Consumer complaint received 2025-03-06 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: NC

Complaint narrative:
My original student loan ( the " Original Loan '' ) was owed through SoFi and I decided to refinance that loan through SoFi to get a lower rate ( the " Refinanced Loan '' ). {$93000.00} was disbursed for that refinancing on XX/XX/year>. At that time, the outstanding balance on my Original Loan was {$93000.00}. I was told that the {$770.00} XXXX would be applied to the balance of the Refinanced Loan. On XX/XX/year>, I realized that my automatic payment for the Original Loan was coming up, so I called SoFi and spoke with a representative who advised me to cancel the payment. It was explained to me that the disbursement would take approximately XXXX business days and that it could take as long as as XXXX business days. In either case, I was assured that the disbursement would come through soon to prevent me being double charged on interest and loan payments, so I should cancel the automatic payment for the Original Loan, which I did. 

On XX/XX/year>, I received a call from SoFi loans notifying me that my loan was overdue. I explained the situation and was assured that everything was just taking a while and their system and that I didn't have to do anything. On XX/XX/year>, I noticed that the disbursement still had not come through so I called SoFi to ensure that I would not take any hit to my credit and to check that there was not anything else I needed to do. That was the XXXX business day after the loan had been disbursed and I was again assured that there was nothing I had to do and that it should come through any moment. 

A couple weeks later, the loan had still not been disbursed. On XX/XX/year>, I sent a message to SoFi 's online chat support and received an automated response repeating that the loan disbursement should occur within XXXX business days from funding. On XXXXXXXX XXXX XXXX, I spoke with SoFi over the phone again and was told that the delay was due to a change in SoFi 's system. I believe they mentioned changing servicers and that this change had caused a delay. I had asked for a confirmation in writing that this delay would not impact my credit score or impact my charges. The agent I was speaking with stated they would send me that email. I asked to stay on the line until I could confirm that I received it which I was told was ok, but the call dropped and I was not called back. 

Today, XX/XX/year>, I noticed that the disbursement had finally gone through but that my outstanding balance on the Original Loan is still listed as {$220.00}. I was supposed to be receiving a {$770.00} credit but now I owed an additional {$220.00}, so I was taking a surprise {$1000.00} hit. I called SoFi again and spoke with an agent named XXXX who explained that it takes up to 60 days for disbursements to go through and that interest is charged during that time. I asked to speak to a supervisor and was connected with a woman named XXXX who told me that I only have about {$200.00} left to go and should just pay it off.

Company response to consumer: Closed with explanation