SoFi Blog

Residency can be both exhilarating and terrifying. You survived med school and are officially a doctor. You’re finally practicing medicine in the real world. But behind the excitement and responsibility is stress.

As a resident, you’re working crazy hours, running on minimal sleep, all while trying to save lives and make no mistakes. On top of all that, many residents are acclimating to life in a new city. And trying to figure out how to pay off a boatload of medical school debt in residency.

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 Trump Administration has proposed a cap on the amount that parents and graduate students would be able to borrow from the federal government to pay for higher education. The administration says their effort is an attempt to curb tuition costs and student loan debt, which reached an outstanding $1.465 trillion in late 2018. Here’s a look at what these changes might mean for parents and grad students.

If you just landed a new job, well done! Whether it’s your first job or your fifth, starting the next chapter of your career journey with a new company and fresh challenges can be an exciting time.

It also can be a good opportunity to review your finances, put together a new budget, and work toward some monetary milestones, like paying down credit cards or student loan debt.

Why now? As your life changes, your needs and expenses likely will change as well. So when you’re starting a new job, it might be a fitting time to take a look at where you stand and where you want to go.

Family debt is never easy to tackle, but if a sibling is struggling with a significant amount of student loan debt, it can seem even more overwhelming. Should you help pay off your sibling’s student loans if you are financially secure enough to do it?

When offering money to a family member, it’s important to remember that doing so could change your relationship, even if you are offering to help reduce student loan debt for a sibling.

Due to rapidly advancing technology, today’s college students often face decisions that prior generations would never have needed to consider. This includes the use of social media and its effects, both positive and negative.

As you’ve probably figured out, there are numerous benefits to using social media to discover information, connect with friends and family , job hunt and so much more. But, there are also big buckets of negatives, ranging from wasting time, to false information being posted, cyberbullying and more.

Social media posts and profiles can have an impact, positive or negative, before you’ve even been accepted to your college of choice, and they can also both help and hurt your efforts to get a specific job, or advance in your career.