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Twitter Live Recap: Savings, Spending, and Student Loans in a Time of Uncertainty

It’s been quite a week, but we’re all in this together. It’s natural for questions around money to come up at a time like this, and SoFi’s here to lend a hand.

SoFi Financial Planner Brian Walsh took to Twitter on Friday afternoon to answer questions and share real-time financial guidance during a time of uncertainty and financial volatility.

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What to Know About President Trump’s Federal Student Loan Announcements

This article contains breaking news and events related to the current state of politics and the economy. While we try our best to keep our articles as up-to-date as possible, the ongoing effects of COVID-19 are happening in real time and information is subject to change.

On March 20, 2020, President Donald Trump announced that the U.S. government will be temporarily suspending payments on federal student loans. This comes after the president’s announcement last week that the government would be temporarily waiving interest payments on federal student loans .

U.S. Secretary of Education, Betsy DeVos, was quoted in a statement as saying the following:

“These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted. Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.”

The payment pause is for a minimum of 60 days, retroactively going back to March 13, 2020. More details will likely be provided as this story continues to unfold, including whether this pause will be extended past the initial 60-day timeframe.

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Preparing for a Recession in 2020

It’s a question on a lot of minds. When is the next recession? Although nobody can claim to possess the trillion dollar crystal ball that predicts recessions, extensive research has been done into what causes economic downturns and where the US seems to be in the current cycle.

It may seem as though there’s always an ongoing conversation about this, and it is overwhelming to try and decipher the mixed messages coming from politicians, economists, and the media.

Uncertainty and fear about the economy can lead to inaction and missed opportunities. There is a lot you can do to prepare and stay informed in the event of a recession.

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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 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.

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