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The Week in Review
• Downbeat earnings reports from several major banks weighed on sentiment. Broadly speaking, the performance of the nation’s largest banks are tied to how well the economy is performing.
• The euro fell below parity with the US dollar, meaning the two currencies are exchanging at a near one-for-one rate. That hasn’t been the case for nearly two decades, dating back to when the euro was brand new.
• Initial jobless claims hit their highest level in nearly eight months. The number of Americans filing for unemployment benefits rose 9,000 last week to hit 244,000.
For more economic news and how it affects your money, visit the SoFi app.
What You Need to Know About Student Loans, Grants, and Scholarships
Very simply put, a loan is money borrowed that has to be paid back (usually with interest). You can take out a loan from a friend, a family member, a bank, an online lender, a college or university, or the state or federal government.
A grant can be beneficial to students because it is financial aid that does not have to be repaid. Grants may be obtained directly from your university, the federal government, state government, or a private or nonprofit organization. It is important to note that you may be required to meet certain financial eligibility criteria, depending on the grant.
Scholarships are a great way to finance higher education because there are thousands of available scholarships based on financial need or merit. Scholarships can come from a variety of sources and typically do not need to be repaid.
Depending on where your school is, you have different options when it comes to getting the money you need to pay for school. Check out this state-by-state guide to get more information on what scholarships and grants may be available to you.
This Week’s Top Stories
The housing market is changing. It seems at long last, the red-hot housing market is cooling off. One of the latest indicators is the number of people canceling contracts to purchase a home.
Mortgage rates are rising, giving some would-be buyers cold feet and causing others to no longer qualify for a loan. But it’s also cutting down on bidding wars and giving buyers more flexibility.
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Another report shows that inflation remains hot. That leaves some companies more vulnerable than others. It also helps investors anticipate what could happen next in a rising-rate environment.
In a broad sense, consumers are spending more for products, and the entire economy is impacted. But what types of stocks are most affected with inflation at its highest level in decades?
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There’s a number of possibilities in the Twitter (TWTR) saga, now that billionaire Elon Musk has announced he wants to cancel the deal. A new question also emerges: what’s next for the social media platform?
Musk could be forced to pay even more than the negotiated $1 billion break up fee. It’s even possible a judge forces him to complete the deal. For Twitter, lengthy legal proceedings, distracted employees, and a brand new search are likely on the horizon.
Read more >>
Deep Dives from SoFi Learn
A Disney World vacation can be quite expensive, especially if you’re traveling with multiple people. This makes it important to learn all the tips you can to save money at Disney World.
Here are different ways to save money at Disney World and still have an incredible experience.
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Seasonal changes to your routine can lead to changes in your spending patterns. Learn how to keep to a summer budget and save money for your vacation.
Keep reading for 10 tips on how to save money in the summer and how to stick to a summer budget.
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Here are the 10 most common types of scholarships for college.
44% of students who didn’t use scholarship funding said they didn’t apply because winning didn’t seem plausible. However, with so many different types of scholarships available, you might find one that can help you pay for school.
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