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Denial of Sofi Loan Refinance Bonus

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  • Denial of Sofi Loan Refinance Bonus

    I recently refinanced medical school loans via SoFi, using the link from the WCI site. I just asked SoFi, via their online chat, about the $300 bonus (as described on WCI site - https://www.whitecoatinvestor.com/st...n-refinancing/).

    I was told that since I live in Ohio, I am not eligible. This is not listed on the WCI site, including the disclaimer listed on WCI. Specifically, I was told "due to licensing restrictions, no payments to a referral who is an ohio resident are allowed. I'm sorry for the misinformation before." This seems almost like a scam, that this restriction is not listed online, as far as I can tell.

    Any advice on if/how I can fight this?


  • #2
    re refinance with another bank then (earnest, etc)?

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    • #3
      Odd agree to try refinancing with someone else. Laurel road is good about matching rates, and I’ve found them to be quick responders. I’d imagine Jim can help reach out. He’s usually good about verifying weird things like this and clarifying anything new to him.

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      • #4
        the loan has already finished refinancing with SoFi. too late to use another lender.

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        • #5
          SoFi requires you to “join” some other group.
          Then they require to to put in a bank routing in the new group. None of that is disclosed. WCI, have you checked the terms and conditions of the new group required to get the rebate? They use a completely separate group for loan servicing.
          Three signon’s for one rebate.
          Someone is selling something besides loans.
          All after the fact. Loans refinanced too late to back out.
          SoFi shortpaid 4 loans with one serviced. About $600 due in 2026.
          Three loan apps and hours spent getting the loan amounts right. The short pay was using their auto link.
          The people are nice. The process is ridiculous.
          Their answer was “the loan documents were signed “. Yes, but they computed the interest accruals and provided zero support. The loan funds 3-5 business days after you sign.

          I would suggest you avoid frustration by using a different vendor. Oh by the way, they will send you a 1099 for the rebate. No such thing as applying it to the loan.

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          • #6
            Originally posted by SerrateAndDominate View Post
            Odd agree to try refinancing with someone else. Laurel road is good about matching rates, and I’ve found them to be quick responders. I’d imagine Jim can help reach out. He’s usually good about verifying weird things like this and clarifying anything new to him.
            Jim was notified. I don’t expect WCI to work a $300-600 problem. My feedback is simply to point out that now I know of 2 people that encountered difficulties.

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            • #7
              Can we also tell the loan refinancers to stop send mail multiple times per month? I just wanted to look at rates, but now I get stuff from sofi, laurel road, etc multiple times per month, it's ridiculous

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              • #8
                Originally posted by Tim View Post

                Jim was notified. I don’t expect WCI to work a $300-600 problem. My feedback is simply to point out that now I know of 2 people that encountered difficulties.
                Absolutely we will work a $300 problem. I get lots of emails though, so maybe I dropped the ball on yours, dunno. Sometimes hard to pair up screen names and email addresses. Please send me another email with details and at a minimum I'll get you an explanation and fix the issue for future readers, if not get you some cash. Ask your two friends to also email me. With some lenders there is a state or two I don't get paid in, but I don't think that necessarily means you don't get paid, but will look into it and certainly post it on my main student loan page.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                • #9
                  Originally posted by Tim View Post

                  I would suggest you avoid frustration by using a different vendor. Oh by the way, they will send you a 1099 for the rebate. No such thing as applying it to the loan.
                  That bonus is always taxable, whether applied to the loan or not. Companies aren't required to send you a 1099 above a certain amount, but many do it even below that amount to make sure you know it is taxable.

                  But if you want to avoid SoFi, there are plenty of other good ones on the list that will offer great rates and cash back. In fact, there is nothing keeping you from taking a SoFi loan to Earnest or Laurel Road and refinancing it a couple of months later. And with rates having gone down recently....
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #10
                    Originally posted by The White Coat Investor View Post

                    Absolutely we will work a $300 problem. I get lots of emails though, so maybe I dropped the ball on yours, dunno. Sometimes hard to pair up screen names and email addresses. Please send me another email with details and at a minimum I'll get you an explanation and fix the issue for future readers, if not get you some cash. Ask your two friends to also email me. With some lenders there is a state or two I don't get paid in, but I don't think that necessarily means you don't get paid, but will look into it and certainly post it on my main student loan page.
                    To be clear, I specifically indicated Jim didn’t need to “work it”. I did receive the $300 bucks after jumping through additional hoops that are not in writing and not disclosed. It reminds me of the old computer rebates that were intentionally designed so that the majority of consumers never got the $300 back..
                    We do have to not pay $600k bucks of a four student loans that were left unpaid through SoFi’s automated process. That is the same as sell a house and they short pay your mortgage by $600 and leave to with a balance. But this time it’s a 2026 government student loan default! That simply sucks if not deceptive practices.
                    An “automated” refi was from a consumer standpoint “botched” leaving the customer short close to a grand.
                    Yes there are others. But there are other sites that generate referrals as well.
                    My concern? Is Mohela going to be a PITA in handling another ReFi? Or find some way to clip another grand? It’s just business. Trust but verify every step of the way.

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                    • #11
                      I just refinanced through Sofi a couple months ago through the WCI link and they also refused to give me the $300 bonus. I had to send them multiple e-mails before they finally replied about it. I also live in Ohio, but the reason they gave me is that they gave me a "corporate discount" and that they don't combine bonuses.

                      I thought it was misleading and I didn't recall seeing any corporate discount when I was quoted the terms, but I didn't pursue it any further. I thought maybe I missed some fine print or something. Sounds like this may be a recurring issue with them.

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