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SoFi returns to student loan debt relief roots

Through Student Loan Payoff ReFi, a partnership with Fannie Mae, homeowners can use their equity to pay down education debt
  • The offering will allow homeowners to refinance their mortgages at lower rates to pay down their student loan balances.

When a group of Stanford University friends got together and founded Social Finance Inc. -- commonly known as SoFi -- in 2011, their goal was to ease one of the greatest areas of financial stress for their alumni friends and other consumers: student loan debt. After moving into the mortgage space in 2013, SoFi now seems to be returning to its roots by partnering with Fannie Mae on a new loan option. The offering allows homeowners to use their equity to whittle away at their burdensome student loan debt. Student Loan Payoff ReFi The San Francisco-based nonbank lender and the government-sponsored enterprise (GSE) announced the availability of the loan option today. Called the Student Loan Payoff ReFi, the offering will allow homeowners to refinance their mortgages at lower rates to pay down their student loan balances. Under this cash-out refinance student loan payoff plan, SoFi will disburse payments directly to student loan servicers. SoFi said it designed the loan option...