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.

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.

Taking out student loans is a big commitment—and filling out the paperwork is no cakewalk, either. You’ll need you and your parents’ tax documentation, income statements, and, of course, the ability to actually understand all that IRS gibberish… which is challenging even for those who already have a college education.

So we put together this FAFSA® “cheat sheet” to help you get filed and funded in a snap. (Sorry, though; we won’t be able to give you an equivalently easy fix when it comes to actually completing your college assignments.)

When your child chooses a major that taps into his or her passions and aligns with interests and strengths, that’s wonderful for them. But, because college educations are increasingly more expensive, it’s natural to hope that the choice of major will also be practical, one worth the investment.

Higher education is a financial investment, with average college tuition and associated fees for the 2018-2019 academic year standing at:

•  $35,676 for private colleges

•  $10,230 for state residents at public colleges

•  $26,290 for out-of-state students at state schools

This doesn’t count housing expenses, transportation costs, and books and supplies. So it just makes sense to want your child to end up with a college degree that’s practical.

College can be a blast—dinners in the dining hall, late-night gab sessions with the roommates, and weekend parties with the crew. It is an exciting time for self-exploration and learning.

As a college student, you might have more freedom than you’ve ever had before. No parents checking in to make sure your homework is finished or telling you to go to bed and get a good night’s rest. It’s really all up to you. While this transition can be challenging, college can also be a chance for you to grow in your independence.

Oftentimes, the skills you learn in college will be invaluable as you enter the real world—and isn’t that why you’re going to college in the first place? The work you put in during your college career could even lay the foundation for your future success.

So, what do college students need to be successful? There’s no one single guide for how to be successful in college, but these tips could help you make the most of your college years.