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Saturday,
February 11, 2023

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The week in review

• Federal Reserve Chairman Jerome Powell reiterated the committee’s belief that ongoing rate increases would be appropriate. However, he maintained that the disinflationary process was underway. The dovish statement on the current trend of inflation suggests investor speculation of a lower terminal rate may ultimately be correct.

• The United States trade deficit widened to $67.4 billion in December, compared to the $68.5 billion estimated For the year of 2022 as a whole, the trade deficit reached a record $948.1 billion, or roughly 3.7% of GDP.

• The average 30-year fixed-rate mortgage declined by 1-basis-point to 6.18%. At the same time, mortgage refinance demand jumped 18% week-over-week as rates logged their fifth consecutive decline. However, the increase is still 75% lower than the year prior.

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

Looking for ways to pay for school? Here’s what you need to know about merit scholarships.

A merit scholarship is a financial award given based on a student’s academic excellence or other non-academic criteria. These scholarships can help cover a portion of (and in certain cases, the full amount of) tuition, room, and board, therefore helping decrease the overall cost of college. Merit scholarships are similar to grants in the fact that they typically do not need to be repaid. However, unlike grants, which are often based on financial need, merit scholarships are generally awarded based on academic performance, athletic achievement or extracurricular activities.

While every scholarship is different, some merit scholarships, such as those offered by colleges and universities, may not require students to fill out any additional paperwork beyond their application to the school. When applying for merit aid from an outside organization or private company, students may be required to write an essay or personal statement, gather letters of recommendation or go through an interview process.

As you are looking for scholarships, fellowships, grants and more, consider streamlining your search with SoFi’s scholarship search tool. If merit awards and federal aid aren’t enough to pay for college, private student loans are another option to consider. SoFi private student loans, for example, have no fees and offer a convenient online application.

This week’s top stories

Employers are saying it’s time to come back to the office. Employees respond, “Not so fast.”
The perks of working from home extend beyond loungewear. Lifestyle gains in terms of lower expenses and more time are tough give-ups.
Read more >>

ChatGPT could change the way you surf the web, access information, and consume content.
Microsoft’s CEO has said we are entering “a new paradigm for search.” We’ll break down exactly what that means for you.
Read more >>

Flight delays and cancellations are on the rise. Both passengers and legislators have had enough.
Two senators have proposed the Airline Passengers’ Bill of Rights to improve the experience of air travel and provide consumer protections to airline passengers. De-incentivizing airlines from overbooking flights is one goal. Here are the other amendments.
Read more >>

Deep dives from SoFi Learn

It’s game on, this Sunday! And Super Bowl LVII may deliver more than just bragging rights. According to some, the winner could predict the future of the stock market.
We’ll take a look at the Super Bowl Indicator and its relationship to stocks.
Read more >>

What’s the average cost of an oil change in 2023?
We’ll discuss the ins and outs of oil changes, including how often you should get it done, the benefits to your vehicle and the environment, and how to save money on your next oil change.
Read more >>

If you want to bring in some extra cash with a side hustle (or even just by eating or sleeping), check out these 27 weird ways to make money.
There are countless weird ways to make money, from selling your hair to testing food to beekeeping.
Read more >>

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