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SoFi's interest rates for refinance borrowers are on par with those from CommonBond, and in-school borrowers pay 6.49%.
WSJ: B-School Alums Are Tapped for Loans
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And he co-founded SoFi (short for Social Finance) to exploit that inefficiency profitably.
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The schools benefit from SoFi because it increases alumni engagement with the students.
FORBES: SoFi's New Take on $1 Trillion Student Loan Market
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Saturday, I met with an executive of a Silicon Valley-based start-up, SoFi.
FORBES: SoFi's New Take on $1 Trillion Student Loan Market
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A. who works at the Smithsonian Institution, says she has been pleased with the return on her five-figure SoFi investment, made in 2011.
WSJ: B-School Alums Are Tapped for Loans
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CommonBond and SoFi say they are pursuing opportunities for those borrowers.
WSJ: B-School Alums Are Tapped for Loans
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SoFi is disrupting the world of student loans with better rates to student borrowers and superior returns to alumni lenders relative to comparable fixed income investment opportunities.
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However, argues Cagney, SoFi fixes this problem.
FORBES: SoFi's New Take on $1 Trillion Student Loan Market
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By raising funds from successful alumni in 40 schools around the country, SoFi is lowering the rate that students pay on their loans, creating high yielding investments for the alumni, and boosting the odds that those alumni will help the students find jobs.
FORBES: SoFi's New Take on $1 Trillion Student Loan Market