09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

medical equipment and laptop

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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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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8 Valentine’s Day Gifts That Are as Meaningful as They Are Affordable

There are plenty of cute Valentine’s Day ideas to be found, but what about cheap Valentine’s gifts that won’t break the bank? A last-minute frenzy of wandering through the red, pink, and purple aisles at the grocery store could cost you, and honestly, probably won’t impress your sweetie much.

Turns out, those ages 25 to 34 are the biggest spenders during the heart holiday with a spending average of $202.76, but could they have done it for less?

Our list of eight cheap Valentine’s gift ideas will have your sweetheart swooning over your thoughtfulness, and you’ll be ready to brag about how much you didn’t spend! Well, maybe you’d like to keep that to yourself, too. We won’t judge.

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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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