SoFi Blog

It’s been another big year for student loans. As the $1.2 trillion in outstanding education debt continues to grow, the Class of 2014 became the most indebted ever, with recent college grads owing $33,000 on average and the number for graduate/professional degree borrowers often closer to the six-figure range.

The holiday season can be a frenetic one as you juggle your normally busy work schedule with the added stress of shopping, social engagements and travel. But it’s also an important time of year to think about your finances. Not only is this a chance to get your financial house in order for 2015, but it also allows you to take advantage of certain money-saving measures that must be implemented before Jan. 1.

Here are 5 financial moves to consider between now and ringing in the New Year:

With all the dire “retirement crisis” stories and statistics out there, most young professionals today are aware of how important it is to save for their own nest eggs – no matter how far away their own retirement may seem.

If there’s anything clear about student loans, it’s that the terminology associated with student loans is often far from clear.  Take the words “consolidate” and “refinance,” for example.  Both of these fall into the category of “things you can potentially do with your student loans” and as a result they’re often used interchangeably.  But the terms can have different implications based on the context in which they’re being used.

So here’s the scoop:

Summer is officially upon us, and with it the promise of warm sunshine, longer days and happy memories.  But if you’re one of the 37 million Americans with student loans, that debt can feel like a constant storm cloud over your head – no matter what the weather outside may be.

Rather than let another lazy summer pass you by, why not use the next few months to make a dent in your education debt?  Research shows that you’re more likely to achieve your objectives when they’re specific, measurable and time-bound, making summer the perfect time to set goals and see some progress by the time fall rolls around.   And it doesn’t take much – when it comes to reducing your loan balance, a few small changes can have a big impact.