Saturday,
August 19, 2023

text

Top Story

The week in review

•   The Department of Energy is investing $1.2 billion to support the development of large-scale carbon removal vacuums to combat global warming. The initial funding will create two carbon removal hubs in Louisiana and Texas, run by carbon capture startup Climeworks and oil company Occidental (OXY).

•   US consumer inflation expectations for the year ahead fell for a fourth consecutive month to 3.5% in July. This marked the lowest level since April 2021 and was down from the previous month’s 3.8%.

•   The FOMC minutes showed officials are still concerned about the pace of inflation. Many felt more rate hikes could be needed in the future unless conditions change. Officials also stressed future decisions will be based on incoming data.

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

How to prepare for the end of federal student loan relief.

The pause on federal student loan payments ends on August 30, 2023. Interest resumes on September 1, and payments will be due beginning in October 2023.

The student loan repayment transition may not be easy for some borrowers. A survey ​conducted for Pew Charitable Trusts in 2021 found that 67% of borrowers said it would be difficult to afford their student loan payments if they resumed the next month.

Understanding the repayment options available and making a plan for repayment can help borrowers strategize the best way to manage their debt.

Looking for answers about the return of student loans? Join SoFi Financial Planner Brian Walsh to figure out how to incorporate student loan payments back into your budget.


text

This week’s top stories

Here's what retiring with a $5 million nest egg might look like.
We break down why $5 million might be the magic number for an early retirement.
Read more >>

Roll credits: the era of cheap streaming is over.
A bundle of top US streaming services will now cost you more than the cable bundle you thought you escaped. Here are the numbers — and the silver lining.
Read more >>

Millennial math: living together, paying separately.
Millennial couples are embracing cohabitation like never before — but almost one-third feel their share of expenses isn’t equal. Here’s one trick to make sure the math adds up.
Read more >>

Deep dives from SoFi Learn

There are several factors to take into account when deciding whether to lease or buy a car.
We’ll break down what you should consider. Plus, get tips on how to save for your next set of wheels.
Read more >>

Your 40s can be an especially important decade when it comes to financial planning and your future.
Here are some ways to make the most of your peak earning years and beyond.
Read more >>

Time for self-care: Here’s how to treat yourself on a budget.
Check out these 16 ways to treat yourself without breaking the bank.
Read more >>

TLS 1.2 Encrypted
Equal Housing Lender