Online student loan refinancing site SoFi has surpassed the $500 million mark in student loans, the company said today in a press release.
SoFi’s growth has come fast. SoFi borrowers have studied at more than 550 different universities, a total representing a near eight-fold increase, while the number of borrowers has quadrupled.
SoFi credits much of this growth first and foremost to providing the average borrower a $9,400 savings over the life of their student loan, along with several value-adds, including valuable alumni links, entrepreneurship assistance and job placement help. A simplified application process made conducive for the smart phone generation, loan consolidation, and customization have not hurt either.
SoFi is not stopping at student loans.
“SoFi is poised to disrupt traditional banking relationships by applying the successful model we’ve created to additional categories,” said SoFi CEO Mike Cagney. “A local, affinity-based marketplace where people are mutually investing in other people’s financial lives and futures is a more attractive option for all of our members.”