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Credit card companies usually report account activity to the credit bureaus about once a month, often around your statement closing date. Because issuers spread statement dates throughout the month, your reporting date will likely differ from someone else’s.

Once lenders send this information, the credit bureaus use it to update your credit report, which in turn affects your credit scores. However, updates don’t always appear instantly. Here’s a closer look at how credit card activity is reported and how it can influence your credit score.

How Credit Card Payments Are Reported to Bureaus

Credit card issuers typically report account activity monthly, usually on or shortly after your statement closing date. This is when the issuer finalizes your balance for that billing cycle and sends an update to the credit bureaus.

Because different credit cards have different billing cycles, your credit report can change frequently as various lenders submit updates at different times during the month.

It’s important to know that credit card issuers are not legally required to report to credit bureaus. However, many major issuers report to all three major credit bureaus — Experian®, Equifax®, and TransUnion.® Some smaller lenders may report to only one or two bureaus. Some may not report at all.

Credit bureaus may collect and maintain information such as:

•   Personal identifying information (e.g., name, address, date of birth, Social Security number, employment data)

•   Credit account details (such as balances, payment history, credit limits, account status, and open/close dates)

•   Credit inquiries (hard and soft)

How Credit Scores and Reports Are Updated

Credit bureaus typically update your credit report soon after they receive new information from lenders. Because of this, your credit score can change regularly as balances rise and fall or as payments are made.

Since issuers generally only report once per billing cycle, there’s often a lag between when you make a payment and when it appears on your credit report. As a result, your credit report may not reflect your real-time account balance.

This delay can be frustrating if you’ve recently paid down debt to build your credit file. Typically, the update will appear after the next reporting cycle. If several months pass without an update, consider contacting your lender. If the issuer persists, you can dispute the information with the credit bureaus.

How Credit Card Balances Affect Credit Score

Your credit card balance affects your score primarily through a metric called the credit utilization ratio, which accounts for about 30% of your FICO® Score. This ratio measures how much of your available credit you are currently using.

A higher balance relative to your credit limit signals higher risk to lenders, which can negatively impact your credit profile. The general rule of thumb is to keep your utilization below 30%, though the highest credit scores are typically associated with utilization rates below 10%.

Scoring models look at both your total utilization across all cards and the utilization on individual cards. As a result, maxing out one card can hurt your score even if your overall utilization is low.

While balances matter, failing to make at least the minimum payment on that balance on time can be more damaging. Even one payment that is 30 days late can cause a significant drop in your scores.

How Applying to Credit Cards Affects Credit Score

Before you apply for a credit card, it’s important to know the difference between a hard and soft inquiry. When you officially fill out an application for a credit card, you will trigger what’s known as a hard inquiry on your credit report.

In contrast, a soft credit inquiry occurs when you or a third party checks your credit report for purposes other than a specific, active application for new credit, such as during background checks, pre-approved offers, or personal credit monitoring. Soft inquiries do not affect your credit score and are generally only visible to you.

Hard credit inquiries can negatively impact your scores because they signal to lenders that you are actively seeking new credit, which indicates a potential increase in financial risk. A single hard inquiry can lower your score by a few points, but multiple inquiries for different accounts in a short time can cause a greater, temporary decline, as they suggest financial distress or impending debt.

In general, it’s wise to avoid triggering multiple hard inquiries in a short period of time. There are some exceptions to that rule, however. If you’re shopping for a student loan, mortgage, or auto loan, multiple inquiries in a short period — typically 14 to 45 days — are usually counted as just one inquiry.

How On-Time Payments Affect Credit Score

Your payment history is the most important factor in your credit score, making up about 35% of a FICO score.

Even one late payment can negatively impact your score. However, lenders generally won’t report a missed payment until it is at least 30 days past the due date. If you can make up the payment within that time period, your lender may not report it, though you may still be subject to late penalties.

Strategies that can help ensure on-time payments include setting up a budget to manage spending, automating your payments, and monitoring your accounts regularly.

The Takeaway

Credit card issuers generally report your account activity to the credit bureaus once per month, usually around your statement closing date. Understanding how reporting works — and how factors like utilization, payment history, and credit inquiries affect your score — can help you build and maintain a strong credit profile over time.

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FAQ

What time of the month do creditors report to credit bureaus?

Creditors typically report to the credit bureaus once a month, usually on or shortly after your statement closing date. Because different credit card issuers have different billing cycles, the specific day of the month your information is reported will vary. This reporting date is not the same for everyone and depends entirely on your card’s billing cycle.

How often do companies report credit?

Creditors, including credit card companies, generally report to credit bureaus once per month. This reporting usually happens on or shortly after your statement closing date. Because different cards have different billing cycles, your credit report may update multiple times a month if you have several accounts.

How long after paying off debt until you see an impact on your credit score?

Paying off debt typically impacts your credit score within one to two months. This delay corresponds to the monthly reporting cycle, where lenders send updated balance information to the credit bureaus. While reducing debt can positively impact your credit file, closing accounts (like loans) might cause a temporary dip before recovering.

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SoFi Credit Cards are issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

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You generally cannot overdraft a credit card in the same way as a checking account. However, you can exceed your credit limit, often called an over-limit transaction. If you have opted in to over-limit protection, transactions exceeding your limit may be approved but typically incur fees.

Below, we take a closer look at credit card limits and how going over them can impact your finances and your credit scores

What Does It Mean to Overdraft a Credit Card?

Each time you use your credit card, your balance increases, which is part of how credit cards work. If you aren’t making payments against that balance, it will move closer and closer to your credit limit. Eventually, your balance could get high enough that you run up against that limit.

Usually, though, you won’t be able to go beyond your credit card spending limit. Instead, your card will be declined if you attempt to make a purchase that would put you over the limit. This is the result of the CARD Act of 2009.

Since the CARD Act, you can’t go over your card’s limit unless you specifically opt in to allow overages. In that case, it may be possible to go beyond your credit card’s limit.

The average credit card limit in the U.S. is currently approximately $29,855.

What Happens If You Overdraft Your Credit Card

What happens when you try to overdraft your credit card depends on whether you have opted in to over-limit charges. If you haven’t, your card will likely be declined; otherwise, you could incur fees and a hit to your credit.

Declined Transactions

By default, credit cards typically do not allow you to go over your credit limit. Instead, your card will probably be declined.

For example, imagine you have a credit limit of $5,000 with a current balance of $4,800. If you try to spend $250 and haven’t opted into over-limit charges, it will not result in a $5,050 balance on your card. Because your limit is $5,000, your card will likely be declined when you attempt to complete the transaction for the $250 purchase.

Over-Limit Fees

Since the CARD Act of 2009, you can’t be charged over-limit fees unless you opt in to them. In that case, you will be charged an over-the-limit fee that is usually up to $25 the first time you go over your limit, and up to $35 if you go over your limit a second time within a six-month period.

The CARD Act also states that banks must disclose over-limit fees in your credit card contract. If for any reason you have opted into over-limit fees, you should be able to opt out of these fees at any time.

Impact on Credit Score

If you go over the limit for your credit card, it can negatively impact your credit file. “The further away a person is from hitting their credit limit, the healthier their credit score will be, in most circumstances,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “A borrower’s debt-to-credit ratio, also known as their credit utilization rate, should ideally be no more than 30%. Higher utilization can negatively affect a person’s credit score.”

Your credit utilization rate is calculated by dividing your outstanding balance by your credit limit. If your balance is greater than the limit, your ratio would exceed 100% on that card, which could damage your credit until you lower the ratio.

Credit scoring models typically look at the balance-to-limit ratio on each individual card, as well as your aggregate (total) utilization, which is the sum of all your balances divided by the sum of all your credit limits. Both numbers can impact your score.

How to Avoid Overdrafting Your Credit Card

If you go over the limit on your credit card, there are several steps you can take to rectify the situation.

Make Additional Repayments

One of the most important credit card rules is to, whenever possible, pay more than the minimum amount due each month. This can be especially important if your credit card is over its limit.

Perhaps you have a minimum payment of $40, and you might normally pay that amount each month. In that case, consider upping your payment to $50 instead. Anything you can pay above the minimum will help you reduce your credit utilization; the more you can pay, the better.

This can also help you from falling into credit card debt, which can be a hard situation to get out of.

Request a Credit Limit Increase

Another way to reduce your credit utilization is to request a credit limit increase. For instance, if you have a total credit balance of $5,000 and a total credit limit of $10,000, your utilization on that card is 50%. If you can get your credit limit increased to $20,000, your utilization would go down to 25%, keeping it under the recommended 30% threshold.

Contact Your Provider

Sometimes, credit card issuers will increase your credit limit automatically, particularly if you’ve used your credit card responsibly over time. If not, you can call your card issuer and ask them to increase your credit limit. Usually, it’s best to do this after you’ve had the card for at least a few months.

When you make the request, the credit card issuer may review one or more of your credit reports. Keep in mind that this could result in a hard inquiry into your credit history; these checks can cause a small, temporary dip in your credit score. The card issuer may also ask for your current total annual income, employment status, and monthly housing payment, such as rent or mortgage.

The Takeaway

It usually isn’t possible to overdraft a credit card. Your card is typically declined if you try to charge above your credit limit. You may be able to go over the credit limit, but only if you opt in to over-limit fees. If you do opt in, you’ll be allowed to spend beyond your credit limit but will likely get hit with fees.

Keep in mind that going over your credit limit can have a negative impact on your credit profile. Ideally, you want to keep your credit card spending below 30% of your limit to help maintain healthy credit.

Looking for a new credit card? Consider credit card options that can make your money work for you. See if you're prequalified for a SoFi Credit Card.

Enjoy unlimited cash back rewards with fewer restrictions.

FAQ

Do credit cards allow overdrafts?

In general, credit cards do not allow overdrafts like a checking account. By law (the CARD Act of 2009), your transaction will be declined if it exceeds your credit limit, unless you specifically opt in to allow “over-limit” transactions. If you opt in, the charge may go through, but you will incur over-limit fees (up to $35) and your credit score could be negatively impacted due to high credit utilization.

Can you overdraft with no money on your card?

No, you cannot overdraft a credit card when it has a zero or negative balance, because a credit card is a line of credit, not a bank account. A credit card is used to borrow money up to a set credit limit. If you have no available credit (meaning your current balance equals your limit), any attempted transaction will be declined unless you have opted into “over-limit” transactions. If you have opted in, going over the limit will result in fees and negatively impact your credit utilization ratio.

Can you overdraft a credit card at an ATM?

If you attempt a cash advance transaction at an ATM that would exceed your credit limit, the transaction will generally be declined, unless you have opted in to allow over-limit transactions. If you’ve opted in, the transaction will go through but will likely result in fees and a negative impact on your credit utilization ratio.

How can you ask for a credit limit increase?

You can contact your credit card provider via phone or their online portal to request an increase. They will likely review your credit history, which may result in a temporary, minor dip in your credit score due to a hard inquiry. The card issuer might also ask for your current total annual income, employment status, and monthly housing payment (rent or mortgage). It’s often recommended to have had the card for at least a few months and to be using it responsibly before making the request.

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Photo credit: iStock/AsiaVision

SoFi Credit Cards are issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

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

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For decades the message has been simple: Go to college, get a degree, and you’ll unlock better job opportunities. But today’s labor market is more nuanced. Many employers are trading credential-based hiring for a skills-first approach, prioritizing what candidates can actually do over where — or for how long — they studied.

So do most jobs require a college degree? The short answer: No, but many high-paying and specialized careers still do. The longer answer requires a deeper look at data, industries, and the trends shaping today’s workforce.

Breakdown by Education Level

How many jobs in the U.S. require a college degree? According to the Bureau of Labor Statistics (BLS), around 30% of jobs require a bachelor’s degree or higher. Roughly 35% of jobs require a high school diploma, while 11.5% call for an associate degree, post-secondary training, or some college. Nearly 24% of jobs require no formal education.

Jobs Requiring a Bachelor’s Degree

A bachelor’s degree is still the typical entry requirement for many professional careers, including management, business, and financial roles.

According to the BLS, which monitors the employment outlook for over 800 occupations, the following roles requiring at least a bachelor’s degree are projected to have the highest number of openings through 2033:

•   General and operations managers

•   Registered nurses

•   Accountants and auditors

•   Software developers

•   Business operations specialists

•   Managers

•   Management analysts

•   Elementary school teachers (excluding special education)

•   Market research analysts and marketing specialists

•   Human resources specialists

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Jobs Requiring an Associate Degree or Certification

The “middle-skill” category — jobs that require more than high school but less than a bachelor’s degree — is a fast-growing segment of the economy.

According to BLS projections, the fastest-growing jobs that require a postsecondary nondegree (such as a certificate, associate degree, or some college but no degree) include:

•   Truck drivers

•   Nursing assistants

•   Teaching assistants

•   Bookkeeping, accounting, and auditing clerks

•   Medical assistants

•   Hairdressers, hairstylists, and cosmetologists

•   Automotive service technicians and mechanics

•   Preschool teachers (except special education)

•   Licensed practical and vocational nurses

•   Dental assistants

These careers can be attractive because they offer a faster, more affordable route into the workforce, require less time and student loan debt than a bachelor’s degree, and generally offer strong job security.

Jobs That Don’t Require a College Degree

A large portion of the job market requires no college education at all. According to BLS data, there are 326 occupations that typically require a high school diploma or the equivalent (such as a GED), nearly twice as many occupations as at any other level of education.

While some of these jobs pay lower wages, many skilled trades can earn strong salaries without a bachelor’s degree, especially for those who pursue some form of postsecondary education, such as an associate degree, trade school training, an apprenticeship, or certificate program.

Here’s a look at some high-paying jobs that may not require a college degree:

Job	Median Salary
Wind turbine technician	$61,770
Flight attendant	$68,370
Hearing aid specialist	$58,670
Plumber	$61,550
Licensed practical or vocational nurse	$59,730
Medical records technician	$48,780
Exercise trainer	$46,480

Source: U.S News

How Educational Requirements Vary by Industry

The importance of a degree depends heavily on the industry you choose. Some fields depend on formal education, while others place more value on hands-on training and real-world experience.

Industries Where Degrees Are Most Common

Fields where bachelor’s degrees are often required include:

•   Information technology

•   Health care (nursing, physicians, therapists)

•   Law and legal services

•   Engineering and architecture

•   Finance and accounting

•   Education and academia

•   Business management

•   Human resources

•   Communications (public relations specialists, editors, journalists, technical writers)

These careers typically require a bachelor’s degree or higher because they demand expansive forms of training, standardized credentials, and/or “soft skills” that are difficult to train on the job (such as critical thinking and effective written communication).

Industries Where Degrees Are Less Common

Fields that offer opportunities to candidates without college degrees include:

•   Construction and skilled trades

•   Manufacturing and production

•   Warehousing and distribution

•   Hospitality and tourism

•   Retail management and sales

•   Automotive services

•   Security and protective services

•   Transportation

•   Energy and utilities support roles

•   Creative and digital freelancing

In these sectors, employers often prioritize experience, apprenticeship, certificate programs, and on-the-job training. For example, construction and manufacturing employers frequently face worker shortages and are eager to hire candidates with hands-on skills rather than degrees.

Trends Shaping the Future of Degree Requirements

The future of degree requirements is being shaped by a number of factors. Here are some to keep in mind as you weigh the pros and cons of going to college.

Shift to Skill-Based Hiring

In recent years, skills-based hiring has gained momentum as employers look beyond traditional credentials to access a wider talent pool. This shift is particularly impactful given that 63% of U.S. adults do not hold a bachelor’s degree.

An analysis of job postings by the Indeed Hiring Lab highlights this trend:

•   52% of U.S. job listings on Indeed contained no formal education requirements in early 2024, up from 48% in 2019.

•   The share of job postings explicitly requiring at least a college degree dropped from 20.4% in 2019 to 17.8% in 2024.

Underemployment Among Graduates

Approximately 52% of recent college graduates are underemployed, meaning they work in jobs that do not require a four-year degree, according to a 2024 study by the Burning Glass Institute and Strada Education Foundation. This trend often persists, with about 45% of graduates still in underemployed positions 10 years after graduation.

Changing Public Perception

Public attitudes toward higher education are undergoing a dramatic shift. A September 2025 Gallup poll revealed that only 35% of American adults now view a college education as “very important,” a sharp decline from 70% in 2013.

Rising tuition costs are a primary driver of this skepticism. According to a late 2025 NBC News poll, 63% of registered voters believe a four-year degree is no longer worth the cost. Respondents noted that graduates often lack practical job skills and enter the workforce burdened by debt.

College Still Counts

Although many companies have officially reduced or eliminated degree requirements, a joint study by Harvard Business School and the Burning Glass Institute reveals a significant gap between policy and practice: Many companies still default to hiring degree-holders, even if the job doesn’t formally require it.

At the same time, a report from Georgetown University’s Center on Education and the Workforce (CEW) indicates that the importance of postsecondary education is poised to grow. By 2031, an estimated 72% of U.S. jobs will require training beyond high school, and 66% of “good jobs” — defined as those paying at least $43,000 for workers aged 25–44 — will likely require a four-year degree.

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Do You Really Need a College Degree?

You don’t need a college degree to get a job. In skilled trades and many service industries, a degree often isn’t required — and may not offer strong financial returns compared to faster training options.

But earning a degree does have its benefits, including a broader range of jobs to choose from and the potential for higher lifetime earnings. BLS data show that, on average, workers with bachelor’s degrees earn 66% more per week than those with only a high school diploma. Additional education further widens the divide: Graduates with professional degrees make, on average, 53% more than those with bachelor’s degrees.

While cost is often a barrier to pursuing higher education, many students tap a variety of funding sources to pay for college, including savings, scholarships and grants, part-time jobs, work-study programs, and federal and private student loans.

Recommended: Student Loan Payment Calculator

The Takeaway

While a four-year degree remains the gateway to many high-paying, specialized professional careers, the majority of jobs in the U.S. do not require one. A movement toward skills-based hiring, combined with the rising cost of tuition, is driving a shift in public perception and hiring practices.

Ultimately, you want to weigh the decision to pursue a degree against your specific career goals and financial situation. While a bachelor’s degree typically correlates with higher lifetime earnings, specialized certifications or associate degrees can provide a faster, more affordable route to a stable, good-paying job.

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.

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FAQ

What percentage of jobs in the U.S. require a college degree?

Around 30% of jobs in the U.S. typically require a bachelor’s degree or higher, according to the Bureau of Labor Statistics (BLS). Another 11.5% call for an associate degree, post-secondary training, or some college. The remaining 58.5% of jobs require a high school diploma or less, with nearly 24% requiring no formal education at all.

While the majority of jobs don’t require a four-year degree, many high-paying, specialized, and professional careers still do.

Which jobs don’t need a college degree but pay well?

Many well-paying jobs do not require a four-year college degree, particularly in skilled trades and technical fields. Roles like electrician, plumber, wind turbine technician, and licensed practical nurse offer median salaries over $55,000 annually. Other high-paying options include flight attendants and hearing aid specialists. These occupations often require specialized training, such as an associate degree, trade school, apprenticeship, or certification, rather than a bachelor’s degree.

Are employers moving away from requiring degrees?

Yes, many employers are moving away from requiring four-year degrees and shifting toward “skills-based hiring” to widen applicant pools. This is especially true for roles in manufacturing, technology, and state government. However, research indicates that the actual hiring of non-degree holders has been slow, with many firms still defaulting to degree preferences.

How can I get a good job without a degree?

One of the best ways to get a good job without a degree is to focus on acquiring in-demand skills and industry-recognized credentials. You might explore vocational schools, apprenticeships, or specialized certification programs in fields like skilled trades (such as an electrician or plumber), IT, or health care (e.g., medical assistant or licensed practical nurse).

Gaining practical experience through entry-level roles or on-the-job training is also important, as employers in many industries prioritize proven ability over formal education. Networking and building a professional portfolio can further increase your job prospects.

Which certifications are better than a college degree?

While a college degree generally enhances lifetime earnings, targeted certifications often provide greater value for career paths demanding immediate technical proficiency. In sectors such as IT, project management, specialized health care, and the skilled trades, industry-recognized credentials can offer a more efficient and affordable route to employment. By validating practical expertise that meets current market demands, these certifications can accelerate entry into good-paying jobs.

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Many grocery stores offer their customers loyalty programs with rewards such as discounts, cash back, points, or free items for purchasing groceries they already need. Details vary from store to store, but these programs can offer big benefits to customers and stores alike.

Everyone is aware that food prices have gone up in recent years, with the Bureau of Labor Statistics reporting an increase of 2.9% from May 2024 to May 2025. Every bit of savings can help. Understanding how these grocery store reward programs work can help you make informed choices before you head for the check out.

What Are Grocery Store Rewards?

Grocery store rewards are useful for grocery shoppers on a budget. They are targeted benefits that shoppers receive for participating in a loyalty program. In return shoppers typically provide access to data on their purchasing habits, which can be invaluable information for stores.

How Does a Grocery Store Rewards Program Work?

Grocery store rewards programs usually require you to sign up for a card or app by providing personal information, such as your name, phone number, and email address.

To earn and redeem rewards, shoppers are asked to present their card or app when they check out to buy grocery items like eggs or household products, like sponges or dish soap.

Grocery store reward programs offer benefits in both directions. Stores like to use them because they encourage loyalty and repeat visits. They also use these programs to gather data on what their customers are buying, which helps shape marketing campaigns and inventory decisions.

Types of Grocery Store Rewards

Some reward programs such as SoFi Plus Experiences offer entertainment benefits. Grocery store rewards programs try to offer shoppers the chance to earn a number of different benefits linked to food shopping, such as:

•   Points: Shoppers may receive points that they can redeem for money off in-store purchases. Some stores may offer points that can be redeemed for discounts on gas at partnering gas stations.

•   Discounts: Rewards program members may have access to coupons through a store’s app, for example.

•   Members pricing: Certain products may be priced lower for rewards members.

•   Cash rewards: Cashback rewards give you a certain percentage of your money back as a rebate when you make purchases.

Benefits of Grocery Store Rewards

The biggest—and perhaps most obvious—benefit of a grocery store rewards programs is savings. Rewards can help you lower your grocery bill or provide points for discounts with other retailers, such as gas stations or pharmacies. Savings are quick and easy, usually applied at the point of checkout.

Other less obvious benefits are connected to the data grocery stores collect on your purchases. This information may allow them to target special offers to you based on your purchasing patterns. This way you receive offers for items that you already buy rather than a collection of random promotions.

Rewards apps often offer purchase histories and savings summaries that allow you to track your spending as well as how much you typically spend on deals. This information can be helpful as you build your monthly budget.

Finally, because grocery store rewards help incentivize you to shop at the store, they can also incentivize eating at home versus eating out regularly. This can be a boon to budget-conscious shoppers, since the cost of eating at home hovers around $4 to $6 per person on average, while dining out can be $15 or more per person.

Recommended: What Are the Average Monthly Expenses for One Person?

Examples of Grocery Store Rewards Program

There are many different rewards programs from major retailers. Some are relatively elaborate. For instance, Kroger, a major grocery store chain, offers a free card with personalized deals, digital coupons, and points that can be redeemed for gas. The retailer offers a paid tier membership which doubles fuel points, offers free grocery delivery, and several free streaming services.

Other rewards programs may be simpler. Publix, for instance, offers digital coupons and notifications for buy-one-get-one sales.

Ways to Earn Grocery Store Rewards

Usually, all you have to do to earn grocery store rewards is sign up for the program and redeem benefits at checkout.

Some retailers offer a paid membership that can unlock further rewards, such as free delivery on purchase over a certain amount, free shipping for online purchases, no-rush returns, or access to a selection of free gifts or exclusive discounts.

Alternatives to Grocery Store Rewards Program

Not all grocery rewards programs operate as in-house benefits. For example, certain bank cards may offer cashback on grocery story purchase. For example, the SoFi Smart Card offers 5% cashback rewards,¹ which can add up to hundreds of dollars in annual value, depending on grocery store spending.

Other cards may offer different types of rewards for spending, such as points that can be redeemed for airline tickets or hotel rooms. Some cards may offer higher rewards for spending at grocery stores, while others may not differentiate them from other retailers.

Grocery Store Rewards Tips

To maximize rewards programs use tips that can help you save money on groceries. For instance, make use of coupons and shop sales for items that you already need. If you are using a rewards credit card, pay your bill in full each month. This way you will avoid carrying a balance, which triggers interest payments that could erase the cost savings you gained at the store.

Recommended: Average Grocery Budget for Family of 3

The Takeaway

Whether you’re looking to stretch your budget or pick up extra savings to use toward other financial goals, understanding rewards programs can help you make informed decisions and which programs to sign up for. Ultimately the goal is to maximize your benefits to ensure that you are getting real value from these programs.

SoFi Plus is America’s most rewarding financial membership—all in one app.* Unlock extra savings, rewards, discounts, and more.
The smart way to get more from your money.

FAQ

What are advantages of using a grocery store rewards program?

Grocery store rewards programs can help you save money, allowing you to stretch a grocery budget or secure savings for other financial goals. They can also provide more targeted offers for items that you already buy.

What is the 6-to-1 grocery rule?

The 6-to-1 grocery rule was designed by chef Will Coleman and suggests that when grocery shopping, shoppers buy six vegetables, five fruits, four proteins, three starches, two sauces, and one fun item. According to Coleman, this should provide shoppers with cost-effective, versatile ingredients that can be used for a week’s worth of meals.

Is $300 a month good for groceries?

Wondering how much you should spend on food? Your grocery budget will depend on your food preferences, where you shop, and the size of your household. That said, spending $300 a month on food is well below the approximately $504 monthly average Americans spend according to the Bureau of Labor Statistics (BLS). It may be a big enough grocery budget for a single person. However, the grocery budget for a family of five, for example, might need to be much larger.

What is a realistic monthly grocery budget?

The average cost of groceries is $504 a month, according to the BLS. This may serve as an appropriate benchmark. The United State Department of Agriculture provides food budget estimates of around $300 to $500 per month per adult. Costs also vary widely by age, household size, and location. A grocery budget table can help you determine the average cost for your situation.

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Photo credit: iStock/FreshSplash

¹5% Cash Back Rewards Program
Earn 5% cash back rewards on eligible grocery store purchases with the SoFi Smart Card. Cash back rewards are issued in the form of SoFi Member Rewards points. Members earn 5 points for every dollar spent on eligible grocery store purchases. SoFi, in its sole discretion, determines grocery store eligibility. Superstores like Walmart and Target, warehouse clubs like Costco and Sam’s Club, convenience stores, grocery delivery services, and meal-kit delivery services are not considered grocery stores. This benefit is subject to continued paid SoFi Plus subscription. All terms and conditions applicable to the use of SoFi Member Rewards apply. To learn more about SoFi Member Rewards, please see the SoFi Member Rewards page. No rewards points will be earned with respect to reversed transactions, returned purchases, cash advances, or other similar transactions.

SoFi Plus: SoFi Plus is a premium membership that gives members access to our best rewards, benefits, and more when they pay the SoFi Plus Subscription Fee. Between 12/9/25–3/30/26, members with Eligible Direct Deposit or Qualifying Deposits will receive complimentary access to SoFi Plus. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.

*Based on a series of blinded surveys of financial memberships across banking, borrowing, investing, and credit cards. A nationally representative sample of 900 consumers were asked to rank offerings based on the question “Which financial membership brand is most rewarding?” Results as of January 2025. See sofi.com/plus-survey for details.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Earning a doctorate signifies reaching the highest level of academic achievement in your field — but it’s also one of the most expensive academic paths you can take. Costs vary widely by field, program type, and whether funding is available. Some doctoral students pay very little out of pocket, while others graduate with significant debt.

Below, we break down the average cost of a doctorate degree, what you’ll pay by program type, and whether the investment is worth it.

Average Cost of a Doctorate Degree

For the 2024-25 academic year, the average tuition cost for a doctoral program was $12,116 at a public in-state university and $21,110 at a private institution, according to the National Center for Education Statistics (NCES).

Once you add in additional fees and living expenses, the average cost of a Ph.D is around $49,500. Over four to eight years, the total can range from $198,000 to $396,000.

However, the average cost of a doctorate degree can be misleading. Research-focused Ph.D. programs are often partially or fully funded, while professional doctorates are typically self-funded. In addition, programs such as medicine and law can cost significantly more than the average doctoral degree.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Cost by Type of Doctorate Program

Different types of doctoral degrees come with very different price tags due to differences in tuition rates, funding availability, and program length.

Ph.D. (Doctor of Philosophy)

A Doctor of Philosophy is a research-focused degree designed to train students to generate, integrate, and apply new knowledge. A Ph.D. typically follows a bachelor’s or master’s degree, takes about four to seven years to complete, and often leads to careers as university professors or researchers.

How much does a PhD cost? According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $11,244

•   Average total tuition at a public in-state university: $44,976 – $78,708

•   Average annual tuition at a private university: $20,110

•   Average total tuition at a private university: $80,440 – $140,770

Ed.D. (Doctor of Education)

A Doctor of Education is a professional doctorate often pursued by educators and administrators. Unlike a research-focused Ph.D., the Ed.D. emphasizes practical application and typically takes about two years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $24,338

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $46,060

DBA (Doctor of Business Administration)

A Doctor of Business Administration is designed for experienced professionals — often those who have an MBA — who want to apply research to solve real-world business challenges. The DBA focuses on leadership, strategy, and applied research and typically takes about three years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $36,507

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $69,090

DNP (Doctor of Nursing Practice)

The Doctor of Nursing Practice is the highest clinical degree in nursing. It prepares advanced practice nurses — including nurse practitioners (NPs), clinical nurse specialists (CNSs), and registered nurse anesthetists (CRNAs) — to lead improvements in patient care by translating research into practice. A DNP typically takes three to five years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $36,507 – $60,845

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $69,090 – $115,150

Psy.D. (Doctor of Psychology)

A Doctor of Psychology is a professional doctorate focused on training clinicians to assess, diagnose, and treat mental health issues through direct practice. After earning a bachelor’s degree, a Psy.D. generally takes an additional four to six years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $48,676 – $73,014

•   Average annual tuition at a private university: $23,030

•   Average total tuition cost at a private university: $92,120 – $138,180

JD/MD (Professional Doctorates)

The Juris Doctor (JD) and Doctor of Medicine (MD) are professional degrees required to practice law or medicine in the U.S. While they are doctoral-level credentials, they are practitioner-focused rather than research-based.

A JD takes three years to complete, while an MD requires four years of medical school followed by a multi-year residency.

According to the latest NCES data (2024-25):

JD (Law Degree)

•   Average total tuition at a public in-state university: $36,507

•   Average total tuition at a private university: $69,090

MD (Medical Degree)

•   Average total tuition at a public in-state university: $48,676

•   Average total tuition at a private university: $80,120

Recommended: Applying for Graduate School: Tips for Success

Other Expenses to Consider

Tuition is only one part of the total cost of earning a doctorate. Common additional costs and expenses include:

•   University fees: $4,065 – $5,538

•   Housing and food: $15,700 – $23,500

•   Books and supplies: $1,250 – $1,800

•   Personal expenses: $2,750 – $5,000

How Long Does It Take to Earn a Doctorate?

The time required to earn a doctoral degree varies by field and program type. Below is an overview of typical timelines for full-time study:

Doctoral Degree	Average Years of Study
Ph.D. (Doctor of Philosophy)	4-7
Ed.D. (Doctor of Education)	2
DBA (Doctor of Business Administration)	3
DNP (Doctor of Nursing Practice)	3-5
Psy.D. (Doctor of Psychology)	4-6
JD (Juris Doctor)	3
MD (Doctor of Medicine)	4 (plus 3-7 year residency)

In general, longer programs result in higher total costs — especially if you’re unable to earn full-time income while enrolled.

Financial Aid and Funding Options

Figuring out how to pay for graduate school can be challenging, but doctoral students have several funding options available. In fact, up to 85% of doctoral students receive financial assistance, such as fellowships, scholarships, grants, or teaching assistantships.

Here’s a look at some common ways doctoral students pay for school:

•   Teaching assistantships: Teaching assistants (TAs) work alongside professors in support roles in exchange for compensation. TAs may receive hourly pay, stipends, tuition remission, and/or course credit.

•   Research assistantships (RAs): Research assistants (RAs) also provide support to professors, but rather than grading papers or leading small groups, they help with research-related tasks. RAs may receive hourly pay, stipends, tuition remission, and/or course credit.

•   Fellowships, scholarships, and grants: These awards may be based on academic merit or financial need and may cover tuition, living expenses, books/supplies, and research costs.

•   Federal student loans: While Grad PLUS loans will no longer be available to new borrowers starting July 2026, doctoral students can still use Federal Direct Unsubsidized Loans. These loans are not need-based and offer access to federal repayment programs. However, they come with annual and aggregate borrowing limits.

•   Private student loans: Offered by banks, credit unions, and online lenders, private graduate student loans can help cover educational costs that financial aid and federal loans might not fully reach. Private loans typically require a credit check, so if you have limited credit, you may need a cosigner to get approved for the lowest rates. As you build your credit profile after graduation, you may be able to remove your cosigner through student loan refinancing.

Tips to Lower the Cost of a Doctorate

Although earning a doctorate can be expensive, smart planning can significantly reduce out-of-pocket costs. Here are some strategies to consider:

•   Choose funded or partially funded programs: Many Ph.D. programs offer funding packages that include tuition waivers, stipends, and health insurance in exchange for teaching or research work. Even professional doctorates may offer scholarships or reduced tuition for strong applicants.

•   Attend a public university: Public universities typically cost far less than private schools, particularly for in-state students. In some cases, doctoral students can establish residency after the first year, which can save thousands of dollars over the program.

•   Consider online or hybrid programs: Online and hybrid doctorates often reduce costs by eliminating relocation, commuting, and campus fees. They also make it easier to keep working while studying, which helps offset tuition and reduces the need for loans. Just be sure the program is accredited and well-respected in your field.

•   Use employer tuition assistance: Many employers offer tuition reimbursement for degrees related to your role. These benefits can range from a few thousand dollars per year to full tuition coverage. Check with your HR department before enrolling to understand available benefits and any required work commitments.

•   Apply for scholarships and fellowships: Graduate funding is widely available through universities, professional associations, nonprofits, and research foundations. Graduate fellowships are particularly valuable because they often provide full tuition and a living stipend without requiring the work commitments associated with assistantships.

•   Reduce living expenses: Housing, transportation, and daily spending add up over several years. Living with roommates, choosing lower-cost locations, and sticking to a budget can save thousands over the course of your degree.

•   Finish on time and borrow wisely: Extra semesters increase tuition and living costs. Staying organized, working closely with advisors, and borrowing only what you truly need can help lower the cost of a doctoral degree.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Is a Doctorate Degree Worth the Cost?

Whether a doctorate is worth the investment depends largely on your career goals and expected return on investment (ROI).

A doctorate degree may be worthwhile if you want to:

•   Become a professor or researcher

•   Practice medicine, psychology, or law

•   Move into executive or leadership roles

•   Work in specialized or high-income fields

A doctorate may be less valuable if:

•   It isn’t required for your career

•   You must take on significant debt

•   Salary increases are modest in your field

The Takeaway

Applying to graduate school can be exciting, but it also requires careful financial planning. Comparing program costs, exploring funding options, applying for scholarships and fellowships, and understanding federal and private student loan choice can help you create a sustainable plan for financing your doctoral education.

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

Is a PhD more expensive than an EdD?

A Ph.D. is often less expensive than an Ed.D. because many Ph.D. programs offer full funding, including tuition waivers and stipends, in exchange for teaching or research work. Ed.D. programs, as professional doctorates, are typically self-funded, meaning students pay the full tuition and fees out of pocket. Tuition is also typically higher for an Ed.D. than a Ph.D.

Can you get a doctorate for free?

Yes, you can potentially get a doctorate for free, especially if you pursue a research-focused Ph.D. program. Many universities offer full funding packages to Ph.D. students, which often include a tuition waiver, a stipend for living expenses, and health insurance.

This funding is typically provided in exchange for working as a teaching assistant (TA) or research assistant (RA). While professional doctorates (like an Ed.D. or Psy.D.) are less likely to be fully funded, you can still significantly reduce the cost through external scholarships, grants, and employer tuition assistance programs.

Are online doctorate degrees cheaper?

Online doctorate degrees can be cheaper than on-campus programs primarily because they eliminate or significantly reduce costs associated with attendance, such as commuting expenses, campus fees, and the cost of relocating.

Online formats also offer greater flexibility, often allowing students to continue working full-time. However, tuition rates for the program itself may be comparable to traditional programs, so it’s essential to compare the total cost.

Does FAFSA cover doctorate degrees?

Yes, FAFSA® (Free Application for Federal Student Aid) covers doctorate degrees, as well as other graduate-level education. By submitting the FAFSA, doctoral students can be considered for federal financial aid, including unsubsidized federal student loans, work-study programs, and certain grants. Doctoral students are automatically considered independent students, meaning parental income is typically not required on the application.

How do you fund a PhD?

Many Ph.D. programs offer full funding, including tuition waivers and stipends for living expenses, often in exchange for work as a teaching or research assistant. This makes many Ph.D.s effectively free or very low-cost. In contrast, professional doctorates, such as the Ed.D. and Psy.D., are typically self-funded, meaning students must pay the full tuition and fees, generally through loans, personal savings, or external grants.

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