Finance your higher ed through alumni - The Sauce
Connect with us

Hi, what are you looking for?

International

Finance your higher ed through alumni

(USA) If you’re looking for cash for school, then you may not have to look any further than your fellow alumni. Meet SoFi, a social lending service that lets alumni of a school help finance the education of future graduates and earn a bit of a return on their investment as well.

 

The way the program works is simple. Alumni invest money in their particular school’s funding, and then students apply just as they might to any other college loan. Loans are given to students for a 6.24% interest rate (5.99% if they sign up for auto-pay), alumni earn 5% back on money they’ve invested, and SoFi keeps roughly 1%. Alumni can invest with cash, or can invest funds through their IRA.

 

“The student loan market is broken” Dan Macklin, Co-founder and VP of Business Development at SoFi told Mashable. “Students have very little choice on where to get their loans from. Why can’t we use the social groups that are out there and lend between those groups?”

 

In addition to lending SoFi also creates a social network for each school where alumni can see the students they’re helping finance, as well as check out what classes those students are taking and what their ultimate career goals are. Likewise, students can learn more about who’s lending them cash, and potentially call upon those alumni for advice on things like internships or to get help on a project.

 

Source: Mashable.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Some More Sauce...

Lifestyle

Kenyans on Twitter woke up to an explicit video that has since gone viral. In the video, a woman who is known on social...

Da Squeeze

Kenyan beauty Tanasha Donna Oketch recently opened up about her life. The 24 year old former radio presenter, musician and mother of one is...

Featured

Ugandan TV journalist Simon Kaggwa Njala’s face has got to be one of the memed faces of 2019.   But how did this Ugandan...

Da Squeeze

Who remembers the time when sex was simple. Well, nowadays there are a lot of weird fetishes that we can’t even keep track of...

Featured

The Free Mason society is known to be secretive and very private, but not anymore it may seem. The Freemason society based in Nairobi...

Da Squeeze

Kenya has a robust matatu culture and some people around the world love it. Award winning American singer and dancer Chris Brown yesterday (23.03.20)...

Da Squeeze

Is there a woman making your heart skip a beat? She might be a secret woman of your life.  Most women love, but they...

Da Squeeze

Kenyans on Twitter are not to be messed with, they bring guns to a knife fight. The hard-hitting K.O.T recently got into a Twitter...