origination fee, and beginning monthly repayment 30 days after loan origination.
**** Direct Loans and other private loans may offer benefits not offered by SoFi. Please carefully consider all your options. Click here for information about federal loan benefits.
***** SoFi $100/$100 policy will provide $100 toward a borrowers outstanding SoFi loan for each new SoFi borrower referred. Additionally, any borrower referred by an existing SoFi borrower will also receive $100 toward his/her SoFi loan payment. Terms and conditions apply.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident and meet underwriting requirements. Your APR may increase or decrease based on your own circumstances. You will receive a customized APR estimate during the application process. This information is current as of July 15, 2012 and is subject to change. SoFi loans are originated by SoFi Lending Corp (dba SoFi) California Finance Lender #6054612.
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✓ $1,000 bonus in SoFi Checking and Savings.1
✓ Close on-time, guaranteed.‡
✓ Lock your rate for up to 90 days.2
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Terms, conditions, and state restrictions apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. SoFi Mortgages may be available for primary or second home residences or investment properties. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility. Information current as of 10/31/22.
SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC). Equal Housing Lender. SoFi Bank, N.A. is currently able to issue and refinance mortgages in all states except Hawaii and purchase only for New York.
✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
1 1,000 HL/HE Funded Bonus Offer: This offer is only available for new SoFi home purchase mortgage, SoFi mortgage refinance or SoFi-originated home equity loan. To receive the $1,000 offer you must: (1) Apply for a SoFi home purchase, SoFi mortgage refinance or SoFi-originated home equity loan through the promotional ‘View Your Rate’ link in this ad. (2) You must not have locked a rate for a SoFi home purchase mortgage, mortgage refinance or SoFi-originated home equity loan within the preceding 90 days. (2) Fulfill SoFi’s eligibility criteria and lock your rate. (3) Fund your SoFi home purchase mortgage, SoFi mortgage refinance or SoFi-originated home equity loan by 12/31/25. (4) Either have an existing SoFi Checking and Savings account or establish a new SoFi Checking and Savings account within 60 days after starting your home equity loan application.
This offer cannot be combined with other offers, with the exception of the standard Member discount and the SoFi Plus Member discount. To be eligible for the SoFi Plus member discount, the member must receive a Direct Deposit into their SoFi Checking/Savings account or pay the SoFi Plus Subscription Fee, at or before the time their home loan application is approved (indicated as “final approval”). Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts
2 Lock and Look Program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 90 calendar days at the time of pre-approval subject to payment on 60th day of the fee below. If you submit a fully executed purchase contract within 30 days of the initial rate lock, SoFi will reduce the interest rate by an additional 0.125% at no cost. If current market pricing has improved by .75 percentage points or more from the original locked rate, you may qualify for an additional rate reduction. If you have not submitted a fully executed purchase contract within 60 days of your initial rate lock, you will be charged $250 to maintain the rate lock through the 90-day period. The $250 fee will be credited back to you at the time of closing. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.
3 Obtain a SoFi mortgage for the purchase of a home and SoFi will waive its administrative fee when you refinance. Eligibility conditions: (1) You must close your new purchase mortgage by June 30, 2023; (2) at the time of refinancing, the current market interest rate must be at least 1% less than the interest rate of the original loan; and (3) To redeem this offer, you must request waiver of the administrative fee at the time you apply for the refinancing loan and prior to locking your rate. This offer is limited to one (1) refinance transaction per person. Refinance transaction must occur by June 1, 2024. SoFi reserves the right to change or end this offer at any time.
‡ SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will provide you $2,000.^ Terms and conditions apply. This Guarantee is available only for loan applications submitted after 6/15/22 for the purchase of a primary residence. Please discuss terms of this Guarantee with your loan officer. The property must be owner-occupied, single-family residence (no condos), and the loan amount must meet the Fannie Mae conventional guidelines. No bank-owned or short-sale transactions. To qualify for the Guarantee, you must: (1) Have employment income supported by W-2, (2) Receive written approval by SoFi for the loan and you lock the rate, (3) submit an executed purchase contract on an eligible property at least 30 days prior to the closing date in the purchase contract, (4) provide to SoFi (by upload) all required documentation within 24 hours of SoFi requesting your documentation and upload any follow-up required documents within 36 hours of the request, and (5) pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. The Guarantee will be void and not paid if any delays to closing are due to factors outside of SoFi control, including delays scheduling or completing the appraisal appointment, appraised value disputes, completing a property inspection, making repairs to the property by any party, addressing possible title defects, natural disasters, further negotiation of or changes to the purchase contract, changes to the loan terms, or changes in borrower’s eligibility for the loan (e.g., changes in credit profile or employment), or if property purchase does not occur. SoFi may change or terminate this offer at any time without notice to you. ^To redeem the Guarantee if conditions met, see documentation provided by loan officer.
* Terms and conditions apply. The discount is only available for SoFi purchase mortgage transactions only. The discount will be reflected in the rate you are provided at the time of rate lock. This discount cannot be combined with other offers, with the exception of the standard $500 Member discount and the $1000 SoFi Plus Member discount. SoFi reserves the right to change or terminate this offer at any time with or without notice to you
All information in the primary residence payment examples listed above — including interest rates, payments, terms, and availability — is for informational purposes only and is subject to change without notice.
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