SoFi Blog

Deciding to buy a home is not a decision for the faint of heart. It’s a commitment like no other, and the time it takes to dabble and explore reflects the importance of your next move.

Most people understand the importance of establishing and maintaining a good credit score.  For student loan borrowers, this means treating that debt responsibly – for example, paying on time, every time.  But that’s old news.

The new news is that FICO is making changes to the way it calculates credit scores. Because FICO’s credit scoring metric is by far the most widely used in consumer lending decisions, it’s worth exploring what this might mean for you.

If there’s anything clear about student loans, it’s that the terminology associated with student loans is often far from clear.  Take the words “consolidate” and “refinance,” for example.  Both of these fall into the category of “things you can potentially do with your student loans” and as a result they’re often used interchangeably.  But the terms can have different implications based on the context in which they’re being used.

So here’s the scoop:

Whether you’re looking for a new job, angling for a promotion or just seeking more responsibility in your current role, most people would agree that summer is not the best time to accomplish big career moves.   People are out on vacation, attitudes are relaxed and things move slowly, making it difficult to schedule interviews and get exposure at work.

The “post-grad plateau”: It’s those first few years after graduate or professional school when the future looks bright but you haven’t yet hit your financial stride.  You’ve secured higher income potential thanks to your advanced degree, but student loans and other debt from school have come due – and those payments can swallow a paycheck whole.