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SoFi Blog

Tips and news—
for your financial moves.

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Importance of Celebrating Paying Off Your Student Loans

Seeing your final student loan payment post might elicit cheers of joy, sighs of relief, or both. Your epic, years-long journey to be free of student loan debt can only be capped off by an equally epic celebration, whether you want to simply treat yourself to dinner, or host a massive payoff party.

But, the huge sense of accomplishment you feel can often lead to overspending once you are finally free from student loan debt, so make sure to acknowledge the investment you’ve made in yourself and celebrate paying off your student loans smartly.

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What Makes a Good Investor?

In a 2011 interview about what makes a good investor, Warren Buffett said, “The good news I can tell you is that to be a great investor you don’t have to have a terrific IQ. If you’ve got 160 IQ, sell 30 points to somebody else because you won’t need it in investing. What you do need is the right temperament.”

So what exactly is the right temperament? What are the shared characteristics of the most successful investors?

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How Much Your Student Debt Can Grow While in Forbearance

If you’re unable to make payments on your student loans, you might be considering some extreme options, like leaving the country, going underground, or building a time machine. But there are other, more practical options out there, such as forbearance. What is forbearance, you ask? It’s a federal program that can help postpone payments for qualified applicants.

Sounds like a perfect solution, right? Not so fast—it’s a little more complicated than that.

While you’ll temporarily be able to stop making payments, interest will continue to accumulate on your loan. This interest gets added to your balance when the loan switches out of forbearance and back to your payment plan.

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You’ve Inherited a House! Now What?

Inheriting a house through a will or trust can be a monumental event for anyone. Maybe you knew that you were going to inherit the property, or maybe it came as a complete surprise. Perhaps you’ve inherited the home by yourself or maybe you and your siblings each inherited an equal share of the property.

From a financial standpoint, inheriting a house that is paid off can be quite different from inheriting one with a mortgage. In some cases, you might inherit the house free and clear, but in other cases, the outstanding balance on the mortgage can become your responsibility.

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