JSG Blog

Keeping clients and candidates current.

Financing Updates From SoFi

SoFi hopes you and your loved ones are staying safe and healthy during this unprecedented time. With nearly a third of Americans unable to produce funds for unexpected emergencies, SoFi believes it can help your employees take steps to prepare for their financial future. And it starts with us. We are currently doing everything possible to provide security and stability for our members and our team.

Below, we’ve provided information regarding our response to the COVID-19 situation, our associated business continuity planning, and an update on our response to President Trump’s student loan interest waiver.

Support for Our Members:

Amid evolving news surrounding COVID-19, we have sent an update to our members and applicants to address their questions and advise them of how to reach out for support.  We have also added a FAQ section to our website regarding the support SoFi is offering to members impacted by COVID-19. SoFi is committed to maintaining clear communication with our members during this time of uncertainty.

Our messaging focuses on the relief we can provide to those adversely affected by COVID-19.  If any members are experiencing difficulty making their payments due to COVID-19, we urge them to contact us at (833.277.7634) to discuss forbearance options available to temporarily postpone monthly payments. We are also fielding questions via email (partner@sofi.com) and social media.

Business Continuity:

In parallel, our U.S. Risk Management team and Business Continuity Working Group at SoFi have been working around the clock to enact, monitor and assess all needs across the business in real-time for our team members, our infrastructure, our investors, and members for potential impacts to our business operations as a result of COVID-19. We fully recognize the importance of ongoing communication, as this situation is unprecedented and constantly evolving. We want to reinforce that at this time SoFi remains fully operational. Those who have the ability to work from home are doing so, and we do not anticipate operational capacity issues at this time.

Federal Loan Interest Waiver:

Lastly, the Trump administration recently announced plans to freeze interest on student loans for a period of time. While we wait for additional details to become available around the logistics of this program, we are actively considering how such a plan might impact the guidance we provide applicants and any implications for our members. We will keep you posted as we learn more – but know that we are committed to providing unbiased guidance to potential borrowers and want applicants to do what is best for their individual situation.

We understand that communication is extremely important at this time, and we are available and here to help.

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