Mention those words in a room full of millennial’s and I can almost guarantee that a chorus of groans will follow.
As a financial educator I work with individuals who are struggling to balance their student loan payments and other debts. Dreams of a highly lucrative career were deferred, while expenses continued to materialize. Student loans are not only a psychological burden, they’re a financial burden that often prevent millennial’s from starting families, business, and purchasing their first home.
Enter Social Finance, a company I recently partnered with to host an event in NYC where I had the opportunity to speak with their president and other members of their senior staff, learn more about their products, and find out how they are serving millennial’s in the post recession climate.
With over $1.75 billion loans issued, SoFi is a leading marketplace lender that is changing the financial landscape in a meaningful way that benefits early stage professionals and helps accelerate their success. If you have private student loans, you know that consolidation can be a pain and for some not even an option.
SoFi is the first to offer refinancing of both federal and private student loans, which not only means lower payments, but it also means easier payments since borrowers are able to pay one company for their loans instead of several. Ease of payment is one of the many reason I am a major supporter of loan consolidation in general.
But, if you don’t have student loans and still want to work with a reputable, revolutionary lender you are not left out in the cold.
While SoFi’s product offerings started with student loans, their product line now includes MBA loans, mortgages, and most recently personal loans. Individuals can use SoFi’s personal loans on what’s most important to them such as paying back high interest credit card debt, investing in their business, or completing major home renovations( Borrowers are not limited to these uses, but they are just a few examples of how they are being used).
The Sofi underwriting process differs from other lenders because they take into account merit and employment history among other factors. The median age of a SoFi borrower is 33 years old.
- Applicants can borrow between $10,000 – $100,000
- Interest Rates
5.50%-10.24% APR (with AutoPay)
5.75%-10.49% APR (without AutoPay)
4.05%-8.30% APR (with AutoPay)
4.30-8.55% APR (without AutoPay)
- The application process is simple and online
This is not a sub-prime product though, so if you have poor credit history, this isn’t the lender for you at this stage of the game, but we’ll get you there.
I am also very impressed by SoFi’s membership services . They understand that life can be unpredictable, no matter how prepared you are and have a fully developed Unemployment Protection program. SoFi provides their members (individuals who have been approved for a loan and funded) with career advising, networking events, and entrepreneurial support to help ensure that they achieve personal and financial success. More than 60 members have taken advantage of this service and have secured new jobs through the career support program. Under the Unemployment Protection program monthly SoFi loan payments are also suspended for borrowers who lose their jobs through no fault of their own.
Some people are debt averse and this wont be an option for them.
I’m not debt averse.
I understand that:
One thing I love about SoFi is that it’s a legitimate option staffed and operated by people who actually care about what happens to their customers.
I urge you to check out SoFi to see if their model and products are right for you.
>>> Learn More About SoFi Here<<<
Now, I want to hear from you. What’s your number one student loan tip for individuals considering taking out loans or entering the repayment period?
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