Consumer complaint received 2026-04-22 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: SOFI TECHNOLOGIES, INC.
State: CA

Complaint narrative:
Subject : FORMAL NOTICE OF DISPUTE & DEMAND FOR IMMEDIATE DISBURSEMENT | WITHOUT PREJUDICE | WITHOUT RECOURSE | RESERVING ALL RIGHTS | Borrower : XXXX XXXX | XXXX Envelope ID : XXXX WITHOUT PREJUDICE | WITHOUT RECOURSE | RESERVING ALL RIGHTS UCC XXXX Date XXXX XX/XX/XXXX SoFi Bank, XXXX. Legal and XXXX Department XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, UT XXXX Email : XXXX Re : FORMAL NOTICE OF DISPUTE, DEMAND FOR IMMEDIATE DISBURSEMENT, NOTICE OF FEDERAL VIOLATIONS, AND DEMAND FOR ACCOUNTING Dear SoFi Bank, XXXX. Legal and XXXX Department, I, XXXX XXXX, a natural person and consumer as defined under the Truth in Lending Act ( TILA ) 15 U.S.C. 1601 et seq. and the XXXX XXXX XXXX XXXX XXXX XXXX. XXXX et seq., hereby submit this formal legal notice of dispute, demand for immediate disbursement of funds, and notice of federal violations arising from the material discrepancy between my executed promissory note and SoFi Bank, XXXX. 's own Final Disclosure Statement. IDENTIFYING INFORMATION : Full Name : XXXX XXXX Date of Birth : XX/XX/XXXX Address : XXXX XXXX XXXX, # XXXX, XXXX XXXX, CA XXXX Phone : XXXX Email : XXXX Student ID : XXXX XXXX Envelope ID : XXXX Loan Execution Date : XX/XX/XXXX SECTION XXXX : STATEMENT OF FACTS AND MATTERS OF RECORD The following constitutes established, verifiable, and documented matters of fact that are not subject to reasonable dispute : FACT XXXX - THE EXECUTED PROMISSORY NOTE : On XX/XX/XXXX, I executed a Student Education Loan promissory note with SoFi Bank, XXXX XXXX in the certified amount of {$63000.00}, bearing Docusign Envelope ID : XXXX, at a fixed interest rate of 9.49 % with an XXXX of 9.12 %. FACT XXXX - THE APPROVAL DISCLOSURE STATEMENT : SoFi Bank, XXXX. issued an Approval Disclosure Statement representing the following material terms : Total Loan Amount : {$63000.00} Finance Charge : {$87000.00} Total of Payments : {$150000.00} Monthly Payment : {$830.00} Repayment Schedule : XXXX payments beginning XX/XX/XXXX Deferment Period Interest Accrual : {$17000.00} FACT XXXX - THE SCHOOL CERTIFICATION : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, New York XXXX NY XXXX XXXX certified a cost of attendance of {$63000.00} for the enrollment period XX/XX/XXXX through XX/XX/XXXX, with {$0.00} in estimated financial assistance, as documented in the executed Private Education XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX. FACT XXXX - THE FINAL DISCLOSURE CONFLICT : SoFi Bank, XXXX. subsequently issued a Final Disclosure Statement reflecting only {$22000.00} in actual disbursement creating a {$41000.00} discrepancy from : The executed promissory note : {$63000.00} The school-certified cost of attendance : {$63000.00} The Approval Disclosure : {$63000.00} FACT XXXX - INTEREST ACCRUAL ON UNDISBURSED FUNDS : SoFi Bank XXXX XXXX. is accruing interest at 9.49 % on the full {$63000.00} promissory note while having only disbursed {$22000.00}, resulting in : Interest charged on actual disbursement of {$22000.00} : approximately {$2000.00} per year Interest actually being charged on {$63000.00} : approximately {$5900.00} per year Annual overcharge : approximately {$3800.00} Projected XXXX overcharge : approximately {$58000.00} FACT XXXX - XXXX 'S XXXX TO XXXX UNIVERSITY XXXX SoFi Bank XXXX XXXX. represented to XXXX University XXXX XXXX XXXX XXXX XXXX XXXX that the loan was " fully disbursed '' and directed the borrower to " reapply for a new loan '' a position that is : Contradicted by SoFi XXXX own Final Disclosure showing only {$22000.00} disbursed Contradicted by the executed {$63000.00} promissory note Contradicted by Section XXXX of the Loan Agreement permitting staged disbursements under XXXX note Contradicted by Section XXXX requiring mutual written consent for any modification FACT XXXX - OUTSTANDING BALANCE AT XXXX UNIVERSITY XXXX XXXX current outstanding balance at XXXX University XXXX XXXX Summer Session Tuition : {$15000.00} Outstanding Meal Plan Balance : {$1000.00} Total Balance Due : {$16000.00} Remaining Funds Requested for Release : {$24000.00} Total : {$41000.00} SECTION XXXX : CAUSE AND EFFECT - LEGAL ANALYSIS OF VIOLATIONS The causal chain of violations is direct, documentable, and incontrovertible : CAUSE : SoFi Bank XXXX XXXX. executed a {$63000.00} promissory note, obtained XXXX University 's {$63000.00} certification, collected XXXX XXXX 's legally binding signature, then unilaterally disbursed only {$22000.00} without modification agreement, without new promissory note, and without borrower consent. EFFECT : SoFi Bank, XXXX. is now : Charging interest on {$41000.00} never disbursed Holding {$41000.00} in funds legally obligated under the signed note Refusing to disburse remaining certified funds without contractual basis Reporting or will report inaccurate loan figures to consumer credit bureaus Causing direct financial harm to the borrower through phantom debt obligations XXXX. TRUTH IN LENDING ACT ( TILA ) VIOLATIONS XXXX XXXX. XXXX et seq. | Regulation XXXX XXXX XXXX Part XXXX The {$41000.00} discrepancy between the XXXX XXXX and XXXX XXXX constitutes material violations of : XXXX U.S.C. XXXX - Required Disclosures The disclosed amount financed, finance charge, total of payments, and payment schedule are materially false based on actual disbursement of {$22000.00} versus disclosed {$63000.00}. XXXX CFR XXXX - Content of Disclosures The actual amount financed must reflect the true disbursed amount. Charging interest and obligating repayment on {$63000.00} when only {$22000.00} was disbursed constitutes a material misrepresentation of the amount financed. XXXX CFR XXXX - Accuracy of Disclosures The Approval Disclosure and Final Disclosure are in direct conflict by {$41000.00} a 65 % discrepancy that is not a clerical error but a material misrepresentation of the credit transaction. Section XXXX of SoFi XXXX own Loan Agreement states : " To the extent any information in the Final Disclosure Statement conflicts with the information on the Approval Disclosure Statement or this Loan Agreement, the information in the Final Disclosure Statement governs. '' Therefore, by SoFi XXXX own contractual terms : The {$22000.00} Final Disclosure NOW GOVERNS The {$63000.00} repayment schedule is contractually invalidated The {$830.00} monthly payment is contractually invalidated The {$87000.00} finance charge is contractually invalidated The {$150000.00} total of payments is contractually invalidated XXXX. BREACH OF CONTRACT SoFi Bank, XXXX. is in direct breach of the following Loan Agreement provisions : Section XXXX - Staged Disbursements The agreement explicitly permits " multiple disbursements of the Total Loan Amount in stages, as tuition and other applicable expenses incurred by the Student become due and payable. '' SoFi XXXX refusal to disburse remaining certified funds is a direct breach of this provision. Section XXXX - Modification Requires Mutual Written Consent " A provision of this Agreement may only be modified if jointly agreed upon in writing by you and me. '' SoFi unilaterally altered disbursement terms without mutual written modification a direct contractual violation. Section XXXX - XXXX Certification Binding XXXX University XXXX {$63000.00}. XXXX 's right to limit disbursement is tied to school certification. The school certified {$63000.00}, not {$22000.00}. XXXX. CONSUMER FINANCIAL PROTECTION ACT - UDAAP VIOLATIONS XXXX XXXX. XXXX SoFi Bank, XXXX. 's conduct constitutes Unfair, Deceptive, and XXXX Acts or Practices : UNFAIR : Charging interest on {$41000.00} never disbursed causes substantial financial injury to the consumer that is not reasonably avoidable and not outweighed by any countervailing benefit. DECEPTIVE : Representing the loan as " fully disbursed '' to XXXX University while SoFi XXXX own Final Disclosure confirms only {$22000.00} was disbursed is a material misrepresentation of fact. ABUSIVE : Requiring the borrower to execute a new promissory note for funds already legally obligated under the existing signed note exploits the borrower 's lack of awareness of their contractual rights. XXXX. FEDERAL RESERVE XXXX REGULATION XXXX VIOLATIONS XXXX XXXX Part XXXX XXXX XXXX XXXX - General Disclosure Requirements Violated XXXX XXXX XXXX - Content of Disclosures Violated XXXX XXXX XXXX - Accuracy Requirements Violated The 65 % discrepancy between disclosed and actual amount financed renders all required disclosures materially inaccurate under Regulation Z. XXXX. HIGHER EDUCATION ACT - SECTION XXXX VIOLATIONS XXXX U.S.C. XXXX XXXX University certified {$63000.00} as the cost of attendance under the Self-Certification Form as required by Section XXXX of the Higher Education Act of XXXX, as amended. SoFi Bank, XXXX. 's unilateral decision to disburse only {$22000.00} against a {$63000.00} certification, without a new certification or modification agreement, violates the intent and requirements of Section XXXX. XXXX. UNJUST ENRICHMENT SoFi Bank, XXXX. is collecting interest on {$41000.00} in funds that : Were never disbursed to the borrower Were never disbursed to the school Are still held by SoFi Bank, XXXX. Are legally obligated under the signed promissory note This constitutes unjust enrichment under both common law and federal consumer protection principles. XXXX. SEC CONSIDERATIONS Securities Act of 1933 17 ( a ) | Securities Exchange Act of 1934 10 ( b ) | Rule XXXX Section XXXX of the Loan Agreement explicitly acknowledges this loan may be sold or transferred to investors. If this loan has been securitized and represented as a {$63000.00} asset within an asset-backed securities pool when only {$22000.00} was actually disbursed, this constitutes potential securities fraud, misrepresentation of material facts to investors, and violations of SEC XXXX XXXX. SECTION XXXX : IRRECONCILABLE CONTRADICTIONS IN SOFI XXXX POSITION SoFi Bank, XXXX. 's current position contains the following irreconcilable contradictions as matters of demonstrable fact and record : CONTRADICTION XXXX - FULLY DISBURSED XXXX. FINAL DISCLOSURE : SoFi CLAIMS to XXXX : Loan is " fully disbursed '' SoFi XXXX OWN Final Disclosure : Only {$22000.00} disbursed These XXXX positions can not simultaneously be true SoFi XXXX own document demonstrates the falsity of SoFi XXXX own representation CONTRADICTION XXXX - PROMISSORY NOTE vs. FINAL DISCLOSURE : Promissory Note obligation : {$63000.00} Final Disclosure actual funding : {$22000.00} Loan Agreement Section XXXX : Final Disclosure governs in conflict Therefore : SoFi XXXX own contract invalidates the {$63000.00} obligation SoFi can not simultaneously enforce {$63000.00} repayment while only disbursing {$22000.00} CONTRADICTION XXXX - STAGED DISBURSEMENTS vs. REAPPLICATION DEMAND : Loan Agreement Section XXXX : Explicitly permits staged disbursements under XXXX note XXXX 's XXXX to XXXX : XXXX must " reapply for a new loan '' SoFi is XXXX a new note for funds already obligated under the existing note This has no contractual basis and directly violates Section XXXX CONTRADICTION XXXX - INTEREST ACCRUAL vs. ACTUAL DISBURSEMENT : Interest accruing on : {$63000.00} Amount actually disbursed : {$22000.00} Interest on undisbursed {$41000.00} : Has no legal or contractual basis XXXX is collecting XXXX on money it has not lent CONTRADICTION XXXX - SCHOOL CERTIFICATION vs. ACTUAL DISBURSEMENT : XXXX XXXX : {$63000.00} XXXX disbursed : {$22000.00} No new certification was obtained for {$22000.00} No modification agreement was executed Section XXXX requires mutual written consent for modification XXXX modified the loan XXXX without legal authority to do so SECTION XXXX : FORMAL DEMANDS Pursuant to my rights under TILA XXXX XXXX. XXXX, Regulation Z XXXX XXXX Part XXXX, the Consumer Financial Protection Act XXXX XXXX. XXXX, and the executed Loan Agreement, I hereby formally demand the following within XXXX business days of receipt of this notice : DEMAND XXXX - COMPLETE DISBURSEMENT ACCOUNTING : Provide a complete, itemized disbursement history showing : All dates of disbursement All amounts disbursed All recipients of disbursed funds Current undisbursed balance under the {$63000.00} note Confirmation of the principal balance upon which interest is currently accruing DEMAND XXXX - IMMEDIATE DISBURSEMENT OF REMAINING FUNDS : Immediately disburse remaining certified funds to XXXX XXXX XXXX XXXX XXXX : Summer XXXX Tuition : {$15000.00} Outstanding Meal Plan : {$1000.00} Eligible Fund Release : {$24000.00} Total : {$41000.00} This disbursement is required under the existing {$63000.00} promissory note and school certification without any new note, new application, or new certification. DEMAND XXXX - IMMEDIATE INTEREST CORRECTION : Immediately correct all interest calculations to reflect actual disbursed amount only, and provide a refund accounting of all excess interest charged on the {$41000.00} undisbursed balance from the date of first disbursement to present. DEMAND XXXX - CORRECTED DISCLOSURE DOCUMENTS : Issue corrected disclosure documents that accurately reflect : Actual amount financed Corrected finance charges Corrected total of payments Corrected monthly payment schedule Corrected XXXX based on actual disbursement DEMAND XXXX - WRITTEN LEGAL EXPLANATION : Provide written explanation of the legal and contractual basis for : Disbursing only {$22000.00} against a {$63000.00} certified note Representing the loan as " fully disbursed '' to XXXX University Requiring reapplication for funds already obligated under the existing note Charging interest on {$41000.00} in undisbursed funds DEMAND XXXX - SECURITIES DISCLOSURE : Confirm in writing whether this loan has been sold, transferred, assigned, or included in any securities offering, asset-backed securities pool, or investment vehicle, and if so, identify the current holder. SECTION XXXX : NOTICE OF INTENT TO FILE REGULATORY COMPLAINTS Please be advised that failure to respond satisfactorily within XXXX business days will result in immediate formal complaints filed simultaneously with : Consumer Financial Protection Bureau ( CFPB ) - XXXX Federal Reserve XXXX XXXX XXXX Office of the Comptroller of the Currency ( XXXX ) - XXXX Securities and Exchange Commission ( SEC ) XXXX sec.gov/tcr XXXX Department of Education XXXX XXXX Federal Trade Commission XXXX FTC XXXX XXXX XXXX Utah Department XXXX Financial Institutions Better Business Bureau Additionally , I will pursue all available legal remedies including but not limited to : Actual damages Statutory damages up to {$4000.00} per TILA violation Punitive damages Attorney 's fees and costs recoverable under TILA Class action investigation if this pattern exists with other borrowers SECTION XXXX : RESERVATION OF ALL RIGHTS I hereby explicitly reserve all rights without prejudice and without recourse under : UCC XXXX - Without Prejudice Truth in Lending Act XXXX U.S.C. XXXX et seq. XXXX XXXX XXXX XXXX XXXX U.S.C. XXXX et seq. Fair Credit Reporting Act XXXX U.S.C. XXXX et seq. XXXX XXXX XXXX XXXX U.S.C. XXXX et seq. Securities XXXX of XXXX Securities Exchange Act of XXXX All applicable federal and state consumer protection laws All common law rights and remedies including breach of contract and unjust enrichment This notice does not constitute a waiver of any rights, remedies, or claims, express or implied. All rights are expressly reserved. SECTION XXXX : DOCUMENTS ENCLOSED XXXX. Copy of executed Promissory Note - {$63000.00} ( XX/XX/XXXX ) XXXX. Copy of Approval XXXX XXXX- {$63000.00} XXXX. XXXX of XXXX XXXX XXXX- {$22000.00} XXXX. XXXX of XXXX XXXX XXXX XXXX XXXX XXXX- {$63000.00} XXXX. XXXX of XXXX University XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Copy of government-issued photo identification XXXX. Copy of Social Security card Respectfully and Without Prejudice, _______________________________ XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX Without Recourse - Without Prejudice XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CA XXXX Phone : XXXX Email : XXXX Date : XX/XX/XXXX CC : XXXX University XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX XXXX XXXX Consumer Financial Protection Bureau Federal Reserve XXXX XXXX XXXX XXXX Comptroller of the Currency XXXX Department of Education XXXX XXXX File

Company response to consumer: Closed with explanation