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Gas prices hit new highs in 2022 before falling throughout 2024 and 2025. They then spiked in early 2026 but have been dropping and are expected to continue to fall in 2027., Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Why Gas Prices Are Falling in 2026

As anyone who’s gone to the pump in the past couple of years knows, filling up isn’t as cheap as it used to be. Although gas prices were steadily decreasing from the mid-2022 peak, they remained stubbornly higher than before the pandemic. In 2026, gas prices spiked, reaching a peak of $4.48 in May, largely due to the rising demand for gasoline and the prolonged closure of the Strait of Hormuz. Over the past few months, amid optimism that the Strait of Hormuz would resume normal operations, prices have been dropping, but they remain around 26% higher than they were last year.

Thankfully for drivers, gas prices are expected to continue to fall as inventories rebuild. According to the U.S. Energy Information Administration (EIA), prices at the pump will average around $3.40 per gallon in quarter four of 2026, and the annual average price of gas is expected to drop even more — to $3.10 per gallon — in 2027.

If fill-ups are putting a dent in your wallet, consider using a money tracker to monitor spending and create budgets.

Average Price by State for Regular Unleaded in August 2026

Data is courtesy of AAA.

Average Price by State for Premium in August 2026

Data is courtesy of AAA.

Average Price by State for Diesel Gas in August 2026

Data is courtesy of AAA.

Average US Gas Price 1978 to 2025

Data is courtesy of the U.S. Bureau of Labor Statistics.

Tips for Finding Cheap Gas Stations in Your State

Here are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

•   Use an app such as GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers GasBack, which lets you earn free gas when shopping at certain brands, a paid subscription, and more.,,

•   Check the AAA gas price monitoring website, which gets updated every day. Drivers can search by state and county to find the best prices.

•   Look at the gas prices on Google Maps and Waze. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although you can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

•   Use Upside to compare gas prices near you and earn cash back every time you fill up your tank.,

•   Get Costco or Sam’s Club membership to get discounts on gas as well as the ability to buy in bulk., It’s often the cheapest refilling option for club members.

•   Fill up on a day of the week that tends to have lower prices. Generally, Monday is the cheapest, followed by Sunday, while Wednesday, Thursday, and Friday are the most expensive days.

Recommended: What Credit Score Is Needed to Buy a Car

The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas and stay within your budget, including apps and membership-only retailers.

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

What was the price of gas in 1980?

In 1980, the average price of gas was $1.22. That is equivalent to $5.24 in 2026 dollars.

What year were gas prices the highest?

In June 2022, gas prices in the U.S. hit an all-time high of $4.93. The average gas price for 2022 was $4.19.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.12 and $1.29 per gallon. The average for the decade was $1.21, which is around $2.46 in today’s money.

What year were gas prices the lowest

Between 1978 and 2025, 1978 recorded the lowest gas prices, at $0.65 per gallon. That comes out to $3.47 in today’s prices.

When will the price of gas go down?

While gas prices spiked in early 2026, they have been going down and are expected to continue dropping in 2027. According to the U.S. Energy Information Administration, they will average around $3.40 per gallon in Q4 2026 and fall to about $3.10 per gallon the following year.

Photo credit: iStock/skodonnell

SoFi Coach offers users the ability to connect SoFi and external accounts using the Plaid service. When you use the service to connect an account, you authorize SoFi to obtain account information from external companies as set forth in SoFi’s Terms of Use. Based on your consent, SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without your needing to connect additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, nondelivery or failure to store any user data, the loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. Your credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

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

SORL-Q326-040

Many landlords will only consider prospective tenants with decent credit scores. However, some private landlords who are eager to fill empty rentals quickly may advertise no-credit-check apartments. In other cases, smaller family-owned buildings just don’t have the same documentation requirements as bigger complexes handled by property managers or brokers. Even if the building you’re interested in does require a credit check, there may be ways to get around it.

If you have bad credit or no credit, explore all the ways you can still rent an apartment.

Are There No-Credit-Check Apartments?

A handful of landlords will rent an apartment without a credit check. However, apartment hunters should approach advertised no-credit-check apartments with caution. The term can sometimes be code for “these units are problematic,” “this landlord is difficult,” or even “this is a scam.”

Sometimes, however, private landlords in smaller buildings just don’t see the need for credit checks. They don’t advertise this, but for rent by owner (or FRBO) listings can offer a clue.

Instead of pulling a credit report themselves, some landlords will accept a credit reference with the rental application. Credit reference documentation can be a recent credit report that the tenant provides (saving them from paying a fee), pay stubs and W-2s, or letters from previous landlords or lenders — basically, anything that shows your ability to pay the rent.

Recommended: Trying to Rent in a Tight Housing Market? 4 Steps to Win the Lease

Why Landlords Perform Credit Checks

Landlords perform credit checks for apartment rentals for the same basic reason that employers run credit checks for employment: to help determine whether a prospect is financially responsible.

Landlords want tenants who pay their rent on time. By checking an applicant’s credit report, a landlord can see how reliably the person pays their bills and manages their credit. If someone has a history of late payments or outstanding debts, a landlord may think twice before renting to them.

When landlords run a credit check, it will be a soft credit inquiry, which won’t affect your credit score.

How the Process of No-Credit-Check Apartments Works

Depending on the landlord, the application process for a no-credit-check apartment can be pretty standard or very casual. Landlords generally ask for the following as part of your application:

•   Proof of identity

•   Proof of employment, income, or financial stability

•   Vehicle information, if parking is provided

•   Personal references

•   Application fee

Typically, it takes one to three business days to process an application. Afterward, you’ll be given a lease to sign. At this time, you can negotiate the security deposit, move-in date, and any details such as minor repairs to be made. When you receive the keys, the place is yours.

Where to Find No-Credit-Check Apartments

You can find no-credit-check listings in print, online, or via signs on some buildings. No-credit-check apartments are usually not handled by a hired property manager or broker. Instead, they are managed by a private landlord (the building owner) who needs to have rent continually coming in to cover the costs on their property.

Some of these landlords are less particular about their prospective tenants. Others trust their instincts about people over credit and background checks. And others still, as noted above, just don’t want to deal with the hassle and fees associated with credit checks.

Tips for Renting an Apartment With No Credit

If you’re looking to rent an apartment (or house) but you have no credit or bad credit, here are some tried-and-true strategies.

Recommended: Should I Sell My House Now or Wait?

Be Honest

No one likes an unhappy surprise. If you haven’t established credit yet, say so. If you have credit problems, say so. Have a conversation with the landlord before you apply to gauge their flexibility and warn them of red flags in your credit history. Then, include a cover letter with your application repeating your explanations. Glowing reference letters also help offset a poor credit score.

Recommended: What Is a Tri-Merge Credit Report?

Get a Roommate

Finding a roommate with good credit can help make the deal go through. A landlord may accept using your roommate’s name alone on the lease (assuming the roommate is OK with taking full responsibility for rental payments). Or you may be able to put both of your names on the lease.

Look for Sublets and Shares

Sometimes, a leaseholder will sublet their apartment while they pursue opportunities elsewhere. This allows them to return to their former home in the event they want to move back. Rather than paying rent to the landlord, the subletter will often pay the leaseholder, so financial documentation may not be required. This is a common arrangement in big cities, especially among leaseholders of rent-stabilized apartments.

In share situations, roommates who are on the lease may sublet an extra room without requiring much, if any, documentation. As long as you make a good impression, they may give you a chance.

Find a Cosigner

A cosigner is someone who promises the landlord to cover your rent if you cannot pay. They’re usually a good friend or family member with great credit. Cosigners may or may not live in the apartment.

Pay a Higher Security Deposit

If you’re brainstorming how to rent an apartment with bad credit and no cosigner, consider laying some cash on the line. Whether you dip into savings or build up your reserves with an online budget planner, putting down several months’ rent as a security deposit can reassure the landlord.

Show Financial Proof

Perhaps you make a decent income that will make it easy to pay your rent, or you have saved up some money as a cushion. Share proof with the landlord in the form of pay stubs and bank statements.

Use Previous Landlords as References

If you’ve rented from other landlords and made those payments on time, bring a reference letter or two to prove it. Ideally, the reference should be on letterhead or at least look neat and professional. That might mean creating the letter yourself and having your previous landlord sign it.

Promote Yourself

Have superior presentation skills? You can use them to persuade your landlord what a great tenant you’ll make. Turn on the charm. Bring homemade baked goods. It just might work.

Build Your Credit History

If there’s somewhere you can stay for now, such as with a friend or family member, spend that time building your credit history. To build up poor credit, focus on paying bills on time and paying down credit card balances. During this time, it may help to sign up for free credit monitoring. What qualifies as credit monitoring varies by service, but look for one that offers alerts whenever your score changes.

When you have no credit, you can start to establish your history by becoming an authorized user on a credit card or putting a utility in your name. Just be aware that it may take six months or more for the system to generate your credit score. You may be able to check your credit score for free through your bank, credit card company, or credit counselor.

The credit score needed to rent an apartment varies by location and landlord. But according to FICO®, a credit score of at least 670 is usually enough to rent an apartment.

The Takeaway

If you haven’t yet established credit or have a problematic credit history, no-credit-check apartments are one option. However, there are many other ways to secure a rental, from finding a sublet or share situation to paying a higher security deposit. But beware of shady no-credit-check apartments: There’s no reason to settle for an unsafe or unhygienic environment just because of your credit score.

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

What happens if you don’t have credit but want to rent an apartment?

Let the landlord know up front, and ask what you need to do to rent the apartment. Their suggestions may include getting a roommate or cosigner with good credit or putting down a larger security deposit. If you’ve rented in the past and made payments on time, ask your previous landlords for reference letters and build a case about why you’ll make a great tenant.

Can I rent an apartment with collections?

If you’re planning to rent a no-credit-check apartment, then the landlord won’t consider issues on your credit report. If your credit will be checked, talk to the landlord up front to see if renting with collections on your report is somehow possible.

What’s the minimum score to rent an apartment?

It’s up to the individual landlord. If a landlord requires a good credit score, FICO considers that to be in the range of 670-739.

I’m wondering how to pay rent with a credit card, no fee. What can I do?

If you’re renting right now, ask your landlord. If you’re seeking an apartment to rent, ask prospective landlords if this is possible. Each landlord has their own policy about credit cards.

How do I pass a rental credit check?

First, know what’s on your credit report, which you can check for free from the three major credit bureaus (Equifax®, Experian®, and TransUnion®), and be prepared to answer questions about it. If you spot any errors on your report, make sure to dispute them to increase your chances of being approved for an apartment application.

Photo credit: iStock/StefaNikolic

SoFi Coach offers users the ability to connect SoFi and external accounts using the Plaid service. When you use the service to connect an account, you authorize SoFi to obtain account information from external companies as set forth in SoFi’s Terms of Use. Based on your consent, SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without your needing to connect additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, nondelivery or failure to store any user data, the loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. Your credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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

SORL-Q326-039

The growing cost of college means that parents or grandparents who intend to pay part or all of the tab for a child need to chart a course. A tax-advantaged 529 college savings plan is one way to save for future education costs.

Although 529 plans have been around since 1996, many parents still aren’t sure how they work. Yet they are worth knowing about in detail, as they can be used for a variety of educational expenses and are not subject to federal taxes.

Read on to learn more on 529 plans and whether opening one is the right move for you.

529 Plan Basics

A 529 plan is a tax-advantaged savings account designed to help families save for education expenses. Contributions grow tax-free, and withdrawals for qualified expenses, such as tuition, books, and room and board, are also tax-free. Many states offer additional tax benefits for residents who contribute to their state’s plan.

Funds can be used for various educational institutions, including colleges, universities, trade schools, and even some K-12 expenses. 529 plans offer flexibility and can be transferred to other family members, if needed. There are two types of 529 plans: prepaid tuition plans and education savings plans, each with unique benefits.

Prepaid Tuition Plan

A prepaid tuition plan allows you to prepay tuition and fees at certain colleges and universities at today’s prices for a child’s future educational needs. Such plans are usually available only at public schools and for in-state students. Only nine states are accepting new applicants, and the funds saved are typically not able to be used for room and board.

The main benefit of a prepaid college plan is that you could save big on the price of college by prepaying before prices go up. And contributions are considered gifts, so deposits up to a certain threshold each year ($19,000 in 2026 or $38,000 for a married couple combining gifts) qualify for the annual and lifetime gift tax exclusion.

A few special-case guidelines to note:

•   If your child doesn’t attend a participating college or university, you will likely be able to use the funds you set aside at another school. Another option may be to transfer the plan to an eligible sibling. If no one in the family plans on attending college, most plans will refund your money, perhaps minus a cancellation fee.

•   If your state government doesn’t guarantee the plan, you may lose the payments you’ve made if the state runs into budget shortfalls.

•   Prepaid tuition plans may charge an enrollment fee and ongoing administrative fees.

•   Although most of the plans can’t be used for room and board, Florida prepaid plans, for example, offer a prepaid dormitory plan of two semesters of dorm fees for each year of state university coverage.

An alternative to the state-sponsored plans is the Private College 529 Plan, which has over 300 participating institutions nationwide. The Private College 529 Plan is a prepaid tuition plan specifically designed for private colleges and universities. It allows families to lock in current tuition rates at participating private institutions, protecting against future tuition increases.

Recommended: Private vs Public College

Education Savings Plan

The second type of 529 plan is an education savings plan. Here’s how it works:

•   You can contribute monthly, quarterly, or annually, or deposit a lump sum. Beyond parents making regular payments, 529 plans can be a clever way for the extended family to give a meaningful gift on birthdays or holidays. There is no limit on how much you can add yearly, but you’ll have to fill out gift tax Form 709 if you contribute more than the annual gift amount.

•   While contributions are not deductible on the federal level, many states provide tax benefits for saving in a 529 plan, such as deducting contributions from state income taxes or giving matching grants. Check your local tax laws to see if you qualify.

•   Once you contribute, you will likely have a range of investment options to choose from. These vary from state to state and may include mutual funds and exchange-traded funds (ETFs).

•   You may want to tailor your choices to the date you expect to withdraw the money. You can possibly be more aggressive if you have a longer timeline but may sway more conservatively if you only have a few years.

•   Money can be withdrawn tax-free from a 529 savings plan to pay for any qualified higher education expense, which includes tuition, fees, books, computers, and room and board.

•   You can make withdrawals as long as your child is enrolled at least half-time at an accredited school, regardless of where in the United States it is, and occasionally abroad. Parents can also withdraw up to $20,000 a year to pay for K-12 tuition expenses and for student loan repayment.

•   If you withdraw money for the above expenses, you won’t have to pay federal income tax and often state income tax, on your earnings. If you withdraw the funds for other reasons, you’ll have to pay taxes, and you may or may not be able to avoid the 529 withdrawal penalty, a 10% federal tax penalty on the earnings.

•   Starting in 2024, families with leftover savings in a 529 college savings account may be able to roll it into a Roth IRA tax- and penalty-free. That is one of several retirement savings changes that are part of the SECURE 2.0 Act.

One last note: It is possible to change the beneficiary of a 529 plan to another eligible family member. For example, you can switch to a younger child if your oldest got a scholarship.

How 529 Savings Plans Compare With Other Options

When planning for education expenses, 529 savings plans are a popular choice due to their tax advantages and flexibility. However, other options are available, each with unique benefits and limitations. Comparing a 529 plan to alternatives such as a Coverdell Education Savings Account, a basic brokerage account, a traditional IRA, a Roth IRA, or a UGMA/UTMA account can help families choose the best strategy.

Recommended: Financial Aid for Higher-Income Families

Coverdell Account

Like a 529 plan, a Coverdell account, also called an Education Savings Account (ESA), is a tax-advantaged savings account to pay for qualified education expenses.

Unlike a 529 account, total contributions from all sources to a Coverdell account cannot exceed $2,000 annually per beneficiary. Another difference is income limits: You can only use an ESA if your modified adjusted gross income is less than $110,000 (singles) or $220,000 (married couples filing jointly).

You can only make contributions until the child reaches age 18, and all funds must be withdrawn by the time the beneficiary reaches age 30. A 529 plan generally does not restrict the age of the beneficiary.

Basic Brokerage Account

Instead of a 529 plan, some families may favor a brokerage account, which affords the freedom to choose whatever investments they want and the ability to use proceeds for any need a young person has.

The main benefit of a 529 plan is that you don’t have to pay capital gains tax on any distributions used for qualified education expenses. Many families, however, pay a 0% long-term capital gains tax rate anyway. (Long-term capital gains apply to a security held for a year or more. The day-to-day increases or decreases in an asset’s value before it is sold are unrealized gains and losses.)

For 2026, married couples filing jointly with taxable income of $98,900 or less and single filers making $49,450 or less may qualify for the 0% long-term capital gains rate.

A 529 account, then, may be of greatest use to families that need an additional tax shelter.

Recommended: How to Reduce Taxable Income for High Earners

Traditional IRA

Withdrawals from a traditional IRA before age 59½ that are used for qualified higher education expenses are not subject to the 10% early distribution penalty, but you will still pay income tax on the distribution.

Money in a qualified retirement plan is not reported on the FAFSA®, but distributions may be reported as untaxed income, and income is weighted much more heavily than assets for financial aid. Remember that a 529 savings plan will have a limited impact on the financial aid offer a student receives.

It is generally thought that retirement plans should be used for just that and not for college expenses.

Recommended: How College Financial Aid Works

Roth IRA

With a Roth IRA, you can withdraw contributions tax- and penalty-free at any time, but distributions will be reported as untaxed income on the FAFSA, reducing eligibility for need-based financial aid.

You generally must be at least age 59½ and have had the Roth account for at least five years to withdraw earnings tax- and penalty-free. If you are under 59½, you may be able to avoid a penalty (but not taxes) if you withdraw earnings to pay for qualified education expenses.

Some people opt to max out their Roth IRA contributions and then invest additional money in a 529 plan.

UGMA and UTMA Accounts

You can open a Uniform Gifts to Minors Act or Uniform Transfers to Minors Act account on behalf of a child under age 18. The adult custodian controls the money, but gifts and transfers irrevocably become the property of the child.

As with a 529 plan, annual contributions to a UGMA or UTMA account are unlimited, and gifts below the annual gift threshold do not need to be reported to the IRS on gift tax Form 709.

Unlike college savings plans, there is no penalty if the account assets aren’t used to pay for college. Once the minor reaches adulthood, the money is turned over to the former minor, who can use the assets for college or anything else.

But custodial accounts have drawbacks when compared with 529 savings plans: The accounts offer no tax benefits when contributions are made. Earnings are subject to taxes. A custodial account is also counted as a student asset on the FAFSA and will weigh more heavily against financial aid eligibility than parents’ assets or assets held in a 529 account or an ESA.

Choosing a 529 Savings Plan

Every state offers a 529 savings plan, but not all are created equal. When trying to find the best 529 college savings plan, you may want to think about the tax benefits and the fees.

First, you may want to understand whether you qualify for a state income tax deduction or credit for your contributions, based on your state of residence and the plan. Check your state laws and consult a tax professional to learn more about your particular situation.

The next thing you could consider are the fees associated with your plan, which could include enrollment fees, annual maintenance fees, and asset management fees. Some states let you save on fees if you have a large balance, contribute automatically, are a state resident, or opt for electronic-only documents.

The Takeaway

For many students, the cost of college can be eased with a tax-advantaged 529 savings plan. The accounts allow for tax-free growth of funds that can help dreams of affording higher education come true.

529 plans are still rarely used, though, as most college students take on loans to get through school. Students can rely on both federal and private student loans, in addition to cash savings, scholarships, and grants.

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

Are 529 plans worth it?

A 529 plan can be a worthwhile college savings vehicle, depending on a family’s situation. If the student is definitely going to attend college and if the state of residence offers tax benefits for these savings or a prepaid tuition plan, it can be a good option.

Why shouldn’t you invest in a 529 plan?

For some people, a 529 may not be the best option. If a family is unsure whether a child will attend college, lives where there aren’t state-level tax breaks for these programs, or thinks they can earn higher returns elsewhere, they might not want to open a 529 college savings plan.

Is a 529 plan better than a savings account?

A savings account offers more flexibility than a 529 college savings plan, but it won’t offer the tax advantages that a 529 does. With a 529 account, contributions will grow tax-free, and withdrawals for qualified education expenses are also not subject to taxes.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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. Not all repayment options may be available for all loans. 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 current as of 3/2/2026 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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SOISL-Q326-016

Many borrowers take out multiple student loans throughout their college years to help pay for their education. But staying on top of the details for every student loan you have can be tricky.

You may have both federal and private student loans to keep track of. You probably owe different amounts on each one, the repayment terms and monthly due dates may vary, and you might have several different loan servicers to deal with. That’s a lot to juggle!

Fortunately, learning how to keep your student loans organized can make it easier to manage your payments — and make your life a little less stressful, too. Here’s how to tackle the process.

Importance of Organizing Student Loans

Student loan borrowers owe an average of $40,467 in federal student loan debt, according to the Education Data Initiative. Organizing your student loans is one way to help repay that kind of debt efficiently. Being organized can help you see exactly how much you owe on your loans each month, choose the best repayment strategy for your situation, and schedule your payments so they’re on time.

Organizing your student loans can also be helpful if you’re considering student loan refinancing. For instance, if some of your student loans have an interest rate that’s particularly high, you might want to see whether you could qualify for a lower rate or more favorable terms through refinancing. In order to submit an application for refinancing, you’ll need to provide the details about your loan to a new private lender. When your loans are organized, you’ll have that information readily available.

Learn more: How to Refinance Student Loans

Steps to Organize Your Student Loans

Organizing your loans takes a little time initially, but the process is fairly easy to do once you get started. Here’s how to organize student loans step by step.

Create a Comprehensive Inventory

Compiling all your loan information in one place provides you with a complete view of what you owe. Think of it as your own personal student loan organizer. Here is the information you’ll want to collect:

•   Student loan type (federal or private)

•   Loan disbursement date

•   Original principal balance

•   Current balance

•   Interest rate and type (fixed or variable)

•   Grace period on the loan

•   Repayment term

•   Payment plan you’re on for federal loans

•   Minimum monthly payment amount due

•   Payment due date

•   History of any payments you’ve made so far

•   Name and contact information for your lender or loan servicer

Learning how to organize your student loans after graduation — or even better, setting up this kind of inventory as soon as you borrow your first student loan — can help you devise a payment game plan.

Develop a Repayment Strategy

That brings us to the next step: using the data you’ve gathered to figure out the best strategy for your student loan repayment goals.

Say your priority is to reduce the amount of interest you pay. With the information from your student loan inventory list, you can quickly spot the education loans with the highest rates. Then you can decide the best way to pay those down. For instance, you might opt for the debt avalanche method, which involves putting extra funds toward repaying the loan with the highest interest rate first.

Or, if your goal is to lower student loan payments, take a close look at the repayment plan you’re enrolled in for your federal loans. For example, if you’re on the Standard Repayment Plan, you can explore the other options, such as the Graduated Repayment Plan, in which your payments start out lower and gradually increase, usually every two years — the idea being that, ideally, your income will rise as you advance in your job.

Just be aware that on the graduated plan, because your payments are smaller at first, you’ll likely pay more interest over the life of the loan than you would on the standard plan. Weigh the pros and cons of the various repayment options to see whether it makes sense for you to change student loan repayment plans.

Monitor Your Progress

As you make your monthly loan payments, update your information to stay organized. Record the payment dates and amounts and the new loan balance. That way, you can see the current status of all your student loans at a glance.

If you find that there’s still too much to keep track of, you might consider streamlining the process. One way to do this is by consolidating student loans. Consolidation involves combining all your federal student loans into one loan with one monthly payment.

If you want to keep your access to federal programs and protections, you could explore a Direct Consolidation Loan. Note, however, that consolidating streamlines the loan paying process, but it generally doesn’t save you money. With a Direct Consolidation Loan, your new interest rate is a weighted average of all your loans’ interest rates, rounded up to the nearest eighth of a percentage point. Any unpaid interest on the loans you’re consolidating will be added to the principal of the new loan.

If you have private student loans, refinancing is a way to consolidate your loans and combine them into one new loan, ideally with a lower interest rate or better loan terms if you qualify. There are positives and negatives of student loan refinancing, so be sure that you understand them before moving ahead.

Recommended: Student Loan Refinancing Calculator

Tools and Resources for Managing Student Loans

There are many tools you can use to help keep your student loans organized. The following resources are a good place to start.

Spreadsheets and Tracking Documents

You can use digital tools to organize your loans, such as apps that help you plan and track your debt repayment. There are also student loan trackers that let you manage your student loan debt in one place.

Or, you can simply set up a spreadsheet to get an overview of your student debt. Add columns for the inventory bullet points listed above, and create filters for each column to view the data in the way that’s easiest and most effective for you.

Finally, be sure to keep tabs on all the loan documents you’ve received. This includes financial aid award letters, copies of private student loan applications, loan promissory notes, and billing statements. You can either keep a physical file folder of this information or go paperless by creating digital folders on your computer to store any correspondence from your lender or loan servicer.

Loan Servicer Portals

Another method you can use instead of or in addition to setting up your own tracking system is to take advantage of tools offered by your loan servicer. All details regarding your loan can typically be found on the loan servicer’s account portal. (If you’re not sure who your federal loan servicer is, log in to your account at StudentAid.gov.)

On your loan servicer’s website, create a login if you haven’t done so already. Once you’re in, you should be able to access the key information about your loans. If you have loans through multiple lenders, you’ll need to log into each portal individually to see your loan details.

While loan servicer portals are a convenient way to access your loan details, relying on this method alone can make it hard to see the big picture regarding your student debt. That’s why having all of your loan information live in one place, such as a spreadsheet, can be useful.

Recommended: Who Owns My Student Loans?

Benefits of Staying Organized

Organizing your student loans is a practical way to manage your student debt and ensure that your loan bills are paid on time. And along with the logistical benefits, organizing can also help you feel less anxious about your loans and give you a sense of control.

Reducing Stress

Dealing with student loan debt can be stressful. And if your loan information is disorganized and hard to find, that can just add to the anxiety. Plus, you might miss a payment, which can be especially stressful.

Organizing your student loan information so you know exactly where to find it and then keeping it updated can save you a lot of worry. If you want to switch to a new repayment plan or consolidate or refinance your loans, you’ll have all the pertinent details at your fingertips.

Best of all, as you pay off your loans and record your progress, you can see your balance start to shrink. That can be rewarding and motivating.

💡 Recommended: How to Consolidate Student Loans

The Takeaway

Organizing your student loans so that all the details you need are in one easy-to-access place can help you manage your payments. Getting organized can be as simple as creating a computer spreadsheet or using a digital tool such as a debt repayment app or your loan servicer’s portal.

Once you’re done organizing, if you ever want to change your loan repayment option, streamline your loans through consolidation, or potentially get a lower interest rate through student loan refinancing, you can simply pull up your spreadsheet or tracking tool to get the information you need.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How often should I review my student loan information?

It’s a good idea to review the accuracy of your student loan debt regularly. For example, you might do an inventory of your loan balances and payment history quarterly, or even monthly, to make sure everything is correct. If you are planning to change your student loan repayment option or you’re considering refinancing or consolidating your student loans, always review your loan information first to make sure it’s accurate and up to date.

What should I do if I have multiple loan servicers?

If your student loan debt involves multiple loan servicers, one organizing method is to keep an up-to-date record of your student loans listed under each servicer. Include the loan servicer’s contact information as well as loan details such as the principal balance, interest rate, repayment terms, and payment due dates. Record each payment and the date as you make it.

Can consolidating my loans help with organization?

Consolidation may help you streamline your student loans. Consolidation involves merging federal student loans into one loan with one payment so you have less to organize and keep track of.

How can I stay informed about changes to my loan terms?

To stay informed about changes to your loan terms, make sure that your student loan servicer or lender has your current contact information. This includes your mailing address, phone number, and email address. Also, it’s helpful to log in to your lender’s online portal regularly to view your loan’s current status and details and check for any updates.

Where can I find reliable resources for student loan management?

Federal student loan borrowers can log in to their StudentAid.gov account to find tools, information, and resources on managing their student loans and review their loan details on their account dashboard. If you have private student loans, visit your lender’s online portal and log in to your account to access your loan details. Depending on the lender, they might also offer tools or information to help you track and manage your loans.

photo credit: iStock/GaudiLab

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