Consumer complaint received 2025-11-20 00:00:00
Product: Student loan — Private student loan
Issue: Getting a loan — Changes in terms mid-deal or after closing
Company: SOFI TECHNOLOGIES, INC.
State: MA

Complaint narrative:
* Of note, this complaint is time sensitive due to the disclosure expiring XX/XX/XXXX, and a hard credit pull on XX/XX/XXXXXXXX XXXX I am filing a complaint regarding the handling of my student loan refinancing application with SoFi. Several internal errors, inconsistent communications, and premature actions by SoFi materially affected my application outcome, including the interest rate offered. I am requesting a review to correct these issues and restore the interest rate originally quoted to me. 
TIMELINE : XXXX : I received a pre-approval from SoFi with a quoted interest rate of 4.59 % for a 20-year refinance ( including applicable discounts ). 
XXXX : I received an email from SoFi offering an additional 0.25 % completion bonus rate reduction for completing the application by XX/XX/XXXX. When I followed the link in the email, the rate displayed was 4.34 % including the bonus. 
XXXX : I completed my application and uploaded the documents requested, including XXXX and XXXX tax returns. 
XXXX, XXXX XXXX  : I received a text stating more information was needed. 
XXXX, XXXX XXXX  : I called SoFi and was told that clarification of my income was required. I explained my income verbally and was told to submit a letter.

-Before I could upload the letter, my application was denied later that morning.

The denial reason listed excessive obligations relative to income and reflected an income figure of approximately {$110000.00}. 
-This income figure was incorrect. My XXXX Schedule C Line 31 shows business net profit of {$130000.00}, plus W-2 wages of {$47000.00}, for a total income of {$180000.00}. SoFi had access to this documentation at the time of review. 
XXXX, afternoon : I submitted a new application, including the requested letter and adding a co-signer. This application was approved by XXXX XXXX  with a 4.965 % interest rate ( consistent with my initial offer minus the completion bonus ). 
-When reviewing the approval disclosure, I saw that SoFi had auto-imported an incorrect payoff amount of {$370000.00}, which is approximately {$6000.00} higher than my actual payoff. This appeared to be a system error. 
XXXX : I contacted SoFi via chat and phone to confirm whether correcting the payoff amount could negatively affect my application. Multiple agents assured me that correcting the loan amount would not cause problems, and I received no warning of any potential change to my loan terms including the interest rate. 
-Based on that guidance, I submitted documentation from XXXX to correct the payoff amount to {$360000.00} XXXX : SoFi issued a revised approval disclosure. The loan amount was corrected, but the interest rate had been unexpectedly increased to 5.765 %, materially higher than the prior disclosure.

-This rate increase occurred despite no change in my credit, income, or application details other than the correction of SoFis own payoff-amount error. 
XXXX : I contacted SoFi multiple times. Representatives and managers stated they could not address or explain the rate change other than to say that the terms of my offer had changed, but that they would send messages to underwriting. I was told repeatedly to expect a follow-up within 24 hours. No follow-up occurred.

WHY I'M FILING THIS COMPLAINT : I believe the series of errors and inconsistent communications resulted in an unfair outcome : 1. SoFi miscalculated my income despite having accurate tax documents.

2. SoFi denied my initial application before I had a reasonable opportunity to supply the requested clarification.

3. SoFi imported an incorrect payoff amount, requiring corrections.

4. Multiple agents provided assurances about proceeding with the correction of SoFis own error, but did not disclose that making this correction could affect the terms of my loan. Had this information been provided, I would have evaluated the decision completely differently. The correction ultimately resulted in a materially higher interest rate.

5. SoFi has not provided a clear explanation for the rate change nor provided any real resolution after multiple follow-ups and escalations.

Company response to consumer: Closed with explanation