Student loan -- Dealing with your lender or servicer -- Complaint #9777731

Complaint Overview

Complaint ID: 9777731

Company: Sofi Technologies, INC.

Product: Student loan

Sub-Product: Private student loan

Issue: Dealing with your lender or servicer

Sub-Issue: Received bad information about your loan

State: Arizona

ZIP Code: 85282

Date Received: 2024-08-11T12:00:00-05:00

Date Sent to Company: 2024-08-11T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Prior to XX/XX/XXXX, I was pursued by SOFI who endorsed : " you will save more money if you refinance your loans through Sofi ''. Sofi encouraged me to look into their student loan calculator ( on their website ) and I began to complete research to see if Sofi would be a good refinance option for me. I entered in the information ( current federal loan borrower, interest rate, amount I owed ) and the calculator spit out a number ( that I never screenshotted for evidence, but remember ) was well over {$90000.00}. Prior to Sofi I was with XXXX XXXX and my loan amount was {$230000.00}. On XX/XX/XXXX, I signed an agreement for a 15 year loan term. I updated that loan term on XX/XX/XXXX to a 20 year loan term with a 6.299 % interest rate. Enclosed in attachments, you will find evidence of how to utilize Sofi 's Calculator in order to see if Refinancing with them is a good option. On XX/XX/XXXX, my attorney, XXXX XXXX, sent Sofi a demand letter asking for them to provide proof I would save money through the lifespan of my loan if I refinanced with them. Sofi was also asked to credit my account with the difference of what exceeds the account balance. As you can see, in Sofi 's response, they did not address the questions being asked and provide evidence to the claims and promises stated as they pursued me They have chosen to state " XXXX signed the loan application and approval disclosure '', which I did. They also chose to state Sofi 's calculator is offered for " educational purposes to explore a potential loan application. '' Sofi has endorsed, in their respond letter to XXXX, " calculated payments and savings are only estimates. '' As a potential consumer in their product, this has been misleading because in XXXX when I filled out the calculator, it was calculated that I would be saving well over {$90000.00} otherwise I would have not left XXXX XXXX. In the enclosed screenshot, it is stated that I will be in a deficit of over $ XXXX with a 20 year loan. I have relied on SoFi to act in my interests in advising me about options to address my financial situation, including helping me when I experienced financial hardship or distress select a suitable alternative repayment plan. That reliance was reasonable in part because both SoFi and the U.S. Department of Education repeatedly encouraged me to rely on their servicer to help them in this way. As described above, in numerous instances, SoFi took unreasonable advantage of my reasonable reliance on SoFi to act in their interests. SoFi did not act in my interest because it steered me to a longer loan lifespan with increased monthly payments rather than adequately advising me about income-driven repayment plans that would have been financially beneficial to me or stay with XXXX XXXX

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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