How to Pay Off Your Student Loans Before Your 40th Birthday

If you’re struggling to pay off your pesky student loans, you’re far from alone. According to Make Lemonade, there are more than 44 million student loan borrowers in the US who hold more than $1.4 trillion in student loan debt. By itself, this statistic is hella scary. But when we start to consider the fact that two-thirds of the total student loan debt belongs to women, it becomes shockingly clear why a *ton* of American women end up paying off their school-related debt well into their 40s.

We talked to SoFi’s Student Loan Refinancing Director of Product Marketing Anna Khayet for her top tips for paying off student loans as fast as possible. Pour yourself a summery rosé and take out your old college notebook — it’s time we finally understand the nitty-gritty details of our student loans.

B+C: A study from the OneWisconsin Institute found that it takes graduates of Wisconsin universities almost 20 years to pay off a bachelor’s degree and 23 years to pay off a graduate degree. If we assume that this is similar across the country, that means a lot of people are still struggling to pay off their student debt decades after they graduate. What are some things recent grads can do now to set themselves up to successfully pay off their debt before their 40th birthday?

AK: Once you set aside a three-month emergency fund, make student debt payoff your top priority ahead of other savings and investment opportunities. Find the student loan with the highest interest rate and make your biggest payments against it every month — more than the amount requested by your servicer. This will help you pay the least in interest.

B+C: Speaking of new grads, students with a federal student loan are given a six-month grace period before they have to make their first loan payment. What are some things graduates can do during this period to set themselves up for financial success?

AK: Pretend the grace period is not there and start paying off your student loans as early as possible. Interest starts capitalizing on your student debt as soon as you graduate. Savvy grads realize that every month you defer payment, the interest on your student loans gets applied to a new, larger balance.

B+C: Can you quickly describe the key differences between federal and private student loans?

AK: Federal student loans offer borrowers protections and benefits. Borrowers may be eligible for income-based repayment plans, loan deferment (in case of loss of work or other extenuating circumstances), and loan forgiveness if the borrower works in public service. Federal loans also have generally favorable interest rates, ranging from 3.4 percent to 7.9 percent. The rates are set based on the year you borrowed and whether you borrowed for undergraduate or graduate education. Private loans often come with higher interest rates depending on a borrower’s credit profile, and most don’t afford the same protections that federal loans do.

B+C: Okay, say a student takes out several loans to get them through college. What are some practical tips that can help them manage all of their loans effectively?

AK: You can change your payment due date. If you get paid after your student loans are due, call up your service and set a new payment date. Set up autopay — you’ll get a 0.25 percent discount on the interest rate. These little improvements add up! And the money is automatically deducted from your account every month, so you never make late payments or incur late fees.

B+C: What are the benefits of consolidating your loans? Is this something that we should be considering?

AK: If the federal student loan protections apply to you (if you are unemployed, work in public service, or have low income or an unstable work situation), consider consolidating your loans. This will combine your federal student loans into one loan with the weighted average interest rate of the previous loans and one simple monthly payment. Just get in touch with your loan servicer to start the process.

If you have a strong income and don’t work in the public sector, student loan refinancing could be a good option for you. That’s the business SoFi is in. We combine federal and private student loans into one and give the borrower a low monthly interest rate. Members who refinance with SoFi save $22,359 on average, or $288 a month on their student loan payments (plus there are all the other perks like free dating events, wine tastings, and sky diving).

B+C: What really happens when you can’t afford your student loan payment for the month?

AK: All federal student loans and some private ones are eligible for deferment or forbearance, which allows you to temporarily stop or reduce your payments in order to avoid default. With a deferment, you’re generally not responsible for paying the interest that accrues on subsidized loans, but with forbearance, you are responsible for paying interest on all types of federal loans. To request deferment or forbearance, you’ll need to submit a request to your loan servicer.

B+C: Should we be looking for a gig that has an employer-sponsored loan repayment plan? How common is it for employers to set up these types of programs?

AK: SoFi partners with seven out of the top 10 Fortune 500 companies to offer student loan repayment benefits. Employers are quickly realizing that student loan repayment plans help them attract and retain talent. If your employer doesn’t offer a program, refer them to us today. We can help!

B+C: Finally, are there any apps or resources you can recommend that will help us better understand and plan for our student loan repayment?

AK: Yes — studentaid.ed.gov has a wealth of information on student loan repayment options, and Student Loan Hero is another great resource on everything student debt related.

Are you still paying back your student loans? Tweet us your stories by mentioning @BritandCo.

(Photos via Getty)

This edible crescent-roll cornucopia is our way of making a normal cheese boardmore festive — and definitely more fun — during the holiday season. Our go-to this time of year is a massive cheese plate that can stand alone and be the main attraction, or the starter for a larger meal. Press on for the surprisingly easy steps to braid a breaded cornucopia.

Chris Andre

Materials + Tools:

  • 1 roll of tin foil
  • 2 packages of crescent rolls
  • 1 egg (for egg wash before cornucopia goes into the oven), optional

Chris Andre

Instructions:

Start by sculpting tin foil into the shape of a cornucopia (it looks like a cone with an upturned tail). Pro tip: Lightly pack tin foil so it's easier to remove later from your baked cornucopia. Crescent rolls should be buttery enough that this shouldn't be difficult.

Chris Andre

Your tin foil mold should look a little something like this.

Chris Andre

Pop open the crescent rolls and cut the triangles into strips. Pinch together the ends of strips to make strips longer.

Chris Andre

Braid crescent roll strips. You can make these as fancy as you want. Not a braiding pro? Skip this step and leave those strips alone.

Chris Andre

Wrap tin foil cornucopia with braids/strips. Make sure you cover all the tin foil. Leave a little wiggle room at the opening of the cornucopia, so that when you’re done baking you can pull some of that tin foil out.

Chris Andre

Use any extra dough to cover the bottom of your cornucopia. Pinch the sides and anchor those braids/strips in.

Chris Andre

Brush on egg wash before placing your cornucopia in the oven. Bake at 350 degrees Fahrenheit for 20 minutes. Take out of oven and cover spots of cornucopia that are already golden brown with extra tin foil. Bake for another 20 minutes at 250 degrees Fahrenheit.

Chris Andre

Let it cool down until it’s easy to handle. Remove tin foil.

Chris Andre

Place cornucopia in corner of your cheese plate. Arrange cheese on your serving tray.

Chris Andre

Add crackers — we like to have two or three options.

Chris Andre

Don’t forget to fill up your cornucopia. It's called "the horn of plenty" for a reason. Fill with fresh fruit like grapes, apples, and pears.

Chris Andre

Add nuts like walnuts and pistachios to fill in any empty spaces. Garnish with fresh herbs like rosemary and sage to finish it off.

Chris Andre

Voilà! Invite over your friends, open a bottle of wine, and dig in!

Chris Andre

A cornucopia cheese board will become your new favorite holiday tradition.

Show us your crescent-roll cornucopias on Instagram and check out our baking classes (and our Easy Thanksgiving Desserts piece) for more holiday food inspo!

DIY Production and Styling: Paris Fried

Paris Fried: Paris loves any excuse to celebrate and throw a themed party. She loves experimenting in the kitchen and has a terrible sweet tooth. When she's not crafting in her studio, she's at the farmers' market buying seasonal produce or at her favorite local theater watching double features.

This post has been updated.

Though Black Friday is traditionally the official start of the holiday shopping season, we argue that it’s been kicking since mid-October. We know, we know: it still feels extremely early to start thinking about the holidays, but they’ll be here before you know it! Plus, many brands and retailers are already promoting their holiday goodies with plenty of sales and discounts available right now.

If you’re ready to embark on your holiday shopping journey, but still need answers to questions like ‘when’s the best time to shop?’ and ‘where should I shop for gifts?’ and even ‘how the heck do I save money this season?’, you’ve come to the right place. Consider this your go-to guide for holiday shopping in 2024.

Scroll on for our best guidance on navigating this busy time of year and finding the best gifts possible!

When's the best time to do holiday shopping?

Kaboompics / PEXELS

The best time to do holiday shopping really all depends on your personal shopping goals. Do you want to get a jump on items you know will sell out soon? Do you want to save the most money possible? Do you want to focus on handmade, personalized gifts? These factors will undoubtedly influence your holiday shopping schedule.

Cottonbro Studio / PEXELS

Shopping early can be advantageous for all of the aforementioned goals. A lot of retailers start promoting their holiday products early on, giving you ample time to snatch up that limited-time lip kit or fancy water bottle you’ve been eyeing way before the holidays.

Plus, some of the best deals for holiday shopping happen ahead of Black Friday and Cyber Monday – in 2023, Experian observed a surge in early spending in October, thanks to early discounts, a trend likely to continue in 2024.

Finally, shopping early can be especially helpful if your plan is to focus on handmade or personalized gifts, giving the artisan you buy from (or yourself, if you’re DIY-ing your gifts) plenty of time to craft the item with love and care.

Gallup reported in 2023 that one in four shoppers start shopping as early as September, a trend likely to continue in 2024 – so you might already be embarking on your shopping spree!

Mikhail Nilov / PEXELS

If right now is just still too darn early for you to start holiday shopping, Black Friday and Cyber Monday are some of the best times to shop since so many retailers offer their largest discounts of the entire year. Plus, the late November-early December timeline can feel a bit more appropriate for the gifting season opposed to late October-early November, when everyone’s still recovering from Halloween.

The only thing to consider during this time is the shipping timelines for the items you purchase – but most retailers will typically advise their specific shipping schedules, so you don’t risk your goodies arriving late.

Where should I shop for gifts?

Ron Lach / PEXELS

You have three main options when it comes to where to shop for holiday gifts: online, in-store, and via our amazing gift guides. Of course, each method has its advantages and disadvantages.

Shopping in-store offers a tangible experience: the opportunity to hold specific items in your hands and gauge exactly what they’ll be like when you give them as a gift. The pitfall with shopping in-person is that it typically requires a commute and journeys through potentially very busy malls and shopping strips, which can add to the already-stressful holiday experience.

In-store shopping can be more physically exhausting, but it’s all about preference! Sometimes strolling through the stores that get all dolled up for Christmas is the best part of the season.

Andrea Piacquadio / PEXELS

Per Google, 65% of those planning to shop for the holidays say they will shop online more. Shopping for gifts online can be super helpful since you can centralize your findings in your browser’s bookmark tab or via virtual cart(s). Plus, shopping online can pose more opportunities for saving some money: lots of retailers typically offer discount codes for online users, especially if you sign up for their digital marketing channels (like email and text) and make a purchase.

Shopping online isn’t just shopping, either. The internet can be a stellar research tool to help you vet whether certain products are worth it, where they can be bought, and when they’ll be available. In fact, Google reported that more than half of U.S. holiday shoppers who went into a store last year say they looked up product reviews online and/or located an item in-store by checking it online.

Kaboompics / PEXELS

Last but not least, scrolling gift guides has to be our favorite place to shop for gifts – and not just because we write and publish them.

At their very core, gift guides help streamline the holiday shopping process, alleviating the stress that bubbles up when you’re wondering what the heck to shop for in the first place. Our gift guides are backed by real people, real experiences, and real opinions from our editorial team. We only promote products that we really love and believe in, oftentimes ones we’ve tested and reviewed ourselves.

We have gift guides for just about everyone on your list, with more on the way! Check ‘em out:

What are the best kinds of gifts to give?

Kaboompics / PEXELS

The best kinds of gifts to give are thoughtful gifts that consider the giftee’s interests, wants, and needs. These gifts can be sentimental, practical, or both simultaneously. What matters most in a gift is that it’ll be meaningful to them past just the holiday season, whether it’s helping them get through daily tasks, reminding them of a memorable trip or event, or giving them small doses of joy.

“Shoppers are increasingly looking for personalized and unique gifts that reflect the recipient's personality and interests,” says Mia Anderson, Owner of ChicSew. “With the rise of online shopping, many consumers are opting for curated gift boxes or experiences that add a special touch.”

Cottonbro Studio / PEXELS

Gift boxes, personalized items, books of interest, self-care goodies, and even gift cards can all be thoughtful gifts depending on the recipient. If you have no clue what your giftee is into, it’s not a bad idea to ask them what they want the most!

“My idea of a great gift is something that is in tandem with the recipient's interest and offers something new to the person, be it learning a new skill, enjoying a calming activity, or simply spending quality time with the family,” says Alfred Christ, Sales Manager & Marketer at Robotime. “This season, we encourage shoppers to shift their focus on quality and the memories their gifts will create and not just merely material aspects.”

When is Black Friday?

Sora Shimazaki / PEXELS

Black Friday is always the Friday after Thanksgiving. This year, Black Friday lands on November 29.

When is Cyber Monday?

Kindel Media / PEXELS

Cyber Monday is typcally the Monday after Thanksgiving. This year, Cyber Monday will land on December 2. Oftentimes, retailers and brands extend their online offers through the week (coined Cyber Week) after the event. Salesforce reported that 67% of shoppers in 2024 plan on shopping during Cyber Week!

Subscribe to our newsletter to stay up-to-date on our best 2024 gift guides, shopping advice, and all things holiday!

The holidays at Starbucks are creeping up on us, people! Peppermint Mocha season will return on November 7. If you’re a die-hard Starbucks fan, you know Red Cup Day is a whole holiday in itself – the frenzy for a free reusable cup is truly no joke. There’s even an entire website dedicated to counting down the madness! Even though there’s no official word on when Red Cup Day 2024 will be, there are several clues that cue us into the annual event. Scroll on for details!

What is Red Cup Day?

Starbucks

Red Cup Day is Starbucks’ highly-awaited annual event that marks the start of holiday beverage season at the coffee chain. For one day only (and while supplies last), customers who order any of Starbucks’ holiday drinks will receive a reusable red cup that features a bespoke design for the respective year.

Starbucks

Here’s a list of all the drinks rumored to be available on the Starbucks holiday menu starting November 7:

  • Peppermint Mocha
  • Peppermint White Chocolate Mocha
  • Caramel Brûlée Latte
  • Sugar Cookie Almondmilk Latte
  • Chestnut Praline Latte
  • Salted Pecan Crunch Cold Brew
  • Iced Gingerbread Oatmilk Chai

What do the red cups look like for 2024?

Starbucks

Starbucks hasn’t officially announced when Red Cup Day will be for 2024, let alone what the famed red cups will look like this go-around. The one obvious point is that the cups will be red! They’ll also likely feature some festive motifs that echo the holiday season. Last year’s red cups boasted playful white and green stars and ornament-like shapes.

Why should I participate in Red Cup Day?

Starbucks

Red Cup Day = freebies, which can feel really rewarding if you’re really into receiving free goodies. Plus, it’s just a fun way to lean into the holiday spirit. The red reusable cup keeps giving beyond Red Cup Day, though! Every time you use the reusable cup for future Starbucks orders, you get a 10-cent discount as well as 25 bonus stars toward your Starbucks Rewards account to save up for more discounts on drinks, food, and merchandise.

When is Starbucks' Red Cup Day 2024?

Starbucks

Again, Starbucks hasn’t alerted us on when Red Cup Day will be for 2024, but based on previous Red Cup Days, we can infer it’ll land on the third Thursday of November. In 2022, Red Cup Day happened on November 17, and for 2023, it was November 16. The third Thursday of November in 2024 hits on November 21, so mark your calendars, everyone!

Additionally, check back here for official info as Red Cup Day approaches.

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This post has been updated.