Consumer complaint received 2018-01-21
Product: Student loan — Private student loan
Issue: Getting a loan — Confusing or misleading advertising
Company: Social Finance, Inc. (FL)

About nine months ago I applied for a student loan consolidation with SoFi for approximately {$47000.00}. During the application process, I made it clear that I was under review by the Veterans Affairs for a XXXX XXXX. I specifically asked several times how my XXXX status from the Veterans Affairs would affect my loan and application. I also asked if it could be counted as income because I expected to be assessed at XXXX XXXX. Every time I asked him about my XXXX status, he changed the subject or reminded me that the longer I waited, the higher my rate would be. He kept saying it was a standard agreement. I was never once warned of the rights I was about to give up by turning my Federal Student Loan over to SoFi as a XXXX veteran. That should have been an immediate red flag for the representative to make me aware of that fact. They did, however, threaten me with an increased rate if I didnt make a decision quickly. I felt pressured and rushed to give them an answer. I was told about a month after signing the contract, as expected, I was assessed for XXXX XXXX XXXX XXXX by the XXXX XXXX. I am a XXXX XXXX XXXX, but now SoFi states that I have given up my rights to student loan forgiveness. 

After I received XXXX XXXX XXXX in XXXX, I called SoFi to inquire about the process on how to apply for federal student loan forgiveness, they told me that I was ineligible. After several phone calls and denials, I reported them to the Better Business Bureau in XX/XX/XXXX. SoFi replied with this statement : The applicant applied for a Student Loan Refinance on XX/XX/XXXX, all necessary underwriting was completed by XX/XX/XXXX. SoFi placed a call to the applicant on XX/XX/XXXX advising his loan acceptance packet was ready to sign. When SoFi makes an outbound call to advise a loan is available to sign, the SoFi representative encourages the Applicant to review the document before signing. In section 3.C of the Loan Acceptance Document, the loss of loan forgiveness benefits is outlined. It identifies specific individuals as follows borrowers pursuing careers in Public Service, Teaching and/or the Armed Forces. As a private lending corporation, SoFi does not participate in Federal Loan Forgiveness programs. 

They used the portion of the contract that stated borrowers pursuing careers in Public Service, Teaching and/or the Armed Forces. This did n't pertain to me because it pertains to someone " pursuing '' these professions. I completed my service to my country over 10 years before I applied for this refinancing and did n't plan to pursue careers in Public Service, Teaching and/or the Armed Forces in the future. I now know why they used scare tactics and rushed me to sign. It is their practice to intice Veterans with low-interest rates and deny us of our rights once the contract is signed. They hide behind contract verbiage that does n't pertain to Veterans whose service was honorably completed several years before applying for this loan. 
If I was not deceived and threatened by the salesman with losing the loan, I would have waited the 3 months that it took to get my decision from Veterans Affairs. I did not have any reason to rush refinancing my loan. 
As shown in the documentation attached you can see that my XXXX XXXX XXXX rating effective date was backdated to XX/XX/XXXX. This date is 4 months prior to applying for this loan.