It is a common misconception that the Post 9/11 GI Bill covers the entire cost of education after military service.
San Francisco, CA (PRWEB) June 27, 2013
SoFi (Social Finance, Inc.) the private student lender, today announced the SoFi Fund for the Veteran Community. The Fund provides veterans of the United States Armed Forces increased options for borrowing and refinancing educational debt.
To date, the Fund has attracted investments from advocates of veterans’ education interested in lending to students and graduates of the schools in SoFi’s footprint.
“Education is the most important experience for military veterans to successfully transition to the civilian workforce. Our investors are able to earn a risk-adjusted return on their investment while providing important refinancing options for veterans with educational debt,” said SoFi’s Chief Executive Officer Mike Cagney.
Nearly 800,000 veterans use the GI Bill for education annually, but many of these students are forced to borrow to cover the full cost of their education and living expenses when they fall outside the GI Bill’s original mandate to fund single veterans at in-state public school costs.
“It is a common misconception that the Post 9/11 GI Bill covers the entire cost of education after military service. We estimate that the average veteran in private, graduate-level programs completes school with $50,000 in student debt,” said Cagney. “SoFi wants to provide these individuals an honorable, affordable solution designed to reward their service with support from other veteran advocates.”
Veterans with outstanding service records manage the SoFi Veteran Program furthering the company’s mission to become a top veteran support organization. The team will foster SoFi’s commitment to community by curating relationships among investors, borrowers, and other veteran support organizations.
SoFi is transforming the $1 trillion student loan market. By connecting accredited investors and institutional investors with students and recent graduates through community-specific loan funds, investors can earn a compelling risk-adjusted return while helping borrowers reduce the cost of their loans. All members benefit from a supportive community of people vested in one another’s success. Founded in 2011 by a team of Stanford Graduate School of Business alumni, SoFi has funded over $115 million in new and refinanced student loans to students and alumni of nearly 100 schools. To learn more about SoFi visit http://www.SoFi.com.