SoFi Blog

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Sick of Student Loan Debt and Fed Up with the Shame: How Millennials Really Feel

There’s no sugar coating the current state of student loan debt. It is grim, especially when you read the numbers: Over 44 million Americans hold nearly $1.5 trillion in student debt. Much of the people who owe this debt are
millennials .

The millennial generation is constantly facing backlash, whether it is about the amount of student debt they owe or their “frivolous” spending habits on things like $5 coffees and avocado toast. However, maybe it is possible to have your avo toast and pay off your debt, too.

We wanted to find out how millennials really felt about the stereotypes against them and what they think about their student loan debt, so we polled over 1,000 millennials (ages 22-35)1 across the U.S. to get their opinions and found some surprising statistics.

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How Betsy DeVos’ Change to the Gainful Employment Rule May Affect You

Betsy DeVos, the United States Secretary of Education, is nothing if not controversial. On July 1, 2019, she made a decision that has American citizens and politicians up in arms: She canceled the Gainful Employment Rule that President Obama put into effect in 2015. This rule held colleges to certain standards so that students would be more financially stable after graduating.

The Department of Education claims that the rule unfairly targeted for-profit schools. Rather than make adjustments to the regulations, Secretary DeVos chose to repeal the Gainful Employment Rule completely. This repeal will become effective July 1, 2020.

People may be divided on this issue, but most can agree that DeVos’ decision will impact not only the colleges that had to comply with the Gainful Employment Rule, but also students who attend those schools.

Are you curious about how this decision could affect you or your college-aged child? Read on to learn about what the Gainful Employment Rule accomplished, why DeVos appealed the rule, and how canceling the legislation could affect students.

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Pros & Cons of Paying off Student Loans Early

How many college graduates have responded to travel invitations or big life purchases with, “Sure, as soon as I pay off my student loans.” It’s a burden that can saddle a graduate for years after the last day of classes, but what if smart planning could erase that debt sooner rather than later?

But we should first mention that this member’s story is just an example we can learn from—and what worked for them might not work for someone else. Following in her footsteps might not yield the same results, because everyone’s finances and debt payoff strategy is different. But the key takeaways from these members’ repayment approaches might help if you’re currently crafting a plan to knock out your student debt.

Erika Jimenez, a member of the SoFi Community, is an MBA graduate who left grad school with around $50,000 in debt. At first, she said she was resigned to paying it off over the next nine to 10 years. But after paying for three years and only making a $10,000 dent in her total balance, she decided it was time to revisit her options.

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Changing Careers So Soon After Graduation

Do you find yourself dreading the commute to work in the mornings? Do you feel like the work you’re doing isn’t fulfilling or interesting, even though you majored in this very subject? While the prospect of a career change so early in your life can be scary, it may be worth it for your future success.

A job change requires an investment of time and possibly money. But if you’re unsatisfied and are looking for a new career, making the decision now is the first step toward the rest of your life.

Here are some things to consider as you think about changing jobs to a new field or industry.

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President Trump Signs Executive Order Cancelling Student Loan Debt for Disabled Veterans

IMPORTANT: Refinancing federal student loans with a private lender, including SoFi, would mean forfeiting access to federal programs like the FREED Veterans Act, income-driven repayment plans, and other federal loan forgiveness or loan cancellation options.

Veterans learn a lot when they volunteer to serve in a branch of the U.S. Armed Forces. They can learn teamwork, loyalty, and discipline. Veterans might learn skills from how to run a nuclear submarine to cooking chow in a theater of war to dressing a wound in the field. And they probably learn how to make a plan and stick to it.

But what happens if they become disabled during their service? What happens if their best laid plans are thrown to the wind and they’re unable to fulfill student loan obligations as the result of an injury in the line of duty?

As of Wednesday, August 21, 2019, these vets, those with student loan debt struggling with disabilities as a result of their service, might be able to breathe a little easier.

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