SoFi

Checks may seem old-fashioned compared to digital payment methods, but they are still a part of many people’s financial lives. In fact, there are an estimated 11 billion checks written every year in the U.S, according to the most recent data from the Federal Reserve.

You have options in terms of how to deposit a check, including in person at a bank, at an ATM, or via a mobile app. Here’s what you need to know about the different methods to deposit checks and the easiest way to get the job done.

How To Deposit a Check: A Simple 5-Step Guide

Typically, depositing a check involves these five simple steps (unless of course you automate the process with direct deposit). Follow these guidelines to successfully get a check into your bank account where you can then use it.

1. Select Your Preferred Method

Your financial institution may have different ways you can deposit a check, including in person, at an ATM, or through their mobile app. The method you choose will affect the specifics of what you need to do to deposit your check.

If you choose to go in person, double check the bank’s open hours. For mobile check deposit, you will need to download the app. Most ATMs will let you deposit a check as long as the machine is in your bank’s network.

2. Gather What You Need

Aside from your paper check, whether it’s a personal check, a business check, or a cashier’s check, the exact type of documentation you’ll need will depend on how you go about depositing a check:

•   In person: This procedure can vary depending on your financial institution. At some banks, you may be able to use your debit card at a teller’s window to deposit a check, no deposit slip required.

In other cases, you may need to get and fill out a deposit slip. This piece of paper outlines how much you want to deposit and to which account. Information you will need to fill out includes your name, bank account number, and deposit amount. Banks may also need to see a government-issued photo ID when you make the deposit.

•   Mobile app: You will need to log into your bank’s mobile app on your device. Be prepared to take a photo of the front and back of the check. Typically placing the check on a dark background helps the app take a clearer photo.

•   ATM: To deposit checks at an ATM, you’ll need your debit card. Check to see if the ATM accepts check deposits for your financial institution (SoFi, for example, only offers ATM withdrawals, not deposits, at this time).

Also, in terms of how you deposit a check at an ATM, you’ll need to know your PIN (personal identification number).

3. Endorse Your Check Securely

Endorsing your check means to sign your name on the back of it in the appropriate place (it typically says “Endorse here” or provides a line to sign on). You can write “for deposit only” on the back when making a deposit so that the money can only go to your account.

Some checks also have a box you can tick if you’re making a mobile deposit. Or your bank may request that mobile deposit checks are endorsed with your name and a phrase like, “for electronic deposit at [bank]” or “for mobile deposit at [bank].”

4. Confirm Deposit Amount

If you deposit checks in person, you may need to indicate the amount on a deposit slip. If you’re using a bank’s mobile app, you will enter in the payment amount of your check. Same goes if you deposit it at an ATM.

Before confirming your deposit, make sure you have indicated the correct information. Being even one digit off from your savings or checking account number, for example, could result in delays to access the funds you’ve deposited.

5. Wait for Confirmation

Once you’ve successfully deposited a check in person, the bank teller may give you a confirmation slip reflecting the transaction or you can request one. You can also check your bank’s website or app to see the pending deposit.

With mobile deposits, you may receive a pop-up confirmation message or an email acknowledging receipt of the check. Some banks may show the pending transaction in the app right away.

At an ATM, you usually receive a receipt of the transaction. Hang onto this piece of paper until you confirm that the deposit has indeed been posted to your account.

Where Can You Deposit a Check?

When it comes to depositing a check, the method you choose will depend on what your bank offers and what is most convenient for you.

How Do You Deposit a Check at an ATM?

Traditional and some online-only banks offer the convenience of depositing a check at an ATM, whether to your checking or savings account. Read your account’s fine print or contact customer service to see if this needs to be at an ATM in your bank’s network.

To understand how you deposit a check at an ATM, you’ll need your debit card, which you’ll insert into the machine. You’ll also need to punch in your PIN. Then, select “Deposit” from the menu of options, insert the endorsed check into the machine when prompted, confirm the amount, and you should be set. The ATM will offer you a receipt of the transaction.

How to Deposit a Check Using a Mobile Banking App

Many banks and credit unions offer mobile apps for their customers. A popular feature is mobile check deposit, which allows you to snap photos of the front and back of the check with your phone and deposit it remotely, no trip to a bank or ATM required.

How to Deposit a Check at a Traditional Bank Branch

Though not always convenient, you can take your check to a local branch of a traditional bank and deposit it into your account. You can do this by going up to the teller. Endorse the check; you may also need to write your bank account number on the back of the account underneath your signature. You may be able to use your debit card for the transaction or a deposit slip.

How Long Does It Take for a Deposited Check to Clear?

In terms of how long it takes for a deposited check to clear varies, depending on such factors as how you deposited it, the amount, and the bank it’s drawn on. It could take between one and several days.

Understanding Bank Holds and Funds Availability

When you deposit money into your bank account, you may not be able to use all of the money right away because of something called funds availability. This is when your bank places a hold on a portion of the money while they process the transaction and make sure it clears. Banks do this to protect themselves and their customers. For example, if a check bounces after it’s been processed, the bank account owner would generally have to repay the money and they will also likely be hit with fees.

The amount of time a bank can keep a hold on a deposit varies from bank to bank and depends on the factors mentioned above. A hold typically ranges from one day (the next business day) to up to five to seven days, for larger deposits.

How to Protect Yourself and Stay Safe When Depositing Checks

No matter which method you choose, it’s important to be safe when depositing checks. Keep these safety tips in mind:

•   One key step is to make sure a check is valid and comes from a legitimate source. If you’re not expecting a payment and receive a check in the mail, you’re not wrong to be suspicious. It could be part of a scam. The same holds true for checks you were expecting but that arrive for a higher amount of money than you anticipated.

•   If you want to verify a check, or see if it’s legitimate, hold the check up to the light to see if there are any watermarks (which are a good thing) or if there’s any evidence that it’s been tampered with (a bad thing). In addition, get a feel for the paper the check is printed on; if it feels thin, like the paper you put in a printer, it may be fraudulent.

•   Checks also have a safety feature called an MICR (magnetic ink character recognition) line. Located at the bottom of the check, this usually shows details like the issuing bank’s routing number. The ink should look flat and dull. If it looks shiny when you hold it under the light, it may be a fake check.

Think you have a fake check in hand? Talk to your bank about how to proceed, and you may want to report it to the Federal Trade Commission (FTC) or the Better Business Bureau (BBB), which has a Scam Tracker database.

One last suggestion: You might also keep in mind that mobile deposit and direct deposits are often good options in terms of safety. These techniques can be preferable to looking for a bank branch or ATM that can accept your check, especially at night or in bad weather.

These methods also provide convenience. For instance, you can have your paycheck direct-deposited each payday, saving you the step of having to deposit it yourself. Setting up direct deposit with your employer is usually simple. You will need to provide your bank account number and ABA number, so it’s a good idea to have those things on hand.

You’ll likely have to fill out a form for your employer with your personal information, including those account numbers noted above. You may also be asked to void a check and submit that as well.

Recommended: Certified Check

The Takeaway

Depositing a check typically involves five simple steps: Select a deposit method, gather materials, endorse the check, confirm its amount, and be sure that it’s hit your account.

While checks are a common, time-honored way to receive funds, you have plenty of options today to send and receive money. Check out what different banks offer (and how much services cost) to make sure you have the right banking partner for you.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do you deposit a check at an ATM?

You can deposit a check at an ATM by going to a machine that will accept your deposit — your bank may stipulate which ATMs are in your bank’s network. Insert your debit card and enter the PIN number. Choose “deposit” from the menu, then insert the endorsed check into the machine. Confirm the transaction and the amount, and the machine should give you a receipt of the transaction for your records.

Can I deposit a check at an ATM without a debit card?

Possibly. You can deposit a check at an ATM without a debit card if your bank supports cardless ATM access. You may be able to use a verification code or QR code issued through your banking app to confirm your identity and authorize the transaction. Just be aware that, although they are growing in popularity, cardless ATMs are not yet available everywhere.

How long does a check take to clear after an ATM deposit?

Checks deposited via an ATM typically take one to two days to clear. However, larger amounts of money (generally amounts over $275) may take longer.

What is the safest way to deposit a large check?

Generally speaking, the safest way to deposit a large check is in person at the bank with a bank teller. That way you can get an immediate receipt and know that the check was safely received. You could also deposit the check through your mobile banking app — just make sure the amount is within your bank’s daily limit.

Do I need to endorse a check if I use mobile deposit?

Yes. Most banks require you to endorse a check when using mobile deposit. You will generally need to add: “for mobile deposit only” (or similar wording specified by your bank) under your signature.

Photo credit: iStock/AndreyPopov

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

SOBNK-Q226-046

Nearly 25% of U.S. households are living paycheck to paycheck, according to one 2025 report. That means their spending on necessities leaves virtually nothing for savings or discretionary spending.

With so many people barely able to pay their bills, you may wonder if it’s possible to live below your means — or spend less money than you make. The answer is yes. It involves some budgeting, a little determination, and a few smart strategies.

Read on to learn the details of living below your means, and discover how to gain financial freedom with the right mindset and goals.

What is the Exact ‘Living Below Your Means’ Meaning?

When you live below your means you spend less money than you earn every month. For example, if your monthly income is $5,000, and you spend $4,700 on rent, food, and other living expenses, you’re left with $300 each month to put in your bank account to create a cash cushion and to save for future goals.

What Does “Living on Less Than You Make” Mean Not Doing?

Living on less than you make means not having to borrow money from a relative to pay your rent or having to use your credit cards to cover basic living expenses that can leave you with high-interest debt to pay off.

In other words, living within your means involves avoiding overspending so that you don’t sacrifice your future financial security.

How Do You Calculate Living Under Your Means?

No specific amount of money qualifies as living under your means. No matter what your income is, living below your means is defined as spending less than you earn.

So if you earn $65,000 a year, and spend $62,000 annually, you are living $3,000 below your means. This extra money — which can be deposited into a savings account — makes it possible to save money and build wealth.

12 Powerful Benefits of Living Below Your Means

Living under your means is a wise financial move — one that can pay off in a variety of ways. Here are 12 good reasons to start living on less than you make so you can enjoy the benefits of financial independence.

1. Being Prepared for Emergencies

When you have wiggle room in your finances, you can start putting money into an emergency fund and build a safety cushion. Many financial professionals suggest having at least three to six months’ worth of living expenses in your emergency fund. This helps give you peace of mind when unexpected expenses arise, such as a broken washing machine or a major dental bill, or in the case of a job loss.

2. Saving for Larger Purchases

Planning a family beach vacation or girls’ weekend away? Will you need a new laptop soon? If you live below your means (for example, driving your trusty old car rather than financing a new model), you’ll have more breathing room in your budget to save for key expenses. Even ordering takeout for your family’s dinner every two weeks instead of weekly could add up to $100 or more in monthly savings, which could be better used elsewhere.

3. More Financial Freedom and Confidence

A major benefit of living below your means is gaining financial freedom. When you aren’t living paycheck to paycheck, you won’t feel so stressed about money, and you won’t have to watch your credit card debt climb upward. You may see your savings grow, which can make you more confident about the future.

Living beneath your means can help you be a responsible spender and saver. Achieving this financial discipline will give you a feeling of control and confidence, and it can also open the door to more possibilities.

4. Having a Healthier Lifestyle

Living below your means typically gives you the room to be more mindful about your spending and your lifestyle. When you’re watching your pennies, you’re more likely to make meals at home, which can be healthier and have more reasonable portion sizes than burgers and fries or a bucket of fried chicken delivered to your door.

In addition, to cut back on the high price of gas, you might walk or bike more, which is good for you and the planet.

5. Less Stress and Worry About Money

A recent survey found that 73% of Americans said their number-one cause of stress is money. Younger generations like Millennials and Gen Z are even more stressed out about their finances than older generations.

When you are living below your means, you may be able to eliminate some of this stress. Having room in your budget means you don’t have to break out your credit card to buy a cup of coffee or see your checking account balance head towards negative territory. And you don’t have to lie awake at night worrying about debt. Instead you can think happily about how you’re saving for the future.

6. Spending Less Money on Consumerism and Materialism

When you are focused on living under your means, you may begin to recognize that constant consumerism is bad for your pocketbook. More and more people are embracing the minimalist way of life, bypassing new jeans in favor of thrift-shop pairs, for example. The same goes for other purchases like furniture and books.

Too often, the urge to shop and the desire for new goods is short-lived, and the items end up in a landfill. Buying gently used items can help prevent this while padding out your savings.

7. Having Funds for a Rainy Day…or a Sunny One

Maybe your favorite armchair’s upholstery rips. Wouldn’t it be nice to have funds available to fix it without feeling money anxiety? Or perhaps the kids would love an overnight stay at a lodge with a water park. If you have been living below your means and setting aside some cash, this may be your moment to forge ahead.

That’s where a rainy day fund or splurge savings come in. While these situations are not good uses of an emergency fund, they can be worthwhile expenses to spend on using other cash reserves.

8. Having the Ability to Build Wealth

When you live below your means, you have a surplus of cash that you could save and invest to build wealth. One smart move: If your employer has a 401(k) program, sign on to participate. Money will be automatically deducted from your paycheck (before you even see it) into your account. This is an example of paying yourself first and it’s also one way to help build wealth for your retirement.

Another idea: If you get a raise, save or invest it rather than amping up your spending to account for the extra money. Also, if you are not living paycheck to paycheck, when you get a windfall (say, a tax refund or a birthday check), you can sock that away.

9. Avoiding the Trap of Lifestyle Creep

Living on less than you make means not falling victim to lifestyle creep. Also known as lifestyle inflation, lifestyle creep is spending more than you make. It can easily begin to happen when you get a raise or a bonus at work and you feel like you can afford to spend more since you’ve got some extra cash coming in. You might splurge on a fancy vacation or a new car, for instance, which could reduce your savings and increase your debt.

10. Developing a Stronger Money Mindset

Do you think about money with shame or anxiety because of debt burdens? Or with pride and contentment, knowing you have cleared the deck and are even putting money into savings by living below your means? The more you take control of your finances and improve your money mindset, the better your outlook on life is likely to be.

11. Having Financial Security

When you live below your means, you know you can handle bills without worry and dread over late notices, collection agency phone calls, fees, and service interruptions. Living on a leaner budget also means you can save extra cash for unexpected expenses that pop up. These might include, for example, a dress for your college roommate’s wedding or fees for a professional class you really want to take.

By living below your means, you are likely taking a giant step or two toward achieving financial security and not feeling like you’re on the brink of money trouble.

12. Being Able to Invest Your Money

For long-term savings goals, you may want to invest your money when you have some extra cash. You can participate in your employer’s 401(k), as noted above, and contribute enough to get the employer match, if you can. That’s basically free money that your employer kicks in when you contribute a certain amount to your account.

You might also put some funds into a high-yield savings account to save for short-term goals. There, your money can grow faster than it would in a traditional savings account.

Expert Tips to Help You Live Within Your Means

If you’re convinced of the value of living below your means, the next step is taking action to do so. Here are some strategies to help make that happen.

Tracking All of Your Spending

Recording where your money goes is vital to living below your means. For one month, track every dollar that leaves your wallet, from a tip at the coffee place to a gift for your sister. Not just rent and gas, but also pharmacy co-pays, the juice you got on your way to work, and parking meter charges. Look into a free budgeting app to help you stay on task; many financial institutions provide these for their clients, or there are plenty of third-party options available online.

Budgeting

Once you know what you spend in a given month (including debt payments), compare this to your take-home income. Re-evaluate what you truly need and what can be eliminated in your quest to live below your means. This is one of the key components of successful budgeting.

Some expenses are fixed, like a monthly mortgage or commuter fare. But others are more variable. Take a close look at grocery bills, streaming services, dining out, and shopping. Consider a town library card vs. buying books; making your own iced tea rather than spending $5 to have the barista pour one; and perhaps give up your gym membership in exchange for free online workouts or jogging in a local park.

There are different types of budgeting and you can choose the one that works best for you. The important thing is to create a budget and then stick to it to help live under your means.

Recommended: The 50/30/20 Budget Rule

Creating a Financial Plan

Take time to consider your lifestyle and goals. If you’re wondering how to set financial goals, this is something you could do solo or with a financial planner.

Things to consider are short-term financial goals like boosting an emergency savings fund or funding a wedding, medium-term goals like buying a house, and long-term aspirations, such as building a robust retirement nest egg.

When you trim expenses and live below your means, you can sock money away to help achieve your goals.

Downsizing

Could you consider moving to a smaller space or more affordable city, or trading in your gas guzzler for a greener car? These downsizing moves can reduce the cost of your monthly needs and deliver wiggle room in your budget.

You might also consider selling things you no longer want or need, whether that’s gently worn clothing, furniture sitting in your basement, or an iPad you haven’t touched in months. Depending on the item, you might be able to sell it on eBay, Facebook Marketplace, Poshmark, or ThredUP, among others.

Eliminating Unnecessary Expenses

Get serious about axing unnecessary expenses. In addition to ditching a cappuccino-a-day habit, scroll through your monthly credit card statement and cancel any excess services. You may have forgotten how many streaming services you signed up for way back when, or perhaps you are paying for a meal-kit plan that keeps raising its prices. Keep what you cannot part with, and trim the extras to bring your spending in line. It’s a key aspect of living within your means.

Having Multiple Streams of Income

While cutting costs is one way to help live beneath your means, another tactic is to increase your income. More money coming in, minus your current spending, should yield some spare cash. Start by thinking about some passive income ideas, like taking in a roommate for a while or renting out your bike.

You could also do something more hands-on like starting a part-time gig — whether it’s dog-walking or website design — in your free time. One of the benefits of a side hustle is bringing in extra funds.

Organizing Bills and Monthly Expenses

Above all, when learning to live below your means, stay organized at tracking money that comes in and money that goes out to pay for bills and other expenses. As noted above, you can use an online finance tool from your bank, or one from the app store. This can help you always know where you stand financially as unexpected expenses and bills pop up.

Improving Your Money Mindset

Take stock of, and pride in, what you do day by day to live below your means. Recognize your progress, no matter how minor. Every dollar you don’t spend is helping you live below your means.

Hopefully, you can bid farewell to money shame, which can lead to overspending and splurge-related regrets. You will be more aware of where your money goes and hopefully on a path to building wealth.

Automating Your Savings and Investments

Automating your savings and investments can help you live below your means by making financial transactions happen regularly, seamlessly, and on time. When you automate your finances, you avoid missed bill payments and late fees, and save a certain amount (determined by you) automatically. It can also allow you to organize your financial life and reduce stress.

With automation, you can preschedule and preapprove transfers of money from your bank account to pay your bills, move money from your checking account to your savings account, set up direct deposit with your employer so your paychecks go right into your bank account, and also set up automatic retirement deductions.

Automating your savings and investments can help you gain more control over your money, stick to your budget, and work toward your financial goals.

The Takeaway

Living below your means, or spending less than you earn, is possible with the right budgeting steps and a healthy money mindset. Following a budget on your existing income can help you put away funds for important milestones, such as the down payment for your first house and building a retirement nest egg. It can also help you get past living paycheck to paycheck and accumulating credit card debt.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do I start to live within my means if I am currently in debt?

If you are in debt, you can start living below your means by creating and sticking to a budget that tracks your spending, including debt payments. Prioritize paying off high-interest debt like credit cards to save money on interest. You might use the debt avalanche method, which involves paying the minimum on all your debt and putting extra money toward your highest-interest debt to pay it off faster and save money. Cut back on discretionary spending like eating out, streaming subscriptions, and gym memberships. And consider taking on a side hustle to generate extra income.

Is living below your means the same as being frugal?

Living below your means is not exactly the same thing as being frugal, although they share similarities. Living under your means is about spending less than you earn, however you might choose to do that. You could reduce your spending or take on a side hustle to boost your income. Being frugal means following specific thrifty behaviors such as buying used items rather than new, cooking everything from scratch, and making home repairs yourself rather than calling in an expert.

What is the 50/30/20 rule and how does it help you live under your means?

The 50/30/20 rule is a popular budgeting rule that involves dividing your money into three basic categories: 50% of your take-home income goes to essentials like rent, 30% goes to things you want, and 20% to saving for your future. By breaking your budget into three simple categories, the 50/30/20 rule makes it easy to track your spending and identify expenses you can trim to live under your means. For example, in the things-you-want category you might limit the number of times you eat out or skip the vacation away for a staycation at home that costs a lot less, but is still plenty of fun.

How can I tell if I am living above my means?

Living above your means is defined as spending more money than you earn. Signs that you are living beyond your means might include running out of money and having to use credit cards to get through the month; not having an emergency fund for unexpected expenses; and not having money in savings.

Can I still enjoy life while living below my means?

Yes! You can absolutely enjoy life while living below your means. For example, you can save and budget for fun events like vacations and dining out; the important thing is to make these experiences intentional and not go into debt trying to afford them. You can also find plenty to do for free or at a low cost, from group hikes and bike rides to community fairs and festivals. And consider this: Living below your means reduces your financial stress so you can enjoy life more.

Photo credit: iStock/fotostorm

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Saving up enough money for a down payment on your first home is a major life goal. But sometimes it feels like the goalpost is always moving. How much do you need to save for a down payment, exactly? Friends say they put down 10%. Your parents talk about a 20% benchmark. And some programs allow borrowers to put down just 3%.

Bottom line: There are traditional numbers that many people stand by, but these days, the old guidelines don’t always apply. And that’s a good thing, given that at the end of 2023, the median home listing price in the U.S. was $384,683, according to Zillow. Twenty percent of that —almost $70,000 — is a substantial chunk of change for most people.

This article will demystify how different down payment amounts can impact your mortgage choices and help you better identify the home mortgage loan that bests fit your financial scenario to put you on the road to owning your own home.

Why Does a 20% Down Payment Seem like the Magic Number?

If you’re thinking about buying your first home, you’ve likely heard that a 20% down payment has traditionally been the standard. Generally speaking, putting down this much on your new home helps lenders view you as a less risky borrower, which may ultimately help you get a better deal on your loan terms.

In addition, having this significant chunk of equity in the home allows for value fluctuations and the borrower is less likely to find themselves underwater or upside down on their mortgage in a declining market.

Plus, with a 20% down payment, you won’t have to buy private mortgage insurance (PMI). PMI protects the lender in case of loan default but it can cost anywhere from 0.140% to 2.33% of your total loan amount annually depending upon many factors. (Don’t confuse PMI with MIP, which is the Mortgage Insurance Premium required by the Federal Housing Administration on its FHA loans.)

And then there’s the most obvious perk of a 20% down payment: Putting more money down up front means that you’ll owe less, which normally equates to lower monthly mortgage payments and less interest charged over the life of the loan.

But let’s face it: Even if you’re making a decent — heck, a pretty awesome — salary, saving up 20% of the total cost of a home can be difficult, especially if you’re paying rent, juggling student loans, and trying to reach other long-term goals, including saving for retirement. That’s likely why many buyers put down less than 20%. In the 2023 National Association of Realtors® Profile of Home Buyers and Sellers report, first-time homebuyers financed an average of 92% of their home’s cost and repeat buyers financed 81% of the purchase price.

There may be some very valid reasons why it would be beneficial for you to put down less than 20% on your dream house. Again, it will depend on your exact financial circumstances and long term goals, but it could be worth considering the following:


💡 Quick Tip: SoFi’s Lock and Look ⁺ feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

Preserving Your Nest Egg

Putting 20% down on a home might force you to rely heavily on funds you’ve worked hard to save, and liquidating these funds, even for an investment like a home, may not always be in your best interest.

Allocating a big chunk of change to a house before you’ve covered your other important life expenses — such as an emergency fund equal to at least three months of expenses — may not be the most prudent option for you in the long run. (You’ll also want to make sure you keep in reserve funds for closing costs and any moving expenses and furnishing expenses associated with purchasing a home.)

And then there’s retirement savings: You may be able to borrow money to pay for school, to buy a new car, and to buy a home, but you definitely can’t borrow money to pay for your retirement. So you may want to consider alternatives before you dip too deeply into your retirement savings.

While you can withdraw qualified funds up to $10,000 from a traditional or Roth IRA without penalty to buy your first home, there are still taxes to consider. With a traditional IRA, you have to pay taxes on the amount you withdraw, but with a Roth IRA, no taxes will be due if you’ve had the account for at least five years. Taking the $10,000 could help you in the long run, especially if you expect income boosts as you make strides in your career.

If you are considering putting other financial goals on hold in order to buy your home, it might make sense to take a step back and look at your overall financial profile. This could help you see what makes the most sense for your circumstances. Our in-depth first-time homebuyer guide extensively covers such topics.

Protecting Your Other Big Financial Goals

By putting less money down on your home, you’ll likely be able to make more headway on other short-term financial goals, such as paying off student loans and credit cards, as well as your long-term goals, such as saving up for retirement.

You may also be able to invest more, which could help you grow your hard-earned cash. If you have other important financial goals that need achieving, you may want to consider waiting until you’ve reached them before buying a home, or you could choose to put less money down so that you don’t have to abandon your other financial objectives.

Exploring Your Down Payment Options

If you’re considering putting down less than 20%, it is a good idea to try plugging different down payment amounts into a home affordability calculator to see how they affect your monthly payments. Also take a look at your monthly income vs. your ongoing monthly expenses — which could include car payments, insurance premiums, credit card bills, and any other debts.

Mortgage lenders, whether banks or mortgage brokers, are required to figure out a borrower’s ability to repay the loan before making it. So you can also get prequalified for a home loan in order to see what type of interest rate and borrowing power a lender might feel you qualify for based on your income, expenses, and estimated down payment.


💡 Quick Tip: Don’t have a lot of cash on hand for a down payment? The minimum down payment for an FHA mortgage loan is as low as 3.5%.1

The Right Down Payment Percentage is Personal

Everyone’s financial picture looks different, so if you find yourself in a situation where you can’t afford to put down a full 20% but still want to purchase a home, there are numerous options. If you’ve done your homework and gotten prequalified, you know how your down payment might affect your loan terms. You can also look into whether or not you are eligible for a VA loan, backed by the U.S. Department of Veterans Affairs, which allows for 100% financing? Or perhaps you qualify as a first-time homebuyer, which may allow for as little as 3% down? (You might be surprised to learn that if you haven’t owned a primary residence in the last three years, you are considered a first-time homebuyer.)

An FHA loan could also be an option. Borrowers with FICO® credit scores of 580 or more may qualify for a down payment of 3.5%. You will have to pay the FHA mortgage insurance premium (MIP), mentioned above, but it could be worth it, especially if putting down a smaller down payment allows you to get in the housing market instead of paying high rent, or own in a place where home prices seem to be on an upward trajectory.

The Takeaway

When searching for the perfect home, you’ll want to shop around in order to find your best fit — there’s no one size fits all. The same is true of your down payment percentage. But rest assured, although a 20% down payment might be tradition, it’s hardly a loan requirement, and there are many home loans that will allow you to put down less than 20% — and many financial circumstances in which a lower down payment amount is the right choice.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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So you’ve decided to get a new car. You’ve picked out everything from the color to the floor mats. But before you move forward, pump the brakes. Should you lease or buy? There are many factors to consider.

Check out this overview of leasing vs. buying, plus get help deciding how to save for your next set of wheels.

Owning vs Leasing a Car

When you own a car, you purchase the vehicle outright from a dealer or private owner with cash or by financing it. You can keep it for as long as you want, and you can sell it in the future, if you wish.

When you lease a car, you do not own the vehicle. Instead, you make monthly payments to the owner for the right to use the vehicle. You must return the car at the end of your lease agreement or buy it at that time.

Initial Costs

When buying a car, the upfront costs are fairly obvious. You either need enough money to buy the car outright, or you need a big enough down payment to start financing the vehicle. Financing will also involve taxes, registration fees, and other charges.

When financing a car, it’s a good idea to look at the total cost: Multiply the monthly payment by the number of months in the loan, add the cost of taxes, fees, and add-ons, and finally subtract the value of any trade-in or down payment. The result is your total cost.

With leasing, the upfront costs can vary. Typically, the initial costs to lease a car include at least the first month’s payment, a security deposit, taxes, registration fees, and an acquisition fee.

Some lease charges are negotiable, according to Edmunds. They include the cap cost, or what the vehicle would sell for, and in some cases, the money factor, which functions as the lease’s interest rate.

If you suspect that a dealer is marking up the money factor, you could ask for a lease based on its buy rate — the rate you could get from one of the dealer’s lending partners without the dealer markup.

Some other factors that may be negotiable during the leasing process include:

•   Mileage allowance (you can try to get a higher limit without paying extra fees)

•   Trade-in value of any car you’re trading in

•   Buyout price if you plan to purchase the car at the end of the lease (you may be able to haggle for an amount lower than the anticipated value of the vehicle at the end of the lease)

Monthly Costs

If you buy a vehicle outright, you won’t have to make any monthly payments, of course. If you take out a loan, you’ll need to make a payment toward the principal, plus interest, each month. You’ll also need a good credit score to finance a car.

When leasing a car, you’ll be required to make monthly payments that include interest charges and taxes.

Regardless of whether you lease or buy your car, remember to budget for recurring costs, such as fuel and the amount of auto insurance you need.

Recommended: Car vs. Truck Value: Comparing How They Depreciate

Better to Lease or Buy a Vehicle?

When you own your car, it’s yours, and you can drive it as often as you’d like. If it’s a new purchase, you’ll get a manufacturer’s warranty, often for three years and sometimes longer.

When you lease, typically for three years, the number of miles you can drive in a given year is usually limited to 10,000-12,000. If you exceed the mileage limit, you’ll pay an additional fee per mile.

Beyond mileage, you may have to be more careful when driving a leased car. Any scratches, dents, or dings could come with wear-and-tear penalties.

What about repairs? A leased car is usually still covered by the manufacturer’s warranty. Basic maintenance may also be covered.

Here are two other aspects to consider.

Consider Your Lifestyle

If you’re someone who simply loves to go on road trips with your mountain bike, surfboard, and camping gear in tow, owning may be a good option. That way, you never have to worry about how many miles you’ll log or the wear and tear your car sustains t during your adventures, including scratches or more significant damage.

If you’re looking for a commuter car or if you like to have the newest model with the latest tech accessories, leasing a car may be the way to go. When your lease is up, you can look for something new.

Just realize that when the lease ends, you may face a turn-in fee if you don’t lease another car from the dealer.

Recommended: How to Spot Good vs. Bad Car Value Estimates

Consider Your Finances

Before deciding to buy or lease a car, it’s important to look at your current financial situation.

If you have enough money tucked away to purchase the car outright, would you still have money in savings?

Or if you’re looking to take out a loan, do you have enough money coming in each month to cover the payments? Do you have enough money in an emergency fund to cover unforeseen events? If you can answer yes to these questions, you may be in good shape to buy a vehicle.

As for leasing, you should assess whether you have enough income to cover the lease payments for the entire term. Breaking a lease can be an expensive proposition: It means paying the balance due, and any penalties and fees.

You also want to ensure that you have enough money to cover any unexpected or additional expenses, including car insurance coverage and costs for going over your mileage limit.

Recommended: Does Paying Off a Car Loan Help Your Credit?

Dollars and Sense of Leasing or Buying a Car

The monthly cost of leasing a vehicle is often lower than auto loan payments. But to break it down further, consider the costs of buying a new vs. a used car. (Buying a high-mileage car has its own pros and cons.)

In one detailed comparison of leasing a car, buying a new car, and buying a used car, over the course of six years, the total costs for a used car were the lowest (the comparison did not include any repairs). Leasing was the next lowest. Buying a new car had the highest total costs.

Here’s another wrinkle if you do lease: If you decide to buy the car at the end of the contract, you may end up paying more overall than if you had bought it from the get-go.

The Takeaway

The decision to lease vs. buy a car can rest on factors such as total costs, annual mileage, and the urge to drive the latest model every few years. As you weigh your options, consider how you plan on using the car and what your financial situation will allow.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

FAQ

Is it cheaper to buy or to lease a car?

Leasing a car has lower upfront costs, but if you choose to buy the car at the end of the lease, you may pay more than a comparable used car would cost. Wear and tear and excessive mileage can also add to the car’s overall cost when you turn it in.

How many miles can you drive with a leased car?

Automotive leases have defined mileage limitations, usually between 10,000 and 12,000 miles per year. Low- and ultra-low-mileage leases with allowances well under 10,000 miles are also available and may suit drivers who mainly use their vehicle infrequently over short distances. Keep in mind that automotive leases charge per mile if you go over the lease agreement’s allowed miles.

Will the dealer check my credit score if I want to lease instead of buy?

Yes, an auto dealer will likely check your credit score to determine whether you have the financial capacity to satisfy the terms of the lease. A good credit score will improve your chances of securing the lease agreement.

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You’ve done the work — the transcripts are in, the exams are over, and the essays are submitted. But for many students, the hardest part is just beginning: the wait. How long it takes to get accepted into college can vary widely, depending on the type of application you submit and the policies of each college.

Understanding these timelines — and what happens behind the scenes — can ease uncertainty and help you plan more effectively. Below, we break down the major application types, what affects decision timing, and what to do while you wait.

Types of Applications

Colleges offer several different application options, each with its own deadlines and response timelines. Choosing the right one can influence not only when you hear back, but also how much flexibility you have in making your final decision.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Early Decision

Early Decision (ED) is a binding application option, meaning that if you’re accepted, you are committed to attending that school. Because the applicant pool is significantly smaller than the regular pool, admissions officers can review and finalize decisions in a much tighter window.

Early Decision deadlines typically fall around November 1 or November 15, and students generally receive decisions by mid-December. In some cases, schools may operate multiple ED rounds (such as ED I and ED II). ED II may have the same application deadline as a Regular Decision application (often January 1), but students usually hear back faster, often by mid-February.

Early Action

Early Action (EA) is a non-binding college application process that allows students to apply earlier and receive admission decisions sooner, and still have until May 1 (National College Decision Day) to choose a school.

Early Action applications are typically due in early November, with decisions released between mid-December and February 1. Though not offered by every school, EA is a popular choice for students who want early feedback without committing to a single institution. It also gives you more time to plan if you’re accepted, deferred, or denied.

Single Choice Early Action

Single-Choice Early Action (SCEA), also known as Restrictive Early Action (REA), is a non-binding but restrictive form of early admission. While it is non-binding, you are typically prohibited from applying ED or EA to any other private colleges. However, you can typically simultaneously apply early to public universities, provided those applications are also non-binding.

Deadlines usually fall in early November, with decisions released in mid-December. Because SCEA is offered by highly selective institutions and prevents you from building an early-round safety net of other private schools, it can be a risky strategy if the school is a high reach.

Regular Decision

Regular Decision (RD) is the most common application pathway. Deadlines typically fall between January 1 and January 15, though some schools extend into February.

Decisions for Regular Decision applicants are usually released between mid-March and early April. This longer timeline reflects the larger volume of applications colleges receive during this cycle.

While the wait can feel long, RD generally gives you the most flexibility. You can apply to multiple colleges, compare admissions offers, evaluate financial aid packages, and make a well-informed choice by the May 1 deposit deadline.

Rolling Admission

Rolling admission works differently from other application types. Instead of having fixed application and decision release dates, colleges review applications as they are submitted and release decisions on a continuous basis.

Generally the earlier you apply, the sooner you’ll hear back from a college, which could be as soon as four to six weeks after submitting your application.

Rolling admissions offers flexibility and relatively fast response time, but it requires careful planning. If you wait too long to apply, you may face limited availability in certain programs and reduced financial aid opportunities.

Recommended: College Finder Search Tool

What Happens If You’re Waitlisted?

Being waitlisted can be one of the most confusing outcomes in the admissions process. It means the college considers you a strong candidate, but they don’t have space for you in the incoming class — at least not yet.

If you’re placed on a waitlist, the college may offer you admission later if spots open up. This typically happens after the May 1 enrollment deadlines, when schools see how many accepted students committed.

Waitlist decisions can come as late as June, July, or even August, depending on the school. During this time, it’s important to secure a spot at another college to ensure you have a plan in place.

What Affects Admissions Decision Timing?

The most significant factor influencing how long it takes for colleges to respond is the specific application type you selected, such as Regular Decision, Early Action, or Early Decision. However, some other factors also play a role in when colleges release admission decisions, including:

•   Application volume: Schools that receive a large number of applications may need more time to review them thoroughly.

•   Review process complexity: Some institutions use multiple layers of evaluation, including admissions officers, faculty input, and committee discussions. This more detailed approach can extend decision timelines.

•   Application completeness: Missing materials — such as transcripts, test scores, or recommendation letters — can delay the review process and push back your decision date.

•   Financial aid review: Colleges often coordinate admissions offers with financial aid packages, which requires additional time for the financial aid office to review documentation like the Free Application for Federal Student Aid (FAFSA®).

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Paying for College

While waiting for admissions decisions, it’s also important to think ahead about how you’ll pay for college. Understanding your options can help you make informed financial decisions once acceptable letters arrive.

Financial Aid

Financial aid typically comes in three main forms: grants, scholarships, and work-study programs. Grants are often need-based and do not need to be repaid, making them one of the most valuable forms of aid.

To be considered for federal, state, and institutional aid, you’ll need to fill out the FAFSA. Some colleges also require additional forms, such as the CSS Profile, to assess your financial situation more comprehensively.

Financial aid packages are usually released alongside or shortly after admission decisions. It’s important to compare these offers carefully, as the total cost of attendance can vary significantly between schools.

Federal Student Loans

Federal student loans are a common way to help cover college costs. These loans are offered by the government and generally have lower interest rates and more flexible repayment options than private loans.

There are two main types of federal loans for undergraduate students: subsidized and unsubsidized. Subsidized loans are based on financial need, and the government pays the interest while you’re enrolled in school at least half-time and for six months post graduation. Unsubsidized loans, on the other hand, accrue interest from the time they are disbursed.

Federal loans should generally be considered before private loans because of their borrower protections, such as income driven repayment and potential loan forgiveness programs.

Scholarships

Scholarships are a highly valuable source of financial support because they don’t need to be paid back. These awards are available through colleges, nonprofits, businesses, and government agencies, with eligibility often based on academic merit, athletic ability, artistic talent, community service, or personal characteristics.

Many scholarships have deadlines that extend beyond college application season, so it’s worth continuing your search even after you’ve submitted your applications. You can learn about potential scholarships through your high school guidance counselor, college financial aid office, and online scholarship databases. Applying to multiple scholarships can significantly offset your overall costs.

Private Student Loans

Private undergraduate student loans are offered by banks, credit unions and other financial institutions. These loans can help cover gaps in funding after financial aid, scholarships, and federal loans have been exhausted. You can typically borrow up to the full cost of attendance, minus any financial aid received.

However, private loans can have higher interest rates than federal options and are not eligible for federal income-driven repayment, public service loan forgiveness, or federal forbearance options. Because terms depend heavily on credit history, students typically require a cosigner with excellent credit to secure competitive rates.

The Takeaway

The amount of time it takes to hear back from colleges depends largely on the type of application you choose. Early Decision and Early Action applicants often receive responses within four to six weeks, while those who apply Regular Decision may wait until spring. Rolling Admission can result in the earliest decision date, depending on when you apply.

If you’re waitlisted, the timeline can extend even further into the summer, requiring patience and a backup plan. Throughout the process, factors like application volume, review procedures, and the completeness of your application can all play a role in determining when decisions are released.

At the same time, planning for how you’ll pay for college is just as important as gaining admission. Understanding financial aid, loans, scholarships, and other funding options can help you make a confident and informed choice once those acceptances start coming in.

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.

FAQ

How long does it take to hear back after applying to college?

How long it takes to hear back from colleges depends on the application type. Early Decision applicants typically hear back by mid-December (taking about four to six weeks). Early Action decisions can follow a similar timeline but sometimes take longer. Regular Decision applicants usually apply in early January and hear back between mid-March and early April. With rolling admissions, it often takes four to six weeks to hear back. If waitlisted, decisions can be delayed until May 1 or even later into the summer.

What’s the difference between early decision and early action?

Early Decision is a binding application — if accepted, you must attend. Deadlines are typically in early November, with decisions released by mid-December. Early Action is non-binding, allowing you to apply early and receive a decision sooner, usually between mid-December and February 1, without committing until May 1.

Do colleges send rejection letters?

Yes, colleges generally notify applicants of their final decision. While traditional paper letters are becoming rare, most schools deliver denial notifications electronically through their official applicant portal or via email. If you are not offered a spot in the incoming class, the school will provide a clear, final update on your status through one of these channels.

What is a likely letter from a college?

A “likely letter” is a non-binding notice sent by a college to a prospective student, indicating they are very likely to be admitted if they apply. These letters are often used to recruit elite academic and athletic candidates, acting as early positive reinforcement, but they are not formal guarantees of admission.

Can you speed up the college admissions process?

You can’t actively speed up the college admissions process, but you can choose application types with earlier decision dates. Applying Early Decision or Early Action will result in a faster decision, typically by mid-December to February. Rolling Admission generally also offers quick turnarounds, usually within four to six weeks of applying.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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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.

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