Student loan -- Dealing with your lender or servicer -- Complaint #5076541
Complaint Overview
Complaint ID: 5076541
Company: Social Finance, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Don't agree with the fees charged
State: New Jersey
ZIP Code: 07013
Date Received: 2022-01-05T12:00:00-05:00
Date Sent to Company: 2022-01-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I refinanced my student loans through SoFi. I submitted an application and accepted interest rate of 3.05 % before their stated deadline of XX/XX/2021. On XX/XX/2021, I received a call from a SoFi representative stating that my interest rate was increasing to 3.55 % because they were unable to verify my income based upon my pay stub. As instructed, I uploaded my pay stub to my online portal. On XX/XX/2021, I called SoFi to follow-up on the status. I was informed that the initial 3.05 % rate had expired. I then asked to speak with someone on their escalations team because I did not understand how the rate expired if I followed their instructions and it was SoFi 's delay in contacting me to ask for more proof of income. I then spoke with XXXX XXXX on their escalations team to explain the situation and to explain the pay stub and prove that I made the income that I represented. It appears that SoFi was simply looking at my gross income, however, as a travel nurse, I receive tax-free funds that are no included in that gross figure they were going off of. I explained XXXX XXXX that SoFi needs to add up the gross amount as well as the tax-free portion of the pay stub. XXXX XXXX seemingly understood and said that if all of my paperwork was initially in prior to the deadline, then I should receive the 3.05 % rate. She then stated that she would have a " reviewer '' look at my file and get back to me ASAP. Immediately thereafter, I also uploaded a new pay stub that I received ( since I was just paid again ) as well as a copy of my bank statement to show how much income I was receiving. On XX/XX/2021, I received an email from an " XXXX '' at SoFi indicating that they can only offer me a 3.55 % interest rate. I emailed XXXX XXXX asking why this was and I received a response from " XXXX XXXX '' indicating that the previous rate already expired and that this new rate was based on the income paperwork. This is just going in endless circles even though I accepted a rate of 3.05 % and submitted my necessary proof of income. SoFi appears to be luring consumers in with lower interest rates and then hitting them with a higher rate without any logical explanation- they simply repeat themselves over and over again. Their delay in processing your application and general incompetence has now forced me to accept a higher interest rate.
Frequently Asked Questions
What is Complaint #5076541 about?
Complaint #5076541 was filed against Social Finance, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-01-05T12:00:00-05:00.
How did Social Finance, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Social Finance, INC.?
Yes, visit the Social Finance, INC. company profile at readthecomplaint.com/company/social-finance-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.