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When you start paying for your own food in college, one of the biggest shocks is just how expensive it can be — especially these days, thanks to high inflation. But what if you could save money in college without settling for boring boxed mac and cheese? While it can be a challenge to keep up the same standard of living as when you were living at home, you don’t have to completely alter your lifestyle. What follows are some essential shopping and dining hacks that will help you eat well during your student years without breaking the bank.

How Much Do College Students Spend on Food?

When you consider how much college students spend on food these days, it’s easy to see why you may be chronically short on cash. The average cost of food per month for a college student is $670, according to the Education Data Initiative. To break that number down further: Students spend, on average, $410 a month eating off-campus and $260 a month on meals cooked at home.

Of course, how much a student spends on food in college will depend on where they go to school (prices are higher in New York City than Florence, Alabama, for example), and how much they eat out versus cook at home. You might spend significantly more than the average, or you may be able to get away with spending a lot less.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

11 Ways to Save Money on Food in College

Despite rising food costs, there are ways to cut your food bill and still eat well. What follows are 11 tips for how to save money on food in college.

1. Plan Out Your Meals

Living on a budget and saving money in college comes down to good planning. Once a week (maybe Sunday morning), sit down and decide what meals you’ll eat during the week. There are a lot of meal-prepping and budget recipe blogs online that can give you ideas. Once you know exactly what you’ll be cooking, you can come up with a detailed grocery list of everything you’ll need. As long as you don’t stray from the list, and you won’t end up exceeding your college student grocery budget.

Of course, things may come up at the last minute, but do your best to work your way through the meal plan.

2. Create a Food Budget

Learning how to budget in college is a critical part of having an independent and successful college experience. Here’s how to come up with a college student grocery budget:

•   Add up your total monthly income. Include any money coming in from a part-time job, parental support, loans, and other financial aid.

•   Subtract your essential living expenses. For example, this might include housing, utilities, internet, transportation (such as gas, train tickets and bus fares), and insurance (such as health, rental and auto).

•   Decide on a maximum college student food budget. Based on your findings, decide how much you can realistically spend on food each week, including groceries and eating out.

•   Track your food spending. To make sure your food spending stays within budget, you might start tracking your food spending with an app on your phone. Some budgeting apps, like YNAB (You Need A Budget) are free for college students; others, like Goodbudget, EveryDollar, and PocketGuard, offer a free basic plan.

3. Set a Limit on Dining Out

Eating out is the biggest monthly food expense for college students without a campus meal plan, running around $102 per week, according to the Education Data Initiative.

Even grabbing coffee on (or off) campus every morning can add up — just one Starubcks tall drip coffee ($1.85) a day costs $462.50 a year. If you brew your own ($0.62 per cup; $155.00 per year), you can save $307.50.

That doesn’t mean you can never go out for meals and treats. You might choose to eat out with friends on Saturday nights, for example, or grab a special coffee drink on Sunday mornings.

Recommended: 10 Money Management Tips for College Students

4. Start Couponing

It may sound old school but using coupons can help you spend significantly less on groceries in college. You might start by signing up for your favorite store’s loyalty program. This will give you access to digital, store-sponsored deals. Then stack up more deals by clipping coupons from the weekly circular in the mail, and saving them for your next grocery run. Before you hit the store, go online: You can often find good coupons at sites like Coupons.com, Redplum.com, TheKrazyKouponLady.com, and SmartSource.com. It’s also worth checking manufacturer’s websites for offers on items you buy regularly.

5. Buy Generic or Store Brands

Reaching for a popular brand of food generally means spending more money. To grocery shop on a budget, consider going with the item’s generic or store brand counterpart. Consider: At Target, a 20-ounce bottle of Heinz ketchup runs $5.49, while the store brand equivalent is $1.59. While shaving a few dollars off your bill may not seem like much, saving a few extra bucks on 20 items can add up.

Also keep in mind that many generic products are manufactured in the same factories as your favorite name-brand products. Some generic products are, in fact, exactly the same as name-brands but with a lower price tag.

6. Buy in Bulk

Some foods cost significantly less when purchased in larger quantities. And you can take advantage of bulk pricing even if you are shopping for one — just freeze what you don’t need. For example, if you see a two-for-one deal on bread, cheese, or meat, take advantage of the savings and freeze the extra item. You can also cash in on bulk savings for items that last longer, such as cereals, oatmeal, rice, and pasta. This tip for saving money on food can also lead to fewer trips to the store, saving transportation costs (and time).

7. Learn How to Cook Healthy, Budget-Friendly Meals

Buying a box of ramen for a couple of bucks may seem like the cheapest meal for college students, but it could end up costing you in the end. It doesn’t have much nutritional value and likely won’t fill you up, so you may end up eating more. A better strategy: Learn how to cook a few simple, healthy meals that focus on veggies and whole grains and make (costlier) lean meat the “side.”

You can also lower your grocery bill by buying in-season (or frozen) produce, and adding meatless Monday to your calendar. Cheaper protein substitutes include beans, tofu, and lentils.

8. Download Apps That Offer Cash Back on Groceries

When you’re searching for ways to save money on food in college, don’t forget about all the rebate apps out there. While these apps don’t give you a discount up front (like a traditional coupon), they offer cash back for buying groceries, which can add up to a significant sum over time. You can typically register with these services for free. Depending on the app, you may need to link a loyalty card or submit receipts to receive a rebate. Some to check out:

•   Ibotta

•   Receipt Hog

•   Checkout 51

•   Fetch Rewards

•   Rakuten

Recommended: What Are Cash-Back Rewards and How Do They Work?

9. Consider Buying a College Meal Plan

Generally, students will save money by declining the meal plan and making most of their meals at home. However, that’s not the case for everyone. Off-campus dining can add up quickly. So if you tend to eat out a lot and don’t enjoy cooking, a campus meal plan could potentially be a better deal. You might opt for the lowest plan (such as seven meals per week) and then use your swipe for the most expensive meal of the day.

Another dining hall hack that can help you save on food: Bring a plastic container with you and pack up your leftovers and unused napkins that you already took (you paid for it and it will only end up in the garage.)


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

10. Find Free Food

While it’s not something you can rely on every day, you’d be surprised at how much free food is available on campus. School groups, clubs, and organizations will often offer free food to students as a way to draw a larger crowd to their public events. Browse community boards, event flyers, and your school’s newspaper or website to learn about special events offering free food. This is one of the easiest ways to save money on food in college.

Recommended: How to Get Involved on Campus in College

11. Maximize Your Leftovers

It’s not always easy, or cost-effective, to cook for one, so you may want to cook more than you need. This means leftovers, which can help you save money on meals later in the week. While it may sound boring, you can get creative with leftovers. Making chicken one night? Shred the leftovers, add some salsa and toss it on a tortilla for lunch the next day. Or, mix it up with a little mayo for chicken salad. Leftover veggies, rice, quinoa, beans, meat, and/or seeds can all come together for a tasty Buddha bowl.

Just keep in mind that leftovers can typically be kept for three to four days in the refrigerator, according to the Mayo Clinic. After that, the risk of food poisoning goes up. If you don’t think you’ll finish leftovers within four days, freeze them right away.

The Takeaway

Food is expensive but that doesn’t mean you can’t eat well on a student budget. The key is to plan ahead; get comfortable with a few low-cost, healthy (and easy) recipes; maximize leftovers; and minimize eating out.

Also keep in mind that student loans, both federal or private, can be used to cover not just the cost of tuition and fees but also living expenses, and that includes groceries and food. If an expense is essential to your educational success — meaning it supports your basic daily needs or attendance at school — it’s likely a permissible use of student loan funds.

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

Is it cheaper to buy your own food in college?

It’s generally cheaper to buy groceries and cook at home than to sign up for the college meal plan. However, that’s not necessarily true for every student. Off-campus dining can add up quickly. So if you tend to eat out a lot and don’t like to cook, a campus meal plan could potentially cost less than buying your own food.

How much should a college student spend on groceries a month?

It depends on your budget and the cost of food in your area. On average, college students spend $670 on food per month. That includes eating off-campus ($410) and meals cooked at home ($260).

What percent of college students eat out?

College students spend, on average, $102 a week eating off-campus, according to the Education Data Initiative. They tend to eat a little over 20% of their meals out.

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 Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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.

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When you’re in school, it can seem like all your money is going toward tuition and books. Still, it’s essential to learn how to budget as a college student.

You may not have a full-time job yet, or even know your major, but managing your money early on could help you save for spring break, uncover monthly savings, and avoid taking out additional student loans.

Here’s how to get started.

4 Steps to Create a Budget in College

Step 1: Calculate Your Income

When it comes to budgeting in college, a good first step is figuring out how much money you actually have to spend. To do this, add up your income. This may include student loans, scholarships, a part-time job, or contributions from your family.

It’s a smart idea to revisit your income regularly, such as at the start of each term. That way, if you’ve switched jobs, had a change in your financial aid package, or received a windfall from your parents, you can adjust the budget accordingly.


💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

Step 2: List Your Expenses

If you’re new to learning how to budget as a college student, there’s a little homework involved in figuring out your spending habits. If you’re game for this task, take an evening to list all of your college-related expenses and their cost each month. Then categorize each expense as either “necessary” or “fun.”

Necessary expenses are essentials, like rent, utilities, books, tuition, food, and gas. Fun expenses are related to entertainment — think dining out, bar tabs, tickets to athletic games, travel, or clothes.

You may also want to consider making room in the budget to build your savings. Double-check if any of your student loans have interest that needs to be paid immediately. Even if interest payments are deferred, it’s smart to start paying down student loan debt now. After all, every little bit helps.

Step 3: Choose a Budgeting Method

There’s no one-size-fit-all approach to budgeting for college students, and it may take some trial and error before you find the type that works for you. Here are some popular budgeting methods you may want to explore:

50/30/20 Budget

In the 50/30/20 budget, you allocate 50% of your after-tax dollars to “needs,” 30% to “wants,” and the remaining 20% to savings.

Recommended: See how your money is categorized using the 50/30/20 rule calculator.

The 70% Rule

The 70% Rule is similar to the 50/30/20 budget. Here, you allocate 70% of your after-tax income to living expenses, 20% to paying down debt or — if you have no debt — to savings, and 10% to whatever you wish.

Zero-Sum Budget

The goal of a zero-sum budget is to assign a purpose to all of your monthly after-tax income. Start by assigning dollars to each of your required bills, like rent, groceries, or student loan payments. Then figure out how much is left over for discretionary spending and saving, and assign where exactly that money is going.

Pay Yourself First

The premise of “pay yourself first” is simple: Assign money for savings or other financial goals, and spend the remaining money however you wish.

Envelope Budget

Each month, take out a set amount of cash to spend in each budget category, such as “groceries” or “transportation.” The money is stored separately in different envelopes, which you draw from when needed. (You can also adapt this budgeting method to use your debit card — just be sure to keep track of your spending.)

Line-Item Budget

A line-item budget can help you keep track of monthly expenditures. Using a spreadsheet or a pencil and paper, simply list your income for the month (or school term, if you’d prefer). Then, list each expense you have during the month. This allows you to see your income and cash that’s flowing out. If you’d like to see how your current spending stacks up, you can include a list of past expenses.

Shared Cost Splitting

If you have a roommate or are living with a partner, you split shared monthly bills right down the middle (or whatever percentage you both agree on). Each person pays their part.

Need help keeping track of your finances? Online tools like a free budget planning app might come in handy.

Step 4: Set Up a System to Track Your Budget

There are at least three good ways to help you budget in college:

•   Whiteboards

•   Budget-tracking apps

•   Spreadsheets

All three methods work similarly. You’ll record your income and expenses for the month. At the end of the month, you’ll look back on how much you brought in and how much you spent so you can make adjustments for the next month.

A whiteboard works particularly well if you have roommates and split your bills. It helps keep everyone accountable and serves as a good reminder to pay your bills on time. In the whiteboard scenario, you can record what you spent for the day, and update your totals every day. It’s best to put the whiteboard in a spot where you can see it, such as by your desk or on the fridge.

A budget-tracking app on your phone lets you take your budget on the go. Budget apps can link to your bank and credit card accounts, so every time you make a transaction, the app automatically records it.

You can set up your budget by adding new categories, and maybe allow notifications so you get a warning when you’re close to going over on your burrito budget.

You can also learn how to budget in college by making a simple spreadsheet. Build a virtual spreadsheet with Google Sheets or Excel, using a new tab for each month in the year so you can separate monthly expenses.

This method is more manual than an app, requiring you to look at your bank or credit card statements and manually record each transaction in your budget.

Tips for Sticking to Your College Budget

Managing your money as a college student doesn’t have to be overly complicated. Here are some ways you can live within your means:

•   Build a financial cushion into your budget.

•   Start an emergency fund.

•   Overestimate your expenses — and underestimate your income.

•   Take advantage of free events in your area.

•   Save on food by cooking your own meals.

•   Set financial goals each month or school term to help you stay focused and motivated.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

The Takeaway

If you’re in school and are new to taking financial ownership, you might not know how to track income and expenditures — or want to. But learning how to budget money in college could help you afford to eat more than ramen, lessen debt, and maybe even spot ways to save money.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

How do I set up a basic budget?

To create a basic college student budget, start by listing all your sources of income, including financial aid, earnings from a part-time job, and family contributions. You can divide this amount by the number of months you need to make the money last; this is how much you have to live on each month. Next, write down all your necessary expenses, such as rent, transportation, and groceries. Subtract your fixed expenses from the monthly spending allotment. Whatever is left over can be used to cover non-essential expenses, like dining out, travel, and buying clothes.

What is a 50/30/20 budget for college students?

In this type of budget, you assign 50% of your after-tax dollars to fixed expenses, such as rent, food, utilities, insurance, and car and student loan payments. Next, allocate 30% of your money to variable expenses, like travel, dining out, and entertainment. Finally, set aside the remaining 20% to savings.

What tools can college students use to manage their budget?

There is no shortage of options when it comes to tools to manage a budget. A budgeting app, spreadsheet, or even a pen and paper can all do the trick. Your bank may also offer budgeting tools.

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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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.

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Some mortgage servicers allow borrowers with unforeseen financial troubles to trim or pause mortgage payments short term through a process called mortgage forbearance. So if a homeowner hits a snag and can’t pay, a sudden hardship — such as temporary unemployment or health issues — doesn’t necessarily lead to credit damage or foreclosure.

The goal of forbearance is to give the borrower a chance to become more financially stable. If this sounds like something you need — or if you simply want to read up on forbearance so you’ll be prepared if the unexpected happens — this guide is for you.

Identifying Your Loan Servicer

If you want to ask if mortgage forbearance is an option, you’ll first need to determine your mortgage servicer, which may not be the lender that originally provided the loan. The name of the servicer typically appears on the bill that arrives in the mail or on the website where mortgage payments are made. You could also try looking up your servicer on the MERS® website. Those who think they may have Fannie Mae or Freddie Mac-owned loans can check online as well.


💡 Quick Tip: Have you improved your credit score since you made your home purchase? Home loan refinancing with SoFi could get you a competitive interest rate with lower payments.

What Does Mortgage Forbearance Really Mean and How Does It Work?

During forbearance, interest is not paid but accrues and is later added to the loan balance. All suspended payments also will need to be paid back. If rough seas are rising around you, it doesn’t make much sense to wait to ask for a lifeline. Similarly, if you’re experiencing a hardship, before missing even one mortgage payment, it would be smart to contact your servicer to ask about options, go over the details, and formalize an agreement.

It’s important to ask whether skipped payments are expected to be paid in a lump sum when the forbearance ends, paid in installments, or added to the end of the loan term. Forbearance is often only granted after a financial review to gauge the likelihood that you can resume regular payments at the end of the forbearance period.

Do You Have to Pay Extra Interest for Forbearance?

Typically no. The interest rate and amount of interest follow the loan agreement.

The loan interest might change only if the lender extends the loan term or increases the loan interest rate.

Pros and Cons of Mortgage Forbearance

Federally Backed and Private Mortgage Options

Thanks to the CARES Act, both conventional and government-backed mortgages were eligible for forbearance due to Covid-related hardships. But these programs wound down in the fall of 2023. This means forbearance programs are specific to your lender, as they were prior to the pandemic. So whether you have a conventional home loan or government-insured home loan (an FHA, USDA, or VA loan), if you’re experiencing hardship it’s important to contact your loan servicer as soon as possible to discuss options and the exact terms.

Lenders typically ask for documentation to prove the hardship, including current monthly income and expenses. They also will want to know whether your hardship is expected to last six months or less (short term) or 12 months (long term). Depending on the lender, you may need to call to discuss options or might be able to start the forbearance request process online.

Coming Out of Forbearance

When a forbearance period ends, how will the amount that was paused be repaid? The answer depends on the lender and type of loan.

•   It’s possible that the sum unpaid during the forbearance period will be due in full once a loan is out of forbearance.

•   That is not true with a Fannie Mae, Freddie Mac, FHA, USDA, or VA loan. With these loans, the amount that was suspended will not be required to be paid back in a lump sum.

•   Other lenders may extend the loan period, adding the forbearance dollars to the end of the loan.

•   Yet other lenders may raise monthly payments once a loan is out of forbearance to make up the amount that wasn’t being paid during the mortgage forbearance period.

Deferred Mortgage Payments and Credit Scores

Even one missed mortgage payment will dent your credit scores, and late payments will stay on your credit history for seven years. Forbearance, on the other hand, usually does not show up on credit reports as negative activity.

Alternatives to Mortgage Forbearance

For those who can’t afford to pay their mortgage, mortgage relief options like these may be available.

Mortgage Loan Modification

If you cannot refinance your loan, loan modification is an option. Loan modification changes the original terms of your mortgage long term or permanently. The point is to make your payments more manageable, usually with a lower interest rate, a longer loan term, or both. If the length of the loan is extended, you’ll probably pay less per month than before but pay more interest over the life of the loan.

When reaching out to your loan servicer to discuss loan modification, it’s wise to ask about any fees for the modification; what the new repayment term, rate, and payments will be; and whether the modification is temporary or permanent. As with forbearance, evidence of financial hardship and a letter will be required.

Mortgage Refinancing

Refinancing a mortgage is altogether different from modifying a home loan. When refinancing a mortgage loan, you’re applying for a brand-new loan that would then be used to pay off outstanding home debt. You might qualify for a lower interest rate or get a longer loan term. Closing costs apply.

If you’re struggling financially, it might be difficult to qualify for refinancing, but it doesn’t hurt to get prequalified, which takes mere minutes. You may find that you’re eligible for a refinance during or after forbearance, according to Fannie Mae. (If you do this, make sure you seek mortgage prequalification vs. preapproval and that you understand the difference.)

Draw on Savings

In an emergency, you may want to consider tapping your emergency fund or retirement account. If you have a Roth IRA, remember that you can withdraw contributions at any time tax- and penalty-free. (If you withdraw the earnings on the account, however, you may be subject to taxes, a 10% penalty, or both.)

You may qualify for a hardship distribution from a 401(k) and permanently withdraw money if your plan allows it. Your employer will likely deduct 20% upfront for taxes. The 10% penalty tax is waived if the hardship withdrawal is for a handful of specific reasons.

Sell Your Home

If the weight of mortgage payments becomes too much, you could sell your house and pay off the mortgage.

If the proceeds would fall short, an option is a short sale. Your lender decides whether or not to OK the sale or whether to work out a plan, like allowing you to make interest-only payments for a set amount of time or extending the loan term.

Declare Bankruptcy

Another option to stave off foreclosure is filing for Chapter 13 bankruptcy. Chapter 13 allows a borrower up to five years to pay missed mortgage payments. So instead of having to make one giant payment, if that’s what is being asked for, a homeowner could break up the payments over 60 months.

If, for example, a homeowner accepted a 12-month forbearance on monthly payments of $2,400, a Chapter 13 plan could allow the $28,800 in arrears to be paid over 60 months. Other debts can also be restructured and possibly discharged under Chapter 13.


💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

The Takeaway

Mortgage forbearance allows paused or reduced payments for borrowers experiencing a sudden hardship that is expected to last six months or less. It’s one way to ward off foreclosure. It’s not the only way, however, so it’s worth consider forbearance as well as other options such as a loan modification or mortgage refinance.

SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.

FAQ

Does forbearance hurt credit?

No, if you abide by all the terms of the agreement. Skipped payments during a forbearance period are typically not reported to the credit bureaus.

Is mortgage forbearance a good idea?

If the financial hardship is short term, forbearance could provide a welcome respite until you get back on your feet. And it sure beats foreclosure.

Does forbearance affect getting a new mortgage?

It depends. For Fannie Mae- and Freddie Mac-backed loans, if you paid everything back in a lump sum after forbearance, you can proceed. If not, you will need to make three consecutive payments under your repayment plan or payment deferral option.

FHA loans have a waiting period that varies by loan type if you’ve missed any payment in forbearance, even if you paid everything back in a lump sum.

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 for more information.

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.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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