Listen Money Matters - Free Your Inner Financial Badass. All The Stuff You Should Know About Personal Finance.

Student loan refinancing can save you money but it’s a confusing process.  Today we get some guidance from Mike Cagney, co-founder of SoFi.com. SoFi started in 2011 by raising two million dollars from Stanford Graduate School of Business alums to loan to students.  One hundred students were loaned $20,000 each.  The idea being that the students would be more responsible with money borrowed from their own community and the lenders would have a vested interest in seeing students succeed from within that community. SoFi has evolved into a company that consolidates  and refinances loans.  They refinanced one hundred million dollars worth this June and save former students an average of $11,000 over the life of a loan.  SoFi also help graduates who are unemployed by freezing their loans and helping them to find new jobs and help former students to start their own businesses by freezing loans and helping to raise capital. SoFi can refinance loans with interest rates over 6% and can work with state, federal, and