Financial Topics Archives

Nov

2024

What Parents and Grandparents Really Want This Holiday Season

By Pam O’Brien | Credit, credit card, Family Finances | Comments Off

For those stumped about which presents to buy, a top gift that parents and grandparents really hope to find under the tree this season is a gift card, according to an exclusive survey.

If you’re like many people, you plan to spend a considerable amount on loved ones as you celebrate this winter. For instance, one recent Gallup poll revealed that Americans plan to spend over $1,000 on gifts (a new high) for the 2024 holidays. But there’s no need to stress or spend tons of time hunting because you’ll know exactly what to buy.

Here, in our exclusive survey of 1,000 individuals (250 of each — moms, dads, grandmothers, and grandfathers), you’ll learn the holiday present they really want this season — and what they don’t want. Get ready to find out and then get shopping!

Key Points

• A survey of 1,000 people revealed the ideal holiday gifts for mothers, fathers, and grandparents on your list.

• Gift cards were a favorite present to receive among all groups, since recipients can buy what they want most.

• Grandparents and parents said that fine jewelry was their least-desired gift.

• Parents and grandparents also expressed interest in receiving the gift of spending time with loved ones vs. material items.

• Survey respondents said spouses/partners were the best gift-gifters.

Source: Based on a What People Actually Want This Holiday Season survey of 1,000 U.S. adults from October 26, 2022 to October 27, 2022.

Gift Cards Are the Favorite Gift by Far

Parents and Grandparents Want Gift Cards More Than Anything This Holiday Season

The number-one gift requested by moms, dads, grandmothers, and grandfathers is … a gift card! And it wasn’t even close. Gift cards were the most-requested gift across the board.

Almost 33% of respondents picked gift cards as their most-wanted holiday gift. Here’s how it breaks down across the generations:

• Moms: 39%

• Dads: 31%

• Grandmothers: 34%

• Grandfathers: 27%

The Type of Gift Card You Give Makes a Difference

There are all kinds of gift cards to choose from, including gift cards for restaurants, stores, and airlines, to name just a few. So, as you get ready to shop and celebrate the holidays without blowing your budget, which type should you get for your parents and grandparents?

A gift card that can be used anywhere, like a Visa gift card, was the top choice, selected by:

• 45% of moms

• 44% of grandmothers

• 40% of grandfathers

• 38% of dads

The one group that wants a different kind of gift card? Moms ages 35 and up. They preferred a gift card to a retailer like Target, Amazon, or Walmart.

The way gift cards function is similar to how credit cards work, since your parents and grandparents can use them to buy whatever they like. Perhaps that’s why they were so popular in our survey: Your relatives can pick out exactly what they want.

Skip the Fancy Jewelry

What Do Parents and Grandparents Want the Least for the Holidays? Fine Jewelry.

You might think mom would be thrilled with luxury goods like an expensive necklace, bracelet, or earrings, but jewelry is actually at the very bottom of her list. When asked the gift they wanted least, most moms (22%) said fine jewelry. Dads agreed — 21% chose fine jewelry, such as a watch, as their least favorite holiday gift.

Grandparents also said no thanks to fine jewelry:

• 26% of grandmothers picked it as their least favorite gift

• 21% grandfathers chose at gift they wanted least

Recommended: Secrets to Not Paying Full Price

Holiday Gift Ideas for Mom

What moms Want Most for the Holidays

Here’s what Mom wants most:

• A gift card: 39%

• No gift at all — she just wants to spend time with family: 14%

• An experience (like a concert or vacation): 10%

• Clothes or shoes: 9%

• A homemade gift like a photo collage: 7%

• Electronics: 6%

• Jewelry: 6%

• Home goods: 5%

• Donation to a charitable organization: 3%

• Beauty/health products: 2%

Holiday Gift Ideas for Dad

What Dads Want most for the Holidays

Here’s what dad wants most:

• A gift card: 31%

• Electronics: 14%

• No gift at all — he just wants to spend time with family: 12%

• An experience (like a concert or vacation): 12%

• Clothes or shoes: 10%

• Jewelry: 9%

• A homemade gift like artwork: 5%

• Donation to a charitable organization: 4%

• Home goods: 2%

• Beauty/health products: 2%

If you’re thinking about getting dad the electronics he wants, but you don’t have the cash to pay for the gift upfront, applying for a credit card, and charging the electronics to it, is an option you may want to consider.

Holiday Gift Ideas for Grandmothers

What Grandmothers Want Most for the Holidays

• A gift card: 34%

• No gift at all — she just wants to spend time with family: 22%

• An experience (like a concert or vacation): 12%

• Clothes or shoes: 8%

• A homemade gift like artwork: 6%

• Electronics: 5%

• Jewelry: 4%

• Donation to a charitable organization: 3%

• Home goods: 3%

• Beauty/health products: 2%

Holiday Gift Ideas for Grandfathers

What Grandfathers Want Most for the Holidays

• A gift card: 27%

• No gift at all — he just wants to spend time with family:14%

• Electronics: 12%

• An experience (like a concert or vacation): 10%

• A homemade gift like artwork: 10%

• Clothes or shoes: 8%

• Donation to a charitable organization: 8%

• Home goods: 5%

• Jewelry: 4%

• Beauty/health products: 2%

Recommended: 41 Charities to Support This Year

Who Buys the Best Gifts?

Who Gives the Best Gifts?

It’s unanimous: Moms, dads, grandmothers, and grandfathers all agree that their spouse or partner is tops when it comes to choosing holidays gifts. No other person even comes close.

Who Gives the Best Gifts?

• Spouse/partner: 37%

• Parents: 18%

• Friends: 10%

• Siblings: 9%

• Other relatives: 9%

Whose Gifts Rate the Worst?

Ranking at the bottom of the best gift-giver list: In-laws and bosses. Only 4% of respondents said their mother-in-law and father-in-law give good gifts, and just 1% said their boss does.

Regifting is Real — and It Can Be Pretty Awkward

How Many People Have Regifted a Gift?

There’s a lot of regifting going on: 41% of our respondents admitted they’ve done it. But when the tables are turned on them, things can get a little uncomfortable. Fortunately, many have a sense of humor about it.

Almost 1/3 of Moms Have Been Regifted a Gift They Gave First

• 68% thought it was funny

• 32% were hurt, annoyed, or mad

Yet this didn’t deter them from doing it themselves: 38% of moms have regifted what they didn’t want. Most of these unwanted gifts were from friends.

Almost Half of Dads Have Been Regifted a Gift They Gave

• 71% thought it was funny

• 28% were hurt, annoyed, or mad

Dads are even more likely than moms to regift: 47% of them have done it — mainly with presents from distant relatives.

Lots of Unwanted Gifts Are Sitting in a Closet Someplace

When they get a Christmas present they don’t want or need, the overwhelming majority of respondents said they hang onto them, rather than exchange them. This was the answer chosen by:

• 80% of grandmothers

• 79% of moms

• 74% of grandfathers

• 70% of dads

(Perhaps eventually they decide to sell their unwanted stuff, however. It can be a good way to bring in some cash.)

So Whose Gifts Do They Take Back?

Of those parents and grandparents who return or exchange gifts:

• Moms are most likely to return gifts from friends

• Dads are most likely to return gifts from parents or other relatives

• Grandmothers are most likely return gifts from distant relatives

• Grandfathers are most likely to do return gifts from distant relatives or coworkers

Plenty of Moms and Dads Are Wishing for a Vacation

If you splurge and get your parents a trip as their holiday gift, expect them to waste no time in packing their bags. Of the moms and dads who chose an experience as the gift they most want for the holidays, taking a vacation was at the very top of the list.

While paying for a vacation can be expensive, you might want to think about splitting the cost with your siblings or putting it on your credit card to help cover the cost. This is one reason why getting a credit card can be helpful when you’re buying holiday gifts.

Time Together Might Be the Greatest Gift of All

You may not need to get your parents a lot of presents (besides a gift card, that is!). A number of moms and dads who took our survey said they wanted family time over the holidays more than anything. In fact, for moms, spending time with family is their second most-wanted gift.

For dads, family time came in third. Electronics like gaming systems edged it out slightly.

Grandmothers and grandfathers want to spend time with family most of all. Each of them chose it as their second favorite gift option.

The Takeaway

One specific holiday gift will please your parents and your grandparents this year: a gift card. Not only does this make your shopping easier, but it gives your loved ones exactly what they want. A gift card that can be used anywhere, like a Visa gift card, is what the respondents to our survey wanted most.

If you’re looking for other gift options, dads are partial to electronics, like gaming equipment, and both moms and dads would be happy to find airline tickets for a vacation in their stocking.

One way to fund holiday gifts can be by using a credit card.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

Photo credit: iStock/seb_ra

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

SOCC-Q424-022

Nov

2024

Can a College Withhold Transcripts?

By Jennifer Calonia | Going to College, Student Loans, student_loan | Comments Off

Your college transcript is an official record of your academic progress. It’s a vital document that may be used to verify the advanced education you completed when you’re transferring to a new school or securing employment. However, until recently, some colleges would withhold transcripts if a student owed them money.

That practice changed in July 2025, when the Department of Education finalized a regulatory provision to provide students with greater protections regarding academic transcript withholding.

Learn more about how the new regulation works and what it might mean for you.

Key Points

• New federal regulations limit colleges from withholding transcripts for courses paid with federal aid, effective as of July 2025.

• Transcript holds can delay students’ further education, job prospects, and professional exams.

• Additionally, some states have banned or restricted transcript holds, and others have pending legislation.

• Colleges may still hold transcripts for non-federal aid debts, but many are moving away from this practice.

• Students can negotiate with institutions to release transcripts despite unpaid balances.

Legal Considerations

Before the new regulatory change went into effect, many colleges would withhold transcripts as a way to try to collect unpaid debts a student owed. The Consumer Financial Protection Bureau (CFPB) flagged the practice as a debt collection strategy that harms former students, both academically and for long-term earning potential.

Federal and State Laws

On October 31, 2023, the Department of Education published its final rule changes under the Higher Education Act of 1965. Among the changes was one that limits colleges that administer Title IV federal aid, including federal student loans, federal grants, and work-study programs, from transcript withholding practices.

The new provision states that colleges cannot hold transcripts that include credits a student paid for using federal financial aid.

For example, let’s say you’re a graduate of a college that administered federal financial aid to you while you were enrolled, and you used your financial aid award to pay for school courses. In this scenario, you’re entitled to receive an official transcript of any credits or hours that were paid for by federal money.

The new provision also states that colleges can’t withhold transcripts due to an unpaid debt that resulted from misconduct or fraud at the institution or an error in the way the school administered the federal aid.

Some states have already banned or restricted college transcript holds. According to a 2025 survey by the American Association of Collegiate Registrars and Admissions Officers (AACRAO), the following states restrict — or completely prohibit — colleges from withholding students’ transcripts:

• California

• Colorado

• Connecticut

• District of Columbia

• Illinois

• Indiana

• Louisiana

• Maine

• Maryland

• Minnesota

• New York

• Ohio

• Oregon

• Washington

Additionally, as of June 2025, six states (Massachusetts, Missouri, New Jersey, Oklahoma, Texas, and Virginia) have pending legislation that restricts academic institutions from holding transcripts from former students.

Challenges for Colleges and Universities

When the regulation changes were announced in October 2023, it was unclear how colleges would respond. The regulation explicitly prohibits transcript holds only for courses students paid for using Title IV federal funding. Therefore, institutions could technically choose to withhold course and credit information that was paid for using non-federal aid and provide the student with a partial transcript instead.

However, schools likely would have a difficult time separating which courses students paid for using Title IV funds versus other financial sources, such as private student loans. A 2025 Transcript Hold Regulation Impact survey by the AACRAO and Ithaka S+R, a higher education research firm, found that 77% of institutions surveyed said they would not implement a partial transcript policy. Furthermore, 69% of colleges said they would stop using transcript holds as a means of recouping students’ unpaid balances.

Recommended: Student Debt by Major

Common Reasons for Transcript Holds

Colleges and universities have typically withheld transcripts for various reasons. An official transcript might be withheld due to unpaid tuition and fees, past-due library fines, or campus parking citations. A transcript could also be withheld due to disciplinary actions resulting from a violation of the school’s code of conduct.

A student’s unpaid debt doesn’t have to be in the thousands, or even hundreds, of dollars for institutions to hold back transcripts. A study by the AACRAO and Ithaka S+R found that 64% of colleges withhold transcripts because of unpaid balances that are less than $25.

Impact on Students

Not having timely access to academic transcripts can result in delayed or missed opportunities for students in furthering schooling or in their careers.

Career and Education Consequences

Ramifications caused by a withheld transcript could be significant and might include:

• Prevent or delay a student’s admission into a new school. Without their transcript, students who want to transfer to a new school or continue their education later in life will have a harder time proving the academic credits they’ve earned. Not being able to access official transcripts can prevent them from admission entirely or result in having to retake courses.

• Derail potential job prospects. Certain professions require proof that you’ve completed specialized courses related to your career field. Having transcripts withheld can jeopardize job prospects that might unlock lucrative career opportunities.

• Disqualify students from participating in professional exams. Some professional exams, like the American Bar Exam, require official college transcripts in order for students to take the test.

Financial Implications

A withheld transcript can also cost a student money.

• Can impact future financial aid. Not having access to official transcripts due to an outstanding balance might make it difficult for students to apply for grants and scholarships that require a transcript for eligibility verification. Additionally, students whose transcripts were withheld due to a defaulted federal student loan would be ineligible for a new federal loan.

• Can result in further financial inequity for under-represented groups. Advocates of the new federal regulation to limit transcript holds stated that the practice greatly impacts students who are already disadvantaged in the higher education system. This includes low-income students, first-generation college students, and students of color.

Recommended: Student Loan Forgiveness Guide

Strategies for Obtaining Withheld Transcripts

If you were denied your official transcripts and aren’t protected by the new Department of Education rule, there might still be a way for you to get your transcripts.

Negotiate with the Institution

It’s worth seeing whether you and your former school can find middle-ground when it comes to releasing your transcript. For example, you could offer to pay a portion of your unpaid balance now, in exchange for your transcripts, and agree to repay the reminder by an agreed upon date. A student loan payment calculator may be helpful in figuring out what you can afford.

The school administrator might also be willing to make an exception if you’re facing a hardship that makes paying back the debt difficult. For example, if you’ve been unemployed and a new job opportunity that requires the transcripts can help you regain steady income, the school might agree to work with you since the new job should help you repay what you owe.

Explore Payment Plans

Another approach to potentially unlocking your transcripts is to speak to your school administrator about its payment plan options. Prepare to show proof that you can financially follow through with the payment plan by having pay stubs or other proof of income on hand.

Propose a monthly payment that realistically is aligned with your budget, and a timeline of when you’ll fully repay the debt. As an additional show of good faith, consider offering to have payments automatically withdrawn from your bank account. This isn’t a surefire approach, and the institution may decline your request for a payment plan, but it’s worth exploring.

Alternatives and Solutions

If none of the above methods works for you, there are other options you can pursue.

• Pay what you owe. Find out how much your unpaid debt to the school is. If the amount is within your means, consider paying it and getting out of student loan debt to avoid delays if you need access to your transcripts.

If your loan payments are challenging to make, you might want to consider refinancing student loans. With refinancing, you replace your old loans with a new private loan, ideally one with lower interest rates and more favorable terms. This could make it easier to manage your payments. Just be aware that refinancing federal loans means they are no longer eligible for federal programs and benefits.

• Request an unofficial transcript. In some cases, such as when an employer wants to verify that you took a particular college course, an unofficial transcript from your school might suffice.

• Submit a complaint. If your college is withholding your transcripts because you owe money, but you believe you’re protected under the new transcript withholding provision, you can file a complaint with the CFPB.

The Takeaway

The new regulation by the Department of Education regarding the withholding of college transcripts is a win for the millions of students who use Title IV federal financial aid to fund their education. These students are now generally protected from colleges withholding their transcripts as a debt collection practice.

However, colleges still have a limited scope in which they can deny transcripts. Students who’ve paid for their education using private student loans, for instance, may find their transcripts withheld if they owe the school money. Students looking for manageable ways to pay off their loan debt — and therefore gain access to their transcripts — may want to explore student loan refinancing, especially if they can qualify for favorable rates and terms that might make repayment easier.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Is it legal for colleges to withhold transcripts?

As of July 1, 2025, a new regulation from the Department of Education states that colleges can’t hold transcripts for courses that students paid for using federal aid. This rule applies whether the student has an unpaid balance, like campus parking fines, or a defaulted federal student loan.

How long can a college withhold transcripts?

A newly enacted federal law limits colleges from holding your transcripts. This rule applies to students who received and paid for their college courses using Title IV funding, like federal Direct Loans and through the federal work-study program.

Can I get my transcript if I owe money to the college?

A new federal regulatory change that went into effect on July 1, 2025 says that students who paid for their courses using federal money have a right to their academic college transcript. However, colleges can hold transcripts due to balances on the student’s account if courses were paid for using non-Title IV aid.

Photo credit: iStock/jacoblund

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SOSLR-Q324-035

Nov

2024

How Borrower Defense to Repayment Works

By Nancy Bilyeau | Going to College, Student Loans, student_loan | Comments Off

If you enrolled in a college, university, or career school based on misleading information from the school, or you were the victim of other types of misconduct by the institution, you can apply to the government to have your federal loans forgiven under a process known as Borrower Defense Loan Discharge.

If your borrower defense application is approved, a discharge means you will no longer have to repay your federal student loans. In some cases, you may also see reimbursement for federal loans you’ve paid up to now, including interest on the loans.

Key Points

• Borrower Defense Loan Discharge potentially offers federal student loan forgiveness if a college, university, or career school misled students or engaged in misconduct. Students must apply and be approved.

• Eligibility criteria for borrower defense include substantial misrepresentation on the part of the school, omission of fact by the school, breach of contract, aggressive recruitment, or legal judgments against the school.

• The application process involves creating a StudentAid.gov account, describing the misconduct, and explaining its impact on educational and financial decisions.

• Challenges of applying for borrower defense include meeting the eligibility criteria, documenting the harm done by the school, and a lengthy decision process that can take up to three years.

• If approved, a student may get partial or full loan forgiveness and reimbursement of payments.

Understanding Borrower Defense to Repayment

The Borrower Defense to Repayment program has made a difference for a great many people. As of October 2024, the Department of Education (DOE) had forgiven $28.7 billion worth of debt for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or were covered by related court settlements.

Borrower defense discharges apply only to federal student loans that are Direct Loans or can be consolidated into a Federal Direct Consolidation Loan, including Federal Family Education (FFEL) Program loans, Federal Perkins Loans, and Parent Loans for Undergraduate Students (PLUS).

Borrower defense discharges don’t apply to private student loans.

Definition and Purpose

Borrower defense loan discharge, which is sometimes shortened to “borrower defense” or “borrowers defense,” is a federal regulation that allows students who can demonstrate that they have been defrauded by their schools to get forgiveness of their debt.

According to the formal definition of borrower defense, people can apply who were “enrolled in a school or continued to attend a school based on misleading information from the school or other misconduct covered by the regulation, and suffered a detriment that is of a nature and degree warranting a full discharge of their applicable federal loans.”

Historical Context and Recent Developments

Borrower defense began in the 1970s. At that time, the federal government created an interagency committee to examine and address the growing problem of “educational abuses.” An amendment to the renewal of the Higher Education Act in 1993 codified borrower defense to repayment into the Act.

The law gives the Secretary of Education the power to determine when and under what circumstances valid defenses against repayment of federal student loans can be granted.

The Department of Education received a modest number of borrower defense claims in the 20th century. However, in the last 20 years, borrower defense has gained prominence. An official administrative process for borrower defense was created after the 2015 collapse of Corinthian Colleges, which affected tens of thousands of students.

The most famous borrower defense case is a class-action suit known as Sweet v. Cardona (formerly Sweet v. DeVos). On June 22, 2022, the Department of Education and the plaintiffs in the case agreed to a $6 billion settlement. Those payments are still being processed as of late 2024.

Recommended: Student Debt by Major

Eligibility Criteria for Borrower Defense

There are six different grounds that may qualify an individual for a borrower defense discharge under the 2023 Borrower Defense Regulation, which sought to strengthen protections for borrowers. According to the Federal School Aid division of the DOE, the six criteria are:

1. Substantial Misrepresentation

A school makes a substantial misrepresentation when it lies to or misleads students about its educational services, financial charges, or the employability of its graduates, and that information is central to a student’s decision to enroll, stay enrolled, or take out loans.

2. Substantial Omission of Fact

A school makes a substantial omission when it suppresses, conceals, or omits important information that a reasonable person would have considered in deciding to enroll, stay enrolled, or take out loans.

3. Breach of Contract

A breach of contract has occurred when you have an agreement with your school and your school does not do what it promised to do in your agreement. The agreement must have been made in exchange for your decision to attend or continue attending, your decision to take out loans, or for funds disbursed in connection with a loan.

Recommended: Do Student Loans Count as Income?

4. Aggressive and Deceptive Recruitment

A school engages in aggressive and deceptive recruitment when it:

• Demands or pressures you into making enrollment or loan-related decisions immediately

• Takes unreasonable advantage of your lack of knowledge about, or experience with, postsecondary institutions, postsecondary programs, or financial aid

• Discourages you from consulting with others before making an enrollment or loan-related decision

• Obtains your contact information through websites or other means that falsely offer assistance to individuals seeking federal, state, or local benefits; falsely advertise employment opportunities; or present false rankings of the institution or its programs

5. Judgment

This means that a judgment has been issued against your school where a court has ruled that your school violated the law. This judgment must be based on your school’s act or omission relating to the making of a loan or on the provision of educational services for which the loan was provided. It’s important to be aware that a settlement is not a judgment.

6. Prior Secretarial Action

You may be approved for a borrower defense discharge based on a decision by the DOE to revoke your school’s provisional program participation agreement or deny its recertification to participate in the federal student aid programs, if that action is based on conduct that could give rise to a borrower defense.

Application Process

When you begin the application process, you’ll be asked to create a StudentAid.gov account so you can submit, review, and manage your borrower defense application online.

Alternatively, you can download a PDF version of the borrower defense application and submit your completed application by mail to the address listed on the application.

According to regulations, your application must meet the “materially complete” standard to be considered. Among the things you will need to provide are:

• A description of what your school did or failed to do that is covered by the kinds of misconduct that qualifies for borrower defense discharge.

• The names of the school or representative of the school that committed the misconduct and when the misconduct occurred.

• How the misconduct impacted your decision to attend the school, to continue attending the school, or to take out the loan for which you are applying for a defense to repayment

• A description of the harm you experienced because of the school’s misconduct.

Under the 2023 regulation, the Department of Education has three years to make a decision on your application after receiving it and determining that it is materially complete. However, the three-year period is paused if your application becomes part of a group application process at any time.

Potential Outcomes

A borrower defense claim can result in full loan forgiveness, partial loan forgiveness, or no loan forgiveness. A refund may include both principal and federal student loan interest. The remaining loan balance may also be discharged, meaning you won’t have to repay it.

However, your request for borrower defense may not be approved. If the evidence does not meet the DOE’s standard, your claim will be denied. You won’t receive a discharge of your federal student loans, and the forbearance or stopped collections period will end for all of your loans. You’ll be responsible for repaying these loans.

Alternatives to Borrower Defense

If you’re trying to get out of student loan debt, and you are denied borrower defense, you may qualify for a deferment or a forbearance. With both of these options, you can temporarily suspend your federal loan payments. However, there is a difference between the two options related to the interest on your loans. In deferment, interest doesn’t accrue on some types of Direct loans, while during a forbearance, interest accrues on all Direct loans.

If you are seeking student loan forgiveness through an income-driven repayment plan over a period of years, there are several programs that exist to help lower your monthly loan payments based on how much money you earn and your family size.

Another route to explore is refinancing your student loan to potentially obtain a lower interest rate or more favorable terms of repayment. When you refinance student loans, you replace your old loans with a new loan from a private lender. It’s important to know that if you refinance federal loans, they will no longer qualify for federal student loan forgiveness.

As you consider different methods to manage your student loan debt, a student loan payment calculator can help you determine what your loan payments might be in various scenarios.

The Takeaway

Borrower defense can be a path to federal loan forgiveness or even repayment for people who can prove misconduct on the part of their school. As of October 2024, the Department of Education had forgiven $28.7 billion for more than 1.6 million borrowers who suffered from misconduct by their schools, saw their institutions precipitously close, or were covered by related court settlements. The application requires proof of misconduct and the harm it caused you, and the Department of Education can take three years to decide whether to approve it.

If you don’t qualify for borrower defense to repayment, there are other options you can pursue for help repaying your student loan debt. These include deferment, forbearance, or student loan forgiveness, if you qualify.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What types of school misconduct qualify for borrower defense to repayment?

The types of school misconduct that can lead to a successful case includes an institution lying to or misleading borrowers about its educational services, financial charges, or the employability of its graduates.

How long does the borrower defense to repayment process take?

The Department of Education (DOE) has three years in which to review an application for borrower defense. The DOE says, “We have three years to make a decision on your application once we determine that your application is materially complete. The three-year period is paused if your application becomes part of a group claim process.”

Can private student loans be discharged through borrower defense to repayment?

No, private student loans are not eligible for this program. Borrower defense to repayment is only applicable to federal student loans.

Photo credit: iStock/PeopleImages

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.

This article is not intended to be legal advice. Please consult an attorney for advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

SOSLR-Q324-034

Nov

2024

What to Do if Your College Closes: A Guide for Student Loan Borrowers

By Rebecca Safier | Going to College, Student Loans, student_loan | Comments Off

When you enroll in college, the last thing you expect is for your college to close. College closures are a real possibility, however — according to BestColleges.com, at least 72 public and nonprofit colleges have closed or merged since March 2020, with private nonprofit school closures impacting nearly 46,000 students.

If your college closes, there are steps you can take to transfer to another school or apply for a student loan discharge. Here’s what to do if your college closes and how to handle your student loans.

Key Points

• At least 72 public and nonprofit colleges have closed or merged since March 2020.

• Gather academic records immediately after a college closure to facilitate transfer to another institution.

• Contact federal loan servicers to understand the options, including potential loan discharge and repayment plans.

• Evaluate eligibility for federal student loan discharge through programs like Closed School Discharge and Borrower Defense to Repayment.

• With private student loans, contact lenders to see what assistance they may offer.

Understanding the Impact of College Closure

A college closure can affect your educational progress and your student loans. Here’s what to expect.

Immediate Effects on Your Education

If your college closes, you’ll no longer be making progress toward your degree. Classes may be canceled mid-semester, and you won’t earn the credits you were working toward. If you’re interested in continuing your education, you’ll have to see if your college has a “teach-out” agreement with another school, which is a contract that allows students to finish their program of study with the other school, or if you can transfer your credits to another institution.

Potential Consequences for Your Student Loans

If your college closes, do you still have to pay off your student loans? That depends.

You may be eligible for federal student loan discharge through the Closed School Discharge or Borrower Defense to Repayment program. However, if you accept a “teach-out” plan to complete your degree at another school, you won’t be able to discharge your student loan debt.

There’s also no guarantee that you’ll qualify for a Closed School Discharge or Borrower Defense, and the process may take a while. While you’re waiting, you’ll have to start paying back your student loans once the six-month grace period is over.

If you have private student loans, there is no universal closed school discharge for these loans. Contact your lender to see how they might be able to help you.

Steps to Take Immediately After College Closure

Having your school close unexpectedly can feel like a nightmare, but there are steps you can take to get back on track.

• Gather your school records: Request your school records as soon as possible, especially if you’d like to transfer to another school. These include your transcript, a record of your credits and degree progress, financial aid information, and any other relevant communications you’ve received from your school.

• Find out about “teach-out” options: Some colleges offer a “teach-out” option, which lets you immediately transfer to a different school and pick up where you left off. Make sure to research the new school before you accept this agreement, however, to ensure it has a good reputation and fits your academic and financial needs. Be wary of unaccredited programs, as they may not offer a high-quality education or strong student outcomes.

• Research credit transfers to other schools: You can also explore alternative colleges for finishing up your degree. Consider prioritizing accredited programs, since accreditation suggests that a college meets high standards for quality and is eligible for federal financial aid. Find out if your credits will transfer to the new college so that you don’t have to start from scratch.

• Contact your loan servicers: If you took out student loans, reach out to your loan servicers to notify them about the school closure and find out about next steps. You might find that your loans will enter repayment in six months unless you enrol at least half-time in another school.

• Explore student loan discharge options: You may be eligible for a discharge of your federal student loans if your school closes and you don’t accept a “teach-out” transfer. As previously mentioned, private student loans don’t have as many options, but it’s worth contacting your lender to find out.

Student Loan Discharge Options

Borrowers who experience a college closure may be eligible to have their federal student loans discharged through two programs:

• Closed School Discharge: With this program, you may be able to have your federal student loans discharged if you were enrolled when (or withdrew shortly before) your college closed. New rules to streamline the discharge program were scheduled to go into effect in mid-2023, but due to legal challenges, the Department of Education will process closed school discharge applications under pre-2023 rules.

• Borrower Defense to Repayment: This program offers federal student loan discharge to borrowers who were misled or defrauded by their schools. Qualifying borrowers could also get reimbursed for amounts they already paid toward the loan, and request a removal of negative marks from their credit report. Similar to the Closed School Discharge program, however, the latest borrower defense rules have been blocked by a court injunction. Borrowers can still apply online for Borrower Defense Discharge, but the Department of Education will use old rules to determine eligibility.

Eligibility Criteria for Loan Discharge

To be eligible for the Closed School Discharge program, you must meet the following requirements:

• Your school closed while you were enrolled, on an approved leave of absence, or had withdrawn less than 180 days prior

• You will not be accepting a teach-out agreement or transferring your credits to a new school

• You did not already graduate or complete your program

For Borrower Defense to Repayment, you might qualify if you can prove one of the following about your college:

• Substantial misrepresentation: Your school misled you about its educational services, costs, or another important factor.

• Substantial omission of fact: Your school concealed important information that would have impacted your decision to enroll.

• Breach of contract: Your school did not do what it promised to do in its agreement with you.

• Aggressive and deceptive recruitment: The college pressured you to act immediately on an enrollment or student loan decision or engaged in other aggressive recruitment practices.

• Judgment: A court ruled that your school violated the law.

• Prior secretarial action: The Department of Education revoked a participation agreement or financial aid recertification with your school.

Application Process for Loan Discharge

If you qualify for Closed School Discharge, your loan holder should send you an application that you can submit to your loan servicer. Alternatively, you can contact your servicer directly about how to apply.

If your grace period ends and your application is still under review, it’s a good idea to start making student loan payments. Otherwise, you risk damaging your credit and racking up late fees.

For the Borrower Defense program, you can apply online on the Federal Student Aid website. The application takes about three hours to complete.

You’ll need to sign in with your FSA ID and provide your school name, program of study, and enrollment dates. You’ll also have to give documentation to support your application for Borrower Defense.

But be aware that the process to get a student loan discharge from Borrower Defense is lengthy. According to the Department of Education, it can take up to three years to process and make a decision on your application.

Recommended: Student Debt Analysis by Major

Alternatives to Loan Discharge

Student loan discharge is not guaranteed, especially with the various legal challenges that have cropped up in recent years. Some alternatives to consider include:

• Transfer to another school: You could accept a teach-out plan or transfer credits to another school of your choice to complete your program and earn your degree.

• Pay back your student loans: Explore your options for repayment plans, such as the standard 10-year plan and income-driven repayment, along with these strategies for getting out of student loan debt.

• Pursue loan forgiveness or repayment assistance: You may be eligible for student loan forgiveness or repayment assistance, depending on your profession and where you work.

• Refinance student loans: Through student loan refinancing, you might qualify for a better interest rate or more favorable loan terms than you have now. Avoid refinancing federal student loans if you’re pursuing Closed School Discharge or another federal program, however, as doing so would make them ineligible for federal loan cancellation programs and other benefits.

Long-Term Considerations

Having your school close its doors is an extremely stressful situation, and it’s important to act quickly to obtain your transcript and other academic records. Once you’ve gotten your documents in order, though, take a deep breath and consider what comes next.

You can finish up your degree at another college and continue working toward your academic and professional goals. Rather than accepting a teach-out plan right away, do your own research on colleges and credit transfers to find the best place for you.

If you’d rather press pause on your education, or your credits won’t transfer, explore your options for federal student loan discharge. You’ll need to pay your student loans once your grace period ends, however, or you could end up with damage to your credit score. This student loan payment calculator can help you estimate your monthly and long-term costs.

The Takeaway

If your college closes while you’re enrolled, you may not have to pay your federal student loans thanks to the Closed School Discharge program. Alternatively, you can consider transferring your credits to a new school to finish up your education there.

If neither of these options is right for you, you can pursue loan forgiveness, repay your loans, or opt for student loan refinancing if you can qualify for favorable terms. Review all the alternatives to determine the best path forward for you, your education, and your financial situation.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can I transfer my credits to another institution if my college closes?

You may be able to transfer your credits to another institution if your college closes, but it depends on the requirements of the school and program. For instance, some colleges may only accept credits from accredited colleges. Check with your target school to see if the credits you’ve earned so far would be transferable.

Am I eligible for student loan discharge if my school closes?

You may be eligible for federal student loan discharge through the Closed School Discharge program if your school closes. To qualify for this program, your school must have closed while you were enrolled, on an approved leave of absence, or within 180 days after you withdrew.

How do I obtain my academic records from a closed college?

If your college closes, contact school administrators as soon as possible to obtain your academic records. If this isn’t possible, reach out to your state’s agency that oversees higher education for help locating your records. Some schools allow you to order transcripts through the National Student Clearinghouse, so that might be another option for you.

Photo credit: iStock/Unaihuiziphotography

SOSLR-Q324-031

Nov

2024

Budgeting as a New Nurse

By Bonnie Gibbs Vengrow | Budgeting & Goals, Life & Career, student_loan | Comments Off

When Jennifer S. clocked in on her first day of work as a nurse at a major hospital, she remembers thinking, “I’ve got this.” And she did. Nursing school had prepared her well for working in the emergency room.

She felt less confident about navigating her finances, however. Jennifer had to balance her living expenses and long-term goals with $40,000 in student loans while earning $25 an hour.

She cooked meals at home and kept her expenses low. Jennifer also created a monthly nursing budget to help organize her finances. “I saw that I should start saving a little more during the second half of the month, when I usually had leftover money, in case I needed it for the next month’s bills,” she says.

In addition, Jennifer discovered ways she could make extra money. Consider this nursing budget example: She switched to overnight shifts making an additional $7,000 a year. When a hurricane hit her state, she worked around the clock at the hospital for a week — and earned roughly $6,000, which she put toward a down payment on a home. And she routinely picked up per diem and travel assignments.

Key Points

• Nurses encounter financial challenges, such as repaying student loans, which require a well-structured budget to manage effectively.

• Budgeting techniques like the 50/30/20 rule can help nurses manage their money, control spending, and save for financial goals.

• Regularly reviewing and adjusting the budget is essential as financial circumstances evolve over time.

• Saving strategies for nurses involve allocating 20% of income toward retirement and establishing an emergency fund for unforeseen expenses.

• Student loan management can be aided by options like refinancing and forgiveness programs for nurses, helping to alleviate debt.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. On one hand, staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow until 2035. The rising cost of higher education, including how to pay for nursing school, has resulted in a growing number of students graduating with debt.

According to the latest figures from the American Association of Colleges of Nursing (AACN), roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt is between $40,000 and $55,000.

On the plus side, nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives like sign-on bonuses, shorter hours, and student loan repayment help.

And in general, nurses can earn a good salary. According to the latest data from the U.S. Bureau of Labor Statistics, the median income for a registered nurse in 2023 was $86,070. The median income for a licensed practical nurse or licensed vocational nurse was $59,730. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $129,480 per year. Nurses who are willing and able to take on additional shifts, work overnight, or accept lucrative travel assignments stand to make even more.

If you’re a new nurse who is figuring out your finances, a nursing budget is a good place to start.

How to Budget as a Nurse

With tens of thousands of dollars’ worth of student loans to repay, it’s helpful for nurses to create a budget to manage their money, cover their living expenses, pay down the debt they owe, and plan for their financial future. Here’s how to do it.

• Set financial goals. Think about your short-term and long-term aspirations. These might be things like saving $2,000 in your bank account, paying off your student loans, or investing for retirement. Knowing what you’re working toward will help give you the motivation to get there.

• Calculate your income. Look at your pay stubs to see how much you’re bringing home each month. That’s the amount you have to work with.

• Determine your expenses. Pull out all your bills and add up how much you’re spending each month for rent, food, utilities, loan and credit card payments, and so on. Be sure to include “fun” expenses such as dining out, entertainment, and self-care costs.

• Find a budgeting method that works for you. There are different types of techniques, such as the 50/30/20 rule that divides your budget into different categories: 50% for essential expenses like rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures such as eating out, travel, and shopping; and 20% for goals like saving for a home, your child’s education, and retirement. There’s also the envelope budgeting system, which has you put cash monthly into envelopes for each spending category like housing and food. Once the money in an envelope is gone, you’ll need to wait until the next month to spend in that category again or take money from another envelope. Explore the different methods and choose the one that works best for your lifestyle.

• Review your nurse budget regularly and update it as needed. Make adjustments as your situation changes. For instance, maybe your car breaks down and you need extra money for emergency repairs. Or perhaps you get a raise that increases your income. Tweak your budget accordingly.

Common Financial Challenges for Nurses

As a nurse, you’ll face some unique money-related challenges. For example, you may have work expenses, such as purchasing a uniform, comfortable shoes, and certain tools to do your job. Many hospitals and clinics require you to buy your own stethoscope, for instance. And working long shifts or irregular hours may leave you with less time for cooking so that you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree like a master’s to move up the ladder and earn more money. That could mean taking out new student loans to cover the cost of your continuing education, in addition to the loans you already have.

These financial challenges are all things to factor into your nurse budget so that you have a plan for paying them off.

Watch Your Spending

Even when you’re on a budget, it can be easy to fall into the habit of overspending because there are different ways to supplement your income as a nurse. “When I was doing travel assignments, I just kept working,” Jennifer says. “At the time, I didn’t realize it would stop, so I didn’t think to save as much as I could have.”

In fact, lifestyle creep can be a common pitfall, especially when you start earning more money, says Brian Walsh, CFP, senior manager, financial planning for SoFi. Spending more on nonessentials as your income rises can potentially wreak havoc on your savings goals and financial health. That’s why budgeting for nurses is so important.

While you’re starting to establish your spending habits, Walsh recommends using cash or a debit card for purchases. Automate your finances whenever possible by doing things like pre-scheduling bill payments.

Develop Your Savings Strategy

A sound savings plan can help you make progress toward your short- and long-term goals and provide a sense of security. Walsh suggests nurses set aside 20% of their income for retirement and other savings, like building an emergency fund that can cover three to six months’ worth of your total living expenses. He recommends placing it in an easy-to-access vehicle, like money market funds, short-term bonds, CDs, or a high-yield savings account.

The remaining 80% of your income can go toward current living expenses, including monthly student loan payments.

Jennifer found success by adopting a set-it-and-forget-it approach to saving. “Whenever I worked a per diem shift, I got in the habit of putting $100 or $200 of every check into a savings account,” she says. Before long, she had a decent-sized nest egg and peace of mind.

Explore Different Investments

One simple way to build up savings is to contribute to your 401(k) or 403(b) retirement plan, if one is available to you, and tap into a matching funds program. There’s a limit to how much you can contribute annually to one of these plans. In 2024, the amount is $23,000; if you’re 50 or older, you can contribute up to an additional $7,500, for a total of $30,500. In 2025, you can contribute up to $23,500 to a 401(k), and if you’re 50 or older, you can contribute an extra $7,500, for a total contribution of $31,000.

If you don’t have access to an employer-sponsored retirement plan, there are other ways to save for the future. “Start by figuring out what your targeted savings goal is,” Walsh says. If you’re going to save a few thousand dollars, you can consider a traditional IRA or Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA are tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars; your money grows tax-free and you don’t pay taxes when you withdraw the funds in retirement. However, there are limits on how much you can contribute each year and on your income. In 2024 and 2025, you can contribute up to $7,000 to an IRA annually with an additional $1,000 for individuals 50 and up.

Ideally, Walsh says, you’re saving more than a few thousand dollars for retirement. If that’s the case, then a Simplified Employee Pension IRA (SEP IRA) may be worth considering. “Depending on how your employment status is set up, a SEP IRA could be a very good vehicle because the total contributions can be just like they are with an employer-sponsored plan, but you control how much to contribute, up to a limit,” he says. What’s more, contributions are tax-deductible, and you won’t pay taxes on growth until you withdraw the money when you retire.

Another option is a health savings account (HSA), which may be available if you have a high deductible health plan. HSAs provide a triple tax benefit: Contributions reduce taxable income, earnings are tax-free, and money used for qualified medical expenses is also tax-free.

Depending on your financial goals, you may also want to consider after-tax brokerage accounts. They offer no tax benefits but give you the flexibility to withdraw money at any time without being taxed or penalized.

Take Control of Your Student Loans

You have different priorities competing for a piece of your paycheck, and nursing school loans are one of them. You may need to start repaying loans six months after graduation, and options vary based on the type of loan you have.

If you have federal loans and need extra help making payments, for example, you can look into a loan forgiveness program or an income-driven repayment (IDR) plan, which can lower monthly payments for eligible borrowers based on their income and household size.

If you’re struggling to make payments, you may qualify for a student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You can also explore the option of student loan forgiveness. There are a number of student loan forgiveness programs for nurses, such as the NURSE Corps Loan Repayment Program. If you work for a government or nonprofit organization, you can look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at a student loan debt can feel overwhelming. And while there’s no one-size-fits-all solution, there are a couple of different debt pay-off approaches you may want to consider. With the avalanche approach, you prioritize debt repayment based on interest rate, from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the highest balance.

While both have their benefits, Walsh says he often sees greater success with the snowball approach. “Most people should start with paying off the smallest balance first because then they’ll see progress, and progress leads to persistence,” he explains. But, he adds, the right approach is the one you can stick with.

Consider Whether Student Loan Refinancing Is Right For You

When you choose refinancing, including medical professional refinancing, a private lender pays off your existing loans and issues you a new loan. This combines all of your loans into a single monthly bill, potentially reduces your monthly payments, and may give you a chance to lock in a lower interest rate than you’re currently paying. A quarter of a percentage point difference in an interest rate could translate into meaningful savings if you have a big loan balance, Walsh points out.

A student loan refinancing calculator can help you determine how much refinancing might save you.

Still, refinancing your student loans may not be right for everyone. By choosing to refinance federal student loans, you could lose access to benefits and protections, like the current pause on payment and interest or federal loan forgiveness plans. Be sure to weigh all the options and decide what makes sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nursing can be a rewarding career, with flexibility and opportunities to add to your income. However, as a new nurse, you are likely trying to stretch your paycheck to cover student loan debt and everyday expenses. Fortunately, by using a few smart strategies, such as budgeting and saving, and exploring options like refinancing, you can start to pay down your loans—and reach your financial goals.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

Photo credit: iStock/FatCamera

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

SOSLR-Q324-024