Warning- SoFi- Social Finance Inc. – Student Loans
The FTC- Federal Trade Commission has reached agreement with student loan refinancer SoFi regarding misrepresenting how much student loan borrowers could save. Per the FTC, SoFi misrepresented its figures for more than two years.
In the FTC complaint, it said that online, SoFi claimed to save on average $22,359 on the life of the loan, approximately $292 per month.
SoFi also misrepresented how much student loan borrowers would pay versus other refinancing plans. The FTC’s complaint states that in the lifetime of the loan, borrowers were actually paying more.
SoFi’s settlement with the FTC prohibits misrepresenting to student loan borrowers how much they can save without reliable evidence. The FTC will also be notifying other lenders that are making similar claims.
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