SoFI Wants Borrowers to “Refi and Relax”
The six-month grace period on loan repayments for the most recent college graduates is close to an end, and to celebrate, SoFi is launching their first Refi and Relax campaign. The campaign is aimed at educating borrowers about their options and how they can potentially save money by refinancing their loans.
Student loan repayment can cause an extreme amount of stress and anxiety for many borrowers. Data from the latest SoFi survey revealed that out of the 1,200 millennial respondents, 35 percent have lost sleep from stressing about student loans.
50 percent admitted their student loans have caused them to suffer from depression. And many claimed their debt caused them to neglect self-care, miss out on traveling, and postpone major life decisions.
On top of that, many borrowers were willing to go to great lengths to make their loans go away. 40 percent of participants claimed they would stay in a job they hated if it meant they could pay back their student loans. 75 percent even claimed they would forgo using social media for a year if it would make their student loans cease to exist. Some participants were willing to go to much greater lengths to eliminate their student loan debt; 20 percent claimed they would sacrifice a finger or toe.
Joanne Bradford is the Chief Marketing Officer at SoFi and she said that every day they hear from graduates who say they feel like their student loans are interfering with their life. “There are millions of people who could take advantage of refinancing their student loans to lessen their burden that just don’t even know it’s an option for them.”
44 million borrowers in the United States owe $1.4 trillion in student loan debt. For many of the borrowers that are struggling to repay their loans, refinancing can make a difference in their monthly payments, and it could potentially end saving borrowers hundreds of dollars over the life of the loan. It’s easy to assume that SoFi could improve their business by letting their members know about its student loan refinancing options.
This is not the first time SoFi has launched campaigns aimed at easing the burden of student loan debt for its growing community. They regularly host networking and other informational events for their community of nearly 400,000 members. Since 2011, part of SoFi’s mission has been to help their members lower their interest rates and pay off their debt as quickly as possible.