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Getting married is a momentous occasion—you’re choosing to legally commit to your partner in sickness and in health. And that’s something to celebrate. But before you say “I do,” it is important to understand how your student loan obligations might change after your big day.

After all, you’re ready to share your life, but do you have to share your student loans? Here are five things to know about student loans and marriage.

Open and Honest Communication is Key

Let’s be real for a second: money is stressful. In fact, money is one of the most common topics of relationship stress. Whether you’re arguing about high student loan payments or how much you want to spend on eating out every month, money can cause relationship problems.

There is good news, though: couples who talk openly about money daily or weekly are more likely to have strong marriages. That means that learning how to talk about money before you get married is one great way to create a strong relationship from the get-go, especially if you’re marrying someone with student loan debt, or have student loan debt yourself.

In addition to figuring out your money and budgeting style, it can be helpful to hash out the basics before your marital bliss is interrupted by your next student loan bill. For starters, it may be helpful to discuss exactly how much each of you owe on your student loans. It is important that you both understand exactly how much is owed so you can plan for repayment together.

Once you’ve got the hard numbers down, it may also be helpful to share what type of current student loan repayment plan you are on, and what your repayment priorities are. After all, if your partner wants to pay off their law school debt right away but you’re happy on an income-driven repayment plan as a school teacher, it is important that you have a plan for navigating potential disagreements.

While every relationship is different, all relationships will require decision-making about money. Learning to talk about money now can help set you up for success down the road.

Who is Responsible For Repayment?

You’re not automatically on the hook for your spouse’s loans. If you or your spouse took our student loans prior to your marriage, you likely won’t be responsible for those loans if your spouse stops paying.

Of course, if you or your spouse takes on new loans while you’re married and you live in a community property state, you may end up responsible for a portion of that debt.

The law is complicated, so if you’re worried about dividing up your assets before you get married, it is always good to talk to a lawyer. Many young couples are even now considering pre-nups to protect themselves and set up expectations in advance.

Will My Monthly Payments Change?

So then when it comes to student loans, marriage doesn’t change anything? Not so fast. One often-overlooked aspect of marriage is that it can change your income—and this matters for many reasons, including determining your monthly income-driven loan payments.

For example, if you’re on a repayment plan that uses your household income to determine your monthly payment, and are married and filing jointly, your lender will take into account both you and your spouse’s income, which could lead to higher monthly payments.

Likewise, you may miss out on the student loan interest deduction when it comes time to file your taxes. P.S., talking to an accountant or tax attorney when when it comes to all things taxes and student loans could be a smart idea. When in doubt, definitely speak with a licensed professional.

Thinking About Refinancing Your Loans with Your Spouse

Just because your student debt doesn’t automatically become a joint obligation the moment you say “I do” doesn’t mean you can’t combine your debt and focus on paying it off together.

Many couples choose to combine their student loan debt through refinancing so they can pay off one bill together, rather than juggling multiple debt payments.

Student loan debt and marriage can be stressful, and student loan refinancing allows you to combine multiple loans into one (potentially with a lower interest rate).

Of course, refinancing isn’t for everyone. If you or your spouse is planning on taking advantage of income-driven repayment or other federal repayment programs, joint refinancing with a private company could make you ineligible.

It’s important to start your marriage off on a strong foot by making sure that you and your partner can talk honestly about money. Together, you can navigate anything—including student loan debt.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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That master’s degree in art history may help you understand cubism, but is it going to help you buy a Picasso one day? While material gain is not the only driving factor in most people’s decision to pursue higher education, it is worth considering, especially as more Americans become conscious of graduating with large outstanding student loan debt.

Lifetime Earnings by Education

When you’re considering graduate school, you have a lot to think about, including which programs best fit your interests, where the school is located, how much it costs, and how you’ll pay for it. The price of some grad programs can be dizzying: One year at Harvard Business School may set you back over $109,000.

A potentially hefty price tag means you have to consider whether a degree is worth the cost, especially if you have to take out student loans to help you get there. One way to help you do this is to examine the ratio of the cost of obtaining a new degree relative to the income it will help you generate once you graduate.

This measure is very much like return on investment—the ratio between net profit and cost from an investment of resources.

Your time and tuition can be considered your investment resources, and your future income is your profit. For the purposes of this article, we’ll call this measure a return on education, or your ROEd. And of course, your ROEd depends on how much of a boost you get by going for a graduate degree and how much money you put into securing the degree.

So what graduate degrees are yielding students a high ROEd? Unfortunately, a grad degree in the humanities may provide a relatively small boost in income.The average salary for a graduate with an MA in the
humanities is $68,000. Other degrees—especially professional degrees like JDs, MDs, and MBAs—can provide a significant boost to your post graduation prospects. Stanford University Class of 2018 MBA grads have an average starting salary and bonuses of nearly $174,000, the highest in the country.

It’s clear that in some cases a graduate degree can have a huge impact on your lifetime earning potential, offering a high ROEd. Yet, this isn’t always the case, and with a low ROEd, you’ll want to weigh the benefits of a degree carefully.

Weighing a Graduate Degree

Your ROEd and other factors can help you decide whether a graduate program is worth it before you apply to graduate school.

Determining need: Determine whether or not you need a graduate degree to advance in your field. If you want to go into academia, you’ll likely need a PhD. However, if you have an undergrad engineering degree, you may not need more school to rise through the ranks of your company.

Factoring in your undergrad degree: not all undergrad degrees are created equal. Some undergrad degrees, like business, engineering, and mathematics degrees, are relatively lucrative out of the starting gate. Will a grad degree really produce a significantly higher salary? If you asked a Magic 8 ball this question, it would say “signs point to yes”: Someone with a bachelor’s in business can expect to earn an average entry-level salary of $56,720, whereas an MBA can earn a projected starting salary of $78,332.

Considering job prospects: When you achieve your graduate degree, will it be easy for you to find a job? With a PhD in an obscure subject, you may be competing for very few available positions. More general degrees may give you more job options and flexibility to grow.

Examining opportunity cost: The value of one choice relative to another alternative is known as opportunity cost. This concept is particularly relevant when you consider the financial opportunities you might lose by taking a few years off from working while you’re in school.

In other words, you won’t be getting a salary while you’re hitting the books. And if you’re already working at a relatively lucrative position, your opportunity cost could be high. You might want to factor this cost in when considering ROEd.

Note: There are ways to offset opportunity cost, such as working while you’re in school. Some employers will offer to pay for part of your schooling in exchange for an agreement that you will work for them for a given period of time.

Making conservative estimates: When calculating your own ROEd, being conservative with how much you think you will earn when you graduate, especially in your first years out of school, can be a big help. A conservative estimate helps keep you from overestimating your ROEd and can give you a better chance of arriving at a decision that’s financially beneficial to you.

Tipping the Balance

One way to improve your ROEd is by lowering the amount you pay for your degree. Look for scholarship programs that can help you pay for your tuition. Also, some degree programs offer full rides to students, often in exchange for teaching undergrad classes.

Sadly, help with tuition can be a rarity for degree programs that typically lead to high-paying jobs, such as MBAs, law degrees, and medical degrees.

If you need to take out student loans to pay for your degree, being smart about terms and interest rates can help you keep your costs down. When you’re considering student loans, shop around for lenders who offer low interest rates, low fees, and favorable terms.

You can refinance your student loans through lenders such as SoFi to help secure lower interest rates or a more flexible loan term. Doing so can be a good idea if you have a better financial profile than when you originally took out your loans.

Lowering the interest rate on your loan can reduce the amount you’ll pay over the life of the loan, helping to improve your ROEd. You can also refinance for a longer loan term—that would get you a lower monthly payment, but wouldn’t help your ROEd because it ultimately might mean paying more interest on your loan overall. Keep in mind that if you do refinance, keep in mind that you’ll lose access to federal loan benefits when refinancing for a private loan.

Also, don’t forget to look into student loan forgiveness programs. If you plan to find employment with a nonprofit or a government organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness program after you make 10 years worth of qualifying monthly payments.

You may also want to consider looking for employers who will help you pay back your loans as part of the benefits package they offer to employees.

Intangible Benefits

Though money is an important part of your decision about whether to go to grad school, it isn’t everything. There are lots of benefits that can’t be pegged to a dollar amount, including social connections and whatever extra skills you acquire that aren’t directly related to your degree.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

You’ve graduated from college, degree in hand, and are headed into the workforce. After countless applications, phone screens, and in-person job interviews, you’ve done it—you’ve secured your first, full-time job as an adult.

As you experience the thrill of getting your first paycheck, it can be tempting to splurge on a celebratory dinner or a new outfit for work. But before you spend your paycheck on something indulgent, it could be worth thinking about how to spend it more wisely. Here are our best tips for spending your first paycheck as you start your new job.

Set Up Your 401(k)

You’ll learn pretty quickly that you’ll end up losing a decent chunk of change to taxes. One way to offset that is to invest money in tax-advantaged accounts, including a 401(k). As a part of your offer package, you will likely receive information on the company’s benefits—including any healthcare and 401(k) options. It can seem easy to brush this information off as you get started in your career, but reviewing it closely is an important part of deciding whether to accept a job in the first place.

A 401(k) is an employer-sponsored retirement plan that allows both you and, depending on your plan, your employer to contribute to the account. Employers may offer a contribution match of a certain percentage or specific amount. Each employer offers contribution matches at their discretion, so if you’re not sure what your company offers, check with HR or consult company policy.

It’s never too early to start saving for retirement. The earlier you begin making contributions, the more time you give yourself to take advantage of compounding. Basically, the interest you earn can then be reinvested, allowing your money to grow over time.

Consider investing at least enough to take advantage of your employer match. If your employer matches 6%, contribute 6%. That way you’re not leaving any money on the table. (Once you set it up, the money you contribute will probably be taken directly out of your paycheck.)

Set Up a Checking and Savings Account

Before you get your first paycheck, set up a checking and savings account. If you already have these types of accounts, now is a good time to assess whether they are still a good fit for your current financial needs. Take the time to review interest rates at various banks and online financial companies.

For example, SoFi Checking and Savings is a checking and savings account that earns you more and costs you nothing. You can easily access your money online or withdraw cash fee-free from 55,000+ ATMs worldwide.

Once you’ve set up your checking and savings accounts, consider setting up direct deposit. That way you don’t have to worry about depositing a check every time you get paid and you can start earning interest on that money as soon as it is payday.

You can also consider keeping your spending money in a checking account and setting up automatic transfers to your savings account. It’s an easy way to force yourself to save some cash at the beginning of your career.
An interest-bearing savings account is a great place to store your emergency fund. Conventional wisdom suggests saving anywhere from three to six months of living expenses to cover emergency expenses, such as unexpected medical bills or car repairs.

We know you just got started at your new job and may not be ready to think about these scenarios, but, in the event that you get laid off or the company goes out of business, having an emergency fund will allow you to stay afloat until you find your next gig. Even contributing $50 per paycheck to your emergency fund can help set you up with a little safety net should something unexpected happen.

Make Payments for Student Loans

Another important expense you should factor into your first paycheck is student loan payments. Even if you start your new job during your student loan grace period, you should probably consider your monthly payments and start setting the money aside. If you have unsubsidized loans, use the money to make interest-only payments on your loans.

If you have subsidized loans, it’s possible to save some, then use the money you have saved to make a lump-sum payment on the loans when your grace period ends. Both of these options can help set you off on the right foot when it comes to student loan repayment. By factoring your student loan payments into your budget upfront, you get used to not using that money for casual spending on things like dinner out or drinks with friends.

It’s also a good time to review your repayment plan on your student loans. If you have federal student loans there are a variety of repayment plans to choose from, including the standard 10-year repayment plan and four income-driven plans. If you have a combination of private student loans and federal student loans, you could consider refinancing them with a private lender, like SoFi, in the hopes of securing a lower interest rate.

With a lower interest rate you could potentially reduce the money you spend on interest over the life of the loan. This could be a great option if you are on a standard repayment plan and are interested in securing a lower interest rate.

If you’re taking advantage of federal programs like deferment, forbearance, income-driven repayment, or Public Service Loan Forgiveness, refinancing your student loans may not be for you, as you will no longer qualify for those programs.

To see how much refinancing could impact your loan, take a look at SoFi’s student loan refinance calculator. When you refinance with SoFi there are no prepayment penalties or origination fees.

Start an IRA

Even if you’re already contributing to a 401(k), setting up an IRA could be beneficial. There are two kinds of IRAs, traditional and Roth. When you contribute to a traditional IRA, the contributions are deducted from your taxes, meaning you’ll pay taxes on distributions when you retire.

When you contribute to a Roth IRA, your contributions are taxed upfront but can be withdrawn in retirement tax-free—and that includes any capital gains you’ve earned.

You can contribute up to $6,000 to either type of IRA annually. If you are over the age of 50, you can contribute an additional $1,000 as catch-up contributions.

An added benefit to opening a Roth IRA: You could use it to fund part of a down payment on the future purchase of a home. As long as the Roth IRA has been open for five years, you’re allowed to withdraw $10,000 from your Roth IRA to buy your first home without any taxes or penalties. This could be a good start for saving for retirement or for your first house.

Still Have Money Left? Treat Yourself

If after paying your monthly expenses and contributing to your various savings goals you still have money leftover, you can use it to splurge on something you’ll really enjoy like trying out a new restaurant, buying tickets to a concert or a sports game, or having a night out on the town.

Or, you could use the additional money to save up toward another short-term goal—maybe an international adventure, a TV, or a new bed frame. Or if you’re feeling frugal, use the extra money to make an additional payment on your student loans.

Paying more than the monthly minimum is one of the fastest ways to accelerate your student loan repayment. At the end of the day, you’re working to earn money to live your best life, so make sure you are enjoying it and saving for your long-term financial goals at the same time.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
SoFi Checking and Savings®
SoFi Checking and Savings is offered through SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates are a bank.

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Preparing for a new child is an exciting—and daunting—prospect. This can be doubly true when you are planning on growing your family through adoption. Adoptions costs can be remarkably high, but planning ahead can help minimize the stress during this life-changing process.

The Cost to Adopt

According to the most recent data from Adoptive Families , domestic adoptions typically cost $20,000 to $40,000. And the average international adoption costs $35,000.

For those who choose to adopt through the foster care system , the adoption costs may only add up to a few thousand dollars, but families still must plan for all the regular expenses of adding a child to the family, from buying bottles to preparing a new bedroom.

If you are adopting internationally or through a private adoption , the costs can add up quickly, and frequently include expensive international travel and several different types of fees.

Here are some of the common types of costs that arise during the adoption process:

•   Home study
•   Document preparation and authentication
•   Adoption agency application
•   Adoption consultant fees
•   Attorney fees
•   Networking
•   Counseling
•   Birth mother expenses

Each of these expenses can range from a few hundred dollars to several thousand dollars. These large out-of-pocket expenses can seem intimidating to potential adoptive families, causing them to worry that adoption is not financially feasible. There are, however, many ways to finance adoptions, ranging from taking advantage of grants and governmental programs to taking out a personal loan.

Using Grants to Pay for Adoption Costs

Because adoption can be so expensive, many nonprofit organizations offer grants to adoptive families. These grants can range from a few hundred dollars to the full cost of adoption.

Sometimes grants are offered to particular types of families, but most grants’ eligibility requirements are fairly straightforward and are applicable to most families currently in the adoption process.

A downside of adoption grants is that they are not guaranteed and they usually require extra application paperwork and possibly an interview. In general, however, adoption grants are one good option to consider when planning for adoption.

Using Employee Benefits and Tax Write-Offs to Offset Adoption Costs

One often-overlooked potential source of financial assistance for adoptions is your employer. Employer adoption benefits are a growing trend in large companies where there is a focus on employee retention and work-life balance. Employee benefits can range from things like discounted referrals to adoption agencies to outright cash grants.

Some employers will reimburse a certain percentage of overall adoption costs, while others may choose to directly pay adoption agencies for certain services. Each employer is different, but it may be worth contacting your company’s HR department and asking about any potential adoption benefits your company provides.

Another way to potentially offset adoption costs comes from a generous tax credit. The Adoption Tax Credit allows eligible adopting families to potentially receive a tax credit for qualifying expenses paid in the adoption process.

The credit, which was $13,840 in 2018, can help offset adoption fees like attorney costs, travel expenses, and agency dues. Talk to a certified tax professional to learn more. While adoption tax credits may help ease the financial burden, they do not help much with the upfront costs of adopting.

Using a Personal Loan to Pay for Adoption Costs

If you find that grants or other forms of financial assistance aren’t able to meet your adoption needs, you may consider taking out a adoption loan to help cover the upfront costs. Personal loans, which are often overlooked when it comes to planning for adoption, may offer a better interest rate and more favorable payoff terms than credit cards do.

A personal adoption loan is typically an unsecured installment loan. Unlike with a credit card, you can choose to borrow a set amount with a fixed interest rate and term, allowing you to pay it back in equal monthly installments over a set period of time. This means that you may be able to borrow enough to cover the full cost of the adoption upfront and then pay it off over a few years while avoiding high-interest credit cards.

Another potential benefit of using a personal loan to cover adoption costs is the short application process. The process is generally fairly straightforward and some lenders can disburse loan funds within days. This means that you can focus on what really matters: growing your family.

Starting the adoption process and looking for more money to help grow your family? SoFi’s personal loans offer no fee options and low rates to qualified applicants.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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The last thing any engaged couple wants is to start their new life together by going into debt. And yet, the costs can easily add up fast. First, there’s the wedding and all the events leading up to the big day. Then, there’s finding a place to live and making it your home.

Next, there’s the honeymoon—your chance to really relax and enjoy yourselves before married life gets real. You should remember this trip for the rest of your lives because it was a wonderful time spent together—not because you’re still paying for it. Here are some tips to make financing your honeymoon the least of your worries:

Setting a Limit on How Much You Can Spend

Maybe you’ve saved up for this dream trip, or Mom and Dad have floated you some cash. Boom. You’re done.

If not, you’ll have to come up with a realistic number and make it work. Sit down with your betrothed and have a frank discussion about what you want to do and how you’re going to pay for it. Talk about whether you’re willing to take on some debt, if necessary, and how you’ll pay it back if you do.

Looking for a place to house your honeymoon budget? SoFi Checking and Savings is a checking and savings account that earns you interest on all your cash. Plus, with SoFi Checking and Savings you are your +1 can easily merge your finances and get no account fees. We work hard to give you high interest and charge zero account fees. With that in mind, our interest rate and fee structure is subject to change at any time.

Setting Priorities & Making Trade-offs

For example: Would you be willing to cut the trip short a few days if it meant you could stay at a nicer resort? Would you be willing to pass on a day at the spa if it meant you could go snorkeling or skydiving? Can you do without room service breakfasts so you can have dinner at the Eiffel Tower?

Breaking Down Your Expected Costs on a Budget Worksheet

You can use Excel or any other spreadsheet program, or a simple checklist could do. Just keep in mind that your costs will start before you ever leave for your trip. You may need a passport or specific vaccines if you’re traveling overseas.

You might want new clothes or better luggage. Also consider where you’ll stay, how you’ll get around, what you’ll eat and drink, things you’ll do for fun—and don’t forget about taxes and tip.

Finding Ways to Save

If you have enough set aside in your honeymoon fund to pay for everything you want, good for you—start making reservations. But what if you’ve got a shortfall?

Before you start arguing, crying, or crossing off some of the most appealing plans on your list, start searching for savings:

Talking to a Travel Agent: A good travel agent can help you find honeymoon destinations on a budget and steer you to experiences that will make your trip special without costing a fortune. Yes, you could do hours of research online and book it all yourself, but don’t you have enough on your plate?

Booking early: Not only will you have a chance at better choices for cruise cabins, hotel rooms, and airline seats that fit within your budget, you can stop sweating those details.

Considering an all-inclusive resort: If you don’t have time to hunt down individual deals, consider searching for all-inclusive resorts or cruises, which usually include lodging, meals, soft drinks, gratuities, and some activities and services in the price.

Go on a “mini-moon”: If your honeymoon budget just can’t handle a blowout trip, plan a shorter excursion, maybe closer to home. You can still go luxe with spa days and gourmet dinners at a five-star hotel; just tighten up on other details.

You can always take a longer honeymoon later, when your financial reserves (and vacation days) have had a chance to replenish.

Promoting You Are On Your Honeymoon: Whenever you make a call, be sure to mention this is for your H-O-N-E-Y-M-O-O-N. It might get you a better room, a better table, a free bottle of champagne or some extra attention from staff. If they don’t offer a discount or freebies, ask.

Making a Plan for How You’ll Pay

When you’ve done all you can to close the gap between what you want and what you can afford, it’s time to figure out how you’ll cover the difference.

Creating a honeymoon registry: You can use all the cash gifts you receive to augment your vacation stash, or you can set up a registry (like The Knot’s Newlywed Fund ), where wedding guests can contribute to a general honeymoon fund or make a gift of specific honeymoon activities.

This way, family and friends know where their money is going, and you get to go horseback-riding on the beach or shushing down the slopes in Aspen.

Pillaging your credit card points: If ever there was a time to use up every credit card point and frequent flier mile you’ve ever earned, this is it. If you plan ahead you could get strategic—use cards that earn you points to pay for wedding expenses, then use the points you just earned for the honeymoon, flights, upgrades and more.

Be sure you can make the monthly payments on those cards as you go—or better yet, pay off the balances. Otherwise, you’ll be racking up interest.

Looking into a personal loan: Maybe your finances are temporarily flagging because of the wedding, but you and your spouse-to-be both have a good credit record, excellent salaries, and the wherewithal to make payments on time. If your shortfall will be short-lived, taking out a personal loan might help.

Sure, you could pile those travel costs onto a credit card. But think about it: If the interest rate is high or variable and you can’t pay off the balance on your card as soon as you get back home, you could ultimately be spending far more for every souvenir and spa visit than you planned.

With a personal loan, you can borrow just what you need at a competitive rate and make manageable payments. Knowing upfront what you’ve borrowed could even help you keep better control of what you spend.

Another plus: You can sign on as co-borrowers and have the funds delivered to a joint account, so the loan will belong to both of you—you won’t have to fret or fume about who’s paying for what.

Personal Loans with SoFi

Arguing about finances can put stress on many a relationship—but that doesn’t have to be you.
If a vacation loan sounds like a good option, shop for the best deal you can get. SoFi’s Personal Loans offer competitive rates, great member benefits, and customer service that’s there whenever you need it.

You can pay back the loan early if you like—there are no prepayment fees. And as a SoFi member, you’ll also have access to the financial services you’ll need in the future, from home loans to investing.
If you plan well, cut costs where you can, and borrow wisely if needed, you can start your life together on sound financial footing.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Neither SoFi nor its affiliates is a bank.
SoFi Checking and Savings^TM is offered through SoFi Securities, LLC, member FINRA / SIPC . Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.

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