SoFi Continues Aggressive Expansion of Benefits for Student Borrowers
Company Announces It Will Honor Six-Month Grace Period for Graduates Refinancing Their Student Debt with SoFi ReFi
San Francisco, Calif. (PRWEB) May 30, 2012
SoFi announced today that under the company´s SoFi ReFi program, graduates from the class of 2012 graduate business school programs will be able to refinance their existing student debt through SoFi without sacrificing their post-graduation grace periods. SoFi ReFi participants who refinance federal student loans, which typically allow a six-month grace period following graduation during which payments are not required, can both keep that benefit and save money by refinancing at SoFi´s fixed 5.99% rate (5.99% APR*) for borrowers choosing the auto payment option.
“We don´t think graduates should have to choose between refinancing now at lower rates or keeping their post-graduation grace period,” said SoFi´s CEO Mike Cagney. “Let´s face it, school is too expensive and interest rates on student loans are too high. Our goal is to offer students and graduates the best rate and terms possible. When you combine today´s announcement with our recent decision to substantially align our borrower benefits with those offered by the federal government, we think SoFi ReFi offers real value to business school graduates with student loans.”
The SoFi ReFi program, which is funded by investments from alumni, is currently available to qualified 2012 graduates of Harvard Business School, Stanford´s Graduate School of Business, MIT´s Sloan School of Business, University of Pennsylvania´s Wharton School and Northwestern´s Kellogg School of Business. The program will expand to additional business schools in late June 2012.
Just as with unsubsidized federal loans, interest will accrue on loans during the grace period, but monthly payments during the six-months are not required. Interest will accrue at the SoFi ReFi fixed 5.99% rate (5.99% APR*) for those borrowers choosing the auto payment option.
More details on the program can be found at http://www.sofi.com/refi. Loan dollars will be allocated to eligible students on a first-come, first-served basis.
Founded in 2011, San Francisco-based SoFi offers a community-based lending and refinancing program open to graduate and undergraduate students at US universities. Interested students, alumni and investors are encouraged to visit https://www.SoFi.com for more information.
This information is current as of May 29, 2012 and is subject to change. SoFi loans are originated by Social Finance Inc. or SoFi Lending Corp, depending on your state of residence. Social Finance, Inc is a registered California Finance Lender, #6054513.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. checksofi.com for the most up to date product information. 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. Please review the list of benefits offered on https://www.sofi.com
- 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, no origination fee, and beginning monthly payments 30 days after loan origination.
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9555752.htm