SoFi, a young fintech firm in California, has a new idea that addresses an old problem: short of a student loan consolidation that stretches out payments for years into the future, the prospects for refinancing school debt are fairly limited. Moreover, those (more…)
The University of Phoenix, the nation’s largest post-secondary institution, is quietly shutting down campuses in cities across the country.
Social Finance (“SoFi”) says that it has raised $77 million in financing from two venture capitalists to help develop their new student loan product.
- There are 2.2 million people over the age of 60 who still have student loan debt. Collectively they own $43 billion. Each averages slightly more than $19,000 in outstanding loan principal balance.
- Debt loads are highest for borrowers in their 30s. Average debt load for this group is a (more…)
This is the story a young professional whose misfortune was to begin law school in 2005.
When I entered law school in 2005, the industry was paying record-high rates for lawyers, and employment is not a real concern – it was assumed that full (more…)