SoFi Blog

If the United States economy was a movie, student loans would be the super villain– or at the very least, a founding member of the Suicide Squad.

Over the past decade or so, outstanding student loan debt has grown faster than a toxic algae bloom, surpassing a whopping $1.3 trillion. Saddled with increasingly scary levels of debt, young professionals have decreased spending and put off major purchases, such as buying a home, fueling an ongoing drag on the economy. Inability to pay student loan debt can even lead to mental health issues and physical illness, which can have a major impact on employee productivity and business performance.

When it comes to finances, the Fergusons of Baltimore, Maryland, may still be working on certain goals, such as paying down student loan debt and saving for retirement, but there’s one thing they’ve fully mastered: communicating about their financial progress and dreams.

The Fergusons—Dominique, William, and their kids Dexter, 26, and Natalie, 24 — hold bi-annual family meetings to discuss all things financial. By sharing everything from progress on paying down debt to new knowledge on upcoming expenses, they’re able to make positive strides toward their objectives. They’ve also been able to help one another. In fact, it was Dexter who told his parents, Dominique and William, about the potential to save a ton on interest by refinancing the loans they took out to pay for their children’s college with SoFi’s Parent PLUS student loan refinancing.

Your investment advice relationship is with SoFi Wealth, LLC, a Registered Investment Advisor that is registered with the Securities and Exchange Commission. Transactions in your account are introduced (as “agent for custody”) to an independent custodian, Apex Clearing, by SoFi Securities, an affiliated company that is a FINRA registered Broker Dealer. Your securities and money are held by a third party clearing firm (or “custodian”), Apex Clearing, who is also a FINRA registered Broker Dealer.