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If you’re thinking about taking out student loans to pay for college, you’re in good company: More than half of college graduates leave school with debt. Like most loans, student loans charge interest, which is the cost of borrowing money from a lender. Whether you take out federal or private student loans, you’ll end up paying back more than your original borrowed.

Is it worth it?

The answer depends on your degree, major, and the type and size of your debt. Read on to learn more about whether the current cost of college is worth it, different ways to pay for school, and when it makes sense to take out student loans.

College Costs Vary By School

It’s no secret that college costs have gone up over the years, causing more students to take on debt as a means to afford a college education. Indeed, student debt has more than doubled over the last two decades. As of August 2025, about 42.5 million U.S. borrowers collectively owed more than $1.8 trillion in federal and private student loans.

But not all schools cost the same amount. In fact, some colleges cost considerably less than others. According to Educationdata.org, the average cost of attendance for a student living on campus at a public four-year in-state college is $27,146 per year. The average cost of attending a private, nonprofit university and living on campus, by contrast, is $58,628 per year.

💡 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.

Factoring in Financial Aid

Financial aid is another factor that affects the cost of going to college. Some schools may have a high sticker price but offer a variety of need- and merit-based aid options to students, which can lower the actual cost of attendance.

Colleges and universities will frequently publish what percentage of their students receive financial aid and will sometimes also publish the average award amount. This can be helpful information for students applying to colleges.

When deciding where to apply and attend school, keep in mind that even if the sticker price for College A is higher than College B, the financial aid package at College A may make it a more affordable option in the end.

Not All Majors Have the Same Income Potential

Another consideration when evaluating whether borrowing student loans is worth it is to factor in the earning potential based on your selected major, keeping in mind that not all majors offer the same income potential.

For example, students who graduate with degrees in software engineering earn an average starting salary of $104,863. Other majors, such as dance or drama, generally don’t offer the same earning potential to graduates.

It’s a good idea to do some research on the future income potential for the major and field you hope to pursue. This can be helpful in understanding how much you’d realistically stand to earn and, therefore, how long it may take to pay back student loans. Resources like the Payscale College Salary Report or the Bureau of Labor Statistics are two places to start.

How Much Should I Borrow for College?

A general rule of thumb is that students should limit what they borrow to what their potential career will reasonably allow them to repay. As a rough guideline, you may want to avoid borrowing anything more than you will likely be able to earn in your first year out of college.

Keep in mind that just because your financial aid package may include a certain amount in federal student loans, you are not required to borrow the maximum. Consider reviewing other sources of financial aid like private scholarships and grants, which are essentially “free money” for college. It can also be worth setting up an annual budget with anticipated costs for tuition, fees, room and board, and other expenses so you have an idea of how much you may actually want or need to borrow to pay for school.

College Graduates May Have More Financial Stability

In the long term, a college degree can lead to more financial stability. Research suggests that people with bachelor’s degrees have both a higher median income than those without a college degree and earn more over their lifetimes.

Another factor, based on unemployment rates, is that people with a college degree tend to have greater career stability than those without a college degree.

This isn’t always true, however. As some recent studies suggest, certain career paths that don’t require a degree — such as construction inspectors or cardiovascular technicians — also offer significant earning potential.

Here’s What You Might Consider if You Choose to Take Out Student Loans

There are a number of factors to consider when deciding what type of student loan will best suit your particular needs, so it’s important to do your research beforehand.

Things like whether the loan is federal or private, what the current interest rates are, and how long it will take to pay off the loan could all contribute to how much student loan debt you ultimately find yourself in and are important considerations before taking out a loan.

Federal Loans vs Private Loans

There are two main types of student loans — federal loans and private loans. Federal loans are borrowed directly from the government, whereas private loans are borrowed from private lenders like banks, credit unions, and other financial institutions.

While the two loans serve the same purpose, there are some important distinctions. Because federal loans are made by the government directly, the terms and conditions are set by law. These loans also come with certain perks and protections, such as low fixed interest rates and income-driven repayment, that may not be offered with private loans.

Private loans are less standardized, since the terms and conditions are set by the lenders themselves. For example, some may offer higher interest rates than federal loans, and interest rates may be fixed or variable. It’s important to understand the specific terms and conditions set by a private lender. Since private student loans may lack the borrower protections and benefits offered by federal loans, you generally want to tap financial aid and federal student loans first, then consider filling in any gaps with private student loans.

💡 Quick Tip: New to private student loans? Visit the Private Student Loans Glossary to get familiar with key terms you will see during the process.

Understanding Interest Rates

Sometimes people fail to consider the interest rate on the student loan and how it will affect the amount of money they will end up owing.

Interest is calculated as a percentage of the unpaid principal amount (total sum of money borrowed plus any interest that has been capitalized).

Capitalization is when unpaid interest is added to the principal balance of a loan, and interest is calculated using this new, higher amount. You might have interest capitalization if, for example, you decide not to make interest payments on an unsubsidized federal loan or private student loan while you are in school. This unpaid interest will be added to your loan balance and interest will be charged on this new, higher balance.

For all federal student loans, interest rates are set by the government and are fixed, which means they won’t change over the life of the loan. With private student loans, it’s up to the lender to set the rate and terms. Generally, students (or their parent cosigners) who have strong credit qualify for the best rates. If you are interested in borrowing private student loans, it’s a good idea to do some research and shop around so you can find the loan that best meets your needs.

💡 Quick Tip: Parents and sponsors with strong credit and income may find more-competitive rates on no-fees-required private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

How Long Will it Take to Repay Your Loan?

Paying more money sooner can significantly reduce the amount of time it takes you to pay off a loan (as well as lower the cost). But that may not always be a feasible option. It’s important to consider the implications of different kinds of repayment plans when you take out a loan.

Currently, the standard term to repay a federal student loan is 10 years. But you can also choose an extended repayment plan (that gives you up to 25 years to pay off your loans) and one of several income-driven repayment (IDR) plans, which base your monthly payment amount on how much money you make. For those that take out federal student loans on or after July 1, 2026, there will only be two repayment options: the standard repayment plan and an IDR plan called the Repayment Assistance Plan (or RAP). The standard repayment plan will also change, offering borrowers 10- to 25-year repayment terms depending on the amount borrowed.

When choosing your loan term, keep in mind that a longer repayment term will lead to lower payments but a higher overall cost, since you’ll be paying interest for a longer period of time.

The Takeaway

Student loans can help open up doors to higher education for students, but borrowing responsibly is important. When deciding if student loans are worth it for you — and how much you should borrow — you’ll want to consider multiple factors, including your choice of major, future career path and earning potential, and the cost of the school you hope to attend after factoring in financial aid.

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 a good idea to take a student loan?

Whether taking out a student loan is a “good” idea depends on your individual circumstances. Student loans can be a valuable tool to pursue higher education, which often leads to increased earning potential and career stability. However, it’s crucial to borrow responsibly. Consider your chosen major’s earning potential, the total cost of your education after financial aid, and your ability to repay the loan. Research different loan types, interest rates, and repayment plans to make an informed decision that aligns with your financial goals.

Is $70,000 in student loans a lot?

Whether $70,000 in student loans is “a lot” depends on your individual circumstances, including your expected income after graduation, your living expenses, and the interest rates and repayment terms of your loans.

For some career paths with high earning potential, $70,000 might be manageable, while for others, it could be a significant burden. It’s generally recommended to keep your total student loan debt below your expected first-year salary to help ensure manageable repayment. You might research the average salaries in your chosen field to determine if this amount of debt is sustainable for you.

How much is a $30,000 student loan per month?

The monthly payment on a $30,000 student loan can vary significantly based on the interest rate and repayment term. For instance, with a 10-year repayment plan and a 5.00% interest rate, your monthly payment would be approximately $318. With a 20-year term and 7.00% interest rate, your monthly payments would be around $232. Keep in mind that longer terms can result in lower monthly payments but more total interest paid.

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. 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.

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.

SOISL-Q425-014

Looking for a career in the medical field without having to commit to years of higher education? You might consider working as a pharmacy technician, also known as a pharmacy tech.

A ​​pharmacy technician works closely with a pharmacist to ensure the health and safety of their patients. They locate, dispense, pack, and label prescribed medication for a patient; their work is then reviewed for accuracy by a pharmacist. They also help with administrative tasks like processing insurance claims, tracking inventory, and filing paperwork.

The question is, how much does a pharmacy technician make? Pay can vary widely depending on location, workplace, and level of experience, but the mean annual wage for a pharmacy technician in the U.S. as of May 2024 is $44,800, according to the U.S. Bureau of Labor Statistics (BLS).

To better understand what it takes to become a pharmacy technician and how much they can earn, keep reading.

What Are Pharmacy Technicians?

Pharmacy technicians play an essential role in the functioning of every pharmacy. They often work side by side with pharmacists and perform similar duties, such as filling prescriptions, talking with patients and doctors, and keeping pharmacies orderly and up to safety standards. However, pharmacists and pharmacy technicians have different educational backgrounds, job responsibilities, and salaries.

Legally, pharmacy technicians can fill patient prescriptions, provided they are reviewed by a pharmacist before they are given out. Pharmacy technicians cannot, however, recommend medications to patients, including over-the-counter medications and supplements.

Pharmacy technicians typically work in retail stores, hospitals, nursing homes, and assisted-living facilities. Their responsibilities may include:

•  Entering patient information and prescriptions into a computer system

•  Talking to pharmacy customers on the phone and in person

•  Managing pharmacy inventory

•  Preparing medications for pharmacists by reading orders, preparing labels, and calculating the appropriate quantities

•  Processing patients’ insurance and serving as a liaison between the pharmacy and insurance companies and physician offices

•  Assisting with administrative tasks, such as billing, record keeping, and insurance paperwork

Like pharmacists, pharmacy technicians can practice in a specialty industry like academia, community, or government, or in a specialty area like critical care, oncology, or pediatrics.

To be a successful pharmacy technician, you generally need to be a detail-oriented team player with excellent communication skills. As a result, working as a pharmacy technician may not be a great fit for someone who likes to work alone or is an introvert.

Since pharmacy techs interact with customers every day and work under the supervision of pharmacists, you’re unlikely to find a work-from-home job, so you need to be prepared to head into the workplace every day.

💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Pharmacy Technicians Make When They Are Starting Out?

Starting salaries for pharmacy technicians can fall anywhere from $30.000 to $54,500, according to ZipRecruiter. With experience, techs typically have many opportunities for advancement and increased pay based on skill level, location, and years of experience.

What Is the Average Salary for a Pharmacy Technician?

How much does a pharmacy technician make per hour? The average hourly wage for a pharmacy tech is $21.54, according to the BLS. However, hourly wage can range anywhere from $16.88 (at the tenth percentile) to $28.58 (at the ninetieth).

The average annual salary for a pharmacy technician in the U.S. is $44,800. At the tenth percentile, it’s $35,100, and at the ninetieth, it’s $59,450.

Generally, pharmacy techs who work at hospitals earn more than those who work at pharmacies and drug retailers. Rising up to the level of management can give a pharmacy technician a significant bump in earnings. If you go on to get a pharmacy degree, you could make well over $100,000 per year.

The Average Pharmacy Technician Salary by State for 2024

How much money a pharmacy technician makes can vary by location. What follows is a breakdown of how much a pharmacy technician makes per year, on average, by state, according to the BLS.

Recommended: 25 High-Paying Trade Jobs in Demand

Pharmacy Technician Job Considerations for Pay and Benefits

You may be able to get a job as a pharmacy technician with just a high school degree and on-the-job training. However, you can increase your earning potential and job opportunities by completing a postsecondary education program, such as a certificate program or an associate’s degree and getting certified.

There are certificate programs available online that take around nine months to complete. Completing one of these programs helps prepare you for the Pharmacy Technician Certification Exam (PTCE). There are also certificate programs that include a hands-on learning component where students spend time training in a pharmacy.

An associate’s degree program typically takes around two years to complete and often includes internship or externship experiences. Often students take the PTCE following their externship experience.

Because so many pharmacy technician jobs are full-time, pharmacy technicians typically receive a full suite of benefits, including healthcare and retirement plans, that increase the value of their total compensation.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Pharmacy Technician Salary

As with any career path, there are both advantages and disadvantages to becoming a pharmacy technician. Here’s a closer look at the job’s pros and cons.

Pros of Being a Pharmacy Technician

Being a pharmacy tech comes with a number of benefits:

•  Positive job outlook The Bureau of Labor Statistics predicts a 6% growth rate for this industry between 2024 and 2034, faster than the average for all occupations.

•  Opportunity for advancement Many pharmacy techs advance to roles in pharmacy management or even get the necessary education to become a licensed pharmacist. Some may explore related careers in areas such as pharmaceutical sales, medical equipment, or medical technology.

•  Choice of work environments While many pharmacy techs work in retail pharmacies, you have the flexibility to work in other environments, such as hospitals, nursing homes, clinics, alternative pharmacies, veterinary facilities, or mail-order pharmacies.

•  Flexible hours Pharmacy techs may have the option to work part time or just on weekends and evenings. Often, you can make the schedule work with your other commitments.

•  Doesn’t require a college degree Many people become pharmacy techs with just a high school diploma or GED. However, there’s some necessary training, and some states require licensure. Typically, pharmacy techs opt to pursue the Certified Pharmacy Technician certification, since it can enable them to get better jobs and earn higher pay.

Recommended: Best Entry-Level Jobs for Antisocial People

Cons of Being a Pharmacy Technician

Being a pharmacy tech also comes with some downsides:

•  Work can be repetitive For many pharmacy techs, there isn’t much variety in their job duties. They fill prescriptions, enter data, help customers, and answer phone calls, which could become monotonous over time.

•  Customers can occasionally be difficult Some customers may be distressed and, as a result, interactions with them may sometimes be challenging. In addition, customers may get upset if their insurance doesn’t cover their prescription or if it isn’t ready when they come in.

•  Requires regular recertification While you can work as an entry-level pharmacy tech without certification, people in this role generally choose to get certified. And because the field is constantly changing and developing, you need to take a recertification exam every two years, which comes with a fee (though some employers may cover it).

•  Work environment can be stressful Pharmacies can get busy and techs often need to handle a high customer load in a fast-paced environment. In addition, techs are under pressure to help fill and label each prescription accurately, since errors can cause people to have negative reactions.

Recommended: The Pros and Cons of Salary vs Hourly Pay

The Takeaway

If you are looking for an engaging and stable career in the healthcare field that doesn’t require a college degree, pharmacy technician work may be a good fit. The job has a positive growth outlook and, once you get a job as a pharmacy tech, there are many opportunities to advance and earn more than the average salary for pharmacy technicians.

Once you start earning a regular paycheck as a pharmacy technician (or any other role you choose), you’ll want to manage your money carefully, making sure that what goes out of your bank account each month doesn’t exceed what goes in.

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.

See exactly how your money comes and goes at a glance.

FAQ

What is the highest paying pharmacy technician job?

Generally, certified pharmacy technicians who work in a hospital setting earn more than those that work at drug retailers. A pharmacy tech can make even more if they grow into a supervisory or managerial position.

Do pharmacy technicians make 100k a year?

Generally, pharmacy technicians make less than $100,000 per year. The average annual salary for a pharmacy technician in the U.S. is $44,800.

How much do pharmacy technicians make starting out?

Pharmacy techs can start out earning anywhere between $30.000 and $54,500, according to ZipRecruiter.

Photo credit: iStock/Dimensions

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts 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 the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*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.

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

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.

SORL-Q425-033

It’s no secret that identity theft has been an issue for consumers. In 2024, the Federal Trade Commission (FTC) received 1.1 million identity theft reports. The financial toll of fraud, which includes identity theft, can be substantial. The FTC estimates that it cost Americans more than $12 billion in 2024, with median losses around $497.

One tool that can help detect issues early on is credit monitoring. This service tracks your accounts and alerts you to any changes or suspicious activity, giving you time to start the process of undoing any damage that’s been done.

If you were involved in a data breach, you may receive credit monitoring at no cost. Otherwise, you can pay a nominal fee for the coverage — usually around $10 to $40 a month — or do most of the legwork yourself for free.

Why Is It Important to Monitor Your Credit?

Your credit history can have an impact on your ability to make big financial decisions, like purchasing a home or buying a new (or new-to-you) car.

If you have a spotless report, you could get better interest rates on new loans. On the other hand, if your score is what’s considered poor, you could be denied access to certain financial products altogether.

Even if you’re diligent about abiding by best credit practices, if someone has unauthorized use of your information, they can quickly sink your hard-earned credit score. That’s when credit monitoring comes in handy. If you see an alert corresponding to a change you didn’t make, you’ll know something’s up — and you can move quickly to repair any issues that might impact your creditworthiness.

Generally speaking, it’s a good idea to check your credit reports at least once a year. If you’re making a major purchase, consider monitoring your credit for at least three months beforehand to ensure everything is in order.

💡 Quick Tip: Your credit score updates every 30-45 days. Free credit monitoring can help you learn about your score’s normal ups and downs — and when a dip is cause for concern.

Pros vs. Cons of Credit Monitoring Services

Credit monitoring can be a useful tool, but there are some drawbacks you’ll want to consider. Here are pros and cons of credit monitoring services.

Pros of Credit Monitoring Services

Many credit monitoring services come with extra features that might help justify their cost. Common examples include:

•  Alerts when there are changes to your personal information, significant balance changes, account closures, or hard inquiries

•  Access to credit reports and scores from one or more of the three major credit bureaus

•  Dark web scans, which check if your personal information has been compromised

•  Identity theft insurance, which can cover any costs you may incur if you’re dealing with identity theft

•  Identity recovery services, which can be useful as you repair any damage from identity theft

Cons of Credit Monitoring Service

Even the best credit monitoring service has its limits. Here are some potential drawbacks to consider:

•  Cost of a subscription

•  Can’t provide 100% protection from all fraud or identity theft

•  Can’t fix inaccuracies on your credit report (you’ll need to handle that)

•  Coverage may not include monitoring from all three major credit bureaus: Experian®, TransUnion®, and Equifax®

•  You may not be alerted if someone uses your name to collect a tax refund or claim benefits from Medicare, Medicaid, Social Security, or unemployment insurance

How to Monitor Credit for Free

There are times when paying for a credit monitoring service makes sense. For example, when you want more robust identity monitoring, prefer a program that monitors reports from the credit bureaus, or need help resolving disputes. It may also be a good move if you suspect your information has been exposed.

But it’s possible to do the job yourself (and avoid paying a subscription fee). Here’s how:

Request a Free Credit Report

By law, you’re entitled to a free credit report every 12 months from each of the three credit bureaus. Visit annualcreditreport.com to get started. While you can ask for the reports at any time, spacing out your requests every few months allows you to keep an eye on your accounts throughout the year.

Find Out If You’re Already Getting Coverage

Some accounts include some level of complimentary credit monitoring, so it’s worth a call to your bank or credit card company to find out if you qualify.

Put a Freeze on Your Credit Reports

There are instances when freezing your credit report might be a good move, such as when you believe your data has been breached or if your Social Security number or other sensitive information was stolen or made public.

A credit freeze allows only a limited number of entities to view your credit reports. This means the credit bureaus can’t provide your personal amount to new lenders, credit card companies, landlords, or hiring managers. While this freezes the renting, hiring, and lending process, it also prevents thieves from stealing your identity and opening a new account in your name.

There’s no charge to freeze or unfreeze your credit, and your credit score won’t be affected.

Request a Fraud Alert

If you think you may be the victim of fraud or identity theft, you may want to consider placing a fraud alert on your credit report. Once a fraud alert is placed, you’ll be asked to provide your phone number, which creditors will use to verify your identity whenever an application for credit is made.

There’s no charge to make the request with the credit bureaus, and the alert is active for one year. It has no impact on your credit score.

💡 Quick Tip: What is credit monitoring good for? For one, maintaining a high credit score can translate to lower interest rates on loans and credit card offers with more perks.

The Takeaway

Credit monitoring services can act like a watchdog over your accounts, flagging suspicious activity or changes so you can move quickly to correct inaccuracies or do damage control. You can take a DIY approach to keeping track of your accounts, which can include requesting a free credit report every year from the three credit bureaus. But if you’ve been the victim of identity theft or fraud — or need more robust monitoring — you may want to consider paying for a credit monitoring service.

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 are the cons of credit monitoring services?

Credit monitoring services cost money, and they may not cover all three of the major credit bureaus. They don’t fix the credit report inaccuracies they alert you to, and they can’t absolutely guarantee that you’ll never suffer fraud or identity theft.

Is putting a freeze on your credit a good idea?

A credit freeze prevents credit bureaus from letting many entities access your credit report, which means they will typically deny attempts to open new accounts under your name, so it can be a good idea if you believe that your information has been compromised. If you actually do want to open a new credit account or rent a home, you can have the credit freeze lifted so that your report can be checked.

Should you pay for a credit monitoring service?

If your finances are relatively simple, it may not be too difficult to monitor your credit on your own. However, if your finances are more complicated, if you don’t have the time to monitor, or if you want to know that professionals are watching your accounts, a credit monitoring service may be a better fit for you.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts 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 the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*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.

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.

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 .

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.

SORL-Q425-010

Commercial pilots can expect to earn about $142,960 a year once their career is established or potentially considerably more if they work for a major airline. This pay reflects their high level of skills and training. It also compensates them for the stressful job of ensuring that their passengers arrive safely at their destination. While a pilot just starting out might earn a salary of around $56,000, with experience and a job at a large airline, it’s possible to make upward of $700,000 in some cases.

Here’s a closer look at what pilots earn. Read on for average salaries for commercial airline pilots, the necessary training, and their typical career progression.

What Is the Job of a Commercial Airline Pilot?

Airline and commercial pilots fly and navigate airplanes, but some also fly helicopters and other aircraft. They work variable schedules with overnight layovers. This is particularly the case for long-haul commercial airline pilots, many of whom fly worldwide and through different time zones. Airline pilots often need to have a bachelor’s degree and experience, which may be time as a commercial or military pilot. Commercial pilots must adhere to Federal Aviation Administration (FAA) requirements, which include flight training.

According to Inflight Pilot Training, most commercial pilots fly approximately 75 hours a month. They also spend around 150 hours completing flight plans, checking weather conditions, and preparing flight crews. Pilots may have to stay overnight at destinations and may take several days off for rest. (After all, they are not immune to that jetlag you get when traveling far afield.)

💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Airline Pilots Make?

Airline pilots start as first officers, and how much they make in their early years depends on the airline they fly for. Starting airline pilot pay can range from $56,000 to around a $100,000 a year salary or more. According to Epic Flight Academy, in their initial year, a first officer could earn up to almost $120,000 with Alaska Airlines.

Wondering “How much does a pilot make an hour?” At $56,000, the per-hour pay would be about $26.92 for a typical job. However, it’s worth noting that while pilots may work 50 or more hours per work, on average they actually fly for only 22 or so hours per week. Even the lowest salary mentioned here can be well above the minimum wage in many states, reflecting the level of training and skill pilots must have.

How Much Does a Pilot Make?

How much does a pilot make a year on average? According to the Bureau of Labor Statistics, the mean annual wage for commercial pilots was $142,960 in May 2024, which is the most recent data available.

Airline pilots are a subset of commercial pilots and often make more. However, according to Epic Flight Academy, airline pilots’ competitive pay varies widely depending on their years of service, the airline they work for, the routes they fly, and the type of airplane they fly. Epic Flight Academy reports an average pilot salary of over $200,000, with a range from $56,000 all the way to $700,000.

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The Mean Annual Salary by State for Commercial Pilots for 2024

Here’s a list of the mean annual salaries for commercial airline pilots by state in 2024 based on data from the Bureau of Labor Statistics. (This is the most recent year studied, but there is a good chance that salary inflation will increase these figures as time passes.)

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Pilot Job Considerations for Pay and Benefits

Most commercial pilots in the United States and Canada are members of the Airline Pilots Association (ALPA), which means they are unionized. Belonging to a union means pilot groups can negotiate their pay, benefits, work rules, and work conditions. For example, the work of a cargo pilot is different from that of an airline pilot, and the pay is negotiated taking into account the pilot’s working environment.

Some regional carriers offer first officers sign-on first-year bonuses as well as retention bonuses. For example, Air Wisconsin provides a $5,000 sign-on bonus, an $18,000 retention bonus, and various other bonuses for pilots who reach certain milestones and qualifications. Many airlines also offer career-progression opportunities.

Here is a typical career path for a commercial pilot.

1. Getting a Commercial Pilot’s Certificate

It’s likely to take one to two years to complete the training to become a commercial airline pilot. According to Inflight Pilot Training, this can cost between $85,000 and $135,000. Once a pilot has their commercial pilot’s certificate, they complete instructor training and the 1,500 hours of flight time required by the FAA to become an airline pilot.

2. Instructing and Accumulating Flight Hours

Pilots can earn an entry-level salary of around $30 an hour teaching other trainee pilots as part of their instructor training. These hours go towards completing the 1,500 hours of flight time.

3. Flying for a Regional Airline

Newbie pilots typically start flying for a small, regional airline, such as Air Wisconsin or Endeavor. These airlines pay less than the bigger airlines like Delta or American Airlines, probably in the region of $90,000 to $110,000 a year.

4. Flying as a Captain for a Regional Airline

After two or three years and around 1,000 hours of flying, a pilot can work for a regional airline and become a captain. This is a good stepping stone to working for a larger airline, and salaries may reach $200,000. Pilot’s need experience flying larger and more complex aircraft to fly for a large airline.

5. Flying for a Major Airline

After two or three years as a captain for a regional airline, a pilot could join a major airline as a first officer. First officers for large airlines can sometimes earn up to and over $200,000 depending on their experience (sometimes five years or more) and whether they are flying long-haul routes.

Pilots can also fly overtime and earn thousands more. They are limited to 100 hours in a calendar month and 1,000 hours in a year. However, most pilots fly at least 70 hours a month. The combination of a high salary and overtime pay as well can be a path to building one’s net worth.

Other perks associated with being an airline pilot if you work for a large airline are visiting different parts of the world where hotels and meals are paid for. As a representative of a major airline, pilots receive a per-diem expense allowance when they are working.

Airline pilots also receive generous benefits. For example, those can include paid time off, health and dental insurance, and a retirement package. Pilots also receive free and discounted air tickets for family and friends.

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Pros and Cons of a Pilot Salary

There are plenty of advantages to earning a living as a pilot. Notably, pilots receive good benefits and discounted flights for friends and family. That said, there is a downside to a career as a pilot. These include long hours away from home and a significant amount of stress. Plus, the FAA mandates that pilots retire at age 65. For some, that’s a benefit, but others might want to find a job as a retiree after their career in the skies.

While you can earn a high hourly rate as a pilot, it’s wise to take a look at the upsides and downsides of this career to get the bird’s-eye view of what it’s like.

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The Takeaway

Pilots will be in demand for the foreseeable future, and this profession can be an exciting one, involving the thrill of flying, the opportunity to travel, and the ability to earn a high salary, often in the six figures. The downside to a pilot’s life is a busy and unpredictable schedule, time away from home, and the stress of being responsible for their passengers’ lives. If you have a passion for flying, this could be your vocation.

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FAQ

What is the highest-paying pilot job?

The highest-paid commercial pilots work for large airlines, such as Southwest Airlines, United Airlines, and Delta. Their salaries average above $200,000, but some can exceed $700,000.

Do pilots make 300k a year?

Commercial pilots earn a mean wage of around $142,960 per year, with airline pilots, copilots, and flight engineers getting a mean annual salary of $280,570 Some pilots do make $300,000 or more depending on whom they fly for and what experience they have.

How much money does a pilot make starting out?

Most pilots starting out make between $56,000 and $100,000 or more a year, plus benefits. They may also receive signing bonuses if there is high demand for commercial airline pilots.

Photo credit: iStock/Portra

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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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According to the Bureau of Labor Statistics, the mean pay per year for a real estate agent in May 2024 was $70,970. However, agents can earn much more if they buy and sell properties in a high-income area with expensive real estate, such as New York or California, or if they build a highly successful business.

Here’s a look at what real estate agents do, the different types of agent jobs possible, how much they earn, and the factors affecting their salaries.

What Are Real Estate Agents and What Do They Do?

Real estate agents help buyers and sellers conduct transactions involving residential or commercial property. They usually work under a broker, who takes care of the management and branding of a real estate group. The real estate agent’s role is to find clients, help them search for properties, and then guide the price negotiations between the buyer and seller. In addition, they may help coordinate the legal transactions involved and prepare documentation.

Real estate agents are licensed professionals in the states where they work. The real estate agent is usually paid through commission, which is a percentage of the property’s sales price. How much commission they earn depends on the brokerage, the state, and property values. Some agents are licensed brokers, meaning they can work independently.

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The Different Types of Real Estate Agents

There are different types of real estate agents depending on their licenses and the types of property they work with. The main types of agents are Realtors®, brokers, listing agents, buyer’s agents, commercial agents, and residential agents.

Realtor®

A Realtor® is a licensed real estate agent who is a member of the National Association of Realtors® (NAR), which requires them to adhere to a code of ethics.

Broker

Brokers are licensed as such and tend to earn higher salaries and have more freedom in their career choices. They do not necessarily need to be tied to a larger brokerage firm.

Listing Agent

Listing agents are called “seller’s agents” because they represent the seller in a real estate transaction. These agents find buyers for property and try to sell a property at the highest price possible for the seller.

Buyer’s Agent

The buyer’s agent represents the buyer in a real estate transaction. They will try to find the right property for the buyer and negotiate the lowest possible price.

Commercial Agent

A commercial real estate agent primarily sells, rents, or buys commercial real estate, such as retail space, warehouses, office buildings, and industrial and mixed-use space. These agents typically know the local commercial real estate market well and might be involved in property management.

Residential Agent

A residential real estate agent primarily buys and sells homes, condos, and units in apartment complexes. They need a good grasp of the local residential real estate market, the amenities an area offers, and what type of home best suits their clients.

It’s worth noting that being a real estate agent can be a good job for a “people person” compared to a job for introverts. An agent will often have to discern a buyer’s or seller’s needs, draw them out, and spend a lot of time hand-holding clients through the ups and downs of their real estate deal.

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How Much Do Starting Real Estate Agents Make?

The entry-level salary for real estate agents reported by different sources varies. According to US Realty Training, during the first year, real estate agents can expect to make between $30,000 and $50,000.

The amount depends, of course, on many variables, not least of which is how hard the agent works and how many hours they devote to their real estate profession. The area where they work and the kinds of properties they sell will also make a difference, especially when earning commission.

Starting salaries for agents may typically be low, but according to McKissock Learning, a group that provides learning solutions for licensed real estate professionals,after three years in the field, the income of a real estate agent could triple from the first year. The longer you work as an agent and develop a clientele, the higher your salary might be.

Also, consider the cost of living and housing prices where a real estate agent works. Real estate agents typically earn money via commission (say, 5% of the property’s sale price, which may be divided between a couple of agents, such as the listing agent and the buyer’s agent). This can make a tremendous difference: One real estate agent might be selling homes in the range of $300k, while another might sell multi-million dollar waterfront homes in Hawaii. The latter will likely earn much more competitive pay.

What Is the Average Salary for a Real Estate Agent?

How much does a real estate agent make a year? According to the Bureau of Labor Statistics, the mean yearly salary for a real estate agent in May 2024 was $70,970, while real estate brokers earned a mean annual salary of $91,660. Salaries will vary depending on where an agent works (the state), their licenses, and how hard they work.

How much does a real estate agent make per sale? This factor is critical in determining their income. An agent who works in New York City, prime areas of Los Angeles or Palo Alto, or Hawaii will likely earn a higher net commission per sale because average property prices in those areas are high. (For the very high-end professionals, being a real estate agent could be among the highest paid jobs per state.) Because agents earn more the more properties they sell, how much time they spend on their business can also be a major factor affecting their earnings.

The table below shows the average real estate agent salary as of May 2024 (the most recent year available) based on data from the Bureau of Labor Statistics.

Real Estate Agent Job Considerations for Pay and Benefits

There are, as you might guess, an array of factors that contribute to a real estate agent’s pay and career opportunities. Consider the following points.

The Cost of Becoming Licensed

Pre-licensing real estate classes may cost around $150 to $700. These classes are necessary to prepare for the real estate exam, which, with related fees, may also add up to a few hundred dollars.

An established agent may also have to pay brokerage fees. The broker may take a commission on an agent’s real estate earnings or charge a monthly fee.

Marketing Costs

A realtor must likely market their services, and a common rule of thumb for what to spend on those costs is around 10% of commission income. It could also cost more at the outset as the agent builds their brand and presence in the area they intend to work in. Or, as a real estate agent builds their client base, they might upgrade and begin to invest more in videos and social media to boost their profile.

Initially, an agent may do better working under a brokerage. A brokerage already has a customer base to draw from and an established brand name that will help its agents’ reputations. A brokerage will expect some payment in return, but it could be a valuable partnership.

Economic Conditions

The real estate market is infamous for its volatility. In a “hot” market, properties can sell quickly at high prices (often elevated by bidding wars), and estate agents can earn high commissions.

However, in times of recession, homes sit on the market longer, prices can slump, and real estate agents may earn much less.

Because most people buy a home using a mortgage loan, interest rates heavily influence the market. High interest rates deter people from borrowing and slow down the real estate market.

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Pros and Cons of Making a Living as a Real Estate Agent

A real estate agent is often an entrepreneur. That means they are in control of their business, but how much they earn depends on how much time they put in, their expertise and creativity, and other factors.

Here are some advantages and disadvantages of making a living as a real estate agent.

The Takeaway

The typical real estate agent’s salary averages $70,970, according to data from the Bureau of Labor Statistics. However, that figure can vary greatly depending on where an agent works, their skill, and how hot the market is. Agents in major cities and who specialize in luxury properties can do very well.

When working as a real estate agent, it’s important to balance such concerns as marketing, building your client base, and adjusting to fluctuating economic conditions. These and other factors can impact cash flow, for better or for worse.

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.

See exactly how your money comes and goes at a glance.

FAQ

How can you make $100,000 your first year in real estate?

It’s possible to make $100,000 a year in real estate or put together enough deals to take in that amount of income. Factors that will help include working in an area where house prices are high, setting a strategy, and marketing your services well to generate leads.

How much do Realtors® make in California?

The mean salary per year for real estate agents in California as of May 2024 was $76,220, according to the Bureau of Labor Statistics, compared to the national mean of $70,970. Realtors in California may earn more than the national average because property prices are often high, which leads to higher commissions on sales.

How much money does a real estate agent make a year?

How much a real estate agent earns in a year will depend on where and how they are licensed, the number of clients they represent, and the property prices in their area. According to the Bureau of Labor Statistics, the mean salary for a real estate agent in May 2024 was around $70,970, while real estate brokers earned a mean salary of $91,660.

Photo credit: iStock/Pekic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts 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 the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*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.

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

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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