A recent SoFi member survey suggests that over a third of millennials have lost sleep over their student loan debt; 15% have sought care from mental health professionals because of student debt anxiety
On the heels of the end of most new college graduates’ student loan repayment grace period, SoFi today announced its first-ever Refi and Relax campaign, which aims to educate graduates on their refinancing options as a way to relieve the overwhelming stress that comes with carrying student debt.
We were lucky enough to be invited along to their event in New York where we got to see and experience what it REALLY felt like to relax after taking control of your finances.
We got down to the financial nitty-gritty with someone who has actually BEEN there and done that with SoFi.
We wanted to know more about what having financial control meant for other aspects of her life…
1. What has refinancing with SoFi done for your overall wellbeing?
I refinanced my graduate student loans with SoFi in August 2015.
Since refinancing with SoFi, I feel less stress knowing that I will be debt free within the next few months, before nearly half of my loan payment went to interest and it felt like I would never be able to save for a home or retirement.
2. What has being more in control of your finances made possible for you?
I adopted the 50/30/20 rule for budgeting along with refinancing my loans. I’ve been able to contribute more to my 401K, save a nest egg, and create a travel budget.
This year, I spent 10 days in Germany to run the Berlin Marathon, go to Oktoberfest, and catch a Bundesliga (soccer) game in Hamburg.
3. What has your experience been working with SoFi?
The SoFi application process and tools were easy to complete and use.
As a SoFi member, I’ve had the opportunity to meet other members at SoFi sponsored events, including movie night, happy hours, and dinners.
Along with social events, SoFi has sponsored financial planning and career developments events. I actually feel as though SoFi has an interest in the professional and financial well being of its members.
What exactly is the 50/30/20 rule?
Your needs: 50 percent of your net income.
Your wants: 30 percent of your budget and spending.
Your savings and debt repayments: 20 percent of the money you earn each month.
How many of you can honestly say that 20% of your income is going into savings and debt repayments?
Limiting your needs to just 50% of your net income is smart, because if for some reason your income dropped (I mean, entrepreneurial life CAN be volatile sometimes), then you need to know you’re able to cover your important stuff monthly.
We’ve absolutely loved having the chance to find out more about SoFi and the different ways in which they can help Boss Babes looking to get a better handle on their finances.
Plus, these events are incredible… sign me up!