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College financial aid includes grants, scholarships, work-study, and federal student loans.

You apply for federal aid by filling out the Free Application for Federal Student Aid (FAFSA®). Once submitted, students can expect to receive a financial aid award that details the type and amount of aid for which they qualify. Financial aid can be incredibly helpful when trying to finance your college education, but it’s possible that you may not receive enough to foot your tuition bill. If that’s the case, there are other options available to help you pay for your education.

Continue reading for more information on understanding your financial aid package and the options to consider should you find yourself in need of additional funding.

What Is Financial Aid?

Financial aid is financial assistance provided to students to help cover the cost of higher education, including tuition, fees, books, and living expenses. It can come from the federal government, state agencies, colleges, and private organizations. Financial aid is typically awarded based on financial need, academic merit, or other eligibility criteria.

Types of financial aid include grants, scholarships, work-study programs, and student loans. Grants and scholarships do not need to be repaid, making them the most desirable forms of aid. Work-study programs allow students to earn money while in school, while student loans must be repaid after graduation. Understanding financial aid options can help students reduce their educational costs and manage their finances effectively.

How Does Financial Aid Work?

Financial aid works by providing students with funding to help cover the costs of higher education, such as tuition, fees, books, and living expenses. Students typically begin by completing the Free Application for Federal Student Aid (FAFSA) or the CSS Profile to determine their eligibility for various types of aid. Based on financial need, merit, or other qualifications, students may receive grants, scholarships, work-study opportunities, or student loans.

How Do I Apply for Financial Aid?

In order to get any financial aid package for college, the first step is generally to fill out the Free Application for Federal Student Aid, commonly known as FAFSA.

The FAFSA for the 2026-27 school year became available September 24, 2025, and the application cycle ends on June 30, 2027. Some states and colleges have separate deadlines for the FAFSA to determine aid. Contact your school’s financial aid office for questions about the deadline for your state or school.

Filling out the FAFSA requires some basic financial and income information. If you’re a dependent student, then you’ll need your parents’ financial info as well.

All federal loans, both subsidized and unsubsidized, require a FAFSA in order to determine eligibility. Colleges may also use the FAFSA to determine their own financial aid awards and packages, based on things such as the Student Aid Index and financial need.

After your FAFSA form is submitted and processed, you can find the FAFSA Submission Summary on your StudentAid.gov account’s dashboard. It’s usually worth reviewing this information in detail to confirm that all of the information is accurate. If you find a mistake, you’ll likely need to update or correct your FAFSA.

The summary will include the calculated Student Aid Index (SAI), which is how much you and/or your family can be expected to contribute personally toward your education.

Then, colleges use this information to determine eligibility for university, local, state, and federal financial aid. Sometimes schools may ask for additional information, particularly if you are applying for school-specific scholarships.

The schools will then assemble a financial aid package that could be made up of grants, loans, work-study, and other waivers and send you an “award letter.” Reviewing your award letter carefully can help you choose the financial aid mix that is right for you.

What Are the Different Types of Financial Aid?

A financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your Student Aid Index.

Here are the different types of financial aid you may see in your financial aid package:

Grants and Scholarships

Grants and scholarships don’t have to be repaid, so they are sometimes referred to as “gift aid.” These could be school, state, or federal scholarships and grants you qualified for and were awarded.

Recommended: SoFi’s Scholarship Search Tool

Work-Study

This is part-time work you will do and be paid for. You’ll be paid at least the federal minimum wage, but depending on the job, you could earn more. Being granted work-study in your aid package does not always guarantee a job. Depending on the school you attend, you may be matched with a job, or you may have to apply for and secure your own job.

Federal Student Loans

Federal loans can be either subsidized or unsubsidized, and they usually have lower interest rates than private loans. There is also typically a cap on how much you can borrow.

Subsidized loans are for undergrads and are awarded based on financial need. The government pays the interest on them while you’re in school at least half-time, during your grace period, and during periods of deferment.

Unsubsidized loans are available to undergraduate and graduate students and are not awarded based on financial need. This type of loan accrues interest while a student is enrolled at least half-time, during the loan’s grace period, and during other periods of deferment.

Borrowers have the option to make interest-only payments during this time, but are not required to do so. If the interest on the student loan accrues, at the end of the deferment period, it will be capitalized or added to the principal value of the loan.

There are also PLUS Loans for parents and graduate students, which are also unsubsidized.

Beyond Federal Financial Aid: Private Student Loans

Private student loans are not part of a federal financial aid package. Private student loans can be borrowed from a private lender, which typically have more stringent financial qualifications and, like federal loans, must be paid back with interest. Typically, that interest also accrues while you’re in school.

Check the terms of any private student loans you’re considering and the interest rate being offered to get a sense of how they stack up to federal loans. Federal loans also offer benefits that private student loans do not, such as income-driven repayment plans and deferment options.

In order to make the decision that’s best for you, you’ll want to compare the total cost of attendance, how much gift aid is being awarded, and the loans you’ve received and their terms. This should give you a better idea of how much any federal loans will cost you, and whether there is a gap in funding.

The total cost of college may change over a student’s enrollment, so it generally needs to be calculated each year. Consider things such as fluctuations in tuition rates, federal interest rates, and your financial aid award, which, among other factors, have the potential to change.

Recommended: Graduate Student Loans

What Should I Know About Financial Aid Deadlines?

Financial aid deadlines vary depending on the type of aid and the institution, so it’s crucial to stay informed and apply on time. Federal aid deadlines are set by the U.S. Department of Education, while state and institutional aid may have earlier deadlines.

For the 2026-27 academic year, the FAFSA deadline is June 30, 2027. CSS Profile deadlines vary by college, though most set a deadline between January 1 and March 31 for regular decisions. Check with your college to find out.

Some scholarships and grants operate on a first-come, first-served basis, meaning funds could run out before the deadline. Missing deadlines can result in reduced aid or lost eligibility for grants and scholarships. To ensure you receive the maximum aid available, check deadlines for the FAFSA, CSS Profile, and specific schools and submit applications as early as possible.

How Do Schools Award Aid?

Schools award financial aid based on a combination of factors, including financial need, merit, and availability of funds. They use information from the FAFSA or CSS Profile to determine need-based aid, while scholarships and grants may be awarded for academic, athletic, or other achievements.

Schools allocate funds based on their financial aid policies, federal and state regulations, and institutional resources. Once aid is determined, students receive an award letter detailing their financial aid package, which may require acceptance and additional steps to secure funding.

When Will I Receive a Financial Aid Award Letter?

The timing of your financial aid award letter depends on when you submit the FAFSA or CSS Profile and the school’s processing timeline. Typically, students who apply early can receive their award letters as early as late winter or early spring, often between February and May.

However, some schools may issue award letters on a rolling basis, especially for students who apply later. If you’re an incoming freshman, you’ll usually receive your financial aid package shortly after your college acceptance. Returning students may receive their award letters later in the spring or early summer before the next academic year begins.

Should I Appeal a Financial Aid Award?

It is possible to appeal a financial aid package, particularly if you had a change in circumstances or if there was a gap between the cost and the award. While writing an appeal letter might be a first step if your financial aid package isn’t enough to cover the cost of college, it doesn’t guarantee your award will change.

It also might be the case that circumstances change and you lose your financial aid or portions of your award package. In these situations, there are options in addition to or besides appealing.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

Your financial aid package will state the amount and types of aid you receive. Financial aid includes scholarships, grants, work-study, and federal student loans. Carefully compare your financial aid awards at each college when you are making your college decision.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What types of financial aid might be included in a financial aid package?

A financial aid package may include scholarships, grants, work-study opportunities, and federal student loans. Each type of aid has different terms and conditions, so it’s important to understand them to make informed decisions.

How can students compare financial aid packages from different colleges?

Students should carefully review each financial aid award, considering factors such as the balance between loans and grants, the total cost of attendance, and any conditions attached to the aid. This thorough comparison helps in making an informed college decision.

Why is it important to understand the components of your financial aid package?

Understanding the components of your financial aid package is crucial because it allows you to know how much financial support you’re receiving and what your financial responsibilities will be during and after your education. This knowledge aids in effective financial planning and decision-making.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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

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After four years of hard work in high school, the moment of truth arrives as college acceptance letters begin to roll in. If you’re lucky enough to receive multiple offers, you’ve got a big decision to make.

Most final enrollment choices must be made by May 1, widely known as College Decision Day. This is the deadline for prospective students who apply “regular decision” to confirm their enrollment and submit a nonrefundable deposit.

Making this choice can be difficult, with a number of factors to consider. Below are seven tips to help you and your family confidently navigate the decision-making process ahead of College Decision Day.

1. Getting Organized

While the hard work of submitting college applications is done, high school seniors still have several important tasks and deadlines to manage to ensure a smooth transition to college.

Here are some deadlines to keep in mind and documents you’ll want to organize leading up to (and just after) College Decision Day.

Key Deadlines (for 2027 Entry)

•   FAFSA® submission: The federal deadline to submit the Free Application for Federal Student Aid (FAFSA) for the 2027-2028 academic year is June 30, 2028. However, individual states and colleges have their own FAFSA deadlines, which are often much earlier than the federal deadline. It’s a good idea to submit the FAFSA as early as possible because many grants and scholarships are awarded on a first-come, first-served basis until the funds run out.

•   CSS Profile (if required): The deadline for submission varies by school but typically falls between January 1 and March 31 for regular decision students.

•   College Decision Day: May 1, 2027 is the typical deadline to accept an admission offer and submit a deposit for fall 2027 enrollment.

•   Housing applications: Incoming freshmen are encouraged to submit their housing applications as early as possible for the best dorms.

•   Scholarship deadlines: Deadlines for scholarship applications occur all year round, but many fall between October and March.

•   Federal aid offer appeals: If your family’s financial situation has changed since you submitted the FAFSA or if you believe your initial application did not accurately reflect your ability to pay, you can appeal your financial aid award. Deadlines vary by school but, ideally, you want to submit it shortly after receiving your aid package.

Staying organized with a calendar or a checklist will help you avoid missing any important deadlines.

Important Paperwork to Keep Track Of

Consider setting up a folder (physical or digital) for all of the following:

•   Acceptance letters for each college you’re considering

•   Financial aid award letters

•   FAFSA submission confirmation

•   CSS Profile submission confirmation (if applicable)

•   Scholarship award letters

•   Communications with admissions/financial aid offices (e.g., emails, notes from calls)

•   Enrollment deposit receipts (once you’ve chosen a school)

•   Housing application confirmations (once you’ve chosen a school)

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

2. Comparing Financial Aid Offers

College can be expensive. Before you commit to a school, you’ll want to compare any financial aid offers you’ve received.

When you receive a financial aid award letter, it will outline how much aid is in grants and scholarships (which you don’t have to repay) versus federal student loans (which you do have to repay). The letter will also typically include the school’s cost of attendance. By subtracting the grant and scholarship amounts on your aid offer from the cost of attendance amount, you can arrive at the net cost of attending that school. This is the amount you will have to pay out of your pocket using your savings, earnings from work, and/or student loans.

Looking at the net costs for the colleges you are considering allows you to compare apples to apples and see which school best fits your budget.

3. Reserving Your Spot

Once you receive an offer letter, you can respond at any point — you don’t need to wait until College Decision Day. To secure your spot, you’ll usually need to pay an enrollment deposit.

What You Need to Know About Enrollment Deposits

•   This fee is typically nonrefundable.

•   Paying the deposit holds your spot in the incoming class.

•   Deposit amounts typically range from $100-$1,000, depending on the school.

•   Try to avoid paying deposits to multiple schools (known as “double depositing”) just to buy extra time. This is generally frowned upon and can ruin the chances of other students on waitlists.

4. Mulling Over the Waitlist

Being waitlisted by a college means you are not accepted or rejected but on a hold list for potential admission if spots open up after other accepted students decline their offers. You generally won’t hear back about a waitlist decision until after the national May 1 deadline. In some cases, students don’t find out until soon before the fall semester.

If you’re waitlisted, you typically need to accept or reject the waitlist offer. You generally only want to accept a waitlist offer if the school is truly your top choice. Otherwise, it’s a good idea to remove yourself from the list so other students can be considered.

If you accept a waitlist offer, consider how long you’re willing to wait, and come up with a backup plan. That typically means putting down an enrollment deposit at another college you have been accepted to by College Decision Day. This ensures you have a place to go if you don’t get off the waitlist, even if you lose the deposit later.

5. When Decision Day Arrives

Ideally, you’ll make your final decision before May 1. Waiting until the last minute offers very little wiggle room if something goes wrong, such as a technical glitch.

To accept a college admission offer, you’ll need to use the method specified by the school, which often involves logging in to your student portal and paying a nonrefundable enrollment deposit.

You’re not required to formally decline a college acceptance. Not accepting by May 1 is considered a rejection. However, it’s more respectful to decline. You can typically do this by logging in to the school’s online system and politely rejecting the admission offer. The sooner you reject an offer, the sooner the college can offer the spot to another student on its acceptance waitlist.

6. If You Miss the Deadline

If you miss the May 1 deadline, you risk losing your spot because the college may fill it with someone else. You may also lose your financial aid package. However, you aren’t necessarily out of luck. Your best move is to contact the college admissions department as soon as possible. If you have a valid excuse, they may allow you to still accept their offer. Be sure to explain any emergency, problem, or other issue that kept you from submitting your decision and deposit on time.

7. Financing a College Education

Once you’ve accepted a college offer, you’ll have a clear idea of how much it will cost. As you and your family figure out how you’ll pay for college, student loans may come into play. There are two types available:

Federal Student Loans

Federal student loans are offered by the U.S. government and have terms and conditions that are set by law. Federal loans can be subsidized (meaning the government pays the interest while you are in school and during certain other periods) or unsubsidized (meaning you pay all of the interest that accrues). Subsidized loans are offered to eligible students who demonstrate financial need, while unsubsidized loans are available to eligible students regardless of financial need.

Federal student loans generally do not require a credit check and come with relatively low, fixed interest rates.

Federal Student Loans: What’s Changed for 2027

Major changes to federal student loans were enacted by the One Big Beautiful Bill Act (OBBBA) in July 2025, primarily affecting new borrowers starting in July 2026. Here are some changes impacting undergraduates:

•   Fewer payment plans: OBBBA reduces repayment options from the earlier seven plans to two new plans. These are:

◦   The Tiered Standard repayment plan: Borrowers are assigned a repayment window of 10, 15, 20, or 25 years, depending on the size of their debt, and make equal monthly payments. This plan makes monthly loan payments more manageable and affordable.

◦   The Repayment Assistance Plan (RAP): Borrowers who worry they won’t be able to make the fixed monthly payments on the standard plan can choose the Repayment Assistance Plan. On RAP, payments range from 1%-10% of a borrower’s adjusted gross income (AGI), with forgiveness after 30 years of consistent payments.

•   Lower borrowing limits for parents: Parents and caregivers who use Parent PLUS loans to help students pay for college as of July 1, 2026, have new loan limits. These loans are capped at $20,000 a year and, in aggregate, at $65,000 per child.

💡 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.

Private Student Loans

Private student loans are offered by private lenders such as banks and credit unions to help cover educational and living expenses. They are typically used to bridge the funding gap when federal student aid (including federal student loans) and scholarships do not cover the total cost of attendance.

Unlike federal loans, private student loans are credit-based, meaning a borrower’s credit history is a key factor in approval and interest rates. Many students need a creditworthy cosigner to qualify.

Private lenders often allow borrowing up to the total cost of attendance (minus any financial aid), which can be higher than federal loan limits. However, private loans may have higher interest rates and generally lack the borrower protections available with federal loans, such as income-driven repayment and forgiveness programs.

The Takeaway

Choosing which college to attend is a major decision, and College Decision Day is the critical deadline. By staying organized, diligently comparing financial aid packages, and planning for how you will ultimately finance your education, you can navigate this stressful but exciting time successfully. Taking these preparation steps can help ensure you make the most suitable choice for your academic future and financial well-being.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

✓ Checking your rate will not affect your credit score.

FAQ

What should I consider when comparing financial aid offers in 2027?

When comparing financial aid offers for 2027, the key is to look past the sticker price and focus on the net cost. This is the total cost of attendance (tuition, fees, room, board, and estimated personal expenses) minus any grant and scholarship money you receive. Grants and scholarships are essentially free money that does not need to be repaid, making them the most valuable part of your package.

You’ll also want to closely examine the federal student loans offered, noting whether they are subsidized (the government pays the interest while you’re in school) or unsubsidized (you are responsible for all interest). If you’re eligible for work-study, that can also help you cover some of your costs.

What happens if I miss the College Decision Day deadline?

If you miss the College Decision Day deadline of May 1, you may lose your spot at your chosen school. Colleges often reallocate unclaimed offers to waitlisted students. Contact the admissions office immediately, as some schools may offer a short grace period. Missing the deadline can also impact your eligibility for financial aid and housing preferences.

Can I apply for more financial aid after receiving my college acceptance?

Yes, you can generally apply for more financial aid even after you’ve received your college acceptance and initial aid offer. The process is typically called a financial aid appeal. You’ll need to contact the college’s financial aid office to request this review.

Generally, your odds of success are better if you can demonstrate a significant change in your family’s financial situation since submitting the Free Application for Federal Student Aid (FAFSA®), such as a job loss, unexpected medical expenses, or a parent’s divorce. You will need to provide documentation to support your appeal.

How can I appeal my financial aid offer?

To appeal your financial aid offer, contact your college’s financial aid office and ask about their appeal process. Typically, you need to submit a formal letter explaining your financial changes or special circumstances, such as job loss or medical expenses, and include documentation to support your case. Appeals are reviewed individually and may or may not increase your aid.

Are there any new student loan options for 2027?

Federal student loan options have undergone significant changes for new borrowers as of July 2026 due to the One Big Beautiful Bill Act (OBBBA) enacted in July 2025. For undergraduates, there are now only two repayment plans: the Tiered Standard repayment plan (fixed payments over 10, 15, 20, or 25 years) and the Repayment Assistance Plan, or RAP (payments based on 1%-10% of adjusted gross income, with forgiveness after 30 years of on-time monthly payments). New annual and aggregate borrowing limits for Parent PLUS loans are $20,000 and $65,000 per child, but private student loans remain an option.

How do recent federal policy changes affect my student loans?

For undergraduates, the most significant impact of the One Big Beautiful Bill is the consolidation of the seven existing repayment plans into two: the Tiered Standard repayment plan, which assigns fixed monthly payments over 10, 15, 20, or 25 years based on debt size, and the Repayment Assistance Plan (RAP), a new income-driven option where payments are set at 1%-10% of the borrower’s adjusted gross income, with potential forgiveness after 30 years of consistent payments. Parents using Parent PLUS loans to help finance their children’s education face annual borrowing capped at $20,000 and an aggregate limit of $65,000 per child.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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

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When applying for financial aid to fund their college educations, students and their parents are often introduced to words they’ve never heard of before. To help you learn the lingo, here are definitions of important financial aid terms, plus information about different ways to pay for college.

Award Letter

A financial aid award letter goes by a few different names: merit letter, award letter, a financial aid offer, or a financial aid package. But no matter what you call it, once a student fills out a FAFSA, they’ll receive one of these letters from each college that accepts them. A typical letter will list a student’s cost of attendance, expected family contribution, awarded grants and scholarships, work-study details, and federal student loans. Many schools now provide this information electronically.

Bursar, Student Accounts, or Student Financial Services

The bursar is the office responsible for managing student billing and payments at a college or university. This department handles tuition, fees, and other charges, ensuring that students’ accounts are up to date.

The student accounts office oversees the financial records of enrolled students, including tuition payments, fees, and any outstanding balances. This office ensures that students meet their financial obligations and may assist with setting up payment plans, issuing statements, and explaining charges on a student’s account.

Student financial services is a broader department that combines financial aid, student accounts, and sometimes the bursar’s office to provide comprehensive support. This office helps students understand financial aid packages, manage tuition payments, and explore funding options such as scholarships, grants, and loans.

Cost of Attendance

A student’s cost of attendance (COA) is the total of all costs to attend college in a given year. This includes tuition, room and board, books and supplies, loan fees, costs associated with studying abroad or managing a disability, and more.

The COA is different from an invoice a college may send a student, which is more comprehensive. The COA figure is used to determine how much financial aid a student may be eligible to receive. Anyone who receives a form of financial assistance is not responsible for paying the full COA.

CSS Profile

The CSS Profile (College Scholarship Service Profile) is an online financial aid application used by many colleges, universities, and scholarship programs to determine a student’s eligibility for nonfederal financial aid. Unlike the FAFSA, which is used for federal aid, the CSS Profile provides a more detailed analysis of a family’s financial situation, including income, assets, and expenses. Administered by the College Board, the application helps institutions award need-based grants, scholarships, and institutional aid.

Demonstrated Need

Demonstrated need is the difference between the cost of attendance (COA) at a college or university and a student’s Student Aid Index (SAI), as determined by financial aid applications such as the FAFSA or CSS Profile.

Schools use this figure to determine a student’s eligibility for need-based financial aid, including grants, scholarships, and subsidized loans. The higher the demonstrated need, the more financial assistance a student may qualify for, though the amount awarded varies by institution and available funding.

Enrollment Status

Enrollment status refers to a student’s classification based on the number of credit hours they are taking in a given academic term, which can affect financial aid eligibility, loan repayment, and other benefits.

Common statuses include full-time, half-time, and part-time, with full-time students typically taking at least 12 credit hours per semester.

FAFSA (Free Application for Federal Student Aid)

The FAFSA is the official government form that students must fill out to be eligible for federal student loans and grants. Filling the FAFSA out does not guarantee that a student will receive aid, but it must be completed annually in order to be considered for the upcoming academic year. The information provided will be used to calculate a student’s Student Aid Index (below).

Recommended: Who Qualifies for the FAFSA? Find Out if You Do

FAFSA Submission Summary

The FAFSA submission summary (formerly known as the Student Aid Report or SAR) is a document provided to students after they submit the Free Application for Federal Student Aid (FAFSA). It summarizes the information reported on the FAFSA, includes the Student Aid Index (SAI), and indicates potential eligibility for federal financial aid.

Financial Aid

Financial aid refers to funding provided to students to help cover the cost of higher education, including tuition, fees, books, and living expenses. It can come from various sources, such as the federal government, state agencies, colleges, and private organizations.

Recommended: FAFSA Grants and Other Types of Financial Aid

Financial Aid Office

The financial aid office is a department within a college or university that assists students in understanding, applying for, and managing financial aid. It provides guidance on available aid options, including grants, scholarships, loans, and work-study programs. The office helps students complete required forms such as the FAFSA and CSS Profile, determines eligibility for aid, and processes disbursements.

Financial Aid Officer

A financial aid officer is a professional at a college or university who helps students and families navigate the financial aid process. They assist with completing applications such as the FAFSA and CSS Profile, determine eligibility for grants, scholarships, and loans, and provide guidance on payment options.

Financial aid officers also explain award packages, help students understand borrowing responsibilities, and offer advice on managing education costs.

529 Savings Plan

A 529 savings plan is a tax-advantaged investment account designed to help families save for future education expenses. Contributions grow tax-free, and withdrawals for qualified education costs, such as tuition, fees, books, and room and board, are also tax-free. These plans are sponsored by states, educational institutions, or agencies, but funds can typically be used at eligible schools nationwide.

Grant

Grants are used to help fund a qualifying student’s college education, and unlike loans, they typically don’t need to be paid back. They are often based on financial need and are available from private and public organizations. Some grants have criteria that a student must meet, such as maintaining a certain grade point average or declaring a certain major.

Loan

A student loan is a type of financial aid designed to help students cover the costs of higher education, including tuition, fees, books, and living expenses. These loans can come from federal or private lenders, with federal loans typically offering lower interest rates and more flexible repayment options.

Recommended: Private Student Loans

Merit Aid

Merit-based assistance is based upon a student’s abilities and accomplishments. This can include their grade point average, athletic achievements, or another skill. Financial need is not typically taken into account. Students generally receive merit-based aid directly from the college.

Need-Based Financial Aid

Need-based assistance is provided to students based on their financial needs and is commonly offered by federal and state governments, colleges, and other organizations. There are three types of federally granted need-based financial aid: Pell Grants, work-study programs, and Subsidized Direct Student Loans.

To qualify for federal need-based aid, a student must fill out the FAFSA. Colleges may require additional information for non-federal aid. Simply applying for need-based aid does not mean a student will receive it, though applying early may potentially improve their chances.

Need-Blind Admission

Need-blind admission is a policy used by some colleges and universities where an applicant’s financial need is not considered during the admissions process. This means that students are admitted based on their academic qualifications and achievements, without regard to their ability to pay for tuition or other expenses.

Schools with a need-blind policy often provide financial aid packages to help cover the cost of attendance for admitted students, regardless of their financial background. This approach aims to ensure that all qualified applicants, regardless of financial resources, have equal access to higher education.

Net Price

The net price of college refers to the amount a student and their family will actually pay for college after accounting for financial aid, scholarships, and grants. Unlike the sticker price or listed tuition fees, the net price subtracts any aid offered by the school, making it a more accurate reflection of the cost a student will need to cover.

Net Price Calculator

A net price calculator is an online tool provided by colleges and universities to help prospective students estimate the amount they may need to pay for college after financial aid is applied. By inputting financial information, such as family income, assets, and other relevant details, students can receive an estimate of their net price, including tuition, fees, and potential financial assistance in the form of grants, scholarships, and work-study.

Outside Scholarship

An outside scholarship is a financial award for education that comes from sources other than the college or university a student plans to attend. These scholarships can be offered by private organizations, foundations, corporations, or government agencies and are typically based on criteria such as academic achievement, community service, or specific interests.

Recommended: SoFi’s Scholarship Search Tool

Priority Date

A priority date refers to the deadline set by colleges or financial aid programs for submitting the FAFSA or other required financial aid forms to receive maximum consideration for aid. Students who apply by the priority date are more likely to qualify for limited funding sources, such as grants, scholarships, or work-study opportunities.

Reserve Officers’ Training Corps (ROTC)

The Reserve Officers’ Training Corps (ROTC) is a college-based program that prepares students for military service as commissioned officers while allowing them to earn a degree. ROTC programs are available for the Army, Navy, and Air Force, and students typically commit to military service after graduation in exchange for financial assistance.

ROTC can significantly reduce or eliminate student loan debt by providing scholarships that cover tuition, fees, and sometimes room and board. Additionally, ROTC graduates who serve in the military may qualify for student loan repayment programs, where a portion of their loans is paid off in exchange for active-duty service.

Recommended: Does ROTC Pay for College?

Residency Requirements

Residency requirements refer to the criteria a student must meet to be considered a resident of a particular state for tuition and financial aid purposes. These requirements vary by state and typically include factors such as the length of time a student has lived in the state, proof of permanent residency (e.g., driver’s license, voter registration), and financial independence from out-of-state parents.

Scholarship

A scholarship is a type of funding awarded to students to help them pay for a college education. They are available through federal and state government sources, colleges, private and public organizations, and more.

Unlike loans, scholarships typically don’t need to be repaid. They can be based on need, merit, or a combination of the two. There is a wide range of scholarship possibilities, so it can be worthwhile for the student to research their options and apply for ones that seem to be a good match.

Recommended: Finding Scholarships for Current College Students

Student Aid Index (SAI)

The Student Aid Index (SAI), formerly Expected Family Contribution, is a number colleges use to determine a student’s eligibility for financial aid. It’s calculated using a formula that considers a family’s income, savings, investments, benefits, family size, and more.

Recommended: How the Middle Class Affords College

Transcript

A transcript is an official record of a student’s academic performance and coursework completed at a school, college, or university. It typically includes details such as courses taken, grades received, credit hours earned, and cumulative GPA.

There are two types of transcripts: official and unofficial. An official transcript is a certified record of a student’s academic history, issued by the school with an official seal or signature, often sent directly to institutions or employers. An unofficial transcript contains the same information but lacks official authentication and is typically used for personal reference.

Undergraduate

An undergraduate is a student who is pursuing a postsecondary education program that leads to an associate or bachelor’s degree. Undergraduates typically complete general education courses along with coursework specific to their chosen major. Unlike graduate students, they have not yet earned a bachelor’s degree and are in the early stages of higher education.

Work-Study

The federal government’s work-study program provides college students who have demonstrable financial need with part-time jobs to help them earn money for their college education. The program attempts to match a student with work in their area of study or in jobs that benefit the community. Students who are interested in this program should check with their colleges of choice to see if they participate.

The Takeaway

When it comes to how to pay for college, it helps to understand all the available options and how they may be combined. Students and their parents may have money to contribute to help cover the expenses. Scholarships and grants can reduce the bill and typically don’t need to be paid back, while work-study opportunities allow students to earn money to cover some expenses while in college. And lastly, students can rely on both federal and private student loans.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What is a cosigner?

A cosigner helps assure lenders that someone will pay back the loan. Their income and financial history are factored into the loan decision, and their positive credit standing can benefit the student’s loan application.

What’s the difference between a student loan lender and a student loan servicer?

Lenders lend borrowers money to help cover school-related costs. Servicers send borrowers their monthly bill, process payments, field customer service requests, and handle other administrative tasks.

How do I calculate my college costs?

There are several online tools to help students estimate the potential cost of attending college. Net price calculators, for instance, are available on a school’s website and give cost estimates based on basic personal and financial information provided by the student.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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A student checking account is a bank account that is specially designed for students in their teens and early 20s. This type of account typically offers the same tools as a regular checking account, such as a debit card and checks, but may have no or lower fees and minimal balance requirements to make banking more accessible for young adults. Some student bank accounts may also offer extra perks such as sign-on bonuses and financial education tools tailored to students.

But student bank accounts also come with some limitations, such as low or no interest on deposits and certain eligibility requirements, so it’s important to weigh the pros and cons before choosing this type of account. Here are key things to know about student checking accounts, including their requirements and fees, and how they compare to traditional checking accounts.

What Are Student Checking Accounts?

A student checking account is a type of bank account tailored specifically for students, typically those in high school or college. These accounts function similarly to traditional checking accounts but come with benefits tailored to young adults who may be new to banking.

Like a standard checking account, a student checking account allows you to easily deposit, withdraw, and transfer funds. These accounts typically offer a debit card, checks, mobile banking, and ATM access to facilitate shopping and bill payments. Some checking accounts may also pay a small amount of interest (especially if your account is with an online bank).

Unlike traditional checking accounts, however, student bank accounts are generally limited to students and usually require proof of enrollment in school. They also tend to charge lower and fewer fees compared to traditional accounts, along with lower balance requirements. Some student accounts offer additional benefits, such as rewards programs and overdraft forgiveness.

Student Checking Account Features

Here’s a closer look at the features that a typical student checking account may offer:

•   Low (or no) minimum balance requirements: Typically, students are not required to maintain a high balance to avoid monthly fees or keep the account open.

•   No-cost ATM access: Many banks provide access to a large network of ATMs at no cost, making it easy to access funds whether you’re on campus or home for the summer.

•   Overdraft protection: You may have the option to link your checking account to a savings account or receive alerts to prevent overdrafts. Some student accounts also forgive overdrafts, which means you won’t be hit with a fee if you accidentally overdraft your account.

•   Mobile and online banking: Once you set up your account, you can typically check your balance, make payments, and transfer funds on the go via an app or online platform.

•   Debit card access: Debit cards are linked to your checking account and allow you to make purchases (both online and in store), as well as withdraw cash at ATMs.

•   Direct deposit: A student checking account will typically allow you to have your paychecks or financial aid directly deposited into the account, which can give you faster access to your funds.

•   Rewards: Some student checking accounts offer cash back on purchases made with your debit card, which can help you save money on everyday expenses. Others may offer you a cash reward when you sign up.

•   Financial education resources: A student account often comes with tools to help students budget, save, and track expenses.

Recommended: Savings Account Calculator

Who’s Eligible to Open a Student Checking Account?

Student checking account eligibility requirements can vary among financial institutions. In general, these accounts are limited to certain age groups, which can be anywhere from age 13-25. If you’re below the age at which you can open a bank account, which is age 18 in most states, you will likely need to open a joint student account with a parent, a guardian, or another adult.

To open a student bank account, you must typically be a current student. This generally means full-time enrollment, and you’ll likely need to provide proof of enrollment or your official school email address to be approved for a student account.

When you graduate school and/or age out of a student checking account, the financial institution may automatically convert your student account into a standard checking account.

Recommended: How to Deposit a Check

Pros and Cons of Student Checking Accounts

Student checking accounts come with numerous benefits, but also a few downsides. Here’s a look at how the pros and cons stack up.

Advantages of Student Checking Accounts

•   Waived or discounted monthly fees: Banks will often waive or reduce monthly maintenance fees for student checking accounts.

•   Low or no initial deposit: You may be able to open a student checking account with a small, or no, initial deposit.

•   Reduced minimum balance requirements. You may avoid being charged a fee or having your account closed even if you don’t have a certain amount of money in your account.

•   Lower (or no) penalties for overdrafts: A student account will often charge lower penalties for overdrafts than traditional accounts. Some student accounts may not charge any overdraft fees.

•   Special perks: Some accounts come with exclusive benefits such as cash back rewards, student sign-up bonuses, and educational resources tailored to students.

Disadvantages of a Student Bank Account

•   Limited availability: Only students can apply, and eligibility ends after you graduate or when you turn a certain age.

•   May need to visit a branch: While some banks allow you to apply for a student account online, others may require you to go to a branch and apply in person.

•   Low or no interest on deposits. As with a traditional checking account, student checking accounts generally pay little to no interest on any money sitting in the account.

•   You may need a cosigner: Some banks only allow students (especially those under age 18) to open a joint account with a parent or a guardian. This means you may need an adult to cosign your student account when you open it.

•   Potential conversion fees: Once you are no longer a student, or turn a certain age (such as 25), the account may be converted into a regular checking account and start charging monthly fees.

How to Choose Between Different Student Checking Accounts

Choosing the right student checking account involves understanding your needs and finding the right match. Here are some considerations:

•   Can you open the account on your own, or will you need a joint account holder due to your age?

•   What are the requirements in terms of your school enrollment status?

•   What are the monthly fees, if any?

•   Will your money on deposit earn any interest? If so, how much?

•   What is the minimum initial deposit required when opening the account?

•   Must you maintain a certain balance in the checking account to avoid fees?

•   What happens if you overdraft your account?

•   Is there a sign-up bonus or any rewards (such as cash back for using your debit card)?

•   What kinds of financial education programs are available in conjunction with the student checking account?

•   Does the bank have branches and/or ATMs in convenient locations?

•   Will your account automatically become a standard checking account when you finish your education or age out of the student checking account?

How to Open a Student Bank Account

Once you’ve figured out which bank is your choice for a student account, you’ll typically follow these steps to open a checking account:

•   Find out if you can sign up online or need to apply in person at a branch and whether you’ll need an adult cosigner.

•   Provide your personal information (such as your home address, phone number, and Social Security number) and school information (e.g., school name, address, and phone number).

•   Provide your driver’s license, student ID, or another official photo ID.

•   Supply proof of enrollment in a school (if required). This might be a school report card, transcript, or acceptance letter, your student ID, or your official school email address.

•   Have your cosigner provide their information (if required).

•   Make an initial deposit (if required). Some banks require an initial deposit, typically no more than $25, while others may allow you to open your account without any cash initially.

Once your application is reviewed and approved, you may be able to start using your account right away. However, it can take up to 10 days or longer for your debit card and paper checks to arrive in the mail. Once that happens, you’re all set to start fully using your student banking account — congrats!

The Takeaway

A student checking account can be a great tool for a young person learning how to manage their finances. With potential features such as low or no fees, mobile banking, and overdraft forgiveness, these accounts can provide the flexibility and convenience students need. However, it’s important to shop around and compare different options, understand the terms, and prepare for the transition to a regular checking account after graduation.

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

Better banking is here with SoFi, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

Do student checking accounts charge monthly fees?

Many student checking accounts do not charge monthly fees. Banks will often waive or reduce maintenance fees as a benefit to students, helping them manage their finances without extra costs. Some banks will also waive or discount other fees, such as overdraft and ATM fees, for students. However, it’s important to read the account terms carefully to understand any potential charges before you open a student checking account.

Can I open a student checking account if I’m an international student?

International students are often eligible to open a student checking account in the U.S. Requirements vary by bank, but you may need to provide both a foreign and U.S. address, two forms of ID (such as a passport, U.S. student ID, and/or foreign driver’s license), and a foreign tax identification number (FTIN). It’s a good idea to check with specific banks to determine their policies for international students.

What happens to a student checking account after you graduate?

After your scheduled graduation date, your student checking account will likely convert into a standard checking account, which may charge monthly maintenance fees and have different account terms. Some banks offer a grace period of a few months post-graduation before making the transition. To avoid unexpected fees, it’s important to check with your bank about post-graduation policies and consider switching to an account that offers benefits more suitable for your financial situation.

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photo credit: iStock/Iryna Melnyk

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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

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

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All student loans are not alike. In fact, shopping around for a loan is not so different from buying a car. Some lenders offer better deals than others, and it helps if you know a little something about what’s under the hood.

Read on to find out what to look for when comparing student loans, from interest rates and fees to payback terms and special protections for borrowers. Soon, you’ll be able to choose a loan with confidence that it’s the right one for you.

Understanding Private Student Loans

Private student loans can help bridge the gap when federal aid and scholarships aren’t enough to cover the full cost of college. Unlike federal loans, which are backed by the government, private student loans are offered by banks, credit unions, and online lenders, each with its own terms, interest rates, and eligibility requirements.

What Are Private Student Loans?

Private student loans are education loans provided by private lenders to help students pay for tuition, books, and living expenses. They typically require a credit check and may have fixed or variable interest rates. Unlike federal loans, private loans do not offer benefits such as income-driven repayment plans or loan forgiveness programs.

Recommended: A Complete Guide to Private Student Loans

Differences Between Private and Federal Student Loans

Private and federal student loans differ in several key ways, including eligibility requirements, interest rates, and repayment options.

Federal loans are funded by the government and typically offer fixed interest rates, income-driven repayment plans, and loan forgiveness programs, making them more flexible for borrowers. They do not require a credit check (except for PLUS loans) and often have lower interest rates.

In contrast, private student loans are provided by banks, credit unions, and online lenders, usually requiring a credit check and often a cosigner. These loans may have fixed or variable interest rates, fewer repayment options, and no federal borrower protections.

Recommended: Private vs Federal Student Loans

Undergraduate Student Loans

Undergraduate private student loans are designed for students pursuing a bachelor’s degree. These loans typically require a creditworthy cosigner since most undergraduates have limited credit history. Interest rates may be fixed or variable, and repayment options vary by lender.

Graduate Student Loans

Graduate student loans cater to students seeking advanced degrees, such as master’s, law, or medical degrees. Students can access federal loans, such as Direct Unsubsidized Loans, which typically offer fixed interest rates and flexible repayment options. Private lenders also provide graduate loans, often requiring a credit check or cosigner for approval.

Specialized Student Loans

Some private lenders offer specialized student loans for specific fields, such as medical, dental, law, or business school students. These loans may have unique benefits, such as extended grace periods, higher borrowing limits, and flexible repayment options to accommodate the rigorous demands of certain professional programs.

Recommended: What You Need to Know About Student Loans, Grants, and Scholarships

4 Key Factors to Consider When Comparing Loans

When comparing private student loans, it’s important to evaluate several key factors to ensure you choose the best option for your financial needs. Weighing the factors below will help you choose the right lender and loan for you.

1. How Much Do You Need to Borrow?

When calculating how much you’ll need to borrow the first year, answer the following questions to the best of your knowledge:

•   Will you have an off-campus job?

•   Will you receive any tuition assistance from your family?

•   How is tuition structured at your institution? At some colleges, you may pay per credit. Other colleges have flat tuition, regardless of how many credits you take.

•   Living expenses should be a part of your calculations. Are there ways to trim those costs? For example, can you live at home or with roommates? Can you rely on public transportation instead of your own car?

•   How many years will it take to complete your course of study? Does it make sense to take an accelerated program and complete coursework in fewer years? On the flip side, can you stretch out coursework to make more time for a part-time job?

•   Do you need to spend all four years at your first-choice college? Some students minimize their overall tuition bill by spending a year or two at a state or community college before transferring to a pricier dream school.

You may even want to look at how well your future income will cover your bills after graduation. Search job listings and talk to recent grads in your potential field of study to get the scoop on entry-level salaries.

All this will give you a solid understanding of how much you’ll need to borrow. The next step is to compare the loans available from a variety of lenders.

2. Do You Need a Cosigner?

Private loan terms are mostly determined by the borrower’s financial history, employment status, and credit score. The longer your history and higher your score, the better your interest rate. Since most students have a minimal credit history, they often apply for student loans with a cosigner.

A cosigner is someone who agrees to pay the loan in case the main borrower is not able to. A cosigner needs to provide financial information (such as employment status) and agree to have their credit checked. Should there be any issues with repayment on the loan, both the borrower’s and the cosigner’s credit may be affected.

3. What Are the Loan Terms?

Your loan terms will determine the overall cost of your loan and your monthly payments. These terms include the following.

Interest Rate

Your interest rate will partly determine how much money you owe over the life of the loan. Many private lenders have an online tool that allows potential borrowers to see their estimated interest rate before they apply for the loan.

Interest rates may be either fixed or variable. A fixed rate means the rate won’t change during the life of the loan. A variable rate can fluctuate over time. Variable rates may start lower than fixed rates but can go higher in the future. Sometimes, a variable rate makes sense for people who plan to pay off the loan quickly. A fixed rate is a good idea for people who want to budget the same amount per month.

Length of Loan

A shorter loan term typically has higher monthly payments but is less expensive, since interest has less time to accrue. A longer repayment period usually has lower monthly payments, but will cost you more in interest overall.

Another factor to consider is prepayment penalties. This is when a lender charges you a fee for paying off your loan before the end of the loan term. Many private lenders allow prepayment without any fees, but make sure to check with any lenders you are considering.

Repayment Options

Repayment schedules vary by lender. Some may allow borrowers who are in school to defer payment until after they graduate. Others may allow student borrowers to make interest-only payments.

Find out whether or not the lender offers flexibility in switching repayment plans during the life of the loan.

Loan Fees

Lenders make money on loans by charging borrowers interest. Some student loan lenders also charge additional fees. Student loan fees may include:

•   Origination fees charged by the lender for processing the loan

•   Late payment fees

•   Returned-check fees

•   Loan collection fees

•   Forbearance and deferment fees

Before you choose a private loan, find out what fees (if any) you may incur.

Recommended: How Do Student Loans Work?

4. How Good Is the Lender’s Customer Support?

The above three factors are what’s known as loan terms. The last factor has to do with how the lender will support you, the borrower, during the life of the loan. This includes:

Customer Service

If you have questions or concerns, how can you contact your lender? Can you call a live person, or must you deal with a chatbot?

Financial Tools

Some lenders offer financial resources and tools to their borrowers, such as webinars, articles, and calculators.

Factors Affecting Private Student Loan Rates

Private student loan interest rates are influenced by several factors, including the borrower’s creditworthiness, loan term, and whether the rate is fixed or variable. Lenders assess financial history, income, and the presence of a cosigner to determine risk. Additionally, market conditions and lender policies play a role in setting interest rates.

Credit Score

A borrower’s credit score is one of the most significant factors affecting private student loan rates. Higher credit scores typically qualify for lower interest rates, as they indicate responsible financial behavior and lower risk to lenders. Those with lower credit scores may face higher rates or require a cosigner to secure better terms.

Pros and Cons of Private Student Loans

Private student loans can be a useful option for borrowers who need additional funding beyond federal aid. While they offer flexibility and higher borrowing limits, they also come with potential downsides, such as varying interest rates and fewer borrower protections. Understanding the pros and cons can help determine if they are the right choice.

Benefits of Private Student Loans

Benefits of private student loans include:

•   Higher borrowing limits than federal loans

•   Competitive interest rates for borrowers with strong credit

•   Flexible repayment options, such as interest-only payments while in school or extended loan terms

Drawbacks of Private Student Loans

Cons of private student loans include:

•   Lack of income-driven repayment plans and loan forgiveness options

•   Higher interest rates for those with lower credit scores

•   Often require a cosigner, which can put financial responsibility on someone else if the borrower struggles with repayment

The Takeaway

If you’re new to borrowing money, as most undergrads are, you may not know what to consider when choosing a student loan. Before you shop around, determine how much you need to borrow by creating a college budget that includes tuition and fees, books and supplies, and living expenses.

When comparing loans from different lenders, you’ll want to look at the interest rate, length of the loan, any fees and penalties, and the lender’s reputation for customer service. It all comes down to saving money over the life of the loan. If you’re careful, you won’t pay more than you need to.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What factors should you consider when comparing student loan lenders?

When comparing lenders, consider interest rates, loan terms, fees, repayment options, and customer service reputation. Evaluating these factors ensures you choose a lender that offers the best financial flexibility and minimizes long-term borrowing costs.

How do interest rates impact the cost of a student loan?

Interest rates determine how much you’ll pay over the life of the loan. Fixed rates provide stable payments, while variable rates can change over time, potentially increasing costs. Choosing a lower rate can help reduce total repayment amounts.

What are some common repayment options offered by student loan lenders?

Many lenders offer options such as deferment while in school, interest-only payments, and income-driven repayment plans. These flexible repayment options can help students manage their finances and avoid defaulting on their loans.

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Photo credit: iStock/LSOphoto

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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

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