09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

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6 Side Jobs to Take Advantage of This Summer

Summer is on its way, and if you’re in college, you may find yourself with extra time to fill. Why not find a way to make extra money on the side? This could help you pay for school—and help you pay down debt when you’re finished with school. You could start looking for summer gigs now as some seasonal jobs may be starting to staff up.

You may already know about the traditional summer jobs, like lifeguard or camp counselor, but here are seven more ideas to help you make extra cash during the summer. And you don’t need to be a student for these—a side hustle could help anyone who needs a financial boost.

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National Student Debt Forgiveness in the 2020 Election

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.

As the election cycle heats up in anticipation of the 2020 presidential election, national student loan debt relief is becoming a red-hot topic. Mark Huelsman , associate director of policy and research at Demos, shares that Americans can likely expect dramatic student-debt relief proposals, in contrast to previous election debates, saying that, “There is more consensus about the need to go big on college affordability than there has been in previous election cycles.”

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How Student Loan Debt Can Hit Your Tax Returns

April 15th is a day most are familiar with. For some, it means sending money off to Uncle Sam. For others, it means an influx of cash as a tax refund is issued.

Tax season with student loans can be a little different since student loans could impact your tax return in a couple different ways. In some cases, certain tax deductions can help borrowers decrease their tax liability (which is the technical term for how much an individual owes in taxes). Other times, the harsh consequences of struggling to make student loan payments kick in.

Taxes and student loans can be confusing enough on their own. When you combine them, it can feel like you are trying to navigate a maze. While everyone’s situation is different, there are some rules and regulations worth knowing.

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How to Stay Focused on School Despite the Debt That’s Coming

More than 44 million borrowers collectively owe $1.5 trillion in student loan debt in the United States. Looking at these numbers more specifically, the average student loan balance is around $34,000.

And student loan balances have a ripple effect—they’re now impacting borrower’s financial decisions after college, including deciding whether to save for retirement or put away money for a house down payment.

If you are one of the millions who have taken out student loans for your college education, you may be worried about how to stay focused in college classes with this debt looming over your shoulder. It’s an understandable concern, of course—it can be difficult to focus on Creative Writing 201 when you’re busy calculating how much you’ll need to take out in student loans next year. Nonetheless, here are some tips to help you keep calm and stay focused on school.

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What to Do About Student Loans if You Get Laid Off

Getting laid off can send your finances into a tailspin, especially if the pink slip comes without much notice. Whether you are facing temporary unemployment, or are having trouble finding a full-time position for a while, it’s important to think about how you will handle your student loans during this period so that you don’t go into default.

While it’s certainly scary to suddenly be without a job, layoffs are pretty common. According to the Bureau of Labor Statistics, every year about 21 million Americans lose their jobs due to layoffs and discharges.

If you recently got laid off and are suddenly scrambling to pay your bills, you may wish to consider income-driven repayment plans for your federal student loans or student loan forbearance. Loan forbearance allows the borrower to temporarily stop making payments, or at least reduce the payment amount for a specific timeframe, and can apply under many circumstances, not just unemployment.

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