SoFi Blog

Tips and news—
for your financial moves.

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Should I Take a Year Off From College?

There’s no denying it: College is a long, hard marathon. If you’re shooting for a bachelor’s degree, you likely have four years of full-time study before you have your degree in hand. The problem is that four years can be a long time to focus exclusively on school.

For some students, a year off offers a chance to step outside academia and back into the “real world,” but what are the potential risks and benefits of taking a year off from college?

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7 Personal Finance Books to Add to Your Holiday Wishlist

The holidays are quickly approaching, and though you may already have some essentials in mind, (AirPods Pro®, anyone?) it’s never a bad idea to add some finance books to your list.

Whether you’re a recent grad who’s just getting on your feet and creating your first budget or a seasoned professional planning for retirement, trying to get your finances in order can be daunting.

While there are a number of resources like apps, podcasts, and websites that could be helpful in sorting your personal finances, reading or listening to a good ol’ fashioned book (or e-book!) can help to keep you free of other digital distractions and focused on getting your finances right.

So grab your favorite flannel, here are some popular personal finance books to curl up with next to a roaring winter fire.

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7 Non-Traditional Employee Benefits to Look for When Job Searching

When searching for a new job, it is common to look for a position that offers a competitive pay rate, an opportunity for inter-company growth, a comprehensive health-care package, and a generous time-off policy. Additional factors such as a short commute time, specific perks for working parents, and stock options could also be enticing.

Recently, however, more and more companies seem to be modernizing and innovating their employee benefits program beyond the norm to attract and retain new workers.

While these more unusual offerings could at first seem like trivial bonuses rather than significant aid, they often result in positive impacts on an employee’s life.

According to a 2019 survey conducted by The Harris Poll, 80 percent of respondents claimed they would take a job that had benefits over a job that made 30% more in salary but did not offer benefits. When determining if accepting a job with unusual benefits is worthwhile to you, it is important to keep your individual and/or family needs, lifestyle, and budget in mind.

If you’re on the hunt for a new role, keep an eye out for the following left-of-center benefits that could help you improve your physical and emotional health, better manage your time, grow your wealth, or save money.

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Let’s Pass the Employer Participation in Repayment Act

SoFi Members and Community at Large,

We’re on a mission at SoFi to help you get your money right.

Our products are only part of the picture. Your financial independence also depends on laws and regulations coming out of Washington, DC. And there is one bill in particular that we think could have a meaningful positive impact for many of you: The Employer Participation in Repayment Act.

Right now, if your employers want to help you pay down your debt, 12 – 37% (depending on your tax bracket) of their contributions get eaten up in federal income taxes.

But, under this bill, your employers’ contributions up to $5,250 would be tax free. So, 100% of the money goes toward paying down your debt.

The education you paid for is benefitting your employer. Why shouldn’t your employer be able to do more to help pay down the debt you incurred? 

That’s why SoFi has been working with the Debt-Free Tax-Free Coalition to urge Congress to pass the bill. We have over 200+ sponsors – both Democrats and Republicans.

Congress will only pass this bill if they hear from voters like you telling them it’s important to you. So, please, click here to voice your support and help employers make their footprint bigger than their foot!!

Thank you for being active members of our community.

Anthony Noto
Chief Executive Officer



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How to Track and Maximize Rebates on Holiday Purchases

Is there anything better than a bargain? Splurging can be fun and all, but scoring an amazing product at a fantastic price? Well, that sounds even better. For some holiday shoppers, holding out for a competitive price is worth it. According to one survey by RetailMeNot , Americans are willing to wait 57 days, on average, in order to find a good deal on a product.

So, if you’re on the hunt for a discount this season, the promise of getting money back on a purchase can be enticing. Retailers and manufacturers looking to make a sale may offer some sort of rebate in order to sweeten the deal.

Some are upfront discounts, others are more conditional like buy-one-get-one sales, while others may require a bit of work on the customer’s behalf. For some, the promise of 15% off a luxury purchase could be alluring enough to go through the process of submitting a mail-in rebate.

But success can sometimes be difficult to achieve when it comes to mail-in rebates. If you’re new to the whole idea, you may be googling “How to do a mail in rebate?” While the process may vary slightly depending on the manufacturer, here are a few guidelines that could help you navigate the mail-in rebate process this holiday season.

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