SoFi Blog

Tips and news—
for your financial moves.

Stacked piggy banks on white tablecloth

How to Save for Your Wedding as a Couple

There are few things as exhilarating as finally finding the right person and deciding to commit to a life with each other. If you’re basking in the warm glow of a recent engagement, enjoy every minute of hazy happiness before the realities of planning a wedding sink in. Planning can be exciting, full of cake tastings, dress fittings, and venue visits. But all of those price tags can really add up. As you begin planning your wedding, it’s important to know what to expect.

The average cost of a wedding in the United States in 2017 was $33,391. According to the Knot, who polled 13,000 couples in their annual wedding study , this number is actually on the decline, down from about $35,000 in 2016. And this doesn’t even include the honeymoon!

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Growth and decline chart

Your October Monthly Market Recap

What Caused the October Stock Market Decline?

One thing that’s always kind of freaked me out is how quickly things can turn on a dime. I know, that’s the way life goes sometimes, but it still can feel a bit unnerving. And evidently, I’m not alone, at least if this past month is any indication.

Prior to this past October, the economic data hitting the news read like an investor’s dream. The US economy was booming, wage growth was picking up steam, inflation was contained, and American stocks were on track for another year of double-digit returns.

Most economies outside of the US were also doing very well—in fact, every single major economy was displaying expansionary tendencies. It’s not often that synchronous growth occurs around the globe, but everyone seemed to be playing their part and marching ahead. Life was good.

Then, October came through like a wrecking ball. Everyone got spooked—weeks before the actual ghouls and goblins came out to play, and in turn, stocks took a dive. Things were going so well prior to this, so what happened?

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Student Loan Refinance – DEB

Refinance Student Loans

Save thousands
on your student loans.

Find My Rate

Checking your rate will not affect your credit score.

SoFi is a leading student loan
refinancing provider.

$47 billion+
in refinanced student loans
12.6M
members who’ve refinanced
98%
would recommend SoFi to a friend3.

Pick the loan that works for you.

Save on your student loans by choosing between a range of rates and terms. No prepayment penalties and no hidden fees. Ever.

Fixed Rate

Rates available from 4.24% APR to 9.99% APR when you enroll in AutoPay.1

Variable Rate

Rates start from 5.99% APR to 9.99% APR when you enroll in AutoPay.1

Investing in people who
invest in themselves.

How it works:

The student loan refinancing process is fast, easy, and can be done entirely online.

New Term

APR

Illustrative
Lifetime Savings

5-year

4.03%

$13,680

7-year

4.57%

$16,963

10-year

4.98%

$15,511

View Payment Examples
SoFi offers a range of terms and rates—so yours are going to look different from this illustrative chart, which is just something designed to show you what the SoFi app looks like.

Get pre-approved online in just two minutes.

We’ll let you know if you’re qualified before you finish the full application.

Select your rate and term.

Choose between saving on your monthly payment or saving on total student loan interest.

Verify your info and sign.

Upload screenshots of your information, then sign your paperwork electronically.

Switch to one low-rate monthly payment.

We pay off your servicer(s) and issue you one new student loan.

Find my rate

It takes only two minutes and
won’t affect your credit score.

Common questions

Q: Who should refinance?

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Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.

Q: Can I refinance both federal and private student loans?

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Yes, SoFi will consolidate all qualified education loans.

Q: Am I a good candidate to refinance my student loans with SoFi?

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SoFi aims to revolutionize financial services- ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, has a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.

Q: What is the difference between consolidating and refinancing?

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Q: What is a direct consolidation loan?

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A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan. The resulting interest rate is a weighted average of your prior loan rates. Refer to https://www.sofi.com/consolidate-student-loans-vs-refinance/ for more information.

Q: What’s the difference between fixed and variable rate loans?

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See FAQs

SoFi in the news

CNN Money

“This lender offers free drinks, yoga, and matchmaking with its loans.”

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NYT

“SoFi [also] provides career counseling, wine tastings and home-buying workshops.”

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Get started
in minutes.

Speed matters. Which is why you can check loan rates or start investing online—in just minutes.

Find my rate

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Young couple outside brick house

Building an Investment Plan to Buy a House

Do you dream of a white picket fence and kids running around in the backyard? Or maybe hanging out on the stoop of your own urban brownstone in the heart of the action? Perhaps lounging in your oceanfront condo? Owning a home is a cornerstone of the American Dream, and the appeal is easy to see. A home is a place to make your own and perhaps raise a family. It can provide security, both financial and emotional. And as the saying goes, renting means you’re paying someone else’s mortgage.

Even though a fair amount of people aspire to own a home, not everyone is able to make that dream come true. The homeownership rate among Americans is 64% , down from close to 70% before the 2008 recession. Purchasing a house is one of the biggest expenses you’ll have in your life, and it’ll take some careful planning. That’s compounded by the fact that housing prices are on the rise in many parts of the country.

Saving enough for a down payment can seem intimidating, especially when you might have to balance that with student loans, retirement planning, and other financial commitments. But being a homeowner is possible if you think ahead and make the right savings and investment plan to buy a house.

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Overhead of student studying

8 Ways to Save for Retirement While Paying College Tuition

Feeling like you’re stretched thin by college tuition costs? You’re not alone. The annual cost of a four-year public college education for residents is $20,770 .

That’s just one year. Ouch. Many parents are trying to balance daily expenses, retirement savings, and college costs at the same time and it can be a struggle. Some may even be prioritizing college payments over retirement contributions, a practice most financial advisors advise against.

While students can take out loans to fund their education, a parent might only have a retirement account to fall back on. Parents can be so worried about paying college costs that they may even be tempted to pull from their 401(k) for their child’s college, which can lead to unfortunate tax situations.

There are better ways to find the best retirement strategy for 50-year-old parents while still pulling together cash for college. In fact, here are eight ways to uncover hidden money.

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