SoFi Blog

Tips and news—
for your financial moves.

capitol building

The Fed Rate Announcement: What You Need to Know

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.

Editor’s note: this article has been updated from its original publish date of July 29, to include new information.

In July 2019, The Federal Reserve cut rates for the first time since the financial crisis. Now, it has cut rates again—for the fifth time in eight months. This time, it is directly tied to the spread of COVID-19—more widely known as the coronavirus.

“The coronavirus poses evolving risks to economic activity,” the Fed said in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate.”

Americans may want to prepare now for some changes to their finances—especially given the macroeconomics around this particular cut. This action has the potential to affect savings, credit cards, student loans, mortgages, and investment portfolios.

Curious about how the process of cutting and hiking rates works? Wondering how the rate announcement by the Federal Reserve may affect you? Read on for a high-level overview of information that may be helpful as you plan for the near future and beyond.

Read more

Student Loan Options: What is Refinancing vs. Consolidation?

Got student loans? We’ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. And while you’re at it, check out SoFi’s new Student Loan Debt Navigator tool to assess your student loan repayment options.

Student loans have a way of making you feel powerless. But the truth is, you have more control than you think. That’s what our Student Loan Smarts series is all about—helping you understand all of your options so you can make decisions that fit with your financial goals.

One of those options? Choosing to consolidate or refinance student loans. But what is consolidation, what is refinancing, and how do you know which one (if either) is right for you?

Read more

How Business School Helped Two MBAs Follow Their Cold-Brew Coffee Bliss

When Matt Bachmann decided to get his MBA three years ago, he didn’t imagine it would lead to a startup fueled by his favorite beverage. “I was committed to using the time as a break from the corporate world, and I knew I wanted to explore entrepreneurship,” says Bachmann. “But I had no idea what the final outcome would be.”

Read more

How to Pardon Credit Card Debt with a Personal Loan [Infographic]

As families and friends across the country gather for Thanksgiving, many Americans are bringing an unwanted guest along with them: high interest rate credit card debt.

And while it probably won’t be a topic of conversation around the dinner table, it’s always there in the back of your mind – a reminder that you’re spending thousands of dollars on interest when you’d rather use that money to pay for holiday gifts or a ski vacation.

Related: Credit Card Interest Calculator

Fortunately, there is a better solution. Find out how refinancing credit card debt with a low interest rate personal loan can get that unwanted turkey off your back – so you can focus on the fun of Thanksgiving instead.

Read more
TLS 1.2 Encrypted
Equal Housing Lender