There’s no sugar coating the current state of student loan debt. It is grim, especially when you read the numbers: Over 44 million Americans hold nearly $1.5 trillion in student debt. Much of the people who owe this debt are
millennials .

The millennial generation is constantly facing backlash, whether it is about the amount of student debt they owe or their “frivolous” spending habits on things like $5 coffees and avocado toast. However, maybe it is possible to have your avo toast and pay off your debt, too.

We wanted to find out how millennials really felt about the stereotypes against them and what they think about their student loan debt, so we polled over 1,000 millennials (ages 22-35)¹ across the U.S. to get their opinions and found some surprising statistics.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Betsy DeVos, the United States Secretary of Education, is nothing if not controversial. On July 1, 2019, she made a decision that has American citizens and politicians up in arms: She canceled the Gainful Employment Rule that President Obama put into effect in 2015. This rule held colleges to certain standards so that students would be more financially stable after graduating.

The Department of Education claims that the rule unfairly targeted for-profit schools. Rather than make adjustments to the regulations, Secretary DeVos chose to repeal the Gainful Employment Rule completely. This repeal will become effective July 1, 2020.

People may be divided on this issue, but most can agree that DeVos’ decision will impact not only the colleges that had to comply with the Gainful Employment Rule, but also students who attend those schools.

Are you curious about how this decision could affect you or your college-aged child? Read on to learn about what the Gainful Employment Rule accomplished, why DeVos appealed the rule, and how canceling the legislation could affect students.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

If you’ve kept up with the democratic debates or campaigns recently, you may have heard the term universal basic income, or UBI, tossed around.

The program’s biggest proponent, democratic candidate Andrew Yang, says that a universal basic income will be key to protecting the American economy in the future, especially as more jobs are replaced by automation and technology. His plan for a “Freedom Dividend ” would give Americans $1,000 a month, which he argues would increase productivity and boost economic growth.

Here’s a look at what universal basic income is, Yang’s proposed plan, and how adopting a UBI could possibly affect you in the future.

Hear from more SoFi members who have

ditched the debt life.

The savings and experiences of members herein may not be representative of the

experiences of all members. Savings are not guaranteed and will vary based on your

unique situation and other factors.

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As many of us enjoyed the final month of summer, plenty of attention was focused on a somewhat bumpy August which delivered political turmoil, escalations in a trade war, and concern in the fixed income market. Overall, the stock markets ended the month down slightly, so sit back and catch up on some market moving news.