SoFi Blog

Graduate school is all about lots of work, little sleep, and often tight budgets. But after years of ramen and roommates, you’ll graduate with an advanced degree and likely some student loan debt as well. Fortunately, new data from SoFi reveals that your extra work really can lead to increased earning power —and the ability to pay down your debt faster.

Name: Deanna Krinn

Age: 29

Locale: Bloomington, IN

Alma Mater: Indiana University

By Day: Project Manager at Indiana University Communications

SoFi Member Since: 2015

Approximate SoFi Loan: $54,000, Combined Personal and Student Loan Refi

SoFi Savings: ~$500/month

Deanna Krinn is the first in her family to put herself through college, which she knew would be challenging when relying solely on scholarships and loans.

As a result of having to move to attend college, Deanna maxed out her first credit card, charging $2,000 on it in just a few months after arriving at Indiana University. Despite working three jobs to cover her expenses while in school, her total credit card debt grew to over $16,000, and she was forced to take out a personal loan to keep up with payments.

Got student loans? We’ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner, and stress less about student loan debt. Read the other posts in the series to get all the info you need to make intelligent decisions about your student loans.

Student loan debt can cause you to delay important life decisions, such as those around marriage and family, or postpone big savings goals like buying a house. But by refinancing, you won’t have to put your dreams on hold. All you need is a little guidance and a plan.

Couples in committed relationships share a lot of things, from values and goals to favorite takeout places to Netflix and Spotify accounts. But many couples share something else: student loan debt. It’s not at all unusual—nearly 70% of people holding a Bachelor’s degree leave school with college debt—but it can be trying and cause concern.

If you and your partner are in that group, you might have already discovered how student loan debt can affect your financial lives. And if you’re like 54% of people surveyed, you might even have had second thoughts about taking on the debt of the person you love.

If the United States economy was a movie, student loans would be the super villain– or at the very least, a founding member of the Suicide Squad.

Over the past decade or so, outstanding student loan debt has grown faster than a toxic algae bloom, surpassing a whopping $1.3 trillion. Saddled with increasingly scary levels of debt, young professionals have decreased spending and put off major purchases, such as buying a home, fueling an ongoing drag on the economy. Inability to pay student loan debt can even lead to mental health issues and physical illness, which can have a major impact on employee productivity and business performance.