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Saturday,
December 17, 2022

Hi Daily subscribers,

The Saturday edition of the SoFi Daily will be taking a break on 12/24 and 12/31, but we will be back in your inboxes with economic news of note on 1/7.

Happy holidays! 🎁

Thanks,

The SoFi Daily team

Top Story

The week in review

• The market was hoping for a more dovish turn from the central bank as we head into 2023. Investors were more optimistic on this front during November, when stocks rallied. Now, recessionary concerns and uncertainty over the pace of future rate hikes have put pressure on equities once again.

• But US stocks fell Wednesday as investors reacted to the Fed’s latest rate hike. While the central bank enacted a 50-basis-point hike as expected, Chair Jerome Powell struck a more hawkish tone during his ensuing comments. Earlier estimates predicted the Fed’s target rate could hit 4.6% in 2023, but that’s been adjusted higher to 5.1%.

• The Fed suggested unemployment will rise next year, amid tepid economic growth. With bond traders anticipating future rate hikes, the yield on the US 2-Year Treasury rose slightly.

• Recessionary fears grew on Wall Street after November’s retail sales slid 0.6%, month-over-month. Surveys from the New York and Philadelphia Fed also showed this month’s manufacturing activity declined in each region.

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

The federal Student Loan Debt Relief program has been blocked, but there are still other programs for forgiveness available to those eligible.

In the August statement, the White House said it will focus on helping borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government.

The government has been offering forgiveness on student loan debt held by people whose jobs serve the public for a number of years.

However, many criticized these existing programs as too hard to understand and qualify for, and subsequently too few people received the loan repayments. The Biden Administration made efforts to “cut the red tape” and strengthen this type of forgiveness

“Because of complex eligibility restrictions, historic implementation failures, and poor counseling given to borrowers, many borrowers have not received the credit they deserve for their public service,” said the White House.

Our student loan forgiveness guide covers all existing loan forgiveness and repayment programs for some of the 45 million Americans paying off their student debt.

This week’s top stories

Want a free year of Netflix (NFLX)? If you’re in the market for at least one other streaming subscription, you may be in luck.
Verizon (VZ) is just fine being the streaming middleman, as it takes a neutral approach to the sector with its new hub Plus Play. It aims to build a user base by bundling a free year of Netflix with other subscriptions available through the platform.
Read more >>

After experiencing a huge boost during the pandemic, legal weed sales have declined so far in 2022.
Despite the slowdown, this is hardly Mary Jane’s last dance. Here’s what’s causing the decline in marijuana sales and why the weed industry should come back higher (pun intended) than ever.
Read more >>

Freelancing was more popular than ever in 2022, with approximately 39% of the US workforce going solo.
Here are the main reasons why some prefer freelancing over traditional employment, as well as a few tips for getting started yourself.
Read more >>

Deep dives from SoFi Learn

Who knew? Marketers sometimes use psychological pricing tactics to get us to spend more.
Learn and avoid these 15 sneaky pricing tricks.
Read more >>

The cost of buying clothes can quickly add up and has the potential to ruin any budget.
There are ways you can cut down on your clothing expenses but still score some pieces you can’t wait to wear. Here’s 15 suggestions on how you can save money on clothes without feeling deprived or out of sync with the latest styles.
Read more >>

Want your student loans forgiven? If you work for the government or a non-profit, learn more about the Public Service Loan Forgiveness Program.
Many professionals are stressed out about their student loan debt and wondering if they qualify for forgiveness. Here’s the latest information on PSLF eligibility and student debt forgiveness.
Read more >>

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Important: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile and involve a high degree of risk.

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NOTICE: The White House has announced a $10,000 forgiveness for qualifying federal student loan borrowers/$20,000 forgiveness for qualifying Pell Grant recipients/suspended all federal student loan payments and waived interest charges on federally held loans beyond 12/31/22. Please carefully consider these changes before refinancing federally held loans with SoFi, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave up to $10,000 and $20,000 for Pell Grant recipients unrefinanced to receive your federal benefit. For more information, please go to https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and may be subject to other restrictions. Minimum loan amount of $5,000 unless required to be higher to comply with applicable law. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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