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The Week in Review
• US stocks fell this week after the Federal Reserve enacted its sixth rate hike of 2022 — the fourth straight 75-basis-points hike. Losses widened after Chair Jerome Powell said it’s “premature” to discuss slowing rate hikes, adding that inflation remains too high.
• The US Department of Labor reported jobless claims fell slightly last week to 217,000. While this is good news for job seekers, it reasserts the Fed’s thinking that the labor market can handle additional rate increases.
• Overseas, reports suggested China may be leaning towards relaxing its zero-COVID policy, which has led to repeated lockdowns and diminished production. Oil prices gained on the news, which suggests global demand for energy could increase.
For more economic news and how it affects your money, visit the SoFi app.
Yes! Current Students Can Apply for Biden's Loan Forgiveness
Current students are eligible for President Biden’s one-time student loan debt forgiveness of up to $20,000 if their federal loans were disbursed before June 30, 2022, and if income criteria is met. If the student is a dependent, the annual income the FSA will be looking at is that of the parents, not the student. That income can’t exceed $125,000 for a single parent or $250,000 for the household.
Find out if you qualify and how to apply. Plus, take a deeper look which loans are eligible for forgiveness, and the legal obstacles the debt relief plan may face.
This Week’s Top Stories
The holiday season is rapidly approaching and many people are starting to book their flights home for Thanksgiving. But the prices are nothing to celebrate.
Here are some strategies that you can use to save on flight tickets this year – including picking the right day to fly, working remotely, and leveraging credit card sign-up bonuses.
Read more >>
With his $44 billion acquisition of Twitter (TWTR) now complete, Elon Musk is getting started on his plans to rebuild the social media giant. It involves a focus on engineers, free speech, and a mysterious app called X.
Meanwhile, the billionaire and Tesla (
TSLA) chief will have his hands full dealing with a potential revolt from Twitter’s existing employees. He already fired a series of top-level executives. What comes next?
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A new law in New York City will make it illegal for companies to post a job listing without “good faith” information on pay. Job seekers may never have to hear the words “we offer a competitive starting salary” again.
For job seekers, this means that you’ll be able to see exactly what a company plans to offer you for a position, right in the job listing. Read on to learn what this means for the national job market.
Read more >>
Deep Dives from SoFi Learn
A recession has followed every time a Philadelphia baseball team wins the World Series. But does correlation imply causation?
The current World Series match-up between the Phillies and Astros has caused investors to look for any relationship between the winner and how it may impact the direction of the stock market and the economy.
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If you have moved since the last time that you've ordered checks you may be wondering if they are still good to use.
Read on to learn when it’s possible to use checks with an old address.
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Federal student loan forgiveness can be life changing, but keep an eye out for offers of debt relief that may be scammers in disguise.
While students nationwide apply for federal student loan forgiveness, hackers and scammers have updated their tricks to fool you into sharing your personal information. Here’s what to look out for.
Read more >>
