‘Enough — it’s hurting our business’: SoFi’s campaign to stop the student-loan payment pause that helps its own customers
By: Jillian Berman | MarketWatch
In 2018, a group of recent student loan borrowers gathered on a rooftop at a swanky hotel in Williamsburg, Brooklyn, to celebrate paying off their debt.
A sign that read “Welcome, you’ve made it,” greeted the revelers when they stepped off the elevator 22 floors up. For a few hours, partygoers mingled, drank cocktails and posed for photos illuminated by ring light with the Manhattan skyline as a backdrop. The party was hosted by SoFi, the fintech company that got its start in student-loan refinancing, to toast customers who’d knocked out their student loans.
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Mick Santos, was one of those customers, whom SoFi SOFI, +0.18% calls members. Santos had recently paid off his roughly $45,000 in student debt thanks in part to the lower interest rate he received by refinancing with SoFi. Though his relationship with SoFi was technically over because he’d paid off his debt, Santos told MarketWatch at the time that getting invited to the event made him feel like the company still cherished him. Asked whether he’d consider signing up for other SoFi products, Santos said, “totally,” as servers walked by with trays of hors d’oeuvres.
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