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SoFi Blog

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The Bloomberg Student Loan Plan: What’s in the Details

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.

While the historically large field of 2020 Democratic candidates continues to narrow, one recent addition to the race is only just now releasing some of his key plans and ideas.

On February 18, former New York City mayor and current presidential candidate Michael Bloomberg released the student loan proposal he would potentially enact as president. The Bloomberg student loan plan is similar to that of other Democrats still in the race.

These plans, including Bloomberg’s, generally focus on low- and middle-income families when it comes to student loan aid. More progressive candidates like Elizabeth Warren and Bernie Sanders want to outright cancel most, if not all, current student loan debt.

Bloomberg’s higher education plan is focused on tuition-free community college and expanding federal subsidies and grants to low-income students.

Let’s dive into the details.

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California AB-5 Law Dictates Gig Economy Workers Must Be Treated as Employees

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.

The gig economy has been on the rise for a while now, altering the way people find and perform an increasing number of jobs—from ride-sharing to delivering groceries to consulting on high-level projects.

And as the app-based and online technology that simplifies those transactions evolves—matching workers with the businesses and consumers who need their services—the trend is expected to continue.

But there have been growing pains. Some gig workers and their supporters have raised questions about basic protections and benefits they’ve lost out on because they’re considered independent contractors instead of employees, including overtime pay, paid sick days, and worker’s compensation insurance.

Others say the flexibility many independent workers enjoy can translate to job volatility for those who participate in what the US Bureau of Labor Statistics calls “electronically mediated employment ,” especially those who drive for a living.

Now it seems their voices were heard, at least in California, where a groundbreaking law signed by Governor Gavin Newsom in September went into effect January 1, 2020. The law is expected to change the way employers treat certain nontraditional workers, but it has seen a lot of push back from companies.

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What to Expect for Student Loan Forgiveness

Government analysts, charity supervisors, Peace Corps workers—most likely, these people genuinely care about serving others. But there may be another contributing factor to their career choices: the prospect of having their federal student loans forgiven.

Public service workers with federal student loans may qualify for the Public Service Loan Forgiveness (PSLF) program. As a reward for serving their communities, eligible borrowers may have the remainder of their federal student loans forgiven after they make qualifying payments for 10 years.

President Trump recently introduced his budget proposal for Fiscal Year 2021 , which runs from October 1, 2020, to September 30, 2021. He is recommending numerous changes to the ways the federal government currently spends money, and one of those changes is cutting programs from federal agencies.

Trump’s suggestion to completely eliminate the Public Student Loan Forgiveness program is one of the most controversial parts of his budget proposal.

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Impacts of Wednesday’s Democratic Party Presidential Debate

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.



The ninth Democratic party primary debate took place in Las Vegas Wednesday night, giving six candidates the chance to speak before the Nevada Democratic caucus on Saturday, February 22nd.

Primary elections had already occurred in Iowa and New Hampshire. The Associated Press was unable to declare an official winner in Iowa, but Bernie Sanders and Pete Buttigieg split the delegates, with Sanders taking the popular vote. Sanders won the New Hampshire primary election, making him the frontrunner before Wednesday’s debate.

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SoFi and Edmit Partner to Help Next Generation of College Students Get Their Money Right

The days of poring over a dense Barron’s catalog of colleges and universities to find the right school are gone. Today, we announced a new partnership with Edmit , the company that helps families make smarter financial decisions about college, to set up college-bound students and their families with the tools and resources needed to help simplify the college selection and financial aid process.

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