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SoFi Blog

Tips and news—
for your financial moves.

Paying for College: Should Parents Take Out Loans or Tap Retirement Savings?

With higher education expenses galloping far ahead of inflation, parents at all income levels are finding it difficult to help out with their kids’ college education. If you’re one of many parents whose savings is coming up short, even with a 529 Savings Plan, a Coverdell, or other education-specific plan in place, you may be considering other options to cover the expense gap, including taking out a loan or dipping into retirement accounts.

Before going either route, be sure to fully explore the options available to your family, including potential grants, financial aid, work study programs and employer-provided education assistance programs. And if it’s too late to apply or your child won’t qualify for financial aid, your family may still qualify for one of the tax credits or deductions currently available. While these education-related tax credits won’t necessarily help every family due to limitations and income level phase-outs, they are worth exploring if you’re new to the education funding process.

If you want to explore using retirement savings or private loans to help close the funding gap, here is an overview of the available options in those areas.

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How to Pardon Credit Card Debt with a Personal Loan [Infographic]

As families and friends across the country gather for Thanksgiving, many Americans are bringing an unwanted guest along with them: high interest rate credit card debt.

And while it probably won’t be a topic of conversation around the dinner table, it’s always there in the back of your mind – a reminder that you’re spending thousands of dollars on interest when you’d rather use that money to pay for holiday gifts or a ski vacation.

Related: Credit Card Interest Calculator

Fortunately, there is a better solution. Find out how refinancing credit card debt with a low interest rate personal loan can get that unwanted turkey off your back – so you can focus on the fun of Thanksgiving instead.

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Move Over 401k – Make Room for the Hottest Employee Benefit Today

Employers competing for talent in a hot job market have a new tool in their arsenal: student loan repayment support.

To the delight of many job hunters, a growing number of companies now offer some form of assistance with student loan debt alongside more traditional HR benefits like 401(k) plans and health insurance. And it makes sense – with the average debt for recent undergrads and graduates estimated at about $35,000 and $58,000, respectively, who has money left over to fund a 401(k)?

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