New Social Lending Platform Lets Alumni Help Invest In Student’s Education
With SoFi, the past graduates of a school help to finance the education of future graduates, and also get to know them via a social network.
SoFi is a social lending platform that brings together students and alumni, forming a new way of connecting and a finance channel that benefits both parties. Alumni invest money in their school’s funding for which they will earn a double bottom line return, and then students can apply for this money like a college loan, at an interest rate of 6.24%. As they pay it back, the alumni earn 5% on their money and SoFi keeps around 1%.