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SoFi Blog

Tips and news—
for your financial moves.

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What the Coronavirus Could Mean for the Economy

The world has been rattled by the coronavirus outbreak. Markets are extremely volatile, the Fed has slashed rates, stores have run out of toilet paper, and many cities have been ordered to “shelter in place.”

There is a lot of fear and uncertainty around the virus and how it will impact our lives—in both the short- and long-term. Read on for a deep dive of how some macro forces are reacting.

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The Bloomberg Student Loan Plan: What’s in the Details

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.

While the historically large field of 2020 Democratic candidates continues to narrow, one recent addition to the race is only just now releasing some of his key plans and ideas.

On February 18, former New York City mayor and current presidential candidate Michael Bloomberg released the student loan proposal he would potentially enact as president. The Bloomberg student loan plan is similar to that of other Democrats still in the race.

These plans, including Bloomberg’s, generally focus on low- and middle-income families when it comes to student loan aid. More progressive candidates like Elizabeth Warren and Bernie Sanders want to outright cancel most, if not all, current student loan debt.

Bloomberg’s higher education plan is focused on tuition-free community college and expanding federal subsidies and grants to low-income students.

Let’s dive into the details.

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