SoFi Blog

It seems like everyone’s talking about the Tax Cuts and Jobs Act these days. Whether you’re refilling your glass at the water cooler or going out with friends for craft beer after work, you’re likely worriedly discussing its impacts—especially if you’re currently a student or recent grad with student loans. That’s because the bill might have a significant effect on the bottom line of those with student debt.

No one likes to pay more in taxes, but if you have vivid memories of how the refund you received because of the student loan interest tax deduction helped you fix your car when it broke down last May, you likely feel passionate about the potential elimination of this deduction.

But are the issues you’re worrying about guaranteed if the bill is passed? Not necessarily. Confused? Here’s some things to know about the Tax Cuts and Jobs Act.

It’s well documented that student loans are a big source of stress among graduates. For those carrying the 1.34 trillion dollars in student loan debt currently totaled in the U.S., the burden causes strain in ways you might be able to predict—loss of sleep, anxiety—and in some ways that are surprising.

According to a recent SoFi member survey of over 1,200 respondents with student loan debt, the lion’s share of respondents confirmed how student loan stress impacts mental health. Eighty three percent shared that they’ve felt like they couldn’t relax due to the burden of the debt, and a full fifty percent felt that dealing with student loan debt has caused them to feel depressed. Over a third of respondents have reported actually losing sleep due to student loan debt, and a large number noted that it’s caused them to miss out on opportunities to travel, promote self care, and make major life decisions.

Data insights provided by the Analytics Team at SoFi

Today’s post is all about how men and women* compare in our student loan refinancing data set. What we found? Both men and women have high student debt loads. (Not a revelation.) Men also get paid more than women on average. (Also not a revelation.)

But here’s what’s interesting: Despite the fact that women have as much student debt and make less money than men, women in the SoFi data set pay their debt off more quickly than men—by nearly 10% (9.3% exactly).

Working for years without a pay increase can become a struggle and cause stress, especially as the cost of living continues to rise. Whether you’ve been making the same salary for 12 months or for more than a decade, having the money conversation with your boss can be awkward. But when increases don’t come when needed, your only recourse is to ask for them.

Before you have the conversation, though, it’s not only important to arm yourself with all of the right things to say, but also to learn what not to say. Here are a few tips on language to avoid when asking for a raise.

A Note on the Taper

Now that the markets are accustomed to heightened tensions with North Korea, attention is shifting back to monetary policy once again. In the aftermath of the global financial crisis, several of the world’s central banks employed extraordinary measures to help stabilize economies. Now the question is how are they going to scale back, or “taper,” those policies and what affect that will have on asset prices.