Planning for the Cost of Having a Baby

There’s nothing quite like the joy of planning for your first child. But don’t let visions of cute little onesies, bibs with clever sayings, and the perfectly decorated nursery distract you from planning for the cost of actually having a baby.

Hospital costs and basic needs such as diapers, formula, and even checkups can add up quickly. Factor in the cost of childcare, too, and you’re looking at potentially spending several thousand dollars in just the first few months.

Keep in mind that hospital and day care costs vary from state to state, and that a complicated birth can quickly add thousands of dollars to your hospital bill. And that’s just the tip of the iceberg. Most shopping lists for newborns have more than 50 items and even if you plan to skip extraneous items such as a changing table, diaper pail, and fancy diaper bag, there are still plenty of basics you need to buy to keep your baby safe and healthy, including food, diapers, and a car seat.

Having a baby can be the most joyous time (but also an expensive time) in your life. Here’s a breakdown of the average cost of having a baby.

What is the Cost of Having a Baby?

Hospital Costs

The birth of a newborn is ranked third among the most expensive hospital inpatient stays in the United States, according to the U.S. Department of Health and Human Services Healthcare Cost and Utilization Project .

And this doesn’t even take into account Cesarean section costs. Nearly 32% of all babies are delivered by c-section, according to the CDC’s National Center for Health Statistics .

Prenatal care and delivery costs, including C-section costs, can span a huge range: from about $9,000 to over $250,000 . The average cost of having a baby is $5,000 to $14,500, but can easily rise depending on your insurance coverage and any complications for the mother or baby at birth. And even though many insurance companies offer maternity benefits, many policies demand at least some form of deductible for each family member.

For example, your newborn family member will probably be sent a separate hospital bill from mom’s bill, and baby will be expected to pay a deductible. If you (and baby) each have a $2,000 deductible , you’d be expected to pay the initial $4,000 for baby’s and mother’s hospital care, as well as anything else not covered by your insurance plan.

Car Seat

The hospital won’t let you take your baby home by car without a proper car seat , which can cost from $80 to $400. Most states also require you to have the car seat installed and checked for safety before baby’s first ride home. Fortunately, many hospitals, police stations, and fire stations offer car seat installations and inspections for free.

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Diapers

Disposable diapers can set you back $30 to $60 per month. Cloth diapers might save you around $2,000 for the two years most babies are in diapers, but only if you plan to wash them yourself.

If you send your cloth diapers out to be laundered, then cloth diapers end up costing about the same as disposables. Baby wipes can easily add another $25 a month to your tally.

Formula

Even if mom breastfeeds for the first six months or even a year, many families find themselves eventually purchasing baby formula. Powdered formula can easily cost between $70 to $150 per month . Add to that the cost of bottles, and you’re looking at spending an additional $50 for bottles and up to $400 for entire bottle feeding systems (pumps, bottles, then later spoons, bowls, etc.).

Stroller

Once mom and baby are home, the family will want to go out for a walk and show baby the neighborhood (and get out of the house, too). That means you’ll need a stroller. Depending on how fancy you want to get, a stroller can cost anywhere between $50 to $1600 ; if you’re very active, all-terrain strollers can set you back around $300 to $1,200 . A high-end travel system that includes an infant car seat, car seat base, and stroller can cost more than $700.

Crib

Come bedtime, baby will need somewhere safe and comfortable to sleep. A crib can cost from $100 to $2,000, but you’ll also need a mattress and sheets, adding another $50 to $400 to your total (again, depending on how fancy you want to get).

High Chair

At around four to six months, you’ll probably start feeding your baby solid foods . That means you may need a high chair (between $60 to $300 ), baby-proof spoons and bowls, and baby food ($.50/jar at three jars/day = at least $45 per month).

Doctor’s Bills

It’s a fact of life that babies need frequent checkups. The American Academy of Pediatrics recommends that babies get checkups at birth, three to five days after they are born, and then at one, two, four, six, nine, 12, 15, 18, 24, and 30 months.

Even with a copay, you will likely be paying for at least a dozen doctor visits during your baby’s first years. It’s also not unusual for babies to get sick in between doctors visits. Many new parents may even take their child to the emergency room during their baby’s first two years, even though it might not be medically necessary , and potentially leave with a staggering bill .

All these items, essentially to protect the baby and help the baby to grow, can easily add up, making the average cost of having a baby more than $10,000 for your child’s first year.

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What to Know About the Parent PLUS Loan Program

Parent PLUS loans can be an important tool when it comes to funding your child’s college degree. When your child has gotten back his or her financial aid offer and counted their Stafford loans and Pell Grants, you might find you fall a little short. After all, the Department of Education’s budget doesn’t always account for skyrocketing college fees. That’s why the Parent PLUS loan program has gained popularity over the last 30 years. In 2017, there were around 3.5 million Parent PLUS borrowers ; the average Parent PLUS package is around $15,880 a year. Stafford loans may not cover the total cost of college; Parent PLUS loans can help fill in the gaps.

So what exactly are Parent PLUS loans? They are simply loans issued by the federal government for graduate students or parents of undergraduates. What makes them different from any other type of federal student loans? Unless you’re applying for them as a grad student, these loans are issued in the parent’s name, not the student’s. Financial responsibility, therefore, lies solely with the parent and any cosigners, not the child.

The nitty-gritty details can be a lot to handle. That’s why we made you this Parent PLUS loans guide—we’ll take you through how to apply, how much you could receive, and how much you could pay in interest.

What are Parent PLUS loans?

Parent PLUS loans (also known as Direct PLUS loans) are federal loans offered to parents of undergraduate students. Graduate students are also eligible for Direct PLUS loans, although in the case of grad students, the students themselves who apply for the loan. The interest rate for Parent PLUS loans is set once a year, and because these are fixed-rate loans, the interest rate doesn’t change throughout the life of the loan.

At the moment, the interest rate for Parent PLUS loans is about 7.6% . There is also a loan fee on all Direct PLUS Loans; as of October 1, 2018 that fee will be nearly 4.25% of the loan amount (which is deducted from each loan disbursement proportionately).

How much can I borrow?

The maximum amount you can borrow for a Parent PLUS loan is simply the cost of attendance (as determined by your child’s school), minus any grants or scholarships (or any other financial aid) your child may have received.

How do I get a PLUS loan?

Before applying for a PLUS loan, you will need to fill out and submit a FAFSA® to see what additional aid your child may qualify for. After that, the financial aid process really depends on the school in question. You may want to call the financial aid office of your child’s school before you apply for a PLUS loan, since different schools require different information. Many colleges will require you to fill out the application online. Note: This application takes about 20 minutes to fill out, and it will include a credit check.

What happens if I get rejected?

If your PLUS loan application is rejected based on what they call “adverse credit history,” you may still have options. You can seek out an endorser—which is someone who qualifies and who will agree to pay the loan back in the event that you are unable to. In addition, if you don’t qualify for a PLUS loan on your own, you will be required to go through PLUS credit counseling .

If there are extenuating circumstances impacting your credit history, you can submit documentation to support your appeal to the Department of Education (they provide a list of extenuating circumstances they will recognize if you’re having trouble getting approved for a Parent PLUS loan.)

If you continue to get rejected, your child may be eligible for other unsubsidized federal loans as a result. Consult with a qualified financial aid advisor for details.

When do I have to start repaying?

As a Parent PLUS loan borrower, you will have to start paying back the loan as soon as the entire amount is disbursed. You can, however, request to defer payment while your child is in school—as long as they are enrolled at least part-time. You can even request a six-month grace period once your child finishes school or drops below part-time enrollment. But remember, interest accrues even while payment is deferred.

What happens if I lose my job?

In the event of unemployment, borrowers can contact the Department of Education to request forbearance on the loan. If you are permitted to enter forbearance, you won’t have to make monthly payments for up to three years. However, interest still accrue during forbearance, so your debt will likely increase by pausing payments.

Pros and Cons of Parent PLUS

Pros of a PLUS loan

Parent PLUS loans are federal loans, which means they enjoy most benefits that come with federal loans. For one thing, interest rates are fixed for the life of the loan, so your interest rate will not change or go up from the time your loan is first disbursed. Under certain circumstances, federal loans may be forgiven, cancelled, or discharged.

Cons of a PLUS loan

If federal loans are taken out in the parents’ name(s), the parents assume total financial responsibility for the loan—they cannot transfer responsibility for paying off the Parent PLUS loan back to their child. As parents near retirement and their child becomes capable of paying back his or her loans, it might make more sense to refinance their Parent PLUS loan and transfer the debt into the child’s name.

Are Parent PLUS loans holding you back? Check out SoFi’s Parent PLUS loan refinancing!


Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit .
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Creative DIY Nursery Room Ideas

When preparing to welcome a baby into your life, you’re often faced with an ever-expanding to-do list that multiplies as you get closer to the big day. Here, you’ll find tips to help bring calm to chaos, especially when it comes to setting up your first nursery.

There are tons of unique nursery room ideas that can provide inspiration as you design the baby room of your dreams. Redecorating can be expensive, so we’re here with our best DIY tips and baby room ideas to help guide you through the process without breaking the bank.

From cool effects or murals you can paint on the wall, to easy ways to get the storage you need in adorable baby room furniture, the options are endless. We help you sort through all the great baby room ideas so you can visualize the perfect nursery room for you and your baby; all while giving you the tips you need to keep the project within your budget.

Not sure how you’re going to pay for it? We give you estimates for how much everything will cost and suggestions for how to pay for all that baby room furniture and those cute DIY accents.

Use Paint to Make the Biggest Impact

Paint is cheap compared to high-end baby room furniture. So, buy less expensive furniture and make your statement with color.

You could pick a fun shade to paint all four walls or you could decide to create an accent wall or to use color blocking to make a real statement. For example, you might decide to paint one wall a slightly darker or brighter shade of the same color or paint it a complementary color. You could also choose to paint stripes, a chevron effect, or clouds on the ceiling.

If you’re really artistic, you could add a mural with animals or popular cartoon characters. Do your painting skills leave something to be desired? You can buy murals to put up on the walls instead.

Price tag: $100 to $200

Get a Soft Rug

If you have hardwood floors, a rug won’t just help your feet stay warm when you come in for late-night feedings. You’ll also want a cozy surface for your baby to play, and later, learn to crawl. You can get a rug at a local hardware or furniture store that can bring out some of the colors in your decor and provide a soft buffer between your child and the hardwood.

Price tag: $50 to $300

Create Your Own Art

Blank walls are boring, but art can be expensive to buy. So, why not make it? Get jumbo letters from the local craft store that spell out your baby’s name and hang them on the wall. Figure out the theme of the room to help you come up with other ideas.

For example, you can go to the zoo with a camera and then print out pictures of animals for an animal themed room. Or become inspired by the night sky and put up sparkly stars and a moon on the walls. You can also find cool fabric and tack it onto a canvas for a fabric panel .

Price tag: $50 to $100

Help Baby Sleep

Every baby is different—some cry more and some start walking much earlier. But the thing that you can expect with almost any newborn, is that they’ll wake up throughout the night. Make sure that your nursery is an oasis designed to help your baby sleep. To do that, make or buy blackout curtains to ensure that the sun coming in the blinds won’t interrupt a good nap. Making blackout curtains is easy with a quick trip to the fabric store.

You might also want to buy a noise machine that will help soothe your baby to sleep or make a mobile that will keep them entranced until their eyes start closing. Mobiles are easy to make with a quick trip to the craft store.

You should also consider getting a video or audio monitor so that you can keep an eye (or ear) on your baby while they’re sleeping.

Price: $50 to $100

Store Everything Safely and Neatly

Babies require a lot of new purchases—clothes, toys, clean diapers, and backup clothes for when the diaper malfunctions and your baby needs to be changed. Make sure that you have all the necessary furniture and storage you need so that you can easily tidy up the room so you don’t trip over a toy and can always find the rash cream.

Storage systems don’t have to be expensive. You can get used dresser drawers on Craigslist or at a garage sale that you can refinish and paint to fit the room. You can also get inexpensive storage systems for toys at local discount furniture stores. Want to add your own spin to things? Luckily, there are a lot of great IKEA hacks for baby room furniture. Sometimes you can even buy things like an unfinished wooden trunk and paint it to match your nursery.

Just remember, it’s important to fasten all the furniture to your wall so that when your baby starts pulling themselves up and walking nothing topples over on them.

Price: $150 to $300

How Do You Pay for It?

Once you’ve decided on a theme and color scheme and you’re ready to get DIY-ing with all these great nursery room ideas, you’ll just need figure out how to pay for it. One challenge that comes with having a baby is the number of expenses that come at the same time. You have to buy all sorts of clothes, toys, carriers, and gadgets to make sure your newborn stays safe and looks cute in all the pictures you’ll be taking. In addition, there are medical expenses and maternity clothing.

Rather than worry about how you’ll pay for it all or tap into your emergency fund, you might consider getting personal loans to help you pay for some of the baby expenses — including decorating the nursery. Interest rates are relatively low, which means that you can likely get a loan at a low rate compared to a credit card. For that reason, it might be a much better idea than putting the expenses on a credit card, which typically have high interest rates.

In addition, with a personal loan, you typically choose a term length of anywhere from one to 10 years. Extending your repayment over multiple years could reduce your monthly payments. The longer the term length, the more you’ll pay in interest over the life of your loan.

When looking for a loan, you may want to look into securing a fixed interest rate so that you can lock in your low rate over the life of your loan.

Considering taking out a personal loan to make your baby room ideas come to life? Check out SoFi’s great rates and flexible terms on personal loans.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Saving Money as a Family

Perhaps you define your family as you and your partner—or maybe you have a house full of children. No matter how big or small your family is, you have goals to achieve and dreams to accomplish.

Sometimes, you’ll already be able to fund them, but, often, you need to save money to make these dreams comes true, and here you’ll find strategies you can customize for your own family’s wants and needs. When thinking about which strategies are best for saving your family money, always keep your goals in mind.

Ask Yourself These Questions:

1) What are you saving for? Are you saving to create an emergency fund for peace of mind? Will your goals then transition into a savings plan for a fabulous summer vacation?
2) How much do you need to achieve your goals?
3) Where can you cut expenses to free up cash flow and make it easier for your family to save?

Now, look at these tips and customize as needed to help achieve your goals.

Optimize Your Mindset for Saving

If you approach your new saving strategies with excitement, seeing them as an opportunity to accomplish family goals, not only are you probably more likely to be successful, but the process will also be more enjoyable.

With this attitude, strategies that might have seemed too challenging in the past can suddenly be transformed into an adventure. Plus, when the entire family is participating, you naturally create momentum to achieve goals and celebrate progress.

From “Should Have” to “Should” to “Will”

When it comes to money management, virtually everyone has some “should have” items to put on their list:

•   I should have started saving earlier in my life.
•   I should have created a better budget.
•   I should have [Fill in the blank and know you aren’t alone!].

Now, take those thoughts and turn “should have” into the present tense:

•   I should start saving.
•   I should create a better budget.
•   I should [fill in the blank].

Next, make it stronger by changing “should” to “will”:

•   I will start saving.
•   I will create a better budget.
•   I will [fill in the blank].

You’re ready to take positive steps to save. Here are some additional tips to help your family keep the right attitude:

•   Don’t compare your financial situation to anyone else’s. Create a plan that works for your financial situation and goals.
•   Create a savings plan and stick to it.
•   Celebrate successes.

Freeing up Cash Flow to Save

As a starting formula, calculate these three sums:

•   Net monthly income (after taxes)
•   Monthly expenses: housing/utilities, car payments, student loan payments, credit card payments, etc.
•   Subtract the second amount from the first and determine how much money you can save out of what remains.

Now, what expenses can you eliminate to free up even more cash flow? Do you have automatic withdrawals for services that you don’t really use anymore?

One place where families can often cut back is food:

•   Create a monthly budget for food expenses, including grocery shopping and eating out.
•   Determine what role restaurants will play in your family budget. Some families are more than willing to give up eating out as part of their new lifestyle, while others like to keep some dining out dollars in their monthly budget.
•   Many families find it helps to plan meals before they go grocery shopping. If that’s you, create a list to follow at the store. If possible, go without any small children who may have different ideas about what you should buy.
•   Manage leftovers well and make sure you use food before expiration dates.

Check contract payments and see if you can get better prices for your home and car insurance, cell phone bills, cable contracts, and more. Will your current vendors match pricing available from their competitors?

Two more ways to free up cash flow are:

•   Determine what loans are close to being paid off: How much will that payoff boost your ability to save? If it’s by a significant amount, consider focusing your energy on paying off those bills.
•   Consider consolidating high-interest credit cards and loans into a low-interestpersonal loan.

Saving My Family Money: Tips for Parents

Children tend to follow the lead of their parents, so how you present any changes in your daily routines is crucial. For example, if you realize that you’re blowing a whole lot of money on game machines at a local pizza place, get creative!

Start making pizzas at home with your kids—complete with silly faces made out of pepperoni and veggies and followed by family game night. The first time you do this, your children might be frustrated, but your enthusiasm and creativity can turn the tide.

If you realize that you overspend on birthday celebrations for your kids, cut back on gift-giving costs but turn the present-opening experience into a game. What if you hid the presents and gave the birthday boy or girl clues to follow? Play music in the background, making it louder when your child is getting closer and lower it when he or she is going in the wrong direction.

Use visuals to help your children become part of the family savings plan. You can create colorful charts to show your youngsters how much you want to save and your progress. Give each one of them fun piggy banks and invite them to start saving. Once there is enough money in a child’s piggy bank, you might take him or her to the bank to open a savings account, and make it a time of celebration.

And most important, pay attention to how you talk about money and saving around your children. Be positive instead of dwelling on the negative. Don’t apologize for giving fewer or less expensive gifts—make the most of the new traditions.

Saving for the Future

As you build up an emergency savings fund (say, three to six months’ worth of living expenses) and otherwise begin to reach your goals, saving for the future may transform into investing. And, although the terms “savings” and “investing” are sometimes interchangeably used, there are stark differences. For example, when you’re building up your savings, you are likely:

•   Adding money to a checking and savings account in regular increments
•   Saving with a specific purpose in mind for those funds, whether it’s a rainy-day fund or a down payment on a new house
•   Focusing on shorter-term financial goals over the next two to three years

When you invest, you take on a degree of risk. Investments aren’t FDIC insured (like a bank account), and account balances are subject to market fluctuations.

But often, people invest in light of longer-term goals, whether it’s funding your kid’s college education or planning for retirement. Bonds, and mutual funds, are very common investments, as are ETFs.

At SoFi, we believe that everyone should have the ability to invest in their family’s future, and they should be able to access quality investment management. So, even if you’re new to investing, you can start quickly and easily with an initial deposit of $100.

When you make an investment appointment online, you start by letting us know which of these areas is of interest to you:

•   SoFi Invest® Overview
•   Debt Management Strategies
•   Home Ownership Planning
•   Planning for Children
•   Financial Checkup
•   Financial Independence and Retirement Planning Strategies

To benefit from today’s automated investment technology and the insight of professional human advisors, contact SoFi. Because our advisors don’t receive commissions, they don’t try to sell you anything that isn’t in your best financial interest. Instead, they can help create a plan that’s customized for your unique needs and goals.

SoFi is ready to help you invest as a family. Start today by signing up for an investment account with SoFi.


SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.
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I Due: How To Tackle Student Loan Debt Without Sidelining Your Marriage

Getting married soon? Congratulations! Just be warned—there comes a moment in many weddings when half the guests suddenly slip away to watch a big game (just follow the cheers to find your wedding party).

Football especially is a pretty good analogy for a wedding – after all, in both football and marriage, you’re either tackling things together or you’re being tackled by them. Money is a common example of this (in marriage, not football), as the growing number of couples dealing with student loan debt can attest.

Whether the loans belong to you, your spouse or all of the above, once you get married it doesn’t really matter anymore. Paying off debt is now something you can tackle together. It may be tough, but with open communication and planning you can work as a team to get that student loan linebacker off your, er, back.

So what’s the best strategy for taking down student loans without letting them clobber your marriage? Here are five tips for proactively – and collaboratively – running a play that could help lead to the big pay-off: a debt-free happily ever after.

Tip #1: Create Your Big Financial Picture

Preparing to take on a big financial goal usually requires some conversation and preparation upfront. Before making any decisions, sit down and talk about your short- and long-term financial objectives, and make sure you’re both on the same page (or as close to it as possible). This can be an overwhelming topic, so see if you can break it down into chunks.

Have you established a household budget? How do student loans (and paying them off) fit into your long-term and short-term goals? Should you start aggressively paying off debt, or might it be better for you to ramp up over time? What other factors (e.g., buying a home, changing careers, having children, etc.) could affect your decisions?

Not only can this exercise help give you more clarity to create an action plan, it can also actually be kind of fun – after all, planning a life together is part of the reason you got married in the first place. The key is to listen to each other and remember that you’re both on the same team.

Tip #2: Take Advantage of Technology

Once you’re clear on the big picture, it’s time to get into the weeds. Many people have more than one student loan, often with multiple lenders, so a good place to start can be to gather all of your loan info in one place. You can use an online student loan management tool to collect this information, compare student loan repayment options, and even analyze prepayment strategies.

After crunching the numbers, your debt payoff strategy may include putting extra money toward your loans each month, which means creating and sticking to a budget that supports that goal. Platforms like Mint and Learnvest can help you aggregate household accounts and track spending.

Note: tracking your spending so precisely may feel like ripping off a bandage at first, but over time, this kind of discipline can help you better see where your money goes and help you make conscious choices about your spending. And once you have your budget in place, these apps can be set up to alert you both when spending is getting off track.

Tip #3: Define The Who, What, When

Whether your finances are separate or combined, you’ll probably want to come to an agreement on how to collectively pay all of your financial obligations. Many couples address this based on each person’s share of the total household income.

For example, if one person makes 40% and the other makes 60%, the former might pay 40% of the shared bills and the latter might pay 60%. Others find it simpler and more cohesive to have one household checking account and pay all bills from there.

However you decide to split things up, it could make things much easier to agree upon a plan that accounts for everything, because missed payments can potentially impact your credit (and/or your spouse’s), making your future financial objectives that much tougher to achieve.

Tip #4: Look For Opportunities to Optimize

Okay, so now you’ve established a plan and a budget, and you know who’s on point for each bill. You’re on the path to getting student loan debt off your plate. Is there anything else you can do to speed up the process?

Short of winning the lottery, the most common ways to accelerate student loan payoff are prepayment (meaning, paying more than the minimum) or lowering the interest rate, the latter of which is most commonly accomplished through refinancing.

If you qualify to refinance your student loans, you have a few possibilities: you can lower your monthly payments (by choosing a longer term) or lower your interest rate (which could also lower your monthly payments) – or you could shorten the payment term, and that means you could save money on interest over the life of the loan – money that could come in handy for those other financial goals you’ve both agreed to pursue.

Tip #5: Be on the Same Team

Living with debt is stressful for any couple, but being part of a relationship has its advantages, too. There’s a reason that weight loss experts often recommend finding a “buddy” to help cheer you on and keep you honest in your diet and exercise journey – and the same applies for achieving a big goal like paying off student loan debt.

Keep it positive and keep the lines of communication open, and you may even find that the journey to being debt-free makes your marriage even stronger – so you can take the hits that come your way as easily as your favorite team does.

Check out SoFi to see how you can save money by refinancing your student loans.


The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

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