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Thursday
Mar132014

« Student Loan Consolidation/ SoFi »

SoFi, WSDA’s newest endorsed company, consolidates and refinances student loan debt from both federal and private sources at markedly lower rates than those paid today, without charging the fees typically associated with loans — including application, origination or prepayment penalties — to its applicants and borrowers.

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Unique WSDA member offer from SoFi

In addition to the direct savings of thousands of dollars over the life of their loans, WSDA members will be offered the following:

• SoFi will provide WSDA members $500 off their first loan payment.

• SoFi will consolidate WSDA members’ student loans regardless of their source (i.e. private or public) and the number of loans. By consolidating multiple loans (the average borrower has 6 – 8 different loans), borrowers no longer face difficulties managing their loans.

• SoFi will accept applications from WSDA members from all US-based accredited schools.

• Each WSDA borrower will be given the personal contact information for their loan origination associate. This includes their name, direct phone number and email address. This SoFi associate will remain their point of contact throughout the life of the loan.

What loans are eligible for refinanancing with SoFi?
To be eligible for refinancing through SoFi, loans must be qualified student loans as defined in the Internal Revenue Code.

What is the application process?
The online application process takes about 10 minutes to complete, and applicants can be pre-approved within 30 seconds. At this time SoFi provides the rate the applicant qualifies for.

After the applicant is pre-approved, they will be asked to upload a few documents. The required documents include: Income verification (one most recent paystub), and existing student Loan Documents (billing statement and 10-day payoff amount). In addition, they will require identity verification (License/ Permanent Resident card/ Passport) and address verification (utility bill to verify current address) documents. SoFi has a dedicated customer experience team on hand through the application process and the life of the loan. 

Apply here

Learn more about SoFi:
The Wall Street Journal
Bloomberg