Too many business school graduates are stuck paying student loan interest rates of 7.9% or even much higher. We aim to change that with SoFi ReFi.
San Francisco, CA (PRWEB) July 12, 2012
SoFi today announced the expansion of its SoFi ReFi program to graduates of 22 additional business schools, enabling qualified borrowers to refinance their existing student loans at a fixed rate of 5.99% APR* with no origination fees. To date, participants in the ReFi program will save an average of more than $9,600, each over the course of their loans.**
"Too many business school graduates are stuck paying student loan interest rates of 7.9% or even much higher," said SoFi's CEO Mike Cagney. "We aim to change that with SoFi ReFi. By harnessing the power of a school's alumni community, we're giving borrowers a much better option."
SoFi pools investments from a university's alumni community and uses those funds to provide student loans to a school's students and recent graduates. Because these loans are financed by members of a university's alumni community, SoFi is able to offer qualified borrowers benefits substantially comparable to those offered by the government's loan program at fixed interest rates more favorable than those of the government's unsubsidized Direct and PLUS loans and much more favorable than virtually all fixed-rate private offerings.*** For a complete description of the benefits offered to SoFi ReFi participants, please visit SoFi.com.
Last month, SoFi ReFi was opened to graduates of Stanford Graduate School of Business, Harvard Business School, MIT's Sloan School of Business, The University of Pennsylvania's Wharton School of Business, and Northwestern's Kellogg School of Business. SoFi ReFi is now also open to qualified applicants who received graduate degrees in business from the following schools:
• Babson College Olin Graduate School
• Boston College Carroll School of Management
• Boston University School of Management
• Brigham Young University Marriott School of Management
• Carnegie Mellon University Tepper School of Business
• College of William & Mary Mason School of Business
• Columbia University Business School
• Cornell University Johnson Graduate School of Management
• Dartmouth College Tuck School of Business
• Duke University Fuqua School of Business
• Emory University Goizueta Business School
• Georgetown University McDonough School of Business
• New York University Stern School of Business
• University of California Berkeley Haas School of Business
• University of California Los Angeles Anderson School of Management
• The University of Chicago Booth School of Business
• University of Michigan Ross School of Business
• University of North Carolina Kenan-Flagler Business School
• University of Rochester Simon Graduate School of Business
• University of Southern California Marshall School of Business
• University of Virginia Darden School of Business
• Yale University School of Management
Also today, Sofi released its new $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.**** For complete details of the company's policy, which benefits both referred and referring SoFi borrowers, please visit SoFi.com.
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. The company encourages interested students, alumni and investors to visit http://www.sofi.com for more information.
Please note that:
- This product requires the borrower to sign up for automatic ACH payments. A 6.24% (6.24% APR) fixed rate loan consolidation product is also offered that does not require sign up for automatic payments. Both APR assumptions are based on a $10,000 loan, 15 year repayment term, and beginning monthly repayment 30 days after loan origination. Your APR may increase or decrease based on your own circumstances. You will receive a customized APR estimate during the application process.
** Savings are based on the average savings per applicant at said school as of 6/29/2012 and include Stafford and Grad Plus Loans. Savings amount for each borrower is based on how much a borrower is expected to save in total finance charges over the life of the loan. Savings were calculated based on an estimated 6.55% rate for Stafford loans (includes .25% ACH discount), 7.65% for grad plus loans (includes a .25% ACH discount) and 5.99% for the SoFi loan (requires ACH sign up). All calculations assume a 15 year payback term, equal monthly payments starting 30 days after disbursement, no deferments, no forbearances and no origination fees. Please contact us at sofi.com or at 888-889-9061 for additional details. These savings are not guaranteed for all applicants. Your potential savings will depend on your existing loan rates, existing loan terms, existing interest rates and selected payback period.
*** Direct Loans and other private loans may offer benefits not offered by SoFi. Please carefully consider all your options. For information about federal loan benefits, see: http://federalstudentaid.ed.gov/federalaidfirst/index.html.
**** SoFi's $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. Complete details of the program, which expires September 30, 2012, can be found at SoFi.com.
Terms and Conditions Apply. To qualify borrower must be a U.S. citizen or permanent resident and meet underwriting requirements. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. VISIT http://www.SOFI.COM FOR THE MOST UP TO DATE PRODUCT INFORMATION. All loans made under Social Finance Inc. or Sofi Lending Corp, dba “SoFi.” Social Finance, Inc. is a licensed California Finance Lender License Number: #6054513.