SoFi Blog

Catch SoFi executives as we hit the road through November! Following are just a few of the upcoming conferences and events where a member of our leadership team will be a featured speaker. For speaking requests, contact speaker@sofi.com; for media inquiries, contact pr@sofi.com.

Today, the Treasury announced a public inquiry into marketplace lenders. As the nation’s second largest marketplace lender, we welcome the Treasury’s inquiry. At SoFi, fairness and transparency are critical factors in our partnership with our borrowers, and we strive to have an equally strong partnership with the Treasury. To that end, we’ve been forthcoming with the Treasury and have enjoyed regular, positive communications and meetings with officials for the past several years.

The following is SoFi’s response to the CFPB regarding its recent inquiry into student loan servicing practices.

When the government lowered federal loan rates last year, we stopped lending to college students and refocused our business on refinancing graduates.  The combination of lower loan rates and guaranteed government protections made it hard for us to justify choosing a SoFi loan while in school.  Our advice was to graduate, get a job and then consider SoFi.  Over 8,500 of you have done that, refinancing over $700 million in loans with us, saving money and gaining benefits like our unemployment protection and entrepreneur program.

When we started SoFi back in 2011, my co-founders and I felt we were on to something special.  We knew there was a problem with financial services, and we wanted to fix it.  Two-plus years and 5,000 members later, our original vision is coming to fruition.  The $80 million round we closed in April will help solidify our position as something much more than a student loan business.  We are on a path to deliver a better model for consumer finance.