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May and June may be known as graduation season, but this December some graduates will put on their caps and gowns and enter the job market before their other classmates. Amid the bustle of winter celebrations, however, many December grads are left wondering, “when do you have to pay back student loans?”
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.
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.
As a kid, there’s a strong chance you dreamed about becoming a doctor. In fact, according to Fatherly’s Imagination Report , becoming a doctor is the number one dream of young girls nationwide. It’s also the number one dream career for children living in the West and the mid-Atlantic, and second in the Great Lakes, Midwest, Southeast, and Southwest, according to Fatherly.
And apparently a lot of those kids actually followed through on their dreams, as more than 51,000 people applied to med school in the 2017 to 2018 school year. Of those applicants, more than 21,000 actually got in. (And if you’re wondering what it takes to be part of the 40% who got accepted, the Association of American Medical Colleges revealed that the average MCAT score for applicants was 501.8 in the 2016 to 2017 school year and 504.7 for 2017 to 2018. The average score for matriculating students was 508.7 in the 2016 to 2017 school year and 510.4 for 2017 to 2018. In other words, MCAT scores aren’t trending down.)
Upon graduation, these medical school students turned doctors can expect an average salary of $294,000 a year, and more if they follow through with a specialty such as becoming an orthopedic surgeon, a job which commands an average salary of $489,000 . Or if they choose to live and practice in a state that pays medical professionals particularly well, like North Dakota, they can expect to make an average of $361,000.
No one likes high interest rates any more than they like managing multiple student loan payments every month. That’s why refinancing can help. It means you can consolidate to one monthly payment, instead of several, and refinancing can potentially lower your interest rate or help make your monthly payments more manageable.
We’ve created a straightforward comparison chart, so you can see exactly why SoFi is a smart choice when refinancing student loans. We’ll compare loan structures, discounts, and how easy it is to actually refinance. We’ll also look at perks like unemployment protection, so you know what to expect if you find yourself facing an employment gap.
The goal of this information is to allow you to compare and contrast SoFi and First Republic Bank, based on information available on both websites, so you can choose the loan that works best for you and your unique situation. If you’re ready to refinance your student loans with SoFi, you can find your rate in just two minutes.
Career tips, money advice, workplace trends, and more.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, reside in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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