So how exactly does SoFi work?
Borrowers specify the loans them off, and then the borrower pays off their debt to SoFi that they want to be consolidated or refinanced, SoFi pays. The target behind consolidation and refinancing would be to lower your monthly obligations by qualifying for a lesser rate of interest or by spreading out of the payments over a longer time period. Doing both of these things can help you save cash within the short-term plus in the long haul.
SoFiвЂ™s seemingly have a objective to become the finance company for millennials, as evidenced by their aggressive expansion into areas like banking and term life insurance.
Helping individuals pay back their figuratively speaking is apparently SoFiвЂ™s method of securing long-lasting clients whom carry on business relationship much more profitable areas such as for example wide range administration. From a student-based loan debtor perspective, that is most likely a small advantage given that it means SoFi has a bonus to help keep customers pleased even after they will have refinanced their loans.