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Jeff Rose, CFP®

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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Financial Advisor Student Loans

Bankruptcy and Student Loans: What You Should Know

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When you’re struggling to pay back your student loans, what’s your next step? With Americans owing approximately $1.7 trillion in student debt, you’re not the only one asking this question. With bills piling up, some might even consider bankruptcy.

The question is, does bankruptcy clear student loans?

Well, it is possible to discharge student loans in bankruptcy but it is difficult and rare. Read on for information on types of bankruptcy and other requirements there may be in order to potentially qualify to have student loans discharged in bankruptcy.

Can You File Bankruptcy on Student Loans?

It’s very unlikely. Discharging your student loans through bankruptcy requires proving to the court that you would suffer from “undue hardship” if forced to repay.

While this may sound like you—honestly, who doesn’t see that monthly payment as an undue hardship?—it’s worth thinking twice before contacting your nearest bankruptcy lawyer. If it were easy to use bankruptcy to clear student loan debt, there probably wouldn’t be millions of Americans still making payments, so this isn’t something anyone should count on.

What does it mean to declare bankruptcy?

Bankruptcy is a way of clearing your debts—which adversely affects your credit—through the court system, whose job is to sort through your assets and determine what debts to forgive that you’re unable to pay.

People looking to discharge student loans would be required to file eitherChapter 7 or Chapter 13 bankruptcy, according to the Federal Student Aid website.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also sometimes referred to as liquidation bankruptcy. In this case, assets of the person filing for bankruptcy will be liquidated—or sold—by the bankruptcy trustee. There are some exceptions of “exempt” property, but everything else will be liquidated in the bankruptcy. Generally, people who consider Chapter 7 are those with minimal assets or a lower-income.

What is defined as an exempt property can vary from state to state. In general, it may be possible to preserve some home equity, furniture, clothing, and some other necessities.

Chapter 7 bankruptcy is generally filed as a last resort.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy can be referred to as a “wage earner’s plan .” In this case, people filing bankruptcy can create a repayment plan to pay off their debts. Depending on the person filing’s financial situation, repayment may take place over either three or five years. Chapter 13 bankruptcy is more suited for individuals with valuable assets or who are earning considerable income.

In order to file Chapter 13 bankruptcy, certain debt limits must be met. As of this writing, unsecured debts, those not backed by collateral, must be less than $394,725. Any secured debts must be worth less than $1,184,200.

Filing Bankruptcy on Student Loans

So if nearly 20% of Americans with student loans are in default, why haven’t they declared bankruptcy? Simple: It’s extremely difficult to qualify to discharge student loans through bankruptcy. After all, if that kind of legal loophole existed for student loan debt, there would be nothing to stop people from graduating college and then immediately declaring bankruptcy.

While bankruptcy could provide some relief to individuals who are overwhelmed by immense debts, doing so has serious consequences. Bankruptcy is generally a last resort and filing for bankruptcy can have lasting impacts on an individual’s credit score.

Individuals struggling to stay on top of their debts should carefully weigh all of their options before filing for bankruptcy. Some alternatives to consider may be consulting with a credit counseling agency or contacting your creditors to negotiate a repayment plan. It can also be helpful to meet with an attorney who can provide more detailed information and personalized advice.

To have a shot at student loans being discharged in bankruptcy, the person filing typically needs to file additional action with the court, known as an “adversary proceeding ,” which is essentially a request that the court find that repaying the student loans would in fact be an undue hardship to both the individual and their dependents, if they have any.

Most, but not all, courts use the ‘Brunner Test’ to determine whether or not a borrower may qualify to discharge student loans in bankruptcy.

The qualifications for the Brunner Test include:

1. The borrower and their dependents cannot maintain a minimal standard of living if forced to keep paying their student loans. This is based on your income and expenses.
2. Additional circumstances exist indicating that your challenges are likely to persist for a significant portion of the student loan repayment period.
3. A good-faith effort has been made to try and repay the loans.

That criteria sets a high bar to qualify for discharging student loans in bankruptcy and in most cases, it takes extraordinary circumstances to do so.

What Happens If the Court Finds There Is Undue Hardship?

In the unlikely event that the court finds that repaying the student loans would indeed put an undue hardship on the person filing for bankruptcy, there are a few different things that could happen .

•   The loans might be fully discharged. This means that the borrower will not need to make any more loan payments. All activity from collections agencies would stop too.
•   The loans may be partially discharged. In this case, a portion of the debt would be discharged. The borrower would still be required to repay the portion of the debt that is not discharged.
•   The loan terms may change. In this situation, the borrower will still be required to repay the debt. But there will be new terms on the loan, such as a lower interest rate.

What alternatives could help me pay off my student loan debt without declaring bankruptcy?

Fortunately, there are alternative options to declaring bankruptcy.

For short-term solutions for federal student loans, deferring the loans or going into forbearance, could be options to consider if you qualify. These options allow borrowers to temporarily pause their student loan payments.

Unlike declaring bankruptcy, federal student loans in deferment or forbearance generally don’t negatively affect your credit.

Another option for federal student loans is switching to an income-driven repayment plan, which ties your monthly payments to your discretionary income. If your income is low enough to meet the thresholds for these plans, this could bring payments down significantly, though interest will still continue to accrue.

Refinancing your student loans means transferring the debt to another lender, with new terms and new (ideally, lower) interest rates.

Some borrowers may be able to qualify for lower interest than the federal rates depending on your financial standing. But, keep in mind that when federal student loans are refinanced, they lose all eligibility for federal student loan borrower protections—like the deferment, forbearance, and income-driven repayment plans mentioned above.

If you’re looking to refinance, make sure you do your research and see if you can find competitive rates with a lender you trust.

The Takeaway

While it may be possible to discharge your student loans through filing for either Chapter 7 or Chapter 13 bankruptcy, doing so can be extremely challenging—and succeeding is very unlikely. In addition to filing for bankruptcy, borrowers generally need to prove that continuing to repay the loan would place an undue burden on them and their dependents. And don’t forget: bankruptcy has considerable downsides, including the possible loss of assets and a substantial hit to your credit score that can last for years.

For federal student loan borrowers who are struggling with their student loan payments, deferment or forbearance may provide temporary solutions.

Federal student loan borrowers may also consider switching to an income-driven repayment plan, which ties their debt payments proportionally to their discretionary income. In some other cases, it might make sense to consider refinancing.

Is your student loan debt holding you back? Look into the options available for refinancing student loans with SoFi.



Bankruptcy Information: This article provides general background information only and is not intended to serve as legal/tax or bankruptcy advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal/tax or bankruptcy advice.
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’swebsite .

SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including 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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SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Financial Advisor Student Loans

7 Things to Do After College Besides Work

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Numerous college students have a trajectory in mind for navigating life after college. For some, getting a job is their top goal. But, are there other things to do after college besides work?

Beyond looking for a traditional entry-level job, there are alternative choices for new grads—including internships, volunteering, grad school, spending time abroad, or serving in Americorps.

Naturally, the options available will differ depending on each person’s situation, as not all alternatives to work come with a paycheck attached.

Here’s a look at these seven things to do after college besides work.

1. Pursuing Internships

One popular alternative to working right after college is finding an internship. Generally, internships are temporary work opportunities, which are sometimes, but not always, paid.

Internships may give recent grads a chance to build up hands-on experience in a field or industry they believe they’re interested in working in full time. For some people, it could help determine whether the reality of working in a given sector meets their expectations.

Whatever grads learn during an internship, having on-the-job experience (even for those who opt to pursue a different career path) could make a job seeker stand out afterwards. Internships can help beef up a resume, especially for recent grads who don’t have much formal job experience.

A potential perk of internships is the chance to further grow your professional network—building relationships with more experienced workers in a particular department or job. Some interns may even be able to turn their short-term internship roles into a full-time position at the same company.

Starting out in an internship can be a great way for graduates to enter the workforce, “road testing” a specific job role or company.

2. Serving with AmeriCorps

Some graduates want to spend their time after college contributing to the greater good of American society. One possible option here is the Americorps program—supported by the US Federal Government.

So, what exactly is Americorps? Americorps is a national service program dedicated to improving lives and fostering civic engagement. There are three main programs that graduates can join in AmeriCorps: AmeriCorps NCCC, AmeriCorps State and National, and AmeriCorps Vista.

There’s a wide variety of options in AmeriCorps, when it comes to how you can serve. Graduates can work in emergency management, help fight poverty, or work in a classroom.

However graduates decide to serve through AmeriCorps, it may provide them with a rewarding professional experience and insights into a potential career.

Practically, Americorps members may also qualify for benefits such as student loan deferment, a living allowance, education awards (upon finishing their service), and skills training.

It may sound a bit dramatic, but AmeriCorps’ slogan is “Be the greater good.” Giving back to society could be a powerful way to spend some time after graduating—supporting organizations in need, while also establishing new professional connections.

3. Attending Grad School

When entering the workforce, graduates may encounter job postings with detailed employment requirements.

Some jobs require just a Bachelor’s degree, while others require a Master’s–think, for instance, of being a lawyer or medical doctor. Depending on their field of study and career goals, some students may opt to go right to graduate school after receiving their undergraduate degrees.

The number of jobs that expect graduate degrees is increasing in the US. Graduates might want to research their desired career fields and see if it’s common for people in these roles to need a master’s or terminal degree.

Some students may wish to take a break in between undergrad and grad school, while others find it easier to go straight through. This choice will vary from student to student, depending on the energy they have to continue school as well as their financial ability to attend graduate school.

Graduate school will be a commitment of time, energy and money. So, it’s advisable that students feel confident that a graduate degree is necessary for the line of work they’d like to end up in before they apply or enroll.

4. Volunteering for a Cause

Volunteering could be a great way for graduates to gain some extra skills before applying for a full-time job. Doing volunteer work may help graduates polish some essential soft skills, like interpersonal communication, interacting with clients or service recipients, and time management.

Another potential benefit to volunteering is the ability to network and forge new connections outside of college. The people-to-people connections made while volunteering could lead to mentorship and job offers.

Volunteering is something graduates can do after college besides work, while still fleshing out their resume or skills.

New grads may want to volunteer at an institution or organization that syncs with their values or, perhaps, pursue opportunities in sectors of the economy where they’d like to work later on (i.e., at a hospital).

On top of all these potential plus sides, volunteering just feels good. It makes people feel happier. And, after all of the stress that accompanies finishing up college, volunteering afterward could be the perfect way to recharge.

5. Serving Abroad

Similar to the last option, volunteering abroad can be attractive to some graduates. It may help grads gain similar skills they’d learn volunteering here at home, while also giving them the opportunity to learn how to interact with people from different cultures, try to learn a new language, and see new perspectives on solving problems.

Though it can be beneficial to the volunteers, volunteering abroad isn’t always as ethical as it seems. And, not all volunteering opportunities always benefit the local community.

It could take research to find organizations that are doing ethically responsible work abroad. One key thing to look for is organizations that put the locals first and have them directly involved in the work.

6. Taking a Gap Year

According to the Gap Year Association , a gap year is “a semester or year of experiential learning, typically taken after high school and prior to career or post-secondary education, in order to deepen one’s practical, professional, and personal awareness.”

While a gap year is generally taken after high school or after college, one common purpose of the gap year is to take the time to learn more about oneself and the world at large—which can be beneficial after graduating from college and trying to figure out what to do next.

Not only might a gap year help grads build insights into what they’d like to do with their later careers, it may also help them home in on a greater purpose in life or build connections that could lead to future job opportunities.

Graduates might want to spend a gap year doing a variety of activities—including:

•   trying out seasonal jobs
•   volunteering
•   interning
•   teaching or tutoring
•   traveling

A gap year can be whatever the graduate thinks will be most beneficial for them.

7. Traveling Before Working

Going on a trip after graduation is a popular choice for graduates that can afford to travel after college. Traveling can be expensive, so graduates may want to budget in advance (if they want to have this experience post-graduation.

On top of just being really fun, travel can have beneficial impacts for an individual’s stress levels and mental health. Research from Cornell University published in 2014 suggests that the anticipation of planning a trip might have the potential to increase happiness.

Traveling after graduation is a convenient time to start ticking locations off that bucket list, because graduates won’t be held back by a limited vacation time. Going abroad before working can give students more time and flexibility to travel as much as they’d like (and can afford to!).

With proper research, graduates can find more affordable ways to travel—such as a multi-country rail pass, etc. It doesn’t have to be all luxury all the time. Budget travel is possible especially when making conscious decisions, like staying in hostels and using public transportation.

If graduates are determined to travel before working, they can accomplish this by saving money and budgeting well.

Navigating Post Graduation Decisions

Whether a recent grad opt to start their careers off right away or to pursue one of the above-mentioned things to do after college besides work, student loans are something that millions of university students have taken out.

After graduating (or if you’ve dropped below half-time enrollment or left school), the reality of paying back student loans sets in. The exact moment that grads will have to begin paying off their student loans will vary by the type of loan.

For federal loans, there are a couple of different times that repayment begins. Students who took out a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, will all have a six month grace period before they’re required to make payments. Students who took out a Perkins loan will have a nine month grace period.

When it comes to the PLUS loan, it depends on the type of student that’s taken one out. Undergraduates will be required to start repayment as soon as the loan is paid out. Graduate and professional students with PLUS loans will be on automatic deferment while they’re in school and up to six months after graduating.

Some graduates opt to refinance their student loans. What does that mean? Well, refinancing student loans is when a lender pays off the existing loan with another loan that has a new interest rate. Refinancing can potentially lower monthly loan repayments or reduce the amount spent on interest over the life of the loan.

Both US federal and private student loans can be refinanced, but when federal student loans are refinanced by a private lender, the borrower forfeits guaranteed federal benefits—including loan forgiveness, deferment and forbearance, and income-driven repayment options.

Refinancing student loans may reduce money paid to interest. For graduates who have secured well-paying jobs and have improved their credit score since taking out their student loan, refinancing could come with a competitive interest rate and different repayment terms.

Graduating from college means officially entering the realm of adulthood, but that transition can take many forms. There are various financial tips that recent graduates may opt to look into.

Thinking about refinancing your student loans? With SoFi, you could get prequalified in just two minutes.



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.
SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.

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The Ultimate College Senior Checklist

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Earning a college degree is no easy feat. Think countless late-night cram sessions, tedious loan applications, heavy textbooks to haul around. For some college seniors, June cannot come fast enough, and it’s understandable why senioritis kicks in. That said, there’s still a lot of important work to do before crossing that graduation stage.

From jumping through the logistical hoops of making it to graduation day to launching a job search and addressing student loan payments, there are a lot of important pre-graduation to-do’s that may require prompt attention.

Here’s a comprehensive checklist that will help college seniors be prepared to graduate and enter the working world.

Dotting I’s and Crossing T’s

Ideally, before senior year begins (or sooner for those planning to graduate early), students should meet with their guidance counselor to make sure they have all of their ducks in a row in order to graduate. Switching majors, studying abroad, or misunderstanding degree requirements can lead to confusion about which classes must be taken to graduate.

Before setting a class schedule for the year, it can’t hurt to double-check with a college counselor that all requirements are being met. Some schools even have a certain amount of community service or chapel hours required in order to graduate, so again, it’s smart to confirm that everything is moving along as it should be.

Preparing for the graduation ceremony needs to be done in advance. Colleges and universities often require students to apply to graduate and register their planned attendance at the ceremony well ahead of the actual day.

To streamline the process, many schools have grad fairs where students can pick up their commencement tickets; buy a cap and gown, class rings and commencement announcements; and ask questions about the logistics of graduation day.

Transcripts can come in handy when applying for jobs and graduate school programs, so picking up a few copies while still on campus can save time down the road. And don’t forget to turn in those library books! No one will want to trek back to campus after graduation to pay late fees.

Getting a Jumpstart on a Job Search

It’s no secret that college graduates flood the job market each June, so getting ahead of the pack can make job searching a little easier. Applying for jobs earlier in the spring can lessen the competition and give seniors confidence that they have a job lined up when they graduate.

If launching a full-blown job search during school isn’t possible, college seniors can at least take steps toward preparing for the job search.

Stop by the career center and see what resources it can provide. Schools have a career center for a reason! Most are ready to help students prepare their resumes and perfect their cover letters, and they typically have job postings from companies looking to hire recent graduates.

Some career centers may offer mock interviews so students can hone those skills, or they may provide support when issues arise during a job search. Popping by between classes to see what services are offered will only take a few minutes.

At the very least, college seniors can poke around online job boards and research local companies to see what opportunities are out there.

Making Connections

As a student, it may feel like having a professional network is unattainable, but many build one while in school without realizing it. One easy way to get a head start on a job search, without doing too much work during a hectic final year of school, is to focus on building relationships and requesting references.

Professors, employers, and intern supervisors can all provide references that can strengthen a job search. Finding that first job out of college can be tricky, when resumes are on the shorter side, so a handful of strong references can make all the difference.

While requesting references, college seniors should tell their connections what career path they’re hoping to pursue. One never knows where the next opportunity might come from.

Paying Back Student Loans

Preparing to navigate life after college can be overwhelming, especially when it comes to finances. No one wants to think about student loan payments, but it can be helpful to start making repayment plans before graduation day.

Try beginning the planning process by simply looking up the current balance for each student loan held, including both federal and private loans. Then note when the grace period ends for each loan and when the lender expects payment. It’s important to plan to make loan payments on time each month, as that can boost a credit score.

Lenders usually provide repayment information during the grace period, including repayment options. Many federal student loans qualify for a minimum of one income-driven or income-based repayment plan.

Federal student loans may qualify for a variety of repayment plans, such as the Standard Repayment Plan, Graduated Repayment Plan, Extended Repayment Plans, Revised Pay As You Earn Repayment Plan, Income-Based Repayment Plan, Income-Contingent Repayment Plan, and Income-Sensitive Repayment Plan. It is important to carefully research each payment plan before choosing one.

For private student loan repayment, it is best to speak directly with the loan originator about repayment options. Many private student loans require payments while the borrower is still in school, but some offer deferred repayment. After the grace period, the borrower will have to make principal and interest payments. Some lenders offer repayment programs with budget flexibility.

Whether students or their parents chose to take out federal or private student loans (or both), reviewing all possible repayment plan options can provide choices. And who doesn’t like choices?

One Loan, One Monthly Payment

Some graduates may want to consider refinancing or consolidating their student debt.

Borrowers who have federal student loans may qualify for a Direct Consolidation Loan after they graduate, leave school, or drop below half-time enrollment.

Consolidating multiple federal loans into one allows borrowers to make just one loan payment each month. In some cases, the repayment schedule may be extended, resulting in lower payments, after consolidating (but increasing the period of time to repay loans usually means making more payments and paying more total interest).

Refinancing allows the borrower to convert multiple loans—federal and/or private—into one new private loan with a new interest rate, repayment term, and monthly payment. The goal is a lower interest rate. (It’s worth noting that refinancing a federal loan into a private loan can lead to losing benefits only available through federal lenders, such as public service forgiveness and economic hardship programs.)

Refinancing can be a good solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans.

If that sounds like a good fit, SoFi offers student loan refinancing with zero origination fees or prepayment penalties. Getting prequalified online is quick and easy.

Learn more about SoFi Student Loan Refinancing options and benefits.



SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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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Source: sofi.com

Financial Advisor Student Loans

Tips for Navigating Night Classes

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When the sun is setting, happy hour consists of a stiff caffeinated drink or two for some. Their brains are still on the job.

More on liquid stimulants later, but add that sort of choice to the list when it comes to getting an education: Commute or live on campus, study full time or part time, and pick a major, to name but a few.

Once you’ve landed on a college and enrolled, it’s time to sign up for courses and plan your schedule. In many cases, schools offer courses throughout the day and evening to accommodate a broad range of students and their different schedules.

Night classes may be a convenient option for students who have to balance work and school. Given the cost of education, this is a large share of the student body. In 2018, 43% of full-time students and 81% of part-time students were employed during their studies.

Taking night classes can be an adjustment from studying during the traditional 8-to-5 window. Staying focused after a long day of work or rewiring your brain to study at night can be challenging.

Whether you’re gearing up for a degree’s worth of night school or a one-off evening class, take a look at these tips to survive night classes.

Nocturnal Animals

Generally speaking, night classes take place between 5 and 10 p.m. College night classes typically follow the traditional semester schedule, though there may be shorter timelines for special-interest topics or certificate programs.

Because night classes are geared toward nontraditional students with family and work obligations, they typically occur once a week for two to four hours, but it depends on the course credits and subject matter.

Although this condensed format may mean fewer trips to campus, it can also make for much longer days. Students may want to keep the following issues in mind.

Controlling Caffeine Cravings

When feeling tired, it may be a natural inclination to grab a cup of coffee or other caffeinated beverage to get a boost of energy and keep going. While this may help a student get through a night class or hammer out an assignment at the last minute, it can disrupt sleeping patterns, creating further fatigue the next day.

Caffeine can last up to 12 hours in the system after consumption. Even for night owls, a coffee or a Red Bull® or a Monster® after lunch could keep them awake well beyond when they want to go to bed.

If cold turkey seems like too drastic a change, you might want to try experimenting with less caffeinated beverages, such as tea. Everyone is different, and the goal is finding the sweet spot between staying awake and engaged during night classes and not losing precious sleep later on.

Staying Nourished and Hydrated

Staying focused during night classes can take practice and preparation. Packing healthy snacks and water is one way to maintain energy and feel comfortable as class discussions and lectures progress into the later evening hours.

If a professor doesn’t permit eating in the classroom, a student can likely squeeze in a quick bite beforehand or during break time.

Remaining Active

Between work, studying, class time, and other obligations, exercising may seem like a luxury that there isn’t enough time for. This can feel especially true on days when a full day at work is followed by a three-hour night class.

The Department of Health and Human Services recommends that adults complete at least 150 minutes of moderate-intensity exercise a week. Broken down over the whole week, that’s about 20 minutes of exercise a day.

If you’re really in a pinch, fitting in a brisk walk before night classes start or during the midway break in a three-hour seminar can help with your energy and work toward meeting the 150-minute threshold.

Befriending Classmates

Night classes can draw a more diverse student body than traditional college classes. For discussion-oriented classes, this can enrich the conversation with more perspectives.

It is also an opportunity to network and find a study buddy or two. Because night classes usually meet only once a week for a 15-week semester, even one absence could lead to falling behind or missing out on critical information. Classmates can be a resource for sharing notes and staying in the loop on what happened in class.

Also, becoming friends with classmates could make lengthy night classes more fun and add motivation to keep up strong attendance.

Creating a More Flexible Work Schedule

Even full-time students can expect to have at least one or two nights free from scheduled classes. If you have a flexible work schedule, you’re already in a position to craft an ideal balance of work, school, and social life.

However, if you’re working some version of the standard 9-5 schedule five days a week, the days with back-to-back work and class can feel like a marathon. Getting an education takes work, but you may not get the most out of it if it becomes something you dread.

Redistributing work hours to accommodate your night class schedule might prevent burnout. For instance, being able to come in an hour later on mornings after night classes and make them up later in the week can spread out the workload and help in catching up on sleep.

Talking to supervisors may feel intimidating, but if your college night classes are providing skills and knowledge to perform better at your job, you can make a case for getting some wiggle room at work while you finish school.

Avoiding Procrastination

As school traditionally runs from morning to early afternoon, conventional wisdom dictates completing homework and assignments the night before, at the latest. With night classes, the window to procrastinate can be extended later in the day.

Planning can help a student avoid a situation that requires picking between going to work or completing an assignment for class. Mapping out assignment due dates at the onset of the semester is one method to stay on track.

Managing Time

Between exams and papers, college classes often have a steady stream of readings and assignments to keep up with from week to week. Setting aside specific time frames to study for each class may counteract an urge to slack off between major assignments. Repetition can also improve knowledge retention, compared with cramming at the last minute.

After taking care of other responsibilities, such as an internship, job, or team practice, it may be difficult to recall readings and information at the end of a long day. Finding a moment before night class to review your notes could better prepare you to participate in discussion or ace a quiz. Creating a brief study guide covering key themes and topics for each week could help if you’re pressed for time.

Pacing Yourself

Before going full steam ahead with a full course load, you can consider testing the waters with one or two night classes. Education is a financial and career investment, and figuring out what’s right for your work-life balance could be the difference between burning out and graduating.

Keep in mind that whether you study full time or part time could affect financial aid or scholarships.

Exploring Night Class Options

Night classes are offered at community colleges and four-year universities alike. Researching multiple options could help a student find an ideal balance of cost, reputation, student body demographics, and campus environment.

Online courses are another option to consider. Synchronous courses may still have online lectures and discussions but allow students to participate from the comfort of home.

Paying for Night Classes

Education comes at a cost. Beyond tuition, taking night classes may require buying textbooks, paying for a parking pass, and other associated fees.

Work-study programs, scholarships, and grants could cover all or part of these expenses, but some students take out loans to pay the remaining cost for their degree or night classes.

Federal loans can come with protections, flexible repayment benefits, and loan forgiveness in certain cases.

When federal loans and other aid aren’t enough, private student loans are an option to consider. Students enrolled full or half time may qualify for a loan from SoFi, whose no-fee private student loans offer flexible repayment plans, helping students find an option that best meets their needs.

SoFi is here to help you reach your educational goals. It takes only minutes to find out what you’re prequalified for.



SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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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Source: sofi.com

Financial Advisor Student Loans

Defaulting on Student Loans: What You Should Know

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“Student loan default” might be about the scariest combination of words possible. More young people than ever are starting their careers with large amounts of student loan debt, and for some, figuring out how to make the required monthly payments can be a struggle.

Student loan default is basically just a term for when you completely stop paying your student loans. You get a bill, hide it under the mattress, and go back to binging true crime TV—and that pattern repeats for several months until your student loan provider turns your debt over to a collection agency.

To get more technical, defaulting on federal student loans is a process that takes place over a period of non-payment . When you first miss a payment, the loans are delinquent but not yet in default. At 90 days past due, your lender can report your missed payments to credit bureaus. And when you reach 270 days past due, your student loans are officially in default.

get your student loans out of default.

First, stop avoiding those collection calls. If your student loan provider or a collection agency is calling, your best bet is to meet your lender or the agency head-on and take charge of the situation. The lender or the collection agency will be able to talk through the repayment options available to you based on your personal financial situation. They want you to pay, which means that they might be able to help find a payment plan that works for you.

The lender may be able to offer a variety of options tailored to your individual circumstances. Some of these options might include satisfying the debt by paying a discounted lump sum, setting up a monthly payment plan based on your income, consolidating your debts, or even student loan rehabilitation for federal loans. Don’t let your fear stop you from reaching out to your lender or the collection agency.

How to Avoid Defaulting on Student Loans

Of course, even if you can get yourself out of student loan default, the default can still impact your credit score and loan forgiveness options. That’s why it’s generally best to take action before falling into default. If the student loan payments are difficult for you to make each month, there are things you can do to change your situation before your loans go into default.

First, consider talking to your lender directly. The lender will be able to explain any alternate payment plans available to you. For federal loans, borrowers may be able to enroll in an income-driven repayment plan. These repayment plans aim to make student loan payments more manageable by tying them to the borrower’s income. This can make the loans more costly over the life of the loan, but the ability to make payments on time each month and avoid going into default are valuable.

Refinancing student loans could potentially help you avoid defaulting on your student loans by combining all your student loans into one, simplified new loan. When you refinance, qualifying borrowers may be able to secure a lower interest rate or loan terms that work better for their situation.

If a borrower is already in default, refinancing could be difficult. When a student loan is refinanced, a new loan is taken out with a private lender. As a part of the application and approval process, lenders will review factors including the borrower’s credit score and financial history among other factors.

Borrowers who are already in default may have already felt an impact on their credit score, which can influence their ability to get approved for a new loan. In some cases, adding a cosigner to the refinancing application could help improve a borrower’s chances of getting approved for a refinancing loan. Know that if federal student loans are refinanced they are no longer eligible for federal repayment plans or protections.

The Takeaway

Student loan default can have serious negative effects on your credit score and financial stability. If you’re worried about defaulting on your student loans, or you have already defaulted, consider taking immediate steps to remedy the situation before it gets worse. Contact your lender or servicer to learn about options available, and consider refinancing your loans to secure a lower interest rate or monthly payment.

If you’re ready to take control of your loans, learn more about how SoFi student loan refinancing may be able to help.



SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including 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’swebsite .

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Source: sofi.com

Financial Advisor Student Loans

Can You Use a Credit Card to Pay Off Your Student Loans?

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Making student loan payments with a credit card can be tempting. After all, if your credit card offers you rewards like points or miles, by putting your student loan payments on your card, you could be cashing in on points and scoring a free flight to Vegas, right?

On the flip side, you might be looking for a way to make your monthly student loan payment during a month when your checking account isn’t quite as full as you’d like.

So is it even possible to pay down your student loans with a credit card? The short answer is yes, but make sure you have all the information.

Can I Make a Student Loan Payment With My Credit Card?

Paying your student loans with many credit cards can be more complicated than charging dinner with your favorite food-delivery app.

Federal student loan servicers as a rule do not allow credit card payments directly. Payments have to go through a third-party platform, for a fee. If private student loan companies allow credit card payments, they may also charge a transaction fee.

Unfortunately for phone-hating millennials, the best way to make a student loan payment with your credit card is to call your student loan servicer and ask if it’s an option. Some allow credit card payments in certain situations, such as if it’s the last day before your payment becomes overdue.

And then there are credit cards that welcome payments on certain student loans. Stay tuned.

Is Using a Credit Card to Pay on a Student Loan a Good Idea?

Even if your student loan servicer accepts credit card payments, the practice could have downsides.

First of all, your credit card likely has a higher interest rate than your student loans. In other words, you might end up paying even more interest on your loans by using your credit card.

So while racking up those credit card points can seem enticing, they might not be such a great deal if you’re paying more on your student loans in the long run.

You might want to also consider your credit score. Your credit usage makes up 30% of your FICO® score. Typically, you don’t want to use more than a third of the credit available to you. If you put a large student loan payment on your credit card, you might use a bigger chunk of your available credit, bringing down your credit score.

On top of the credit risks, if you’re unable to keep up with your student loans, using a credit card to pay them down could land you with student loan and credit card debt.

Is There a Better Way to Manage Student Loan Debt?

If you feel like you’re going to fall behind on student loan payments, using a credit card isn’t your only option.

If you have federal student loans, income-driven repayment plans are intended to make payments more affordable.

A Direct Consolidation Loan could lower your monthly payment by giving you up to 30 years to repay your federal student loans.

If you’re not able to make your monthly payments, you could ask your loan servicer about forbearance or deferment, both of which pause payments until your financial situation improves. (Of course in 2020-21, there was an extended period of government forbearance, when payments and interest were waived.)

You could also consider refinancing your student loans with a private lender. Refinancing consolidates student loans into a new loan, one ideally with a lower interest rate and a more favorable loan term.

The Takeaway

Can you make student loan payments with a credit card? Yes, either in a roundabout way or directly. Should you? It just depends. Being informed about the pros and cons is key.

Here’s a pro: SoFi cardholders earn 2% unlimited cash back when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back when redeemed for a statement credit.1

The SoFi card is designed to help you save, invest, or pay down your eligible SoFi debt.

See how a SoFi credit card* can work for you.


1See Rewards Details at SoFi.com/card/rewards.
*See Pricing, Terms & Conditions at SoFi.com/card/terms
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Financial Advisor Student Loans

Understanding How Income Based Repayment Works

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If you graduated recently, you’re gearing up to launch your career and start a new chapter of your life. But graduating may also mean it’s time to start paying back your student loans, which is less exciting.

If you have unconsolidated federal student loans, you are likely signed up for the standard 10-year repayment plan. Upon graduation or once your grace period ends, you begin making payments in order to pay back your loans in 10 years.

Many grads will not make tons of money right out of the gate, of course, and that can make paying off student loans at the beginning of a career challenging. If your loan payments with the standard plan are high in proportion to your income, an income-based repayment plan might be an option.

apply and submit information to have your income certified. Your monthly payment will then be calculated.

If you qualify, you’ll simply make your monthly payments to your loan servicer under your new income-based repayment plan.

You’ll have to recertify your income and family size yearly. Your calculated payment may change as your income changes.

What Might My Payment Be?

Qualifying for income-driven repayment depends on your income—specifically how much of your discretionary income goes toward student loan payments.

For the IBR, PAYE, and REPAYE plans, the required monthly payment is generally a percentage of your discretionary income. (Discretionary income is the difference between your adjusted gross income and 150% of the poverty guideline for your family size and state of residence.)

For the IBR plan, the monthly payment is 10% of discretionary income for someone who borrowed on or after July 1, 2014. If a student took out loans before that date, the monthly payment is 15% of discretionary income.

Under the PAYE and REPAYE plans, the monthly payment is 10% of discretionary income.

An example:

•   You are single and your family size is one. You live in one of the 48 contiguous states or the District of Columbia. Your adjusted gross income is $40,000.
•   You have $45,000 in eligible federal student loan debt.
•   The 2021 HHS Poverty Guideline amount for a family of one in the 48 contiguous states and the District of Columbia is $12,880, and 150% of that is $19,320. The difference between $40,000 and $19,320 is $20,680. This is your discretionary income.
•   If you’re repaying under the PAYE or REPAYE plan or if you’re a newer borrower with the IBR plan, 10% of your discretionary income is $2,068. Dividing that amount by 12 results in a monthly payment of $172.33.

Under the ICR plan, the monthly payment will be the lesser of 20% of discretionary income or the amount a borrower would pay under a standard repayment plan with a 12-year repayment period, adjusted using a formula that takes income into account.

For the ICR plan, discretionary income is the difference between adjusted gross income and 100% of the federal poverty guideline amount for your family size and state.

The Federal Student Aid office recommends using its loan simulator to compare estimated monthly payment amounts for all the repayment plans.

Which Loans Pertain to Which Plan?

Most federal student loans are eligible for at least one of the plans. For the details, see this Federal Student Aid chart .

Private loans are not eligible for any federal income-driven repayment plans—though some private loan lenders will negotiate new payment schedules if needed.

Potential Drawbacks of Income-Driven Repayment

Income-based repayment usually lowers your monthly payment, but stretching payments over a longer period means probably paying more in interest over time. In some cases, your minimum payment might not even cover all the interest on your loan.

Even if income-based repayment makes sense for you, you’ll need to recertify your income and family size every year.

consider refinancing instead. With refinancing, a private lender pays off loans with a new one, hopefully with a lower interest rate.

You can calculate how much you might save by refinancing your student loans with SoFi’s student loan calculator.

Maybe your income doesn’t qualify you for an income-driven repayment plan. If not, consider refinancing with SoFi.

You can refinance both private and federal student loans. Just realize that refinancing federal student loans with a private lender renders them ineligible for federal repayment plans, but if you don’t plan to use those benefits, refinancing might be a good option.

Check your rate in a snap.



IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SLR18145

Source: sofi.com

Financial Advisor Student Loans

What To Do the Summer Before College

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Congratulations, you’ve graduated from high school. Now, you’ve got just a few more weeks to soak up all that home has to offer before heading off to college.

The summer before college can be a transformative time in its own right. It’s a time to reflect, to wrap up loose ends, and to spend quality time with the people you love at the places you love one last time before heading off on your own. But figuring out just what to do in the summer before college can be a challenge.

However, there’s no need to get overwhelmed. Instead, all you need to do is make a game plan. Here are nine things to check off your before-college to-do list to ensure you have the best summer ever and feel wholly prepared for your brand-new life as a freshman in the fall.

Getting Organized

Now is the time to clear out the old so you can bring in the new. The bedroom is a good place to start.

Clear out your closet: Use the summer to clean out your closet and dresser and get rid of any clothing you may no longer need or want for college. Start by pulling every single item out and making a giant pile on the floor. Separating the clothing into piles to keep, toss, and donate can be a good organizational method. Donating gently used items to a local charity or second-hand shop will help them find a second life.

Toss old academic work: Go through notebooks, binders, and bookbags, using the same sorting method as with clothing. Cleaning out your computer and deleting any files you no longer need—perhaps moving some to cloud storage —may allow you to enter college with a clean binder and a few extra gigabytes of storage.

Start packing: To make the moving process a little smoother, try organizing your items and pack slowly over the summer instead of cramming it all into one day. Creating boxes labeled as bedding, kitchen, bathroom, academic, and miscellaneous—maybe limiting the size of that particular box, though—then adding items as you’re organizing will make moving easier when the time comes.

Cleaning up Your Social Media

Just like cleaning out your closet, it’s probably time to think about cleaning up your social media presence , too. You may have joined Facebook groups or liked pages that no longer reflect your interests or what you believe in.

On Twitter and Instagram, it may be a good idea to look back at your content to make sure what you’re sharing is appropriate for future employers to see. If not, you might want to consider deleting it.

Finally, think about your social media handles and your email address. If possible, it might be a good idea to use your full name or a combination of first initial and last name—something clean and simple. Potential employers will likely look at this information before hiring for internships or future jobs, so presenting yourself as a professional might pay off in the long run.

Spending Quality Time With Your Family

Even though your parents may have embarrassed you through your high school years and your siblings may have annoyed you since you became siblings, you’ll probably still miss them when you head off to college. Use this time to make memories with your family so you have something fond to look back on if you’re ever homesick.

Over the summer, try creating family date nights. Play board games , cook together, go to your favorite restaurants, the movies, whatever makes you all happy. As a bonus, you’ll get to visit all your favorite hometown spots along the way, too.

Connecting With Your New Roommate

If you’re living in a dorm in the fall, your college will likely connect you with your new roommate via email or snail mail. Use the few weeks before school begins to connect with him or her.

Get to know one another , make a list of dorm room items that you can share, and try making a list of ground rules before you even move in. This could help alleviate any issues before they ever begin.

Preparing Your Dorm Essentials

After chatting with your roommate and figuring out what you both need, it’s time to make a full list of dorm essentials. This list should include bedding, toiletries that fit into a basket to carry to and from shared bathrooms, a pair of slippers to use in common areas (including shower areas), and office supplies like pens, paper, notebooks, labels, rubber bands, scissors, and sticky notes.

You’ll now be responsible for doing your own laundry, so make sure to add on a laundry basket and detergent. The list can also include decorations such as desk lamps, a bulletin board, and any fun decor that fits your style.

Becoming Familiar With Your College Town

You can get familiar with your new town even before ever setting foot in it by checking out local publications including local news sites and your school’s newspaper. Make a list of restaurants you want to try and local attractions you’d like to see.

You might also consider sharing the list with your new roommate so you can explore the town together.

Registering for Classes

It could be prudent to check out class offerings before registration even opens. Familiarize yourself with the classes offered in your degree program, which ones are available to freshmen, and which electives you’d like to take. Make a list and have it handy for registration day.

Pro tip: Sign up for classes as soon as registration is open because popular classes may fill up fast.

Checking out Your Professors Online

Once you’ve got your classes lined up, it’s time to check out your future professors. Doing a bit of online research on the people who will be teaching you could help identify any potential future mentors.

Getting to know professors can make asking for recommendations for internships and jobs easier. If they don’t know you well, it might be difficult for them to recommend you.

Getting Your Finances in Order

It’s time for the most adult step of all. During the summer before college, it’s probably time to get your finances in order. Ask a parent or guardian to help you open a bank account if you don’t have one already, and ensure you have access to it from anywhere.

Now is also an excellent time to create a plan on how you’re going to finance your college education. Include any savings, scholarship money, or other financial aid that has been offered and accepted. If you need a little more assistance with financing your college education, a private student loan may help cover the gap.

A no-fee private student loan with SoFi means no origination fees, no late fees, and no insufficient fund fees. Ever. And, a private student loan with SoFi even offers flexible repayment plans to fit your individual budget. Getting this out of the way means you can sit back and relax. Just a few more weeks until the homework starts again.

Looking for financing options for your college education? Applying for a private student loan from SoFi is a great place to start.



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.
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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Source: sofi.com

Financial Advisor Student Loans

7 Tips for Acing a Video Interview

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Whether you just graduated school or are just seeking a new job, work interviews have modernized. Video interviews —conducted online— are increasingly common. In some industries, IRL interviews are (for now) a thing of the past—as more companies take on remote hires and millions are working from home.

And, with the rapid rise in digital job interviews, what are some ways to ace the video interview?

Here are seven tips for giving an impactful and memorable video interview—from practicing potential answers out loud ahead of time to tweaking the lighting for your camera.

There are various ways to get a first job after college. Being prepared for video interviews is one way to make a positive first impression.

Dressing for the Video Interview

For remote jobs, it’s quite possible that applicants may do a video interview through their tablets or computers. And, while the job interview location may now be a digital platform (and your couch), certain interview expectations stay the same—namely presenting yourself with professionalism and dressing for the job. Even when (especially when) you’re interviewing from home.

It may be helpful to ask about the expected dress code for a remote position. Asking questions like this may show a hirer that you’re aware that businesses have diverse expectations for professionalism. Even if they say you can wear whatever you want, you’ve shown that you’re unafraid of asking questions to grasp what’s expected of that role.

There’s an old adage— dress for the job you want, not the role you have. In a video interview, this could mean opting to dress a touch more formally—even if HR said the employees usually go for business-casual. (And, yes, you should wear pants during video interviews.)

It’s hard to feel like you’re going to shine if you’re in coffee-stained PJs.

It’s also not a bad idea to confirm the logistics of the video interview (in addition to outfit- planning). Some video interview logistics questions could include:

•   Will you get a calendar invite or event link for the interview?
•   What time zone will the interviewer be calling in from?
•   Which video conferencing platform will be used?
•   Will you need to download software to be able join the interview?

Knowing the answers to logistics can help bring more confidence to the video interview.

1. Practicing to Make Perfect

Different companies or organizations may use different platforms to host the interview—from Zoom to Google Hangouts to other programs. Don’t worry: You don’t need to become a pro at all the expert features. Still, it’s a good idea to become comfortable at:

•   Dialing in to scheduled calls
•   Checking the audio and the camera
•   Understanding what the interviewer can see
•   Ensuring the WiFi signal is strong enough for the video interview

If an interviewer mentions a program you’ve never used, it’s advisable to download and try it out well before the actual call. Opening up an unfamiliar program just before the interview only to realize it’s not compatible with your technology might create a positive first impression. So, make sure you double-check that you have all logins or passwords for the call. It’s best not to keep interviewers waiting because you failed to check the video interview details.

Try to make a mental checklist of digital distractions you’ve run across, as well. Then, see what you can do to minimize (if not outright eliminate) those common distractions before the live video interview. For example, you could turn off notifications or sounds for texts and emails during the interview time slot.

2. Setting the Surroundings

Generally, it’s a good idea to do a test call on the planned video-interview platform. This could help you assess how you and your surroundings appear via video. You may even want an extra set of eyes and ears–asking a friend or family member to do a “mock” call to ensure the audio and visuals are clear.

When prepping for a video interview, put yourself in the position of whoever will be interviewing you. Some questions to chew on:

•   What can the interviewer see of your space?
•   Are you easily visible or is more light needed?
•   Are there any distractions in the camera frame?

Some digital platforms allow users to record sessions. So, interviewees may want to record themselves talking and then watch and listen. You could run through the main things you want to say in the real video interview. Talking aloud on camera can help some people to become more aware of their own nervous tics and body language.

3. Taking Notes Beforehand

With job interviews, researching the company beforehand could give you ideas of how to connect previous work experience with the brand’s values or role’s job. One of the benefits of a video interview is that you can make these research notes quite literal.

Write out key points on a big piece of paper near your computer. Or, jot down some ideas or accomplishments on a sticky note next to your camera. It’s likely that the employer conducting the video interview will have no idea you’re looking at those pre-prepared notes—just make sure you keep your notes short, so you can naturally weave in keywords.

Talking points are a good idea. You may want to skip long sentences that sound like you’re reading.

4. Minimizing Off-Screen Distractions

Above all else, keep your on-screen image distraction-free. It’s worth remembering that the only person the interviewer wants to interact with is you–not your adorable pets, lovely roommates, or kid sister. You ask the folks you share a living space with to keep quiet or stay in their rooms during your interview. Plan ahead so the conversation isn’t distractingly interrupted by unexpected visitors.

5. Wearing Headphones

It would be a shame to have the audio cut out mid interview. Nothing can derail a smooth interview back-and-forth than the inability to hear the other person. It’s likely neither the interviewer or the job applicant wants to say, “What?” or “Can you repeat that?” during the video call.

There’s no need to invest in fancy, studio-quality headphones, thankfully—if you’re comfortable with earbuds, those should work fine. They also have the added benefit of not being visually intrusive.

6. Going Outside for a Breather

It’s hard to feel energetic and friendly if you’re cooped inside all day. A good way to minimize nerves is to get fresh air. Don’t just open up a window—put on sunscreen, maintain social distancing, and go outside. Even if it’s just for 15 minutes, a jolt of sunlight and breeze can reset the mind.

7. Remembering to Be Yourself

After preparing for the logistics of a video interview, it can be easy to forget one simple thing: Be yourself. While a strong WiFi signal and well-lit space won’t hurt your chances during a video interview, it’s helpful to recall that interviews are conversations between two or more people. Be prepared and share who you are.

Getting to Work

Acing a job interview—video interview or otherwise—is just one part of navigating life after college. Being ready for a video interview is just one new way to get noticed these days.

On top of looking for a full-time or better-paying job, some grads also want to find ways to reduce their outstanding debt balances—including long-term bills, like student loan repayments.

After exhausting federal options (like income-driven repayment or loan forgiveness programs), some borrowers decide to refinance their student loans with a private lender.
Refinancing student loans could reduce monthly bill payments or the amount paid in interest during the duration of the loan.

Learn more about refinancing your student loans with SoFi.



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IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF SEPTEMBER DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including 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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Source: sofi.com