SoFi Blog

Tips and news—
for your financial moves.

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Explaining the New White House Proposal on Capping Student Loans

The Trump Administration has proposed a cap on the amount that parents and graduate students would be able to borrow from the federal government to pay for higher education. The administration says their effort is an attempt to curb tuition costs and student loan debt, which reached an outstanding $1.465 trillion in late 2018. Here’s a look at what these changes might mean for parents and grad students.

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Sustainable Investing for Earth Day

On April 22, millions of people around the world will participate in Earth Day-related activities. Some people will march to raise awareness, some will plant trees, and some will take the time to clean up plastic and trash that has been carelessly discarded.

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Should I Help Pay My Siblings Student Loans?

Family debt is never easy to tackle, but if a sibling is struggling with a significant amount of student loan debt, it can seem even more overwhelming. Should you help pay off your sibling’s student loans if you are financially secure enough to do it?

When offering money to a family member, it’s important to remember that doing so could change your relationship, even if you are offering to help reduce student loan debt for a sibling.

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4 Reasons Why You Should Consider Using Your Tax Refund to Pay Off Student Debt

Tax season has a mixed effect on people. Some people dread it, while others look forward to it. On the one hand, doing taxes is a nuisance and it’s especially painful if you’re paying out of pocket.

On the other hand, it’s exciting to get a tax refund and think about how to put that extra money to use. Sometimes, a tax refund can be even bigger than a bonus or a paycheck, and without the income taxes.

In all, the IRS paid out $324 billion in tax refunds in 2018 . The average federal tax refund was $2,727. That’s a pretty good chunk of change.

If you are expecting a tax refund, it is worth your while to sit down and plan out what you want to do with the money. Otherwise, it might be too easy to spend the money just as fast as you received it.

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Introducing SoFi ETFs in Automated Investing

[Updated 4/19/19 to include our full statement: Like any other investment advisor, we make changes regularly to the composition and allocation of our members’ portfolios in relation to their investment objectives and risk tolerance. SoFi Select 500 and SoFi Next 500 provide comparable access to market segments at far lower expense ratios than those of other funds, as we have waived all management and trading fees. We notified our members in a timely fashion in accordance with regulations, and will continue to address individual member questions.]

SoFi is always searching for innovative ways to help our members get their money right. After some hard work and planning, we are excited to announce the latest addition to our suite of Automated and Active Invest product portfolios—SoFi ETFs (exchange-traded funds).

We constructed these ETFs specifically with SoFi members in mind. They’re intelligently designed, diversified, and appropriate for both beginner investors and those who are well on their way to achieving their investment goals.

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