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The FTC claims that since atleast April 2016, Social Finance has been promoted false statements about loan refinancing savings in TV, digital, and print ads - in effect doubling the amount of actual savings by excluding large categories of customers.
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“Student loan debt is a huge problem facing students and graduates across the country,” said FTC Chairman Joe Simons. “Lenders who offer refinancing options must be upfront with students about savings. They cannot make deceptive claims and bury the truth in fine print.” According to the FTC, one online SoFi ad claimed, “Refinancing student loans saves $22,359 on average,” while another ad told readers to “Start saving on your student loans. Average monthly savings $292.”
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