Shes probably right: Shes not alone.
But whatisunique about Harren is her apparent financial literacy.
Funding Graduate School
Professionally, Harren is Amazons senior product manager in sustainability operations in Seattle.
Shes helping the online retail giant reduce waste and increase efficiency in its packaging and shipping practices.
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To do so, she went on to grad school.
By the time she was ready to go back to school, her resources were relatively depleted.
Did you know?
This is where her basic understanding of personal finance kicks in and where we can learn from her.
Many of us with student loan debt of that magnitude are simply drowning in it.
We make minimum payments, defer payments, accrue interest, struggle each month and ultimately make little progress.
Maybe once things are completely out of control, we finally seek a better solution.
When she graduated in 2013, federal interest rates were hovering around 6.8%, she recalls.
I think thats completely inappropriate, she said.
I would have taken any lower rate.
SoFi offers student loan refinancingand other financial services aimed at young professionals.
Its committed to a different approach from what youd get with a bank.
Harren liked that shed be sharing funds with people who also shared her experience.
And SoFi goes beyond loans in its commitment to empowering members to accomplish career and life goals.
How Much Money Can You Save with SoFi?
So it sounds fun, but how much money does SoFi actually save grads?
Remember Harrens 6.8% interest on those federal loans?Refinancing with SoFicut it down to 2.5%.
Thats a variable interest rate, which means it can rise over time.
Instead of the minimum $430 payment each month, shes paying about $650 to stay ahead.
She moved to Seattle with just two suitcases and bought her flight with travel rewards quite the Penny Hoarder!
With the money she can save each month, Harren wisely keeps a stock of short to mid-term savings.
Is Refinancing With SoFi Right for You?
Harren was smart to look into refinancing early after graduation to secure a dramatically-reduced interest rate.
What would you do with an extra $15,000 in the next 10 years?
Your Turn: Have you considered refinancing to pay down student loan debt?
Its rare that we have the opportunity to share something so awesome and get paid for it!
Licensed by the Department of Business Oversight under the California Finance Lender Law License No.
SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636.
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
