Social Finance Gets $77.2M For Student Loans

San Francisco-based Social Finance, which operates a student lending program which ties school alumni with new students, said last night that it has raised $77.2M in a Series B funding. The funding was led by Baseline Ventures, and also included DCM and Renren. Social Finance operates a loan program for college students, which sources funds from alumni. The company said it has so far generated more than $60M in loan applications and expects to commit more than $200M in student loans this year. Social Finance is headed by Joe Chen, and the firm's founders are all formerly from Stanford's Graduate School of Business (GSB). More information »