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Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

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7 Mistakes to Avoid When Choosing a Student Loan Cosigner

7 Easily Avoidable Mistakes When Choosing (or Removing) a Student Loan Cosigner

A good education will help you achieve your career goals, but your degree comes with a staggering price tag—one that’ll definitely hit you with sticker shock. Consider this: In 2015, the average college debt at graduation ranged from $3,000 to $53,000.

While there are plenty of scholarship, grant, loan, and refinancing options available to college students, they’re not all easy to get. In some cases, you’ll simply be able to sign on the dotted line once your applications are approved. But in other cases, such as with private student loans, you might need a co-signer—a creditworthy individual who will be legally responsible for repayment should you default, become disabled, or die.

If you’re just starting school and lack the steady income and solid credit history required for approval, a co-signer will help you clear the approval hurdle. And if you already have a student loan and that debt (and the interest that comes with it) is weighing you down, a co-signer can be your refinancing angel. In either situation, you’ll be in good company: In 2015-2016, about 94% of undergraduate private student loans included a co-signer, as did 61% of graduate private student loans.

Before you jump in, though, make sure you understand the dos and don’ts of choosing—and removing—a student loan co-signer.

(And while you’re at it, check out SoFi’s new Student Loan Debt Navigator tool to asses your student loan repayment options.)

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End of year debt payoff checklist

Your One-Minute Checklist To Eliminate Debt (And Make 2017 Really Payoff)

As the year draws to a close, it’s a great time to reflect on your finances—especially if you’re a recent grad who’s newly employed. You’re likely bringing home a significant paycheck for the first time in your life, but also have big-time monthly bills to pay, including student loans. Without proper planning, that debt can easily drag you down.

So how can you balance paying your bills, eliminating your debt, and saving for your future while still allowing yourself a few bucks for fun?

Start achieving your 2017-and-beyond financial goals by asking yourself these key questions:

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2017 MBA School Rankings

SoFi’s “No BS” 2017 MBA Rankings Examine Salary vs. Debt

They’re back! We analyzed more than 60,000 student loan refinancing applications from January 2014 to September 2016 to tally SoFi’s “No BS” Return on Education 2017 MBA Rankings. MBA seekers should dive in, because this data matters more than a stunning campus or which successful CEO is an alumnus.

Grounded in verified income and debt—not just reported figures—our rankings represent an accurate and objective look at outcomes for those who are three years out of school. And that’s the whole point of getting your MBA, right? To graduate and earn a strong salary that isn’t eviscerated by student loan debt!

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Your 6-Step Plan for Managing Student Loans—and The Tools to Help You Do It

When you’re struggling to pay student loans, it helps to know you’re not alone. Members of the class of 2016 now carry, on average, $37,173 in student loan debt—up 6% from last year. It’s not easy, but there is good news: You live in the digital age! Want to redecorate your home? There’s an app for that. Manage your bucket list? There’s an app for that, too. So it should come as no surprise that there are a number of websites, tools, and finance apps designed specifically to improve the loan payment experience.

Yet, even with so many options available, it can be hard to make a plan to tackle that debt in a way that’s efficient and helps you see results. We know you’re busy and there’s no quick and easy way to filter through hundreds of online resources to find the best tools for your needs, so we’ve done the work for you.

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Put a Dent in Your Student Debt: 9 Summer Saving Ideas

Summertime is all about sunshine, much-needed vacation time, and relaxation. It’s also a great time to make significant headway on your student loans.

We know that might sound crazy—after all, there’s nothing fun or relaxing about dealing with student loan debt. But here’s the thing: if you want that debt out of your life ASAP, it won’t help to take a vacation from it. Follow a few summer savings tips now, and you’ll see some satisfying progress by the time winter rolls around.

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