Consumer complaint received 2025-04-03 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: SOFI TECHNOLOGIES, INC.
State: MN

Complaint narrative:
Dear Attorney General XXXX, I am writing to formally request your assistance regarding the challenges I am facing with my private student loans associated with my attendance at The Art Institutes. As you are aware, The XXXX XXXX and its parent company, XXXX XXXX XXXX ( XXXX ), have been found to have engaged in pervasive and substantial misrepresentations to prospective students about post-graduation employment rates, salaries, and career services. This misconduct led the XXXXXXXX XXXX XXXX XXXX to approve more than {$6.00} XXXX in automatic student loan relief to nearly XXXX borrowers who enrolled at any XXXX XXXX XXXX  on or after XX/XX/XXXX, through XX/XX/XXXX. I attended full-time from fall of XXXX to While this federal action provides significant relief to many, it primarily addresses federal student loans. My loans, however, are private, and I have encountered considerable difficulties in seeking comparable relief. Notably, organizations such as the Project on Predatory Student Lending have urged private lenders like XXXX, XXXX, XXXX-SOFI, and SOFI to recognize that the private student loans made to XXXX XXXX students are not enforceable and should be canceled immediately. 
In my case, I was compelled to refinance my private loans due to exorbitant interest rates that rendered my monthly payments unmanageable. I struggled for years to pay my loans and it has cause significant burden, stress, XXXX, and personal harm. I have documentation of multiple conversations through the course of my struggles with my loan providers, as well as a note I wrote about my stress, XXXX and anger over an irrelevant degree. A now defunct degree that I poured my time, heart and soul into that I am still stuck paying a fortune for. My balance has does nothing but increase due to the interest rates I was being charged, despite years of monthly payments. 

I was forced to refinance with SoFi or risk loosing everything I had and destroying my credit, believing it would provide a more sustainable repayment plan. However, my interactions with SoFi have been fraught with inconsistencies and a lack of clear guidance : XX/XX/XXXX : I spent several hours on the phone with SoFi representatives who informed me that they were merely the servicer of my loans and did not own them. They directed me to contact XXXX and XXXXSofi , providing a specific contact number. 
XX/XX/XXXX : Following their advice, I reached out to XXXX and XXXXSofi, only to be informed that they did not own my account and, therefore, could not assist me. 
Subsequent Communications : I have been continuously redirected between SoFi XXXXSofi XXXX and XXXX, no entity assuming responsibility or offering substantive assistance. 
Recent XXXX : In a recent chat with SoFi, I was informed that they are, in fact, both the owner and servicer of my loans. This directly contradicts their earlier statements, adding to my confusion and frustration. 

I still possess all of the original records from The XXXX XXXX that document the deceptive marketing tactics, misleading promises, and predatory lending practices that I experienced firsthand. These records include my original financial commitment documents, promotional materials that falsely represented student success and salary expectations, and documentation that outlined an unrealistic repayment timeline based on fabricated employment and income statistics. These materials directly illustrate how I was misled into believing that my education would lead to a financially stable career that would allow me to repay my loans under reasonable terms. 
I have been making payments since XXXX, yet I have barely made a dent in the principal balance. The debt is crushing me, and despite my years of effort, I see no path forward. To make matters worse, my degree is now effectively void due to the fraudulent practices of The XXXX XXXX, leaving me with massive debt and nothing to show for it. This financial burden has prevented me from moving forward in many aspects of life. 
This ongoing cycle has left me feeling stonewalled and without recourse. Given the documented fraudulent practices of The XXXX XXXX and the subsequent federal loan discharges, I believe there is a compelling case for the discharge. 

I respectfully request your office to : 1. Investigate : Examine the practices of SoFi and XXXX in handling my loan inquiries, particularly the contradictory information provided and the apparent lack of accountability. 
XXXX. Advocate : Engage with SoFi to explore avenues for the discharge or modification of my private loans, considering the broader context of The XXXX XXXX ' misconduct and the precedent set by federal loan discharges. 
XXXX. Provide XXXX : Offer clarity on any state or federal programs, legal actions, or resources available to borrowers like myself who are grappling with private student loans stemming from attendance at fraudulent institutions. 


Attached are XXXX emails/chats XXXX : Email summarizing my conversation with SOFI, concluding that SOFI is not the owner and can not provide me with loan information or help me with misconduct. Further directing me to XXXX and providing a number to call. 
XXXX. Email correspondence between myself and XXXX. XXXX would not acknowledge me as a customer. They said they had no account for me on the phone. Although I had paid my monthly payments to them for years. I turned to emailing them to see if I could get through that way. This email shows that consider my loans paid in full by SOFI and SOFI is the owner.

3. A chat with a different SOFI rep, confirming they are the owner and servicer if my loan. 

This is the cycle that continues. I can not get a clear answer or assistance from anyone. I am committed to resolving this matter and am willing to provide any additional documentation or information your office may require. Thank you for your attention to this pressing issue. I look forward to your guidance and support.. 

Sincerely, XXXX XXXX XXXX XXXX )

Company response to consumer: Closed with explanation