university can not afford the tuition, brothers and sisters who can seek help in SoFi
Social Finance (hereinafter referred to as SoFi) is a year of the establishment of the Internet start-up companies, through the P2P model to provide loans for poor students. The company has just raised $77 million 200 thousand, plans to expand the business to the national university.
informed sources said the company in San Francisco in the current round of financing to get more than 177 million U.S. dollars valuation, much higher than the $8 million a year ago. SoFi investors include Vc firm Baseline Ventures and DCM, as well as China’s renren.
with SoFi, college students can either increase the existing loan limit, you can apply for a new loan, the minimum interest rate of about 5.9%, while the U.S. government loans minimum interest rate of 6.8%. SoFi is usually the lenders each school alumni, they hope to at least get a return rate of 5%. In addition to lending functions, the service can also help students and alumni to expand social relations.
Mike CEO SoFi (Mike Cagney), said: "our goal is to provide students with a better choice of educational financing, while strengthening the community of alumni associations."
SoFi service has been launched for the Stanford University and other 78 colleges and universities in the United States, the current success of the total loan amount of about $65 million. Through the latest round of financing, the company plans to expand the project in the next year to 250 colleges and universities.
American student loans are increasing. According to the Fed’s report, since the end of 2008, the total national student loan has increased by $303 billion, other forms of loans fell $1 trillion and 600 billion. As of June, the national student loan balance of $914 billion.
DCM partner David Cao (David Chao), said the company is investing in SoFi, because the service can solve the difficulties of students, but also found a cross between social and financial.
SoFi is the rise of a variety of P2P lending platform. The nature of these companies is the online loan market, the two sides agreed to set up a loan, and charge a fee. Among them, the P2P loan company Lending Club in June this year, a round of financing in the valuation of $573 million, doubled.
SoFi URL: SoFi