SoFi Cancels Bonus Program

We couldn't convince them to convert their marketing budget into a referral bonus for you.

All of my relationships with the student loan refinancing companies are about delivering the best value to our readers. In each case, I’ve asked them to pay me less so that they can offer you a higher bonus. I only want to partner with financial service companies when I’m confident that it’s the best deal on the internet for readers of the site.

As of July 1st 2017, SoFi moved a vast majority of its affiliate partners to an outsourced platform with the following offer: $150 to the website owner and $0 to the reader.

As I hope you would expect, I did not accept that offer (and no amount of reasoning with them seemed to work).

I don’t begrudge SoFi for making this decision. It’s the classic 80/20 Rule at play. Focus on the 20% of sites that are bringing in 80% of the referrals. This move will also help pad their bottom line which is important to do before an IPO.

Unfortunately, the Biglaw Investor didn’t fall into the right part of the 20%. I can’t in good faith recommend that you refinance through an affiliate link that offers you a $0 bonus when I know that there are a few sites remaining where you can get a nice amount of extra cash for refinancing your law school loans.

For that reason, if you want to check your rate with SoFi, I encourage you to use one of the links from these sites where you can still get a decent bonus from SoFi.

BUT, before you decide to refinance with SoFi – if SoFi gives you the best rate – I encourage you to reach out with me once you’ve locked in a rate. I just might be able to help you find a better deal with a lower interest rate and a bigger bonus. It can’t hurt to try and many other companies are competing for SoFi’s business, so drop me a note and we’ll see what we can do.