SoFi Secures New Commitments of $80 Million to Fund New Student Loans

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Capital will allow company to continue aggressive expansion of its new student loan alternative.

SoFi Student Loans

SoFi

So many students are looking for better student loan options. We're working with alumni at schools across the country to give them the best terms we can.

Social Finance, Inc. ("SoFi") announced today that it has established commitments of $80 million in financing to fund new student loans. Together with additional capital from alumni and the company's equity base, this financing will allow SoFi to continue its aggressive expansion to schools across the country.

"So many students are looking for better student loan options," said SoFi CEO, Mike Cagney. "We're working with alumni at schools across the country to give them the best terms we can, and the interest from students has been tremendous. This financing will allow us to continue to meet the growing demand for the SoFi's community-based loans."

SoFi last week expanded its community-based lending program to students at 45 colleges and universities, funding new loans for undergraduate students and graduate business school students for the upcoming 2012-13 academic year. For more information about SoFi’s community-based loan program, please visit https://www.sofi.com

About SoFi
Founded in 2011 by students and alumni of Stanford Graduate School of Business, SoFi has expanded to offer community-based lending and student loan consolidation programs to MBA, graduate and undergraduate students at 45 US universities.

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Julie Haddon
SoFi
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