WeWork, SoFi save grads on loan payments

Over the past several months, WeWork has doubled down on its commitment to helping employees and members become lifelong learners. Now it’s making that process even easier with a partnership with the online personal finance company SoFi.

SoFi lets people refinance their current student loans at extremely competitive interest rates. This partnership offers WeWork employees and members in the U.S. the opportunity to receive an additional 0.125% rate discount if they refinance with SoFi.

This could mean big savings—individuals who refinance their student loans with SoFi save up to $30,069 over the lifetime of their loan.

“At WeWork, we are all students for life,” said Steve Sanderson, WeWork’s Head of Strategic Planning. “But one thing that can slow down the learning process is student loan debt. That’s why this partnership with SoFi is so important. It helps our employees and members pay off their loans sooner so that they can focus on their passions and pursuing their long-term goals.”

WeWork employees and members will be able to apply through the WeWork Service Store or through www.sofi.com/wework.

SoFi’s online process couldn’t be easier. You’ll enter some basic information—including your name, the school you attended, and the amount you want to refinance — and instantly get word on pre-approval. You’ll immediately know your proposed interest rate, monthly payment, and the amount you’d save over the course of the loan.

All of this is done just with a soft credit check that has no impact on your credit score. SoFi considers everything from where you went to school to your work history, taking a more accurate snapshot of your overall financial health. This is how SoFi is able to offer better rates.

That’s what Los Angeles-based entrepreneur Jennifer Saxton—founder of the baby gear services company called Tot Squad—discovered when she wanted to refinance her loans from business school at Northwestern University.

“I had about $75,000 in student loans,” said Saxton. “When I refinanced with SoFi, I saved about $5,000. That’s a pretty significant number.”

Once WeWork members and employees refinance their loans, they get access to SoFi membership ranging from complimentary career counseling to local member events including concerts and private dinners to financial advising.

This is the fourth time in the past few months that WeWork has underscored its commitment to a lifetime of education through new partnerships and initiatives, from the acquisition of groundbreaking coding bootcamp Flatiron School to the launch of an early childhood education program called WeGrow to the partnership with the online education program 2U.