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SoFi Blog

Tips and news—
for your financial moves.

Millennials and 2017 financial resolutions

Post-college Millennials and 2017 Financial Goals: A World in Flux

For many Americans, the beginning of a new year is a time for self-reflection and personal goal-setting — losing those holiday pounds, learning a new language, or maybe getting to a better place with their finances.

As a personal finance company devoted to helping a new generation achieve prosperity, we decided we’d dive into the financial aspect of these resolutions, especially among younger Americans. We also wanted to see how recent events might have shaped those resolutions. So we surveyed more than 500 college-educated Americans ages 25-34 — the older cohort of U.S. Millennials — to find out their attitudes on a variety of forward-looking finance topics.

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3 people who refinanced their student loans and saving over $10K

3 People Close To Paying Off Student Debt Discuss Their Payoff Strategies and What They’ll Do Next

Life, interrupted. That’s what millennials with student loans are discovering as they try to meet their financial goals, such as buying a home.

But there’s a way to eliminate that debt faster. Refinancing your student loans to reduce interest rates is a strategic move savvy borrowers are making to save money over the life of their loans. Then they can turn their attention to saving for retirement and improving their quality of life.

We talked to three of our members, each with a different set of life circumstances, who were tired of putting their dreams on hold. For James Hilton Harrell, Melonia Bennett and Josh Grant, refinancing their student loans with SoFi has help put them on the path to a brighter financial future.

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young couple, new home

Understanding the Different Types of Mortgage Loans

The process of applying for a mortgage loan can be complicated, and one of the first steps for a homebuyer is to decide which type of loan will best serve his or her needs. Some mortgage applicants are first-time homebuyers, seeking to buy a home as a primary residence, while others are seasoned residential homebuyers, with experience purchasing homes primarily for investment purposes in the form of rent revenue and asset appreciation. No matter what type of borrower you are, you should be familiar with the different types of mortgages available today.

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5 ways to recover from financial infidelity

Financial Infidelity: 5 Steps to Getting Your Relationship Back on Track

“My partner doesn’t really need to know I splurged on these shoes, so I’ll intercept the credit card bill from the mail before he sees it.”

My bonus was a bit more than I anticipated, so it won’t hurt if I don’t tell my wife and have some fun with the extra money.”

A one-time money secret may seem like a minor relationship infraction, especially if the amount in question is a small one. But as I know from conversations with my clients, one fib can lead to another, snowballing into long-term deceits, such as secret credit cards or hidden bank accounts. Little flakes of dishonesty can severely ice over a relationship, especially when debt accumulates or credit scores fall.

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How to Buy Your First Home

How to Buy Your First Home (And Why 2017 is the Year of the Millennial Homebuyer)

If you’ve been thinking about buying your first home, now could be a great time to take the plunge. With interest rates expected to rise, locking in a rate on your mortgage early can be a cost-saving move. Also, as rents continue to climb, you might be ready to invest that monthly check in something that can appreciate in value—not to mention something that gives you a tax break come next April.

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