Aug
03
2023
Unrealized Gains & Losses, Explained
An unrealized gain or loss is the change in market value of an asset from its purchase price, before it is sold.
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SoFi
Student Loan Consolidation and Refinancing
Aug
03
2023
College Planning Checklist for Parents
College planning is an exciting time for you and your child. But, as exciting as it may be, there is a lot of preparation involved.
So, whether your child is entering into their freshman year of high school or a few months away from graduation, there is no better time to start planning than the present.
From figuring out your financials to helping your child prepare for admission exams, this college planning checklist for parents can help streamline your child’s transition from high school to college.
Starting a Savings Plan
College can be expensive. According to the Education Data Initiative, the average cost of college in the U.S. is $36,436 per year, including books, supplies, and daily living expenses. Indeed, the cost of going to college has more than doubled over the past two decades.
As prices continue to soar, it’s easy to become worried about how your child will pay for college or that they will have to take out a crushing amount of student debt in order to pay for the college of their dreams.
With this reality top-of-mind, it’s wise to start saving for your child’s college tuition and fees. But, while many parents may have the best intention of helping their children pay for their college expenses, they often fail to prepare.
So, even if your child is just now entering high school, you can still start saving and preparing for college costs. It’s never too late to start setting money aside for your children’s education.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
Paying Close Attention to Grades and Curriculum
Since grades and curriculum are crucial to getting an acceptance letter, you may want to keep close tabs on your student’s grades and study habits. From helping with studying to supporting homework expectations, getting involved with your kid’s coursework may help them perform better in school.
You may also want to encourage them to take Advanced Placement courses. Since AP courses allow you to tackle college-level material while your child is still in high school, your student may get ahead by taking some.
Also, if your student passes the AP exam at the end of the class, they could be rewarded with college credits. Racking up college credits could save you time and money in the future.
For example, if your child takes AP English in high school, they might be able to skip freshman-level English once they get to the college or university of their choice.
There are fees associated with taking AP exams. Fee reductions may be available for qualified applicants.
Recommended: ACT vs. SAT: Which Do Colleges Prefer?
Encouraging Involvement with the Community
College applications were up sharply for fall 2023, according to data collected by the Common App. With the increase in competition, your child will need to stand out. While the top factors in admission decisions tend to be academics, the next most important factors typically include a student’s demonstrated interest and extracurricular activities.
Encouraging your child to get involved in the community could also potentially help them write a solid college application, and even help them decide what they want to do with the rest of their lives.
For example, if your child loves to run, they may want to try out for the track team to round out their classes or volunteer as a track coach for a youth team. Or, if they prefer journalism instead of sports, they may want to try writing for the school newspaper.
Not only will getting involved help with their college application but it will help sharpen their skills. So, don’t be afraid to encourage them to explore their passions and get involved with the school and/or local community. You might even want to get involved with them.
Planning for the SAT and ACT
Another key component to receiving acceptance letters from colleges and universities is having acceptable SAT and ACT scores. Some schools require the Scholastic Aptitude Test known as the SAT, while others may require the American College Testing, known as the ACT. Some schools will accept either one, but it’s a good idea to check the preference of the schools your child will apply to.
To help your child prepare, you can encourage them to sign up for an after-school prep class or practice at home by using online resources such as Khan Academy’s free SAT practice program in partnership with The College Board.
Recommended: How to Help Your Child with SAT Practice
Researching Schools
One of the most important components of college planning for your child is helping them decide which university or college is the right fit. Fortunately, there are plenty of options available to help you find a school that will fit your child’s education and experience needs.
To get started in the decision-making process you may first want to help your child decide what degree they would like to achieve. If they know they want to be an engineer, you may want to focus on schools with good engineering programs.
Even if you may think their degree is too niche, there is often a program that will support it. Whether they want to study astrobiology or comic art, there is often a program for your child. However, if they are unsure of a major, they may want help finding a school with more program options available.
It’s also wise to consider factors such as location and the type of college experience your child wants to have. For example, if they want to go to a school close to home and commute to save money, that desire will limit the search parameters.
Remember, while you may be the voice of reason, the ultimate decision is up to your child — the student. Simply help them evaluate all of the key factors in making an informed decision.
Scheduling College Visits
College visits can be a big help when it comes to finding the right fit. With this in mind, you may want to help your child plan a college visit well in advance of making a decision. The College Board recommends scheduling your visits during your child’s junior year in the spring if you have already researched schools.
For seniors, it may be best to schedule visits in the fall through the winter months. This may help seniors narrow down their options.
Since you want your child to get a feel of the college experience, you’ll want to make sure classes are in session. Therefore, it’s also wise to avoid visits during holidays or break weeks.
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.
Investigating Financial Aid Options
Even if you have saved for your child’s education, you may want or need to explore other funding options, which could include your child taking on some of the cost.
Completing a Free Application for Federal Student Aid (FAFSA) is one of the first recommended steps to applying for student financial aid, whether that is in the form of grants, scholarships, federal loans, or work-study. Filing for the 2024-2025 school year opens in December, 2023 (a delay from the usual October 1) and will continue until June 30, 2024.
It’s recommended to complete the form as soon as possible because there are differing deadlines to be aware of, including for individual colleges as well as federal and state deadlines. The sooner you submit your FAFSA, generally, the better your chances of receiving aid will be.
Colleges and universities will use the information reported on the FAFSA to determine how much aid a student is eligible for. Even if your child has not applied to a school yet, they can list that school on the FAFSA, so encourage them to include their dream school as well as those they consider safety schools.
A Student Aid Report (SAR), which is a summary of information provided on the FAFSA, will be sent within three weeks — sometimes sooner. Corrections to the FAFSA, if needed, can be made after reviewing this report. The SAR contains information about a student’s Expected Family Contribution (EFC) (which will soon be called the Student Aid Index or SAI). It is recommended that the report be kept for your records.
The schools listed on the FAFSA will have access to the information within a few days of when the form is submitted. If your student is approved for financial aid, they will receive financial aid award letters from each school they applied and were accepted to. These letters will include information such as the cost of attendance (COA), EFC/SAI, grants, scholarships, loans, and other financial aid that your child might be eligible for.
Comparing each financial aid award letter can help you and your child determine the financial obligation of attending each school. It is recommended to exhaust all federal aid options before considering a private loan. But if you are looking for supplemental funding for your child’s education, private student loans may be an option.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
SOIS0723026
Aug
03
2023
What Causes a Stock Market Bubble?
What Is a Stock Market Bubble?
A stock market bubble is often caused by speculative investing. As investors bid up the stock price, it becomes detached from its real value. Eventually, the bubble bursts, and investors who bought high and didn’t sell fast enough are left holding shares they overpaid for.
Stock market bubbles are notoriously difficult to spot, but they’re famous for potentially causing large-scale consequences, such as market crashes and recessions.
For investors on an individual level, entering the market in the later stages of a bubble could mean painful losses. But misdiagnosing a stock market bubble or exiting from positions too early can result in an investor missing out on potential gains.
Here’s a deeper dive into what causes stock market bubbles and how they develop.
Five Stages of a Market Bubble
Modern-day investors and market observers typically categorize market bubbles based on the principles of Hyman P. Minsky, a 20th century economist whose financial-instability hypothesis became widely cited after the 2008 financial crisis.
Minsky debunked the notion that markets are always efficient. Instead, he posited that underlying forces in the financial system can push actors–such as bankers, investors and traders–toward making bad decisions.
Minsky’s work discussed how bubbles tend to follow a pattern of human behavior. Below is a closer look at the five stages of a bubble cycle:
1. Displacement
Displacement is the phase during which investors get excited about something — typically a new paradigm such as an invention like the Internet, or a change in economic policy, like the cuts to short-term interest rates during the early 2000s by Federal Reserve Chair Alan Greenspan.
For instance, one example of displacement can be the enthusiasm for cryptocurrencies that picked up in 2017. While the cryptocurrency market technically began back in 2009, mainstream institutional and retail investors started gravitating toward crypto coins and tokens like Bitcoin in a bigger way in 2017.
2. Boom
That excitement for a new paradigm next leads to a boom. Prices for the new paradigm rise, gradually gathering more momentum and speed as more and more participants enter the market. Media attention also rapidly expands about the new investing trend.
This phase captures the initial price increases of any potential bubble. For instance, after Greenspan cut interest rates in the early 2000s, real-estate prices and new construction of homes boomed. Separately, after the advent of the Internet in the 1990s, shares of technology and dot-com companies began to climb.
💡 Quick Tip: All investments come with some degree of risk — and some are riskier than others. Before investing online, decide on your investment goals and how much risk you want to take.
3. Euphoria
The boom stage leads to euphoria, which in Minsky’s credit cycle has banks and other commercial lenders extending credit to more dubious borrowers, often creating new financial instruments. In other words, more speculative actions take place as people who are fearful of missing out jump in and fuel the latest craze. This stage is often dubbed as “froth” or as Greenspan called it “irrational exuberance.”
For instance, during the dot com bubble of the late 1990s, companies went public in IPOs even before generating earnings or sales. In 2008, it was the securitization of mortgages that led to bigger systemic risks in the housing market.
4. Profit-Taking
This is the stage in which smart investors or those that are insiders sell stocks. This is the “Minsky Moment,” the point before prices in a bubble collapse even as irrational buying continues.
History books say this took place in 1929, just before the stock market crash that led to the Great Depression. In the decade prior known as the “Roaring 20s,” speculators had made outsized risky bets on the stock market. By 1929, some insiders were said to be selling stocks after shoeshine workers started giving stock tips–which they took to be a sign of overextended exuberance.
💡 Quick Tip: Are self directed brokerage accounts cost efficient? They can be, because they offer the convenience of being able to buy stocks online without using a traditional full-service broker (and the typical broker fees).
5. Panic
Panic is the last stage and has historically occurred when monetary tightening or an external shock cause asset values to start to fall. Some firms or companies that borrowed heavily begin to sell their positions, causing greater price dips in markets.
After the Roaring 20s, tech bubble, and housing bubble of the mid-2000s, the stock market experienced steep downturns in each instance–a period in which panic selling among investors ensued.
Recommended: Should I Take My Money Out of the Stock Market?
The Takeaway
One of the prevailing beliefs in the financial world is that markets are efficient. This means that asset prices have already accounted for all the information available. But market bubbles show that sometimes actors can discount or misread signs that asset values have become inflated. This typically happens after long stretches of time during which prices have marched higher.
Stock market bubbles are said to occur when there’s the illusion that share prices can only go higher. While bubbles and boom-and-bust cycles are part of markets, investors should understand that stock volatility is usually inevitable in stock investing.
Investing has historically been an important part of wealth-building for individuals, and the benchmark S&P 500 Index has an average market return of 7% annually after adjusting for inflation.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Photo credit: iStock/fizkes
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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOIN0723031
Read moreAug
03
2023
ACT vs. SAT: Which Do Colleges Prefer?
Ambitious high school students do everything they can to stand out amongst the very crowded crowd of college applicants. Standardized testing is just one of many challenging hoops students have to jump through on their way to higher education. Which is why some students and their parents may be wondering exactly where their dream colleges stand on the age-old issue of ACT vs SAT.
While in many ways the ACT and SAT are similar exams, they have some differences that you’ll want to keep in mind when choosing which test to take. Keep reading to learn more about how these tests compare, which one you should take, and how colleges feel about these two exams.
Purpose, Structure, and Cost
The SAT and ACT are two exams that serve the same purpose. Colleges utilize both exams to determine admission and award merit-based scholarships. Both tests are similar in length and structure, with the SAT taking three hours and the ACT taking 2 hours, 55 minutes (without essay), and 3 hours, 40 minutes (with essay) to complete.
For the 2023-2024 school year, it costs $60 to register for the SAT. There are additional charges if you change test centers ($25) or you register late ($30). Your first four score reports are free if you order them within nine days after the test date. After that, any additional reports you want to send to multiple colleges cost $14 each.
The cost to register for the ACT for the 2023-2024 school year is $68.00 (with no writing) and $93.00 (with writing). There are additional charges if you change test centers ($42) or you register late ($36). Your registration fee covers reports for you, your high school, and up to four colleges (if you provide the codes when you register). Additional score reports are $18.00. To add or remove the writing test, the fee is $25.00.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
The Subject Matter
These two exams cover similar subject matter and include an optional essay portion, although there are some key differences worth noting when it comes to preparing to take these exams. The main difference between the ACT and SAT subject matter is that the ACT has a “science reasoning” section of and an optional essay, whereas the SAT doesn’t.
However, both exams cover topics relating to math reading, and writing type subjects. More specifically, the SAT covers “Reading” and “Writing and Language,” and the ACT covers “English” and “Reading.”
When it comes to the mathematics portion of the exam, the SAT focuses on arithmetic, algebra I and II, geometry, trigonometry, and data analysis. The ACT tests students on their arithmetic, algebra I and II, geometry, trigonometry, and probability and statistics knowledge. Each exam has differing calculator policies. For the ACT, students can use their calculator for all math questions. Whereas with the SAT, only select math questions allow calculator usage.
How Each Exam is Scored
Both the SAT and ACT have unique scoring systems. Here’s a bit of information on each.
How the SAT is Scored
The SAT is scored on a scale of 400 to 1600. Breaking down the scoring process a bit further, the SAT has not just a “total score,” but “section scores.” Each of the main sections, reading/writing and math, may be scored up to 800 points. These scores are then combined for the total.
Last but not least, students will receive subscores, evaluating their performance of certain or subject areas. These scores are included as a part of the total score, but this breakdown can be insightful for students looking to retake the test and improve their skill set.
Recommended: How to Help Your Child with SAT Practice
How the ACT is Scored
The ACT is scored on a scale of one to 36. The ACT scoring system begins by taking into account how many questions a student answers correctly. The “raw scores” which represent the number of correct answers on each test are then converted to “scale scores.” Each subject section—English, Math, Reading, and Science—receives a scale score.
The “composite score,” which ranges from one to 36, is an average of each subject test, rounded to the nearest whole number. The scoring process is completed after identifying the percentage of correctly answered questions.
Recommended: Ultimate College Application Checklist
Do Colleges Prefer the ACT or SAT?
Both the ACT and SAT are widely accepted by U.S. colleges and schools generally don’t have a preference for one over the othere. Many people believe that the SAT is more popular, especially with elite colleges, but that is a higher education urban legend.
There may, however, be some regional preferences between ACT vs SAT. College Raptor analyzed the numbers of students who applied to colleges with ACT or SAT scores (numbers that colleges and universities report to the government) and found that, while many states were split down the middle, a few lean more in one direction towards ACT or SAT. For example, Wisconsin leans heavily towards an ACT preference — there, 95.27% of applicants submitted ACT scores.
Knowing Which Test to Take
While some students opt to take both the SAT or ACT, some choose just one in order to focus on preparing for the test they believe they are more likely to score higher on. Neither test is generally easier than the other, but some students may find their different structures suit their needs better.
The ACT is considered by some to be more appealing to students with strong English skills as the exam focuses more on verbal skills, whereas the SAT may be a better fit for those who excel in math.
Taking a full-length practice test of each exam can give you a better idea of which test you’ll score higher on. Once you’ve determined which is a better fit, you can spend their time and resources preparing for just one test instead of two. If you feel comfortable preparing for and taking both exams, doing so can be beneficial as you will have two scores to choose between to send to colleges.
💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.
Paying for College
The options don’t stop after you complete the test (or tests) of your choice. Once you use your solid scores to get into the college of your dreams, you and your family may be faced with some other big decisions, especially when it comes to paying for college.
Luckily, there are options — including grants, scholarships, subsidized loans, and even unsubsidized federal student loans — that can help offset the out-of-pocket costs. If you’ve exhausted those avenues and still have a funding gap, you may want to explore private student loans and or parent loans.
Private student loans are available through banks, credit unions, and online lenders. Unlike federal loans, applying for a private loan requires a credit check. Students who have solid financials (or a cosigner who does) typically qualify for the best rates and terms. Just keep in mind that private loans don’t come with the same protections, like government-sponsored forgiveness programs, that you get with federal loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOIS0723024
Aug
03
2023
College Move-In Day for Parents
Attending college is a big milestone that both parents and students look forward to for many months.
While this is a highly anticipated event, college move-in day can also be a very stressful and emotional day for both students and parents. Attending a college that is out of state can be another nerve-wracking factor.
Moving can be challenging, especially if it’s hot or you have to climb up several sets of stairs. Fortunately, there are several things you can do ahead of time over the summer that can help ensure the day goes as smoothly as possible.
Preparing for the Big Day
Getting organized beforehand is one surefire way to prepare for the big move as a college freshman. Here are a few ideas to help you and your child get ready for move-in day.
Getting Familiar with Dorm Room Rules
Being prepared and learning what the college dorms allow students to bring can relieve some potential headaches. Colleges typically post a list of items that students can bring and ones that are prohibited in the residence halls.
Sticking to the basics is a good start since your child can buy more items from a local store or have it shipped to them at a later date.
Recommended: College Essentials: What to Bring to College
Coordinating with Your Roommate
Recommend that your child contact their roommate over the summer and discuss their interests and what items each of them are bringing. This can be one way to help avoid bringing duplicates, especially for larger items like TVs or bean bags.
Another idea is to coordinate the time you are going to move in so you can assist each other during the process. This can also be helpful if the parents are interested in meeting each other.
Packing with Purpose
Packing for college can be a frustrating task, but one way to expedite the chore is to have your child label all the containers and boxes so you know what’s already packed and can easily find things once you arrive. If you have items that are more fragile, consider putting them into heavy plastic containers so they are less likely to be damaged during the move.
Also consider making a list of must-have items, to limit the chance that something important is forgotten. For example, bedding, computer, school supplies, a first aid kit, and basic tool kit — which can be extremely useful on move-in day.
If your child is attending a college that is out of state or in a different climate, you may have to build out a more weather-appropriate wardrobe. For instance, if your child is moving to a college in the Midwest from Florida, you might buy and pack weatherproof boots, jackets, scarves, gloves, and other clothing suited for colder temperatures.
If they are attending college in a warmer climate, consider packing more t-shirts and shorts and leave some of the sweatshirts and wool sweaters at home.
Recommended: College Planning Guide for Parents
Planning Travel Arrangements
Once you’ve organized and packed all of your child’s belongings, it’s time to decide how you’ll get everything to campus. This will likely depend on factors like how far away the school is.
Consider renting an SUV or a moving van if the university is within driving distance and you own a smaller vehicle. If you plan on driving, pack the car strategically, so items you’ll need first (like cleaning supplies), are easily accessible when you arrive.
If you’re planning to fly to the college, another strategy may be to mail some of the belongings to the residence hall ahead of time, if it is permitted.
💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
What to Expect on Move-In Day
While going to college is really exciting for your child and your family, consider limiting the number of people you bring with you on moving day. You know the saying “too many cooks in the kitchen,” well the same philosophy can apply to a move.
Having too many people could actually slow down or complicate the process. Plus, it’s likely that many students and their parents will all be in the residence halls at the same time. Dorm rooms can be pretty small and having more people in the space could create more chaos and tension.
Instead, consider planning a visit when there is more flexibility. Many colleges have a family weekend in the fall. This could provide an opportunity for a longer, more relaxing and fun visit, especially if grandparents, aunts, and uncles also want to tag along.
Since many students move in during late summer, it can help to be prepared for heat (and humidity, depending on the local climate). It’s likely going to be hot, especially if the residential dorm does not have central air conditioning and only window units or getting to a top floor requires traipsing up and down several flights of stairs.
Consider bringing a fan to help circulate some air while you get everything settled.
Doing all that heavy lifting is no easy task. Wear comfortable clothing and shoes for the move and bring another outfit to change into later as you tour the campus or grab dinner with your child.
Bringing water and snacks is generally a good idea too, especially if you are moving furniture and other heavier items. Putting the drinks in a cooler will help keep them cold, especially if the room does not have a refrigerator. Make sure you have enough for the roommate and their parents.
Determine whether the residence hall has a dolly or other items that you can borrow because they can help make the move easier. Signing up for those items early can help ensure that you can use them the day you move in. Otherwise, you can buy one from a local hardware store or split the costs with a roommate or another friend who is living in the same residence hall.
Students who have other friends who are also moving in during the same day might want to consider connecting beforehand so they can help each other move, especially bulky or heavier pieces of furniture.
During the unpacking process, your child might find that they brought too many personal belongings or packed things they either don’t actually need or don’t have room for.
For instance, if the roommate also brought a television and there is no room for two, you could pack yours up and take it home.
While you may be concerned about whether your child has enough necessities like sheets, toothpaste, and food, there are likely several stores on or near the campus.
If your student lives near a grocery or drugstore, they can buy other items later on or they can have the items delivered to them. Many retailers offer free shipping and stores at college campuses often have special offers suited for students.
Move-in day can be emotional, for everyone involved. As hard as it is to say goodbye, try not to hang around too long — let your child adjust to their new surroundings, hang out with their new roommate, make new friends in their residence hall, and get ready for their first day as a freshman.
💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
When we say no fees we mean it.
No origination fees, late fees, & insufficient fund
fees when you take out a student loan with SoFi.
Considering SoFi Private Student Loans
As you gear up for move-in day, you may have other concerns, including how you’re going to cover the cost of your child’s education. Financing your child’s education is a large responsibility and can be complicated. While there are some ways to prepare for college, like filling out the FAFSA to apply for federal aid, some families do not receive enough to pay for tuition and room and board entirely.
After exhausting federal aid options, you might want to explore the option of private student loans. You can be the cosigner of your child’s application for a private student loan. You also have the option of taking out a private parent student loan. Just keep in mind that private student loans don’t offer the same protections, like government-sponsored forgiveness programs, that come with federal student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOIS0723025
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