Author: Nicolas Chee

SoFi Abandons Bid for Industrial Loan Charter

SoFi, an online tech startup that managed to raise over $2 billion in funding since its inception, withdrew its application for an industrial loan charter. SoFi spokesperson Jim Prosser cited the recent leadership transitions within the company as a primary reason behind the decision according to Reuters.However, he confirmed the bank charter would remain an option as soon as the time was right for it. It was also asserted that the decision would have no effect on SoFi's plans to offer deposit accounts through partner banks in the near future.As mentioned, the company was originally interested in the so-called...

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SoFi Has Pop-Up Parties Where You Can “Dance the Debt Away”

Recently, SoFi hosted one of their pop-up parties, where student borrowers can dance the debt away, in Philadelphia.SoFi, one of the largest fintech companies in the United States, has been setting up pop-up parties where student borrowers can forget about their student loan debt for a while by dancing the debt away.The story was first reported by the The Philadelphia Sunday Sun.SoFi, which is short for Social Finance, has long hosted pop-up parties. Organizing social get-togethers is part of SoFi’s strategy to build upon their community network and stir up interest amongst potential consumers.Since forming in 2011 by four...

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Pennsylvania Attorney General Sues Navient

Pennsylvania Attorney General Josh Shapiro has sued Navient for widespread student loan abuses.Pennsylvania’s Attorney General Josh Shapiro has filed a lawsuit against Navient, one of the largest student loan servicing companies in the United States.The office of the Pennsylvania Attorney General issued a press release on October 5th announcing the news. The Keystone State is now the third state that has filed a lawsuit against Navient.The lawsuit is against both Navient Corporation and the subsidiary company, Navient Solutions, LLC. Shapiro cites widespread abuses in Navient’s student loan origination and servicing businesses.Attorney General Shapiro issued the following statement for the...

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Perkins Loan Program Expires After Extension Bill is Blocked

After Senator Lamar Alexander (R-TN) blocked the Perkins extension bill, the federal student loan program expired on Saturday. On Saturday, September 30th, the Federal Perkins Loan Program expired after a bill to extend the student loan program was blocked on the Senate floor by Senator Lamar Alexander (R-TN).Earlier last week, The Student Loan Report covered Senator Tammy Baldwin’s (D-WI) introduction of bill S. 1808, otherwise known as the “Federal Perkins Loan Program Extension Act of 2017.” The purpose of the legislation introduced on the Senate floor was to extend the federally-run Perkins Loan Program for another two years.Baldwin’s bill received...

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U.S. Senators Introduce Bipartisan Legislation to Extend Perkins Student Loan Program

U.S. Senator Tammy Baldwin (D-WI) recently introduced legislation to extend the Perkins Loan Program for two more years. A group of U.S. Senators recently introduced bipartisan legislation that, if passed, would extend the federally-run Perkins Loan Program for two additional years.On September 14th, U.S. Senator Tammy Baldwin (D-WI) presented S.1808, known as the “Federal Perkins Loan Program Extension Act of 2017,” to the 115th U.S. Congress. The proposed legislation also included 8 other original co-sponsors, including Senators Rob Portman (R-OH), Bob Casey (D-PA), Susan Collins (R-ME), Dick Durbin (D-IL), and a few more legislators from both sides of the aisle.Three...

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