SoFi Blog

For young professionals today, there’s been a “good news, bad news” financial scenario developing for a while now.

Good news first: The unemployment rate for college grads, ages 22-27, is finally on the decline. Recent data from the New York Fed outlines a 7.1 percent unemployment rate in March 2011 and a 4.9 percent in 2015.

The bad news? Despite the fact that there are more jobs available for younger workers, widespread wage stagnation and decline has made it hard for 20- and 30-somethings to play financial catch up. Add to that a record volume of student loan debt, and you’ve got an entire generation suffering from a generational “wealth gap.”

Have you ever caught yourself thinking, “I’d be happy at work if only I got a promotion/made more money/did something I’m more passionate about”?

Or maybe you read stories about people who are getting paid to pursue their dreams and think, “Why can’t that be me?”

Well, if it’s any consolation, you’re certainly not alone. Total career happiness is hard to come by.

So what gives? Are some of us just doomed to be unhappy at work forever?

Name: Joe Lakier

Locale: Brooklyn, NY

Alma Maters: Wayne State University Law School (JD); University of Florida (LLM)

By Day: Manager/Fraud Investigator at EY

SoFi Member Since: 2015

Total independence isn’t easy. But for Joe Lakier, a law school grad and solo backpacking junkie, self-sufficiency has always been essential. So when he found himself strapped with six figures worth of student loan debt, Joe sought a solution to free up his finances. See how SoFi partnered up with his company to make sure he was back in control.  

Name: Josh Gould
Locale: Brooklyn, NY
Alma Maters: Claremont McKenna College; Dartmouth/Tuck School of Business (MBA)
By Day: Business Development in the renewable energy field
SoFi Member Since: 2014

When your senior-level government job has a term limit, you have to start thinking about your next job while you’re still getting settled. Learn how SoFi member Josh Gould navigated his latest career move in the niche field of renewable energy—with a little help from an unexpected place.

Most people think that doctors have it pretty easy when it comes to paying off medical student loans. Sure, they rack up six figures worth of student debt—but their outsized salaries should help them decimate those loans in no time (not to mention set them up for life).

However, if you’re a doctor, you know the reality of having medical school loans is more complicated than people might think. For one thing, you don’t start making “student loan payoff money” until you’re out of residency, which—depending on your focus—can take 3, 4, 5, even 10 years. During that time you have to juggle a big student loan balance with a relatively small paycheck, learn the nuances of various medical school loan repayment programs, and stay on top of changing student loan legislation that can impact your payments or potential student loan forgiveness.