SoFi Blog

Other than your love life, finance might just be the last topic you’d ever want to discuss with your parents. Not only could it potentially open you up to unnecessary and unwanted criticism (ahem, like comments about avocado toast), but financial advice from a baby boomer can sometimes feel a little irrelevant. The financial climate has changed considerably since your parents were in their 20s or 30s. The cost of higher education has gone up 1,120% in 30 years, and millennials (i.e., you) are carrying majority of the $1.2 trillion in student loans Americans currently owe and are paying back.

For borrowers who are eligible, the decision to refinance student loans is typically a no-brainer. Not only does refinancing allow you to choose between lower monthly payments and a shorter payment term, but it also lets you consolidate your monthly bill and – most importantly – save a significant amount of money over the life of the loan.

But even if you’re excited about the idea of sticking it to your student loans, you may be concerned about how much work will be involved in the refinancing process. Which is understandable, given that most important financial transactions involve a mountain of paperwork and multiple calls to an unhelpful customer service center.

U.S. stocks are strong; developed world stocks are rallying, but still uncertain; and despite some investors’ fears, emerging markets are still appealing. Here’s what’s been happening in the market over the past few weeks.

If you’re in the market to buy a home, or you recently became a homeowner, you’ve probably noticed that mortgage interest rates are ticking up. And just this past March, the Federal Reserve increased the Federal Funds rate by one-quarter of a percentage point for the second time since December. Coincidence? Probably.

We’ll get more into what the Fed rate hike is all about below, but the burning question is: What impact does it have on mortgage rates? Most importantly, how will it affect home affordability and your monthly budget?

To help you make major mortgage decisions going forward—ones that have the potential to impact you for the next 30 years—we’ve broken down what the Fed rate hike really means for current and future mortgage borrowers, and the actions you should consider.

Regardless of your opinion of President Trump, his administration, and the infighting in Washington, times like these present real financial challenges to Americans. Are we in for higher inflation or another recession? What will happen to interest rates? Will unemployment grow or shrink?

Everyone is feeling this uncertainty, particularly young people who are making investment decisions for the first time. Here are a few ways to take control of your money, and avoid making some common money mistakes.