Fintech unicorn SoFi announced on Tuesday it has formed a new partnership with Edmit, a company that helps families make smarter financial decisions about college, to provide college-bound students and their families with tools and resources needed to make the college selection and financial aid process easier, personalized, and transparent.
According to SoFi, registered SoFi members will now have complimentary access to Edmit Plus, which considers a student’s academic merits and family finances to provide data-driven recommendations on college affordability and return on investment.
“Members can enter their academic profile and receive unlimited college-comparison reports consisting of a personalized cost of attendance (including potential merit scholarships), projected monthly loan repayment amounts, and prospective post-graduation earnings based on profile and major. This information, along with other factors, is also captured in an overall “financial grade” that allows members to easily compare schools to each other.”
Speaking about the collaboration, Anthony Noto, CEO of SoFi, stated:
“SoFi was created to help ease the burden of student debt that is stifling a generation in this country. We believe it is imperative to understand early on the significance of taking out a responsible amount of debt for college. We are excited to partner with Edmit to help college-bound students and their families make the most informed decision on where to attend college and how to finance the journey, so that they can achieve financial independence.”
Nick Ducoff, CEO of Edmit, then added:
“Edmit is thrilled to partner with SoFi to offer their members the necessary tools and guidance needed to assist their college-bound students in making the best higher education choices possible. With this partnership, we are committed to helping the next generation set themselves up for financial success after graduation.”