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If you are like many people, you may have asked yourself at some point in life, “Will I be rich one day?” No one knows for sure what the future holds, but there are a few things you can do to increase your chances of becoming a millionaire.

One of the best ways to amass wealth is to invest in assets that will appreciate over time. But while that sounds good, finding a starting point can be challenging for some. For example, you can start your own business or work hard to climb the corporate ladder, but which is the better option? And you’ll want to invest the money you earn. But where?

Whatever you do, it’s smart to remember that it’s okay to take risks and make mistakes; learning from your experiences is a critical component of success. Above all, remember that wealth accumulation is a marathon, not a sprint. It takes patience, commitment, and perseverance to achieve financial security.

What Is a Sign of Wealth?

Often, specific aspects of one’s physical appearance such as luxury cars and designer clothes are taken as a sign of being rich or wealthy. Unfortunately, these signs aren’t always reliable. For example, some people may live in an extravagant home, giving off the appearance of wealth, but it may simply mean that they can access money — perhaps through credit, savings, or even family.

Real signs of wealth are often more attitudinal, and many can be cultivated through patience and practice. Here are a few people who were early millionaires due, in large part, to their drive and focus.

Recommended: What Credit Score is Needed to Buy a Car

Examples of Millionaires Under 30

With the advent of the tech industry, smart investments, business ventures, or inheritances — i.e., the great wealth transfer — millionaires under 30 are becoming increasingly common. Here are three examples of millionaires who earned their fortunes before turning 30.

Mark Zuckerberg: Zuckerberg created Facebook at age 19 while attending Harvard University. The idea was to match photos with the names of other students. And in just a few short years, Zuckerberg became a self-made millionaire at age 22.

Sergey Brin: Brin is a Russian American computer scientist who, at the age of 25, co-founded Google, Inc., and became a millionaire. Google is one of the world’s most valuable companies, and today, Brin’s net worth is estimated to be upwards of $120 billion.

Alexandr Wang: Wang founded Scale AI in 2016 as a way to analyze data far faster than any human could. Today, Scale AI’s technology has been used by the U.S. Airforce and U.S. Army, as well as 300+ companies. Today, Wang’s net worth is estimated to be over $2 billion, and at age 27, he’s among the youngest self-made billionaires.

Recommended: Does Net Worth Include Home Equity?

9 Signs of Wealth to Look Out For

In the U.S. 1% of earners take home nearly 30% of the country’s income, so it’s essential to know what signs to look for when trying to identify if someone is wealthy. While there’s no one-size-fits-all definition of wealth, some cues can give you a good idea of whether you or someone you know is doing well financially. (And a net worth calculator can help you tally up your own assets.)

Here are six signs of wealth to look out for that indicate you’re on track to becoming wealthy:

1. You’re an Overachiever

It’s hard to be modest when you’re an overachiever. You know you’re good at your work and are not afraid to let everyone know. Overachievers work hard and try harder. While this may make some people uncomfortable, it comes naturally to you.

2. You Started Making Money At a Young Age

It is not uncommon to see young adults with successful careers in today’s society. While some people played with toys as a child, others learned how to make money. For example, it could mean that you had a paper route or a babysitting business.

Making money at a young age, or any age for that matter, is not always easy. But an early start in earning, tracking your money, and investing can put you on an accelerated schedule when it comes to building your wealth and becoming a millionaire.

3. You Take Action

There will be times when things happen that are out of your control. You may feel stuck and as if you have no way to change your circumstances. However, these are the times when you must take action to create the life you want to live. For example, it might mean organizing your finances to get what you want. And, sometimes you’ll have to take some risks and go for it. It can be scary, but it’s worth it to achieve your goals.

When faced with a difficult situation, it’s essential to remember that you always have a choice. You can choose to give up, or you can choose to fight for what you want. Only by taking action can you make progress and take a step towards achieving financial wellness. So don’t be afraid to step up and take on whatever life throws your way — you can do it!

4. You Are Outspoken

In a society where people get judged by how much money they have, it is no surprise that many go out of their way to keep up appearances. And while some may try to blend in with the wealthy crowd, a wealthy person will often stand out with his unique style or outgoing sense of humor. Wealthy people tend to feel less inhibited and are more likely to speak their minds. They may also be less concerned with the rules and more likely to take risks.

5. You Possess a Sense of Urgency

When it comes to the wealthy, there are a few telltale signs that set them apart. One of these is their sense of urgency — they don’t like wasting time and are always moving forward. This urgency allows them to set financial goals, achieve them, and maintain their wealth. It’s also one of the reasons why they may seem constantly stressed out — they’re always trying to do more.

6. You’re Focused More on Saving Than Earning

It doesn’t matter if you earn $50,000 or $250,000 a year. Unless you consistently spend less than you make, you’ll never get ahead financially. People who focus on their budget and saving their disposable income understand how to live within their means and focus on what’s most important: saving money for the future.

7. You Know the Difference Between Needs and Wants

In our materialistic society, getting caught up in the “must-have” mentality is easy. Advertisements are everywhere, and social media posts tell us we need the next latest and greatest products. It can be challenging to discern between the things we need and want.

A sign of a wealthy person is their ability to distinguish between the two. They know which items are essential for their well-being and those which would be nice to have. Advertising or peer pressure doesn’t work on rich people, and their possessions don’t rule them.

Recommended: Should I Sell My House Now or Wait?

Spiritual Signs You Will Be Rich

Are there spiritual signs that you can be a wealthy person? Some people believe steadfastly in spiritual and other signs of wealth and luck. Here are a couple of examples:

Gravitating to the Lucky Number, 8

In Chinese culture, the number 8 is considered a lucky number. Individuals who gravitate toward this number may believe it will bring them good fortune. Some people might even go as far as to change their phone number or social media handle to include the digit 8.

A Psychic Confirms Wealth is Coming

Some people consult psychics to get guidance on anything from love to health and even money. While many psychics will say they can tune into your energy and give you specific information about your future, and many people believe their predictions, you may be better off putting the money you’d pay the psychic into savings.

Pros and Cons of Having Signs of Wealth

There are very few times when it can be helpful to show off your wealth to others. Indeed, showing off can make others feel intimidated. Additionally, it can attract unwanted attention from criminals or others who want to take what you have. And having too many signs of wealth can make you a target for scams or other fraudulent schemes.

The Takeaway

If you identify with any of these habits you’re likely well on your way to building a significant amount of wealth. However, it is essential to remember that wealth accumulation is not a one-time event; it’s a way of life. It’s something you’ll need to make a habit of, if you want to succeed. For many people who work hard, stay focused, and are disciplined, it is possible.

And as you’re building your wealth, tracking your income and expenses is one of the primary ways to manage your money. SoFi’s money tracker app can help you keep track of your funds so you can make the best spending decisions and start building your very own fortune today.

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

At what point is someone considered wealthy?

There is no magic dollar amount that indicates someone is wealthy and one person’s definition may not be the same as another’s. But in 2022, the top 1% of earners took home an average of $785,968, according to the Economic Policy Institute. Of course the amount you earn is only part of the wealth story. How much of your income (or inherited wealth) you retain is affected by your spending habits.

What are invisible signs of wealth?

People who are stealthily wealthy still might have a “tell” that gives them away. Use of private banking or wealth management services would be one example. Another might be not working but being able to maintain an expensive hobby such as riding horses or boating. Buying bespoke products, whether tailor-made clothing or custom-designed furniture, is another subtle giveaway.

Photo credit: iStock/miniseries

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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One way a college student can fund their education is by getting a scholarship, which is gifted money that doesn’t have to be paid back. A scholarship can be awarded to a student for a number of reasons, including having a special talent, academic or athletic merit, community involvement, financial need, or a combination of any of these factors.

College scholarships aren’t just for high school grads who are trying to find financial awards to pay for school. Students who are already enrolled in college and in the process of earning their degree can also apply. Although there are certain time periods where scholarship deadlines are more prevalent, there are still plenty of scholarships current college students can apply for year-round.

Keep reading to learn about the different types of scholarships for college students, how to find them, and application tips to consider to increase your chances of being selected.

Eligibility Requirements

While college scholarship requirements can vary, there are some common eligibility qualifications that most will require. For instance, every scholarship application will want your basic information, such as your name, address, email, phone number, and what college you’re currently attending.

Sometimes a scholarship will only ask for basic information, but others will require more. You may be asked to give your GPA, submit an essay, or provide letters of recommendation. Scholarships that are based on financial need may call for the student or their parents to provide financial information, such as income or assets.

How to Find Scholarships for Current College Students

According to the Education Data Initiative, more than 1.7 million scholarships are awarded in the U.S. each year. With so many opportunities, it can be difficult to know where to start looking.

One easy way to dive in is by using SoFi’s scholarship search tool, where you can scout out thousands of scholarships, grants, fellowships, and other awarded aid. The tool enables you to use keywords to search and filters to see only awards according to type, level of study, residency, and more.

SoFi also has a $2,500 scholarship sweepstakes you can enter every single month just by registering with SoFi.

Another way to find out about getting free money for college is by visiting your college’s financial aid office and consulting with your academic advisor or head of the department for your particular major.

You may also be able to apply for a scholarship if you or a parent work for an employer who offers scholarship awards. For instance, if you’re a college student employed at McDonald’s, Starbucks, T-Mobile, Walmart, or Taco Bell, you may be eligible to apply for their scholarship opportunities.

Large employers, such as Wells Fargo, CVS, American Airlines, and PepsiCo, offer the opportunity for an employee’s dependent to apply for that company’s college scholarship. College students with a parent who is an active, retired, or deceased military member are also eligible to apply for a scholarship program, according to the U.S. Department of Veterans Affairs.

Recommended: The Differences Between Grants, Scholarships, and Loans

Scholarships for Current College Students

As mentioned previously, there are a multitude of scholarships to apply for while in college, including those that are based on merit, financial need, and even those geared toward certain cultural heritage or minority populations.

Depending on the scholarship provider, there may be strict terms and conditions on how the money is spent, such as dictating the money go toward tuition, room and board, books, and other college-related expenses. Others may give you more leeway, and some may even allow you to use the funds to pay off student loans.

Here’s a list of some of entities that offer scholarships for current college students to consider:

Federal or State Government Scholarships and Grants

Scholarships and grants, which are usually based on need and awarded according to the student’s financial situation, are available through the U.S. government and through the individual states.

Through the federal government, college students can apply for a Pell Grant, a Federal Supplemental Educational Opportunity Grant (FSEOG), or a TEACH Grant for those students who want to be teachers. With a TEACH Grant, you can get up to $4,000 a year, but you must commit to teaching a highly needed subject in a low-income area elementary or secondary school, where there’s a shortage of specific subject teachers.

To find out what your individual state offers scholarship-wise, you can check with your state’s education agency. The National Association of Student Financial Aid Administrators offers links to each state’s education department, which you can access by clicking the state on their map.

It’s important to know that in order to be considered for a federal or state scholarship or grant, you’ll need to fill out a Free Application for Federal Student Aid (FAFSA) form. This form needs to be submitted every year since eligibility for financial aid doesn’t carry over to the next school year.

Recommended: Pell Grant Eligibility: What Are the Income Limits?

Financial Institutions

Sallie Mae, a bank and education solutions company, offers many scholarship opportunities, including their easy to apply for $2,000 award. Other financial institutions, including Discover, U.S. Bank, Charles Schwab, and Morgan Stanley, also have scholarships for students currently enrolled in college.

Your College

Your school may offer their own scholarships or grants. These prizes may be funded by private individuals, foundations, organizations, or even via the federal or state government. As mentioned earlier, checking with your school’s financial aid office or talking to the department head of your field of study can help steer you toward eligible awards.

Clubs or Organizations

Many national organizations, such as the Elks National Foundation, Rotary International, and the NAACP, offer scholarships to college students. The good news is you may not have to be a member of a club or organization to qualify.

Diversity and Identity-Geared Groups or Agencies

There are a multitude of scholarships for college students with specific social identities. Based on your cultural heritage, ethnicity, race, or religious affiliation, you can find financial awards specifically for these populations. There are also scholarships for women and for individuals who are a part of the LGBTQ+ community.

Recommended: A Guide to Unclaimed Scholarships

Types of Scholarships Available for Current College Students

There are two principal categories of scholarships: need-based and merit-based scholarships. The two aren’t exclusive, though. You may find a scholarship that’s both need- and merit-based.

Here’s the key differences between the two:

Need-Based Scholarships

These scholarships are based on a student’s financial need rather than any specific achievements. Need-based scholarships allow someone who may not have had the funds otherwise to attend college.

Since these financial awards are based on a student’s financial situation, the application process is pretty straightforward, typically only requiring a student or their parents’ income information.

Merit-Based Scholarships

A merit-based scholarship is one given to a student based on their achievements, which can be academic, artistic, athletic, or related to leadership or a special interest. Unlike a need-based scholarship, a merit-based scholarship rewards a college student’s accomplishments over financial need.

Applications for merit-based scholarships tend to be more involved, asking for essays, letters of recommendation, possibly an interview, and wanting to see if you have a certain GPA.

Tips to Help When You’re Applying for Scholarships

Read on for some strategies to increase your chances of landing a scholarship while already in college:

Create a List of What Makes You Unique

Take stock of your particular background, skills, hobbies, and personal experiences and see what college scholarships might be tailored for you. For example, if you speak another language, play an instrument, are a first-generation college student, or have overcome a difficult life challenge, there’s a scholarship out there for you.

Cast a Wide Net During Your Search

Since there aren’t any limits on how many scholarships you can apply for and receive, look for those offering both large and small amounts of money. It all adds up.

Read the Fine Print

Review the scholarship eligibility qualifications carefully; otherwise you may be applying for one that you’re not able to receive. Double-check the deadline date, too, and mark it on your calendar so you can keep track.

Start the Application Process Early

Factor in how much time you’ll need to complete certain requirements, such as gathering letters of recommendation and writing an essay.

Seek Out Scholarship Workshops

In-person or online scholarship workshop seminars can help walk you through the process and give you tips on how to stand out in your application. Check to see if a workshop is available at your school.

The Takeaway

College scholarships aren’t only for high school seniors applying to college. If you’re already a college student, there are myriad scholarships out there and there’s no definitive limit on how many you can pursue or the amount of money you can receive. Once you’ve applied all of your scholarships to your cost of attendance, you can pay your remaining college expenses with cash savings, grants, and 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.

FAQ

How often should I apply for scholarships in college?

You should apply for scholarships as often as possible and for as many as you can. Doing so can only increase your chances of winning. And don’t discount scholarships offering smaller amounts of money: When it comes to paying for college, every little bit helps.

Can I receive scholarships and federal aid at the same time?

Yes, you can. However, it’s important to realize the monetary amount of your scholarship and federal aid can’t total more than your cost of attendance at your college or university. If you are rewarded with a scholarship and your aid exceeds the cost of attendance, you’ll need to notify your school’s financial aid office. They will have to recalculate the financial aid package, which can lower the amount of your financial aid.

Do scholarships for current students consider GPA?

It’s up to the scholarship provider to set the criteria for eligibility, and some may not even ask for your GPA. In general, though, a 3.0 GPA or higher will give you a leg up when it comes to qualifying for many scholarships.

Photo credit: iStock/Goodboy Picture Company

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Scholarships are a form of financial aid that doesn’t have to be repaid in most cases. There are many scholarships and other forms of financial assistance available to help Native American students pay for college.

This guide provides a sample list of Native American college scholarships, an overview of common eligibility requirements, and tips for applying.

Eligibility Requirements

Before applying to scholarships, check that you meet the eligibility requirements. Scholarships have unique award criteria, so it’s important to review and verify whether you meet all of them.

That being said, some common factors that can impact qualifying for a scholarship include where you live, field of study, grade point average (GPA), financial need, leadership experience, and degree type.

Recommended: 10 Most Common Types of Scholarships for College

How to Find Native American Scholarships

Scholarships for higher education may be offered by academic institutions, employers, charitable foundations, and state, local, or tribal governments.

Finding scholarships for Native American students starts with completing the Free Application for Federal Student Aid (FAFSA) to determine financial need. It’s common for scholarship programs to use the FAFSA to determine eligibility for need-based awards.

After filling out the FAFSA, there are online resources to help search for scholarships. The Department of Labor maintains a scholarship database, known as CareerOneStop. Additionally, the National Indian Education Association keeps a list of scholarships for Native Americans to pursue higher education.

SoFi’s scholarship finder is another resource to find free money to help pay for an undergraduate, graduate, or professional degree. Users can filter by residency, field of study, ethnicity, and other criteria to narrow their search.

Scholarships for Native American Students

Though Native American students account for just 1% of undergraduate enrollment in the U.S., there are numerous Native American scholarships offered by tribal governments, non-profits, private companies, and other entities.

For a chance to win SoFi’s monthly $2,500 Scholarship Sweepstakes, you’ll just need to submit your name, email address, and school.

Browse the college scholarships for Native American students below to see what additional opportunities you qualify for.

•   American Indian Education Fund Scholarships: Awards for Native American, Alaska Native, and Native Hawaiian students pursuing undergraduate and graduate degrees.

•   American Indian Services Scholarship: Awards for undergraduate students who are enrolled members of a federally recognized American Indian or Alaska Native tribe.

•   Catching the Dream Scholarship: Awards for Native American and Alaska Native students to study business administration, economic development, and related subjects.

•   Cherokee Nation Higher Education Scholarships: Multiple scholarships for registered Cherokee citizens pursuing an associate, bachelor’s, or graduate degree.

•   Consuelo W. Gosnell Memorial Scholarship: Awards for master’s degree candidates in social work who have demonstrated a commitment to working with American Indian, Alaska Native, and Hispanic/Latino populations.

•   Continental Society Daughters of Indian Wars Scholarship: Awards for undergraduate Native American students who are enrolled tribal members and plan to work in education or social services with a tribe or nation.

•   DAR American Indian Scholarship: Awards for Native American students enrolled in an undergraduate or graduate program, with preference given to undergrad students.

•   EDSA Diversity Scholarships: Awards for Native American and minority students to continue studying landscape architecture, either at graduate school or in the final two years of an undergraduate program.

•   Full Circle and Tribal College Scholarships: Awards for Native American and Alaska Native students seeking technical, undergraduate, and graduate degrees at tribal colleges or accredited non-profit schools.

•   The Gates Scholarship: Highly-competitive, merit- and need-based awards for minority high school seniors from low-income backgrounds.

•   Hopi Tribe Grants and Scholarships Program: Multiple awards for enrolled members of the Hopi Tribe to pursue post-secondary and professional degrees.

•   Minority Undergraduate Retention Grant: Financial assistance to Native American and other minority students enrolled at a college in Wisconsin.

•   NACME Scholarships: Awards for Native American, African American, and Hispanic-American students enrolled in an undergraduate engineering or computer science program.

•   Native American Scholarship Program: Merit-based awards for Native American college students with proof of tribal registration.

•   Native Forward Scholars Fund: Scholarships and support services for Native American students pursuing undergraduate, graduate, and professional degrees.

•   NativeVision Scholarship: Scholarships for Native American students to help fund their first year of college.

•   Truman D. Picard Scholarship: Awards for Native American and Native Alaskan students pursuing careers in natural resources.

•   Udall Undergraduate Scholarship: Awards for college sophomores and juniors who demonstrate a commitment to issues related to Tribal policy, the environment, or healthcare.

•   USET Scholarship Fund: One-time award for Native American college students who are members of United South and Eastern tribes.

•   Wells Fargo American Indian Scholarship: Awards for enrolled members of a U.S. federally recognized American Indian or Alaska Native tribe pursuing a degree in gaming, tourism, financial, or hospitality industries.

Recommended: How to Apply for Student Loans

Types of Scholarships Available for Native Americans

Most students use multiple funding sources to pay for college. There are multiple types of scholarships for Native Americans to look into, including awards based on academics, athletics, extracurricular activities, discipline or area of study, and more.

Native American students may be eligible to apply for other scholarships for minorities, too. Keep in mind that awards with a wider application pool are often more competitive.

First-generation college students, veterans, and active service members also have specific scholarships available to them.

Recommended: Grants, Scholarships and Loans: Differences

Need-Based Scholarships

The cost of college can be a barrier for many students. Need-based financial aid, including scholarships, is intended to make attending college more affordable for eligible students.

Need-based scholarships are typically determined based on the information students provide on the FAFSA. They may include grants for college expenses, work-study programs, and federal student loans.

Merit-Based Scholarships

Students may qualify for scholarships based on their academics. Merit-based scholarships typically consider a student’s standardized test scores, GPA, or academic performance in a specific subject area.

Class rank is another factor that may be used to determine merit scholarship eligibility.

Tips for Applying

With so many scholarships to choose from, the application process may feel overwhelming. Here are some quick tips to guide your scholarship applications.

First, take note of the application deadlines and required materials for each scholarship, including essays, transcripts, and letters of recommendation. A scholarship checklist can keep you organized and on schedule with applications.

Plus, it’s helpful to have the details for every scholarship you’re applying to when asking a teacher or supervisor to write a letter of recommendation. Double check that whomever you ask fulfills the application requirements, as some scholarships may require a letter from a guidance counselor or a teacher of a core academic subject.

Finally, remember that students can apply for scholarships throughout their studies. In some cases, scholarships may be specifically intended for upperclassmen versus first-year students.

To avoid leaving money on the table, plan to research and apply for scholarships every year.

Recommended: 8 Tips for Asking a Professor for a Letter of Recommendation

The Takeaway

There are numerous scholarships and grants available to make college more affordable for Native American students. It’s not uncommon for students to need additional financing, such as federal and private student loans, to fill any funding gaps for college. It’s important to use federal loans first, as they come with borrower protections and income-driven repayment plans.

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

Do I need to be an enrolled tribal member for these scholarships?

Yes, many scholarships for Native Americans require applicants to be enrolled tribal members. Some awards are available only to members of federally recognized tribes or nations.

Are there scholarships for non-Native spouses of tribal members?

Generally, Native American scholarships are reserved for applicants with tribal membership or who are at least ¼ American Indian or Alaskan Native.

Can I apply for multiple Native American scholarships?

Yes, you can apply for multiple Native American scholarships. Students may combine multiple scholarships, grants, and other financial aid to pay for college.

Photo credit: iStock/SDI Productions

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).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Holiday loans are personal loans marketed toward those looking for extra money to pay for holiday expenses. In other words, they’re personal loans with some tinsel thrown on them. They are marketed to help people afford such seasonal spending as gifts, airfare to visit relatives, or the cost of renting a ski chalet for a big celebration.

Like other personal loans, holiday loans are usually offered at a fixed interest rate, and payments are made in regular monthly installments. However, even though they often come with lower interest rates than credit cards, taking out a holiday loan might not be the best financial move. Learn more here.

Understanding Holiday Loans

Holiday loans are basically defined as personal loans, with some seasonal flair. They may also be marketed as Christmas loans, depending on the financial institution that’s offering them.

The bank may list a variety of ways to use the money you get in a holiday loan, such as gift buying or holiday travel, but once the funds hit your account — just like with any other personal loan — you can use them for just about anything. There’s no need to verify that you put the funds toward, say, a new bike for your sweetie or a luxe hotel stay for the entire family.

Like other personal loans, holiday loans are usually unsecured. This means you don’t use a tangible asset like your home or a car as collateral, which means they may have higher interest rates on average than some other kinds of loans. They may also have more stringent qualification requirements, since an unsecured loan is a riskier prospect for the lender.

Features of Holiday Loans

The specific features of each holiday loan, including the amount available to borrow, will vary depending on the lender.

•   Typical loan amount: Some banks may cap their holiday loans at relatively low amounts, like $2,000, while others might offer tens of thousands of dollars to borrowers, as long as they can meet the eligibility requirements.

•   Interest rate: Most holiday loans come with a fixed interest rate. Because holiday loans are unsecured, interest rates tend to be higher than they are for secured loans like mortgages and car payments. For the 2023 holiday season, holiday loan rates ranged from approximately 7.99% to 13.99% annual percentage rate, or APR. However, these numbers will fluctuate with the economy and other factors, such as your credit score.

•   Loan term: A typical loan term (or repayment period) is a year or longer. Some holiday loans may come with terms as long as five years, which is a long time to be paying off a Christmas gift, tickets to the Nutcracker ballet, or a holiday party, no matter how awesome it was.

•   Fees: Be sure to read the fine print, because some holiday loans may also include additional fees like origination fees or early repayment penalties. If you take out a large high-interest loan, you may want to repay it more quickly than the term calls for to save money on overall interest.

•   Application process: Many Christmas holiday loans and other variations can be applied for online. You’ll likely need to upload certain documentation to prove your identity and your earnings. However, if you prefer an in-person process vs. a holiday loan online application, you may find a bank or credit union in your area offers this option.

💡 Quick Tip: Not sure what certain loan terms mean? Check out the Personal Loans Glossary for a simple guide to the basics.

Pros and Cons of Holiday Loans

Like any financial decision, there are both benefits and drawbacks to consider when it comes to holiday loans.

Pros:

•   Quick money upfront for holiday expenses (perhaps helping you achieve the “best holiday ever”)

•   No need to put down collateral

•   Longer payoff terms can keep monthly payments relatively low

•   Easy online application process

Cons:

•   High interest rates can mean you’ll likely pay a lot more for that gift or party than you would have in cash

•   Interest rates may be higher than other sources of funding

•   Origination fees and early repayment penalties could increase costs even more

•   Payoff terms of several years can keep you in debt long after that holiday season is remembered

Who Should Consider a Holiday Loan?

In many cases, financial advisors recommend against going into debt to pay for a seasonal celebration. Interest charges mean you’ll pay more for everything you purchase than you would if you bought items with cash. Even the best holiday trip or Hanukkah present may not be worth paying hundreds or even thousands of extra dollars in interest.

However, sometimes there are compelling reasons to take out that holiday loan. Maybe your family is about to move cross-country and you want to have a special celebration with relatives. Or you and your partner want to use the holiday as the occasion to get a much-needed new car.

Whatever the case, you are likely to have the best outcome with a holiday loan if you are confident you can repay the loan in full, preferably ahead of its full term. That can help you dodge some of the interest charges. Just be sure to check the fine print so you won’t be subject to any early repayment penalties.

Recommended: Affordable Ways to Celebrate the Holidays

Alternatives to Holiday Loans

If you want to enjoy an unforgettable season, there are alternatives to holiday loans worth considering.

Saving Up in Advance

Yes, you’ve probably thought of this one — but as mentioned, going into debt almost always means paying interest, and interest means each purchase costs far more than it otherwise would. Planning ahead and perhaps making automatic transfers into a savings account over the months prior to the holiday season can be a smart move.

Using Credit Cards Strategically

If you have access to a credit card with a high enough limit, it might be an alternative to a holiday loan. Again, though, if you want to avoid paying interest, make sure you’re in a position to pay it off in full before the grace period ends.

You may also be able to apply for a new credit card that offers a 0% interest promotional period. Usually, these periods last about a year, which could give you more time to pay off the holiday debt without accruing interest. But again, make sure you can pay it off in full before time runs out. Otherwise, you may face interest rates even higher than you would with holiday loans.

Other Financing Options

As the holidays roll around, you might also consider some other ways to pay for seasonal expenses.

•   You could take out a standard personal loan (vs. one marketed as for the holidays). This will typically have a lower interest rate than credit cards. See how these compare to holiday loans before you commit.

•   You might see if a close friend or family member would be willing to loan you some money; just make sure to honor the terms of repayment so as not to rock your relationship.

•   Buy now, pay later offers allow you to purchase items on a form of layaway plan.

•   Another possible source of funding could be a P2P loan, which involves individuals lending and borrowing to one another without a bank’s involvement.

Recommended: How Much Will a Personal Loan Cost You?

The Takeaway

Holiday loans are personal loans marketed to people looking for extra money to spend on holiday expenses. While some are on the smaller side (up to $2,000), some lenders will approve tens of thousands of dollars to borrowers for holiday purchases and celebrations. Compare options carefully, though. You likely don’t want to spend any longer than necessary paying off holiday expenses. Shop around for the right terms to suit your financial situation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Is it difficult to get a holiday loan?

Because holiday loans are unsecured loans, which can be a relatively high-risk venture for the lending bank, they may have more stringent application requirements than secured loans like mortgages and auto loans. However, some lenders may advertise holiday loans for bad credit. These can come with even higher interest rates and fees than other similar loans, though.

Are holiday loans common?

Holiday loans aren’t the most common type of personal loan; personal loans are more commonly taken out by people consolidating debt or renovating their houses. But holiday loans are certainly not unheard of, and many lenders advertise them specifically.

Do banks typically offer holiday loans?

While not every bank offers holiday loans, many banks, credit unions, and other financial institutions offer regular, unsecured personal loans. Funds from those loans can be used to pay for holiday expenses. (In fact, many holiday loans are essentially the same product as personal loans.) No matter what kind of loan you’re taking out, always be sure you understand the full fee structure, including the total amount of interest you stand to pay over the lifetime of the loan, up front.

Photo credit: iStock/Tempura

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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A college education is an investment in the future. But as with any investment, it’s important to consider what you’ll get in return — your ROI — to determine if the cost is worth it. And so college students and their parents are weighing the cost of college against future earning potential, as well as intangibles like friendships, network building, and soft skills.

This guide explores the “return on education” for bachelor’s degrees, and offers insights into how to maximize the value of your college education.

Average Cost of a Degree

Choosing the right college is a multifaceted decision. Considerations include where the school is located, whether it has programs that meet your interests, what student culture is like, and of course price.

The price tag for college can be jaw dropping. The average cost of college for an in-state student attending a four-year university is $27,146 per year (including living expenses). Students that attend private, nonprofit universities spend an average of $58,628 per year living on campus.

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

Return on Investment by Education Level

You can determine your ROI by education level by looking at the ratio of the cost of your degree to your expected income once you graduate. Your return on education is much like a traditional ROI calculation, which looks at the ratio between net profit and cost from investing resources.

In this case, time and money are the resources you’re investing, and your future income is the profit. The ROI for your education will depend largely on how much you spend on your schooling, what type of job you get after school, and to a certain extent what you major in.

Median 40-year ROI for a College Degree, per Education Data Initiative

Associate Degree Return on Investment

Associate degrees can typically be completed in one to two years and often at a community college, which can make them more affordable than four-year degrees. According to data from the Education Data Initiative, the ROI for an associate degree is 363.5% after 20 years.

Bachelor’s Degree Return on Investment

Bachelor’s degrees typically take students four years to complete. According to Education Data Initiative, the ROI for a bachelor’s degree is 38.1% after 20 years. Keep in mind, though, that this estimated return on investment can vary greatly based on the major you pursue. For example, computer science degrees offer an ROI of 716.6%.

Master’s Degree Return on Investment

A master’s degree can be completed after a student receives their bachelor’s degree. This degree allows the student to specialize in a specific area of interest, such as those who pursue a Master in Business Administration, or MBA. The ROI for a master’s degree is 90.1% after 20 years, according to Education Data Initiative.

Doctoral Degree Return on Investment

A doctoral degree is generally the most advanced degree one can get in a particular field. Doctorates can take up to eight years to complete, though the exact timing will vary depending on factors like the program type, structure, and research being completed by the doctoral candidate. The estimated ROI for doctorate degrees is 84.0% after 20 years, according to Education Data Initiative.

Professional Degree Return on Investment

Professional degrees are advanced degrees that prepare a student to work in a particular field, such as law or pharmacy. After 20 years, the ROI for a professional degree is 60.4%, according to Education Data Initiative.

Highest Earning Degrees

The return on education will vary depending on the degree program you choose. For example, a student with a computer science degree may earn more than an English major. There are exceptions, but it’s a good idea to understand the norm for particular fields. These are some of the highest-earning degree programs.

Associate Degree

As mentioned, an associate degree takes about two years to complete and can often be finished at a community college for significantly less than it may cost to get a four-year degree. Associate degrees often allow students to specialize in a specific trade or field, and in some cases, this specialization can lead to a high-earning career.

One of the top-earning post-associate degrees is air traffic controllers. According to the Bureau of Labor Statistics (BLS), air traffic controllers earn a median income of $137,380.

Dental hygienists, MRI technicians, and funeral service managers all earn an average salary of $70,000 or higher, making them top associate degrees based on earning potential, as well.

Bachelor’s Degree

According to Best Colleges, some of the bachelor’s degrees with the highest earning potential include chemical engineering, computer engineering, computer science, finance, and business analytics.

For example, in 2023, chemical engineers earned a median salary of $112,100. Financial analysts earned a median salary of $99,890 per year, according to the BLS.

Certifications

Some people may consider adding a certification to their resume in order to boost their earning potential. Professional organizations often award certifications for specific skill sets. Some top earning and in-demand certifications include those for project management and data engineering.

Recommended: Guide to Student Loans for Certificate Programs

Bachelor’s Degree ROI by Major

The ROI can vary quite a bit based on the type of bachelor degree pursued. As mentioned, computer science degrees have some of the best ROI for bachelor’s degrees — about 716.6% over 40 years, according to Education Data Initiative. Take a look below at a list of majors and their estimated ROI after 40 years, according to Education Data Initiative:

•     Business finance — 710.2%

•     Business accounting — 547.2%

•     Electrical engineering — 517.8%

•     Biology — 225.0%

•     Communications — 209.3%

•     Architecture — 188.6%

•     Fine Art — 70.5%

Consider What Can’t Be Measured by Money

Yes, going to college or pursuing other higher education opportunities can be expensive. But in addition to the cost and potential boost in earning potential, there are a variety of intangible benefits that can’t be measured by a dollar. For example, college students living on campus are gaining a newfound independence and developing life skills they’ll carry with them.

Plus, many colleges have strong alumni networks that can help when a student is looking for a job post-grad. Students have the chance to not only get to know themselves better, but in the process they may make lifelong friends.

Recommended: How to Budget as a College Student

Controlling Costs

One way to improve ROI is to lower the amount of money you are paying for school. This could be particularly useful if you already know you want to pursue a career in a relatively low paying field.

Scholarships

You can help offset the cost of tuition by looking for scholarship programs that help pay your tuition and other college expenses. Many schools offer need-based financial aid to families who might otherwise struggle to pay tuition costs. In some cases, you could even get a full ride.

You can find scholarships by looking at your school’s financial aid website, connecting with your guidance counselor, or reviewing databases or online scholarship search tools.

In some cases, you may be able to apply for unclaimed scholarships to help supplement the aid you have already received.

Grants

Students may qualify for grants directly from their school or through federal financial aid. Grants typically do not require repayment, so they can be an incredibly helpful addition to a student’s financial toolkit when it comes to paying for college. Pell Grants are one type of grant awarded by the federal government to students who demonstrate exceptional financial need.

Pell Grants are available to undergraduate students. In order to maintain eligibility for a Pell Grant, undergrads will also be required to meet satisfactory academic progress requirements.

Student Loan Forgiveness Programs

If you need to take out student loans to help pay for college, keep an eye on your terms and interest rates to help keep costs down. If you take out federal loans and plan to work for certain non-profits or government organizations, you may be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. After making 10 years’ worth of qualifying monthly payments, the remaining balance of your loan may be forgiven through this program.

Private Student Loans

Private student loans don’t qualify for federal benefits like PSLF, but they can be helpful tools for students who have exhausted their federal financial aid.

If you are interested in paying for college or another higher education degree with a private student loan, take the time to shop around and review interest rates, terms, and other fees or benefits offered by lenders. 

Employer Support After Graduation

Finally, some employers may also help you pay back your student loans as part of a benefits package. Consider working for an employer who offers these benefits.

Recommended: Finding Jobs That Pay Off Student Loans

The Takeaway

College students can estimate the return on their educational investment by looking at how much they’ll pay for their degree and comparing it to their lifetime earnings. Though important, the money you’ll eventually earn isn’t the only thing you should consider when choosing a college. Getting a bachelor’s degree can help you acquire skills and expand your horizons in ways that aren’t directly related to your degree or job prospects.

When you decide on the right school for you, take the time to consider all your options — including scholarships, grants, federal and private student loans, post-graduation repayment programs, and other sources of public and private funding — to help you achieve your education and career goals.

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

What is the average return on investment for a college degree?

The average return on investment (ROI) for a college degree varies by field, but generally, bachelor’s degree holders earn significantly more over their lifetime than those with only a high school diploma. On average, the ROI for a college degree ranges from 9% to 10%, but can be higher depending on the major and institution.

Which degree has the highest return on investment?

Degrees in fields like engineering, computer science, and technology typically have the highest return on investment (ROI). These degrees often lead to high-paying jobs with strong job security and growth prospects, resulting in a significant lifetime earning advantage compared to the cost of education, making them highly valuable investments.

Is a bachelor’s degree a good investment?

A bachelor’s degree is generally a good investment as it can lead to higher lifetime earnings, greater job stability, and more career opportunities compared to having only a high school diploma. However, the return on investment depends on the chosen field, the cost of education, and individual career goals and outcomes.

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 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.

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