SoFi Blog

Deciding to buy a home is not a decision for the faint of heart. It’s a commitment like no other, and the time it takes to dabble and explore reflects the importance of your next move.

Most people understand the importance of establishing and maintaining a good credit score.  For student loan borrowers, this means treating that debt responsibly – for example, paying on time, every time.  But that’s old news.

The new news is that FICO is making changes to the way it calculates credit scores. Because FICO’s credit scoring metric is by far the most widely used in consumer lending decisions, it’s worth exploring what this might mean for you.

The “post-grad plateau”: It’s those first few years after graduate or professional school when the future looks bright but you haven’t yet hit your financial stride.  You’ve secured higher income potential thanks to your advanced degree, but student loans and other debt from school have come due – and those payments can swallow a paycheck whole.

Summer is officially upon us, and with it the promise of warm sunshine, longer days and happy memories.  But if you’re one of the 37 million Americans with student loans, that debt can feel like a constant storm cloud over your head – no matter what the weather outside may be.

Rather than let another lazy summer pass you by, why not use the next few months to make a dent in your education debt?  Research shows that you’re more likely to achieve your objectives when they’re specific, measurable and time-bound, making summer the perfect time to set goals and see some progress by the time fall rolls around.   And it doesn’t take much – when it comes to reducing your loan balance, a few small changes can have a big impact.

When was the last time you revisited your student loan repayment strategy?  If you’re like most borrowers, it’s probably been awhile.  That monthly payment may be an irksome reminder of the debt you’re chipping away at, but otherwise you try to avoid thinking about your loans on a regular basis.  Because – let’s face it – thinking about student loans is kind of a bummer.

The problem with this “out of sight, out of mind” mentality is that it can end up costing you more interest than is necessary over the long run – which is bad for your bottom line.  Luckily, there are a few interest-saving strategies that can make a big difference without requiring a lot of time or effort.  We shared three of our favorite strategies over on the Student Loan Hero blog this week – check out the full post here!