SoFi Blog

Tips and news—
for your financial moves.

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What to Expect for Student Loan Forgiveness

Government analysts, charity supervisors, Peace Corps workers—most likely, these people genuinely care about serving others. But there may be another contributing factor to their career choices: the prospect of having their federal student loans forgiven.

Public service workers with federal student loans may qualify for the Public Service Loan Forgiveness (PSLF) program. As a reward for serving their communities, eligible borrowers may have the remainder of their federal student loans forgiven after they make qualifying payments for 10 years.

President Trump recently introduced his budget proposal for Fiscal Year 2021 , which runs from October 1, 2020, to September 30, 2021. He is recommending numerous changes to the ways the federal government currently spends money, and one of those changes is cutting programs from federal agencies.

Trump’s suggestion to completely eliminate the Public Student Loan Forgiveness program is one of the most controversial parts of his budget proposal.

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Impacts of Wednesday’s Democratic Party Presidential Debate

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

The ninth Democratic party primary debate took place in Las Vegas Wednesday night, giving six candidates the chance to speak before the Nevada Democratic caucus on Saturday, February 22nd.

Primary elections had already occurred in Iowa and New Hampshire. The Associated Press was unable to declare an official winner in Iowa, but Bernie Sanders and Pete Buttigieg split the delegates, with Sanders taking the popular vote. Sanders won the New Hampshire primary election, making him the frontrunner before Wednesday’s debate.

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SoFi and Edmit Partner to Help Next Generation of College Students Get Their Money Right

The days of poring over a dense Barron’s catalog of colleges and universities to find the right school are gone. Today, we announced a new partnership with Edmit , the company that helps families make smarter financial decisions about college, to set up college-bound students and their families with the tools and resources needed to help simplify the college selection and financial aid process.

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Where Should I Retire?

When you think about retiring, you may imagine yourself lounging on a beach of sparkling sand with a fruity drink in your hand and a wide variety of amenities available to you. Or you might picture moving near where your grandchildren live so you can spend plenty of time going to their sports games, musical concerts, and more.

Or, as another option, you might envision moving to where the cost of living is low, so your money can go towards traveling the world. You might dream of upsizing to the home you’ve always wanted, or perhaps you’re thinking about simplifying during your retirement years. You might want to buy an RV and spend this time of your life on the road!

Where to live in retirement depends largely upon your goals, and what’s perfect for you might not interest someone else at all. In this post, we’ll share information about what to consider in a retirement spot and what some of the most popular retirement spots are, and offer a blueprint to help you create your own unique plan.

We’ll also talk about the linchpin of whatever retirement plan you’re creating: the ability to fund it.

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Exploring the Latest FICO® Score Changes

Sometimes, managing finances can feel like a game—one whose rules aren’t always easy to figure out.

It can be doubly disturbing when those rules change unexpectedly. And according to a recent announcement by the Fair Isaac Corporation, the consumer reporting agency responsible for calculating FICO® scores, that’s exactly what’s about to happen.

Many consumers are familiar with their FICO Score, the three-digit credit rating used by many lenders to gauge a borrower’s creditworthiness. Even if they can’t name the exact number, most credit users likely know it exists.

But it’s less common to have a total understanding of how, exactly, that score is arrived at—and that’s before throwing in a formula change.

For most consumers, however, this FICO announcement is apt to be a total non-issue. And even for those whose scores are affected, there are tons of smart financial moves that can help mitigate the changes and potentially help raise overall creditworthiness.

Here are the deets about the 2020 FICO® Score changes.

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