Do Not Refinance Your Student Loans With Them - SoFi
Do NOT refinance your student loans with SOFI / Trustudent. If I could give them negative stars, I would. I refinanced and consolidated my 2 loans in to a new SOFI loan and TRU Student handles the loan servicing. One old loan was with Sallie Mae and the other one already with SOFI. The day my new loan was disbursed, Sallie Mae received the money from SOFI and paid off my loan in full and I NEVER paid even a penny on the Sallie Mae loan after that date.
Now what happened with the loan that I had with SOFI. From the day the new loan was disbursed, it took 23!!! days for the old loan to be paid off! Sallie Mae which is an external company received the fund on the same day of the new loan disbursement and paid off my loan but SOFI took 23 days to transfer the fund from the new loan to pay off the old loan within the SAME company. And guess what, during those 23 days, they accumulated interest on both my new loan and old loan while the old loan should have been already paid off. Also, they debited my bank account for my monthly charge on the old loan!
How could that happen? I was making payments on both loans simultaneously and both of them were accumulating interest! Expect DOUBLE interests for more than 20 days when going with SOFI! The fact that they say there is no fee for the loans, is NOT the truth. There is a fee and that’s the fee that YOU pay for their extremely slow processes and extremely unproductive working way.
So I did call them for at least 12 times! SOFI asked me to call TRUStudent and TRU student referred me back to SOFI. Every agent gave me a different response and when I called back to follow up every time, the new agent was completely blank not knowing anything about my account history so every time I had to explain what happened to my case from scratch.
Ultimately after talking to 10 agents or more, and not getting any response from any of them, I requested to talk to a manager. I called 3 more times in a 1 month period asking for a manager to call me back and every time I was promised that a manager will call me ASAP. 1 month since my last email and call and I’m still waiting for a manager to call me! The customer service is horrible and when you email them, what you get is an automated response or some generic answers!
BTW, they never sign their emails with their names. Is that professional at all? All they put under their emails is their name initials like A.B. so you’d never know who responded to your emails. I’ve been in the business world for 10 years and I’ve never seen people responding to emails with their initials as their signature!
As a result of this refinancing, I’ve lost almost $300 because of paying interest on both old and new loans simultaneously while they were thinking how to handle the case. It’s really interesting that an external company receives the fund on the same exact date and pays off your loan but it takes 23 days for SOFI to transfer the fund from your new loan to pay off the old loan. I’m completely disappointed with their customer service.
If you think there are no fees in refinancing loans with SOFI, think twice, because ultimately YOU are the one who has to pay for their extremely unproductive and slow work. I’m still waiting to hear back from a manager after calling them back and forth for 5 months! The wait goes on…
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