09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

Is MBA debt worth it?

How One MBA Grad Became a Total Minimalist—and Paid Off $90K in Debt

Joe Mihalic is a changed man. In 2011, he led the typical the Harvard-MBA lifestyle, with a lucrative job at a big tech company, a house in the suburbs, two cars and a motorcycle, and frequent travel—but he felt trapped. “I wasn’t working at a company I loved or in a job I loved. I wasn’t living a life I loved,” Joe says. So he changed his life drastically, becoming a minimalist. And that decision led him to pay off $90,000 in student loan debt in just seven months.

Joe, who lives in Austin, Texas, chronicled his journey to payoff success in his blog No More Harvard Debt. His posts resonated with many young grads, and his blog went viral in 2012. Now debt-free and an operations manager at a company he loves, Joe says he’s found inner peace. But he hasn’t let go of his frugal lifestyle— his work shoes attest to that. While paying down his loans, he wore the same shoes, even as holes appeared in them. Today, he won’t buy a new pair of shoes until the soles wear out.

Joe didn’t take every possible road to pay off his student loans—for example, he didn’t refinance, or take advantage of a student loan forgiveness program. But his “all in” approach offers many takeaways for MBA grads facing mortgage-sized loan debt.

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SoFi Member Spotlight on UCLA grad Mavrick Goodrich

Beating the Odds on the Way to UCLA: MBA Grad Mavrick Goodrich Shares His Inspiring Journey and How He’s Tackling Six Figures of Student Debt

In our latest SoFi member spotlight, we catch up with Mavrick Goodrich to discuss the experiences that lead to his UCLA undergrad, pursuing his MBA and furthering his career as a Management Consultant. It’s a moving tale of resilience, learning and always moving forward – personally, professionally and financially. 

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2017 MBA School Rankings

SoFi’s “No BS” 2017 MBA Rankings Examine Salary vs. Debt

They’re back! We analyzed more than 60,000 student loan refinancing applications from January 2014 to September 2016 to tally SoFi’s “No BS” Return on Education 2017 MBA Rankings. MBA seekers should dive in, because this data matters more than a stunning campus or which successful CEO is an alumnus.

Grounded in verified income and debt—not just reported figures—our rankings represent an accurate and objective look at outcomes for those who are three years out of school. And that’s the whole point of getting your MBA, right? To graduate and earn a strong salary that isn’t eviscerated by student loan debt!

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SoFi entrepreneur member and military veteran on career transition

From Soldier to Startup: How This SoFi Member and Army Veteran Transitioned Careers For Entrepreneurial Success

Five years ago, running a startup wasn’t even close to being on Michael Zanetti’s mind. But life is unpredictable—and that’s exactly how he likes it. As a veteran with combat experience in the Army, Michael thrives on unpredictability. After all, in the Army, every mission requires a contingency plan.

After serving in Iraq in 2004 and 2005, and receiving a Bronze Star, Michael went on to serve in the National Guard. He transitioned from the military into civilian life in 2011, and earned an MBA in 2014 from Thunderbird School of Global Management. A year later, he partnered with his friend Brady Bagwan—also a former army officer—to co-found TradesFactor, a professional network for people in the skilled trades.

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SoFi Q&A with SnappyScreen COO on Product Design

How SnappyScreen’s Product Design Revolutionized Sunscreen: Q&A with MBA Grad and Entrepreneur Member Katelyn McClellan

SnappyScreen is a touchless sunscreen application system. You select your protection level (SPF) and height, step into a booth, and SnappyScreen applies a head-to-toe protective coating in about 10 seconds. The sunscreen is oxybenzone-free, paraben-free, alcohol-free and does not damage your bathing suit. It’s a slick and sought after product—one that can now be found at 4- and 5-star hotels across the U.S., in locations such as Florida, Hawaii, and California, and in such exotic locales as Aruba. Before the final launch, entrepreneurial sisters Kristen McClellan (founder and CEO) and Katelyn McClellan (COO) built several prototypes to refine the product and make the experience smooth and easy.

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