09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

student loan calculator on iPad

5 Debt Payoff Apps To Help Crush Your Student Loans

Way back in 2010, the phrase “there’s an app for that™” was so buzzworthy and ubiquitous, Apple trademarked it. Today, even though Apple owns the phrase, the fact still stands that if you need something, there’s probably an app to assist you with it. This is even true for paying off debt. Debt trackers, loan apps, payoff debt apps… if you’re carrying debt, technology can assist you—right from your phone.

And if you live in America, the likelihood is that you are carrying at least some debt. According to statistics by the ​New York Fed​ , ​total household debt— which includes mortgages, student loans​, car loans, and credit card debt —hit $13.5 trillion in the last quarter of 2018.

According to a TIME analysis of the New York Fed data, those ​under the age of 35 carry the most school debt, with the average millennial household owing $14,800 in student loans. Those between the ages of 45 and 54 had the highest amount of debt overall, at an average of $134,600. And that number is concerning to many, as it may mean more young people will carry debt well into old age.

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woman's hands on laptop

How to Prep Before Meeting with Your Tax Accountant

It’s pretty safe to say that most people would prefer to avoid thinking about taxes. From tongue-twisting acronyms to the complex list of potential deductions, the subject can be confusing, daunting, and, well, boring.

It often stays on the mental back burner through summer vacatiowns, busy times at work, and the holiday season. But tax time will be here before you know it. And things will go much more smoothly if you’ve planned ahead.

If you’re outsourcing tax preparation to an accountant, they can help you navigate the maze. But your accountant won’t be able to do their job without you providing the needed information and documents. You may be wondering, “What documents should I bring to my tax preparer?”

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Machu Picchu landscape

4 Creative Ways to Use Personal Loans

People often think of a personal loan as being a lifeline for emergencies. Be it an unexpected trip to the hospital, a leaking roof that needs to be replaced as soon as possible, or that squealing sound your brakes are making before a long road trip, personal loans can certainly come in handy when you need them.

But can you use a personal loan for everything? What people don’t know is that personal loans are so much more than an emergency backup plan.

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Young woman with backpack

7 Ways to Thrive as a Commuter Student

Articles about the benefits of attending college typically focus on traditional situations where students live on, or right next to college campuses—and benefits of full college-campus experiences are numerous. But, there are also plenty of benefits when commuting to college and here we’ll look at seven of the most important of them.

Before we begin, though, we want to create a definition of this type of student. What is a commuter student, really? Traditionally, people think of students who live in dorm rooms as the ones who are heavily involved in campus life, but what about students who live nearby in an apartment? These students may also be immersed in campus life.

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