SoFi Blog

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.

Everyone knows someone with student loans. In fact, student loans have become as emblematic of the millennial generation as avocado toast and Instagram selfies.

It’s not an identity that millennials—or anyone—really wanted.

With national student debt levels over $1.6 trillion , millions of borrowers are feeling the squeeze from their student debt payments. Many even report that student loans have caused them to put their lives, financial and otherwise, on hold.

This may hurt the U.S. economy in a host of ways, with student loans stifling everything from small business
formation to home buying to reproduction .

It’s no wonder that discussions regarding the student debt crisis have made their way into mainstream political discourse—and the living rooms of everyday Americans.

Americans are a migratory bunch. We move for job opportunities, to be closer to the city (or farther), to be closer to family (or farther), or just because we love to adventure. Especially for young professionals, the lure to move to where the action is can be strong.

But the dream of owning a trendy loft in the heart of a big city doesn’t always come cheap. If relocation is in your future, here’s a look at the latest figures by the National Association of REALTORS© (NAR) on approximately how much income is needed to purchase a home in 10 big cities—the most expensive, and the least.

The honest answer to “How much salary may I need to buy a home?” is really an open question that depends partially on the cost difference of items on your “must-have” list, and that can include the type and size of home, the amount of land, the location, and a host of other factors.

So you brought the cranberry sauce and Mom’s famous stuffing—but is it wrong to also bring your financial woes to the table?

Financial topics feel loaded. Revealing how much money you make or how much you have saved can feel a bit heavy to discuss at the dinner table. And being the first person to broach the subject is like playing a hypersensitive game of Operation. One wrong move and chaos erupts.

Despite the risks, talking about money with friends may be something worth considering. You talk to your friends about everything else, right? Before you dig into your debt alongside the pumpkin pie, let’s examine the pros and cons of talking money with friends.

No one likes paying bills. And yet, for most of us, they are just a fact of life. There are bills for everything—from our cell phones to our electricity—and even though they are generally due every single month, sometimes it can be a challenge to stay on top of them.

Like most things that aren’t particularly pleasant to do, it can be tempting not to think about paying your bills. But avoidance is usually not the best way to get on top of things.

Sometimes, bills can be pretty regular. For instance, though your electrical bill may vary from month to month, chances are the amount will stay relatively reliable unless you buy some new appliance that suddenly starts driving up your costs.

The same goes for your phone bill. The amount you owe may stay stable unless you do something like take a one-hour phone call while roaming in another country.

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.

The field of Democratic hopefuls in the 2020 presidential race is large, but former Vice President Joe Biden is one of the most recognizable. Like other candidates, his platform is robust and complex, covering issues that range from ending gun violence to legalizing marijuana to international diplomacy.

And while those (decidedly divisive) topics are the ones that often make the headlines, Americans are also concerned about what the next four years could mean for their wallets. The candidates’ positions on finances, investing, and student loans are just as important—and maybe even deal-breakers.

So how could a Biden seat in the Oval Office affect your bottom line? Most political analysts seem to agree that Biden leans more to the center of left than his challengers on many issues, including the trending debate over student debt. Here’s where he stands on four key financial issues: minimum wage, taxes, health care, and student debt.