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 Stanford students, SoFi has seen their community network grow to 350,000 members and 35,000 of those members have been actively attending SoFi’s social events.

On September 28th, SoFi hosted one of their pop-up parties at Front and Palmer in Philadelphia. The event was meant for millennials that currently have student loan debt and included food, a DJ, and giveaways.

SoFi’s invite to millennial student loan borrowers read like this: “SoFi is here to celebrate by inviting you to gather together, take a night off and relax–on us. Student debt is your ticket in the door. Just bring an email, screenshot, or paper statement with your loan balance–and a friend. SoFi will take care of the rest.”

According to all in attendance, the dance the debt away SoFi pop-up party was a great success with plenty of fun to be had and connections to be made. Claire Arthur, a member of the SoFi Community Team, said the point of the party was for often-stressed student loan borrowers to first forget about their debt for a little, but to also celebrate themselves for making an investment for the future by taking out student loans.

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For student loan borrowers, the SoFi pop-up party would seemingly be a refreshing getaway from the stresses of student loan repayment. According to The Student Loan Report, the national student loan debt currently stands at $1.41 trillion. That debt is collectively owned by 44,179,100 student loan borrowers, who each owe an average of $27,857 in educational loans.

For SoFi, the news of this dance the debt away party is a nice change of pace for a company that has dealt with negativity in the press recently. A while back, SoFi applied for a banking charter that has yet to be approved; in late August, Congresswoman Maxine Waters (D-CA) wrote a letter to the Federal Deposit Insurance Corporation in which she urged the entity to hold at least one public hearing regarding the application. Waters went on to say that an approval of SoFi’s banking charter would set an unwanted precedent of fintech companies getting approved without thinking of potential ramifications. 

Image Copyright © Tyler Sprague