Even college graduates who find great jobs can struggle with debt for years after leaving school, especially if they have expensive private student loans. And, for borrowers who can’t make ends meet, it’s nearly impossible to discharge student debts in bankruptcy. The result is an unending cascade, possibly decades long, of financial repercussions.
Social Finance, Inc., known as SoFi, looks to change this glum reality. Using peer-to-peer lending between members of the public and qualified student borrowers, it provides student loan refinancing for graduates of more than 100 U.S universities. Recently, SoFi has also delved into peer-to-peer personal loans, mortgages, and primary student loan markets.