SoFi Blog

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.

It’s the classic financial dilemma: you’ve got a home improvement project you’d like to start or maybe you have some unexpected medical bills, but you don’t want to dip into your savings to cover the expenses.

If you have good credit, a personal loan could be the answer. But there’s a lot to consider, especially if you’re paying off student loans while also trying to build a solid nest egg. Here’s a five-point plan to help you out:

Editor’s Note: The following article on home renovation and budgeting originally appeared on our web partner Houzz’s website. Some of the content has been slightly edited from its original version, and is written from the perspective of a home designer.

Remodeling is a great way to stay in the house you have. Plus, making changes can improve the way you live. But everyone has heard the horror stories of going 50 percent or more over the remodeling budget. Truth be told, even contractors will admit that it’s hard to provide an exact price on the work, because there are often unforeseen circumstances that could cause the price to rise. I always recommend factoring in about 20 percent over what you think you should budget. But knowing what you want from the very beginning — and sticking to those goals — can greatly help your project stay on track. Even if it seems like it’s going off the rails.

Editor’s Note: The following article on home renovation and budgeting originally appeared on our web partner Houzz’s website. Some of the content has been slightly edited from its original version, and is written from the perspective of a home designer.

The budget conversation — it’s sometimes awkward, often slightly uncomfortable and usually comes with a bit of anxiety. Because of the nature of construction, things often cost more than what homeowners think. There are endless debates on why that is, but the result is that we designers often have conversations with our clients that end with an awkward silence. The silence usually means that certain aspects of the project might be out of our clients’ reach. And truth be told, we really don’t like being the messenger in these conversations. We want our clients to be satisfied with the process and get what they really want.

As families and friends across the country gather for Thanksgiving, many Americans are bringing an unwanted guest along with them: high interest rate credit card debt.

And while it probably won’t be a topic of conversation around the dinner table, it’s always there in the back of your mind – a reminder that you’re spending thousands of dollars on interest when you’d rather use that money to pay for holiday gifts or a ski vacation.

Related: Credit Card Interest Calculator

Fortunately, there is a better solution. Find out how refinancing credit card debt with a low interest rate personal loan can get that unwanted turkey off your back – so you can focus on the fun of Thanksgiving instead.