Consumer complaint received 2026-03-23 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Trouble with how payments are being handled
Company: SOFI TECHNOLOGIES, INC.
State: NY

Complaint narrative:
I am filing this complaint against SoFi Bank, N.A. ( " SoFi '' ) in connection with my student loan refinance. I believe SoFi has engaged in deceptive and misleading disclosure practices regarding the application of a XXXXXXXX XXXX XXXX XXXX discount to my interest rate, and has breached the material representations it made to me prior to and at the time of loan origination. I refinanced my student loans with SoFi through the SoFi XXXX XXXXXXXX program, which is available to XXXX of SoFi 's XXXX XXXX companies. At the time I applied, the SoFi XXXX XXXXXXXX website described the XXXX discount as follows : " XXXX % rate discount for refinancing your student loan : Terms and conditions apply. Offer good for new student loan refinancing customers only and subject to lender approval. To receive the offer, you must : ( 1 ) register and/or apply through this landing page/your SoFi XXXX XXXX Dashboard or Benefits Portal ; ( 2 ) complete a loan application with SoFi within 90 days of your application submit date ; ( 3 ) and meet SoFi 's underwriting criteria XXXX Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional XXXX % rate discount because of your involvement with a SoFi XXXX company at the time of loan origination. '' This language is unambiguous : SoFi represented that the XXXX % XXXX discount would be reflected as an additional discount in the Final Disclosure Statement, applied after disbursement of the loan. I satisfied all of the stated conditions for receiving this discount. I signed a document entitled " SOFI BANK, N.A. REFI EDUCATION LOAN FIXED RATE APPROVAL DISCLOSURE '' ( the " Disclosure '' ). The Disclosure stated that the initial interest rate without discount would be XXXX %. The Disclosure further stated that the interest rate " does not reflect qualifying discounts, such as Autopay Discount and SoFi Plus Discount. '' It did not indicate that the corporate partner discount had already been factored into the stated rate, nor did it disclose that the corporate discount was not a " qualifying discount '' for purposes of that disclosure. By using the phrase " such as '' when listing qualifying discounts, the Disclosure impliedbut did not excludethe existence of additional qualifying discounts, including the corporate partner discount. I reasonably understood, based on SoFi 's explicit written representations on its SoFi XXXX XXXXXXXX website, that the corporate discount would be applied and separately reflected in a Final Disclosure Statement following disbursement. No such Final Disclosure Statement reflecting the additional XXXX % discount was ever provided. Additionally, the Disclosure 's Reference Notes stated : " From time to time, you might be eligible for discounts and/or interest rate deductions offered by SoFi. Please refer to the terms for such offers located on the SoFi website. '' This language directly directed me to SoFi 's website terms the very terms that represented the corporate discount would be applied as an additional post-disbursement reduction. Once the loan was dispersed, I called SoFi to ask why my rate shown was XXXX % and asked when the .XXXX % corporate discount would be applied. I was then told by customer service that it had already been applied so I decided to press the issue out of confusion. When I escalated the issue with SoFi, a Resolution Specialist responded that : 1. The corporate discount had already been applied during the application process and was embedded in the XXXX % rate shown in my Disclosure ( i.e., the initial rate before the XXXX discount was allegedly XXXX % ) ; XXXX. The XXXX discount is " permanent '' and therefore is not disclosed separately in the loan documents and is given at some point in the application process that I would not have any record of ; 3. The terms I cited were from a source dated XX/XX/year> and that SoFi reserves the right to change or terminate its discount program. I find this response inadequate and misleading for the following reasons : I can not find any record of a corporate discount being disclosed. Neither my Disclosure nor any other loan document I received identified the corporate discount, its amount, or the fact that it had been applied. If the corporate discount was embedded in the XXXX % rate, SoFi was obligated to disclose it as such ( and even if they did disclose it in the application process, there should be some kind of record of this application in the documentation I signed which there was not ). Concealing a discount within a stated rate is not a transparent or adequate disclosure, particularly where SoFi 's own written materials represented it would be separately identified in a Final Disclosure Statement. SoFi 's terms expressly stated the discount would be applied after disbursement. The plain language of SoFi 's SoFi XXXX XXXXXXXX terms states the discount would appear in the Final Disclosure Statement after disbursement not before. SoFi can not now retroactively recharacterize the discount as having been applied during the application stage. This is inconsistent with its own representations. The argument that the terms were outdated is unavailing. SoFi did not notify me prior to or at the time of my loan application that the terms on the SoFi XXXX XXXXXXXX website were outdated, inapplicable, or had been superseded. I relied in good faith on the representations set out on SoFi 's own platform when deciding to refinance through the SoFi XXXX XXXXXXXX program. SoFi has failed to respond to my follow-up request. After receiving SoFi 's initial response, I replied requesting that SoFi apply the disputed XXXX % discount to my ongoing interest rate on both a going-forward and retroactive basis. SoFi did not respond to this request. I have also made multiple phone calls to SoFi 's customer service, and representatives have told me there is nothing they can do to help. As a direct result of SoFi 's failure to properly apply the XXXX % corporate discount as represented : 1. I am paying an interest rate of XXXX % rather than the XXXX % I am entitled to under SoFi 's own terms. 2. I have been and continue to be overcharged interest on the outstanding principal balance of my loan. 3. I relied on SoFi 's material representations in entering into this loan and would not have done so on the same terms had SoFi 's representations been accurate and complete. While XXXX % may appear to be a modest figure in isolation, when applied to a loan balance over the full term of the loan, it represents a meaningful financial harm to me. I also have reason to believe that other SoFi borrowers who refinanced through the SoFi XXXX XXXXXXXX program may be in the same situation, having similarly relied on SoFi 's representations without receiving the benefit of the promised discount.

Company response to consumer: Closed with explanation