SoFi Blog

Tips and news—
for your financial moves.

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How to Pay off Student Loans Fast & Still Travel

Traveling the world is high up on the bucket lists of many. And in today’s social media age that desire comes to life via endless accounts detailing idyllic tropical havens, bustling cityscapes, and high-adventure destinations.

From skiing the Alps to visiting Machu Picchu, there’s so much to see and do—but with all those adventures comes a price tag. Millennials are one of the most travel-focused generational groups. While other segments of the population are cutting back on traveling expenses, millennial families continue to spend on travel. According to the 2018 to 2019 Portrait of American Travelers Study , millennial families intend to spend 15% more on travel in 2018 than they did in 2017.

Millennials place a strong emphasis on travel, but they’re often left with the question of how to pay off student loans fast. According to the Pew Research Center , about four in 10 American adults under the age of 30 have student loan debt. While the amount each individual holds varies greatly, on average those graduating from a four-year college have approximately $32,731 in student loan debt.

All that said, we’re here to let you know that traveling the world while paying off student loans fast could still be an option. Here are our nine tips for how to pay off student loans fast while still traveling the world at the same time.

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Ways to Save on Energy Costs During the Winter

Depending upon where you live in the United States, you may simply experience somewhat colder temperatures than what’s typical during the rest of the year—or you might need to deal with plenty of ice, snow and frigid temperatures. No matter what state you live in, though, energy costs likely rise in the winter, and this post aims to provide energy-saving tips to keep you warm and protect your wallet.

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Creative Ways to Save Money

With a seemingly endless supply of new budget-tracking apps, advice about always making coffee at home instead of buying out, and other finance tips, it can be hard to find the best creative ways to save money.

But saving anything, even just a small amount, is a good place to start. Whether you want to build up your emergency savings, or fund an investment account, it’s definitely time to prioritize saving money.

Savings are subjective, and while some people find it simple to put away money every month, for others, it can feel daunting to part with that money, especially if you’re in debt or spending a large portion of your paycheck on necessities. What works for someone else might not work for you, and that’s okay. Here are just a few financial upgrades that can help grow your savings.

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How to Ask for Student Loan Money for the Holidays This Year

Houses are adorned with festive decorations, busy shoppers are filling the stores, crossing items off of their shopping list—the holidays are here. It’s a time full of family, friends, traditions, and new memories.

Unfortunately for the millions of Americans facing the hefty burden of student loan debt, the joy of the holiday season can be overshadowed by the stress and anxiety that can come with making student loan payments during the holidays.

The average student in the class of 2017 graduated from college with $32,731 in student loan debt. If you’re a parent or family member looking for good gifts for millennials this holiday season, you may want to consider making a student loan payment on his or her behalf.

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7 Purchases To Make at a Local Business

You may have missed Small Business Saturday, but you really don’t need an excuse to shop at locally owned businesses. The fact is, supporting small businesses is a great thing to do. It stimulates your local economy. If you’re spending money at your local coffee shop, your money is benefitting someone in your community. What’s more, your money is going to a business that might need to make a sale more than the department store down the street.

In the age of Amazon, it can be easier to click and purchase things online, but it’s also important to support your local community. Who wants their downtown to be tumbleweeds? Supporting your local businesses can help reinvigorate your city or keep your town thriving. Well, here’s a list of great products to pick up at your favorite small business, as well as a few ways to finance those purchases.

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