LAMBDA CHI ALPHA FORMS PARTNERSHIP WITH SOFI TO PROVIDE SOLUTIONS FOR STUDENTS FACING STUDENT LOAN DEBT
CARMEL, IN – In line with the organization’s commitment to dynamically transforming fraternity culture, promoting leadership, diversity, service and health for college undergraduates and graduates, today Lambda Chi Alpha, Inc. Chief Executive Officer Troy Medley announced a special partnership with SoFi, a digital personal finance company that helps “people get their money right.”
Doug Derringer, Chief Growth Officer at Lambda Chi Alpha said, “We’re aggressively looking for better ways to prepare young men for the future and we understand that financial freedom is a critical part of leadership and mental health. Student loan debt is a major hurdle for many people across the country, and our partnership with SoFi provides us with the opportunity to give our young men the financial health and freedom to bet on themselves and succeed.
Jennifer Nuckles, Executive Vice President at SoFi said, “As an organization that values and supports its members, we are excited to partner with another membership organization, Lambda Chi Alpha, to extend access to SoFi at Work to their over 200,000 collegiate and alumni members. The SoFi at Work platform will enable current and future members of Lambda Chi Alpha to make meaningful progress towards their financial independence and success, regardless of where they are on their journey.”
Amid a global pandemic and economic crisis, Lambda Chi Alpha is partnering with SoFi to provide solutions to students and alumni facing student loan debt issues and seeking financial wellness. According to a recent report from the Institute for College Access & Success, a student-centered public policy organization, 45 million borrowers in the U.S. collectively owe nearly $1.6 trillion in student loan debt. As a result, student loan debt is now the second largest component of consumer debt—behind only mortgage debt—and larger than both credit card debt and auto loans. The average student loan debt for members of the class of 2018 is $29,200, a two percent increase from the prior year.
Through the partnership, SoFi will provide a suite of services, tools and education for Lambda Chi Alpha members that will provide information and resources for financial planning, college savings, refinancing student loans and more. The SoFi at Work Dashboard, which will serve as a financial hub for Lambda Chi Alpha members—will empower them by providing them with comprehensive snapshots of their finances and the tools they need to make smart financial decisions such as saving, tracking spending, investing, preparing for homeownership, estate planning and more.
SoFi pioneered the student loan refinancing sector in 2011 and has since evolved into a market leader and full-service personal finance company. SoFi offers many of the same products and services as traditional financial institutions, not as a bank but as a lender, advisory firm and brokerage. Since 2011, the company has funded $56 billion in student, personal and mortgage loans for over 1.5 million members.