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Actively maintaining your home can keep small repairs from turning into major (expensive) ones and can help enhance the value of your property. Whether you plan to sell in the near or far-off future, here are some simple (and relatively low-cost) ways to protect the value of your home over time.

Update, Update, Update

If a home that’s for sale has an updated anything, the real estate listing will scream it out in ALL CAPS. This can apply to appliances, cabinetry, countertops, flooring, bathroom remodels, kitchen remodels, and more.

If your kitchen is due for an update, try to keep in mind that this doesn’t necessarily mean stripping it to the studs and starting from scratch. A small kitchen update may do the trick. Are the cabinets in good shape? Consider a fresh coat of paint or stain to reflect the latest color trends.

In addition, something as simple as upgrading to matching appliances or installing a garbage disposal or water filtration system could help maintain value — even if they’re not top-of-the-line.

Also keep in mind that “update” means bringing the home’s aesthetics into line with current styles — replacing brass fixtures for brushed bronze, for example, or swapping out carpet for wood. For instance, a recent Zillow survey found that painting a kitchen graphite gray can boost the selling price of a property by more than $2,500.

Other, more expensive updates might adjust the actual layout of the home. If your current house only has one bathroom, is it possible to find a space for another half bath? Are there unused rooms or wasted space that could be updated to become more functional?

Recommended: 10 Small-Bathroom Remodel Ideas

Keeping Your Roof in Good Repair

Replacing a roof is costly, so it’s a good idea to do what you can to extend the life of your current roof as long as possible. A roof that shows signs of wear and tear can also be a big red flag to potential home buyers.

To maintain the value of your roof (and avoid other costly problems like leaks), you’ll want to replace any missing shingles or damaged areas as soon as possible. It’s also a good idea to have your roof cleaned regularly to remove any algae, moss, and mold that can damage the roof over time. Finally, be sure to get your gutters cleaned regularly so water can drain rather than collect on your roof.

Recommended: The Ultimate House Maintenance Checklist

Keeping Your Exterior Paint in Good Shape

Maintaining your home’s exterior paint not only helps your house look attractive and well cared for but also protects it from moisture. When paint starts peeling, water can find a way in, which can cause your siding to rot over time. Replacing sections of your siding can end up being a much costlier project than periodically freshening up your paint.

It’s a good idea to give your exterior paint job a look-over once a year to see if you any areas may need attention. This can help your paint job last longer and save money in the long run.

Pruning Your Trees and Shrubs

Maintaining your yard is a lot of work if you do it yourself and costly if you hire a landscaper. But neglect can cause dead branches or an entire tree to fall in a heavy rain or wind storm, and can cause significant damage to your home. Overgrown shrubs can also bring unwanted bugs close to, and eventually inside, your home (more on that below).

It can be worth hiring a tree expert to evaluate and, if necessary, prune your trees once a year. You can regularly trim back hedges and bushes yourself or hire a landscaper to do the job.

Upgrading Energy Efficiency

Making your home more energy efficient is one of those goals that’s great not only if you’re selling, but also if you want to reduce spending on utility bills. And it doesn’t just mean big investments like switching to solar or wind-powered energy. Making your home more energy efficient can also be as simple as replacing bad weather seals, ensuring that the attic has sufficient insulation, paying attention to the air and heating systems, and using energy-efficient light bulbs and appliances.

Upgrading the energy efficiency of your home is something that might even be rolled in with another project, such as maintenance or updating.

Installing Smart Tech

Even if your home is more than 100 years old, adding smart tech can make your property future-ready. Smart home devices (like Nest systems) and apps can also allow you to remotely control your heating and air temperatures, make sure the oven is actually turned off, and even give you a sense of security with security systems or video door bells.

While some types of home tech are hard-wired into the house and others are more portable, even being able to say “wired for surround sound” can be a bonus on a home listing.

Smart home tech is not only quickly becoming a must-have for many homebuyers, adding it to your home can be a perk even if you have no immediate plans to move.

Recommended: What Are Common Uses for Personal Loans?

Keeping the Bugs at Bay

One important job that comes with homeownership is keeping unwanted critters outside where they belong. Public enemy No. 1 in this category? Termites. They can wreak havoc on a home’s wood structures leading to costly repairs.

The problem is so widespread that some home loan companies require buyers to get a “termite letter,” which is basically a guarantee that the home is free from termite damage.

DIY recommendations for keeping the pests at bay can also check off items on the home maintenance list, including keeping gutters and downspouts flowing, filling in any places where water pools around the home or in the yard, filling in cracks in the foundation, pruning shrubbery close to the home, and keeping air vents free and clear.

Beyond termites, there are a variety of other living creatures that can cause damage to a home or surrounding property, including attic squatters like mice or raccoons, carpenter bees, moles, mosquitoes, and even grasshoppers that brunch on beautiful landscaping. Eliminating these pests can be an important step in maintaining the value of your home.

Recommended: What Are the Most Common Home Repair Costs?

Making Improvements Affordable

While some home maintenance projects are relatively low-cost, others require a more significant investment. Before sinking a lot of money into a home maintenance or improvement project, it can be a good idea to use an online home project value estimator that can help determine whether it’s a smart investment.

If you decide to move forward on the project, you’ll want to get estimates from at least three different contractors. Once you know the cost of the project, your next question may be, how are you going to pay for it?

For a small to midsize home maintenance project, you might consider using a home improvement loan. Unlike a home equity loan, these are unsecured personal loans — meaning your home isn’t used as collateral to secure the loan. Lenders decide how much to lend to you and at what rate based on your financial credentials, such as your credit score, income, and how much other debt you have.

With a home improvement personal loan, you receive a lump sum of cash up front you can then use to cover the costs of your home project. You repay the loan (plus interest) in regular installments over the term of the loan, which is often up to seven years.

The Takeaway

Maintaining your property is an important part of being a homeowner. It can help your home function better, be more comfortable for you and your family, and also maintain or increase the value of your investment. A personal loan can be a valuable way to finance home maintenance projects.

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

What lowers property value the most?

Among the main issues that lower property value are deferred maintenance, poorly done home improvements, and outdated kitchens and baths.

How can I maintain my house’s value?

To maintain your house’s value, clean and declutter; update kitchen and baths; paint as needed; and work on curb appeal and energy efficiency.

What adds the biggest value to a house?

While the feature that adds the biggest value to a house will vary with each property, typically, a new kitchen and/or bathrooms and an attic or basement remodel will add the most to a home’s potential price tag.

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.

SOPL-Q225-082

Twice a year, most Americans adjust their clocks — one hour forward in the spring, one hour back in the fall. This routine, known as Daylight Saving Time (DST), was originally designed to maximize daylight hours and reduce energy use. But as our modern lives evolve, so do questions about whether this time-shifting tradition still makes sense.

While DST comes with a number of benefits, it also comes with hidden costs — from disrupted sleep and reduced productivity to increased health risks and economic losses. So, does Daylight Saving Time actually save or cost the U.S. money? Let’s dive into the history, the original goals, and what the numbers really say.

What Is Daylight Savings Time?

Daylight Saving Time (DST), commonly referred to simply as “daylight savings,” is the practice of moving the clocks forward one hour ahead of local standard time in the spring to achieve longer evening daylight in summer. In effect, an hour of daylight is shifted from the morning to the evening each spring.

In the U.S., DST begins on the second Sunday of March and ends on the first Sunday of November, when we move the clocks back one hour, and always starts and ends at 2 a.m. People often rely on the phrases “spring forward” and “fall back” to remember which way to reset the clock.

The idea behind daylight savings is simple: by syncing the time people are active with daylight, we might use less artificial lighting — and, in theory, save energy and live more economically and efficiently.

A Brief History

The concept of DST dates back to the early 20th century. Though Benjamin Franklin is credited as the first to suggest shifting time to conserve energy, the modern practice wasn’t implemented until World War I, when it was temporarily adopted as a wartime measure to help conserve fuel and power and extend the work day. During World War II, DST was reintroduced and referred to as “War Time.”

After World War II, DST was repealed again, allowing states to establish their own standard time. For the next two decades, there were no set rules for DST, which led to significant confusion in the transportation and broadcast industries.

In 1966, the U.S. passed the Uniform Time Act, standardizing the start and end dates of DST, while allowing states to opt out by passing a state law. Currently, all states except Hawaii and most of Arizona observe DST. American territories, including Guam, American Samoa, Puerto Rico, and the Virgin Islands, do not follow DST.

Who Benefits From Daylight Savings Time?

Many people and industries benefit from Daylight Savings Time. Here’s a look at some of the advantages of moving the clocks ahead by an hour each spring.

•   Encourages activity: Proponents of DST note that longer evenings motivate people to get off the house and engage in outdoor recreation like walking, running, baseball, tennis, soccer, golf, etc. For parents, the extra hour of daylight can mean more outdoor activity for their children. As a result, changing the clocks each spring may help counteract our modern sedentary lifestyle.

•   Reduces lighting needs: An extra hour of daylight helps to reduce the need to use electricity for lighting, which can reduce energy costs. However, people today tend to use computers, screens, and air conditioning units whether it is light or dark out. As a result, many economists say the amount of energy saved from DST is minimal.

•   Improves public safety: Daylight Saving Time’s longer daylight hours can help reduce the risk of pedestrians and cyclists being hit by cars. Indeed, studies have found that DST reduces pedestrian fatalities by as much as 13% during dawn and dusk hours. An extra hour of sunshine can also deter criminals, who generally prefer to commit crimes at night. Research has found that robberies drop about 7% overall and 27% in the evening hours after the spring time change.

•   Stimulates the economy: More hours of daylight in the warm months may incentivize people to shop, dine, drive, play golf, and spend money in other ways after work, giving the economy a boost. Chambers of commerce generally support DST, saying it causes consumer spending to increase and has a positive effect on their local economies.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

How Much Does Daylight Savings Cost Americans?

Despite the potential benefits, there’s growing evidence that DST also carries real and measurable downsides — from health consequences to lost productivity.

•   Health impacts: Moving the clock forward, even by just an hour, can have a negative effect on the body’s natural circadian rhythm, which can harm our health. One study found that the risk of a heart attack increases 10% the Monday and Tuesday following the Sunday we “spring forward.” Research also indicates that there is a higher incidence of strokes and suicides, along with a general decreased quality of life, on the days and weeks following the spring time shift.

•   Productivity loss: The Monday following the day we move the clocks one hour ahead is often referred to as “sleepy Monday,” since it’s one of the most sleep-deprived days of the year. Economists have found that the spring time change can actually kick off an entire week or lower worker productivity — including an increase in “cyberloafing” (i.e., wasting time on the internet while at work) — due to fatigue. Some also point out that the 10 minutes or so people spend simply changing clocks, watches and other devices forward (and then later reversing the process) also leads to lost productivity and earnings. In other words, we could be doing something better with that time.

•   Increased accidents: While longer daylight may help pedestrians, studies show a 6% increase in fatal car crashes during the five weeks after the spring shift — possibly due to drowsy driving or people rushing because they are running late.

•   The financial toll: A 2024 report by Chmura Economics & Analytics estimates that the total economic cost of DST is around $672.02 million per year, largely due to the health implications and increased traffic/workplace accidents attributed to the spring time shift.

   This total cost includes:

◦   $374.75 million from increased heart attacks

◦   $251.53 million from increases in strokes

◦   $18.35 million from additional workplace injuries

◦   $27.39 million from increases in traffic accidents

What Would Happen if Daylight Savings Time Was Removed?

Many Americans are in favor of getting rid of twice-annual clock changes. In fact, more than 30 states have introduced bills to replace daylight saving time with one stable time, and the issue has also been the subject of legislation in the U.S. Congress. As of this writing, however, daylight saving time is not ending across the U.S.

But what would happen if it did?

Whether the U.S. opted for permanent DST or permanent standard time, we would no longer need to worry about remembering to change the time on our watches and clocks, losing an hour of sleep, and feeling tired after we “spring forward.” This could help keep sleeping patterns more consistent year-round, potentially improving people’s health, productivity, and quality of life.

Many businesses would likely also benefit: Without the biannual adjustment, employees would maintain regular sleep schedules, and companies could avoid the drop in efficiency and focus that occurs after each time shift.
Getting rid of DST would also eliminate the temporary increase in auto and workplace accidents after we spring forward, along with confusion around timing caused by the fact that not all U.S. states, and not all countries, implement DST.

But there are also some downsides to getting rid of DST. If we opt for year-round standard time, we would lose that extra hour of evening sunlight in summer. Though the days are naturally longer in the spring/summer, losing that additional hour could lead to less outdoor recreation and physical activity. It could also reduce foot traffic for businesses like restaurants and retail shops during summer evenings.

If we opt for year-round DST, it wouldn’t get dark quite so early during the winter months, but mornings would be darker. This could make it harder to wake up for work, and also raise safety concerns for children walking to school and commuters traveling in the early hours.

The Takeaway

So, does Daylight Saving Time cost the U.S. money? The answer is: yes. Studies have estimated the annual cost could actually exceed $672 million per year.

While DST offers seasonal perks for retail, recreation, and crime prevention, its broader impacts on health, productivity, and safety are substantial. The original energy-saving rationale no longer holds much weight in the modern world — and research increasingly shows the economic and human costs of DST may outweigh its benefits.

While DST in the U.S. isn’t going away (yet), the debate continues — with each spring and fall reigniting questions about whether DST truly serves American citizens and the modern economy.

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FAQ

Does daylight saving time save money?

Daylight Saving Time was initially implemented to save energy, but its effectiveness in modern society is debated. Some studies suggest it can reduce electricity usage slightly by shifting peak demand, while others find no significant savings or even increased costs due to higher air conditioning use. The overall financial impact is minimal and varies by region.

How does daylight saving time boost the economy?

Daylight Saving Time can boost the economy by extending evening daylight, which encourages outdoor activities and shopping. This can lead to increased consumer spending, particularly in retail and entertainment sectors. Sports and leisure industries also benefit from more daylight hours, as people are more likely to engage in outdoor activities after work.

What are the downsides to daylight savings?

Daylight Saving Time has several downsides, including disrupted sleep patterns and increased risk of accidents and health issues (including heart attacks and strokes) in the days following the time change. It can also affect productivity and mood, especially for those with sleep disorders. Moreover, the energy savings are often negligible, and the transition can cause confusion and scheduling issues.

Photo credit: iStock/baona

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SOBNK-Q225-056

Siding helps protect your home from weather and pests and plays a major role in the look of your home. If yours has seen better days, or you’ve never liked the look of your siding, it may be time to consider replacing it. Yes, it can be a big (i.e., expensive) job, currently averaging $11,529, according to the home improvement site Angi. But you will likely get a significant portion of what you spend back when you sell your home, since this home renovation generally has a high return on investment (ROI).

Read on for a look at a few different siding ideas at a variety of price points and their expected ROI.

Eco-Friendly Options

One way to live more sustainably is to choose eco-friendly siding options that reduce the carbon footprint of the project. For example, using recyclable siding materials is one way to be more environmentally friendly, as is selecting material known to be more energy-efficient.

Wood can be a good choice because it’s a renewable and sustainable material that can be sourced locally. Manufacturing processes of wood siding can be more environmentally friendly as well.

Aluminum or steel siding can be a green choice when made from recycled materials. It’s also considered to be an energy-efficient option since metal reflects the sun’s rays, unlike materials that absorb them. In addition, metal siding can be a low-maintenance material.

Fiber cement siding is eco-friendly, crafted from natural materials. Although vinyl siding isn’t formed from the most environmentally friendly materials, there is little waste with this type of siding, and insulated options can be energy-efficient.

Recommended: Solar Panel Financing in 4 Ways

Colors with Curb Appeal

Siding color plays a big part in a home’s curb appeal. Combinations of colors and textures can evoke certain feelings, such as using green siding with wood accents to create a natural feel to a home.

When selecting a color scheme, personal taste enters in, but an overall goal might be a compromise between your favorite hues and materials and blending in with the neighborhood.

Some communities may have homes with more subdued hues while others boast more colorful options.

Colonial homes may look best in a single classic color, while cottage-style or Victorian homes may provide a homeowner with more freedom of expression.

Recommended: Four Ways to Upgrade Your Home

Realistic Textures

In the past, siding materials could look “plastic,” rather than mimicking natural grains and textures. Today, though, siding materials often look more attractive and realistic.

When on a budget, vinyl siding can masterfully imitate wood siding at a lower cost with a greater ease of installation. If on a mid-range budget, an option might be fiber cement siding, which combines sand, cellulose and cement; comes in a variety of colors; and can be imprinted with various patterns.

With a bigger budget, stone and brick veneers are an option, as are stucco and new materials that mimic stucco. These choices can give a home a distinctive appearance.

Costs of Home Siding

The cost of new siding will depend on the size of your house, the type of siding you choose, and where you live. Generally, new siding costs as follows:

•   Vinyl siding: $3-$12 per square foot

•   Stucco: $7-$9 per square foot

•   Wood: $1-$15 per square foot

•   Aluminum: $3-$6 per square foot

•   Brick: $10-$20 per square foot

•   Brick veneer: $3-$10 per square foot

•   Stone: $7-$30 per square foot

•   Stone veneer: $5 to $11 per square foot

•   Fiber cement: $7 to $18 per square foot

As of mid-2025, a full replacement job, on average, can run $11,529, according to Angi. Keep in mind, though, that each project is unique and older homes may have additional issues that will need to be addressed during a home renovation process. Plus, if a home is old enough to be designated as historic, there will likely be guidelines that need to be followed, which can add to the price tag of improvements.

Beside the materials used and the size of the home, other factors that impact cost include the shape of the house, with those having multiple stories or with eaves and turrets typically being more expensive than a home with a more streamlined structure.

Another factor can be the time of year when the siding is installed, with peak seasons usually more expensive than off-season projects.

It can make sense to get a customized quote for a siding project because there are so many factors that can affect the price.

It may be helpful, too, to compare quotes received to what it costs to paint the exterior of a home.

The cost to paint a home’s exterior ranges from $1.50 to $8 per square foot. Although painting is typically less expensive, siding can last for decades, while the exterior of homes often need to be painted every five to 10 years.

Siding ROI

Replacing your old siding can significantly increase the value of your home. Exactly how much it will add to the value will largely depend on the type of material you choose.

Going with fiber cement siding, for example, could add about $17,000 to the value of your home, which translates into about a 88% return on investment.

You may want to use an online ​​home improvement ROI estimator to get a sense of how much your choice of siding will impact the resale value of your home.

Paying for House Siding

If you run the numbers and the cost of your home siding project is more than you can comfortably cover in cash, you may want to consider some type of financing.

One option is to take out a home equity loan or line of credit. These loans are based on the equity you have built up in your home and use your home as collateral for the loan.

Another option is a home improvement loan. This is essentially an unsecured personal loan that is used for home repairs or upgrades. You receive a lump sum up front which you can use to pay for new siding; you then repay the loan (interest plus principal) over a set term, often one to seven years, with regular monthly payments. Interest rates are typically fixed.

Recommended: How to Apply for a Personal Loan

The Takeaway

Siding is your home’s first line of defense against weather and pests and also establishes the look and feel of your property.

Replacing your siding can seem like a big undertaking with typical costs more than $10,000, but fortunately you typically only have to do it once. Plus, you can often make up much of the out-of-pocket cost when you resell your home, thanks to the relatively high ROI on this type of remodel. If you’re interested in replacing your siding but not sure how to cover the costs, a personal loan could help.

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

What is the cheapest siding to put on a house?

The most affordable kinds of siding are typically vinyl, wood, brick veneer, and aluminum.

How much does new siding cost?

As of mid-2025, new siding for a house costs an average of $11,529.

Does new siding have a good ROI?

Yes, new siding typically has a good return on investment. Currently, the ROI is 80% of the money spent redoing siding.

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.

SOPL-Q225-074

The latest figures put the average honeymoon cost at about $5,000, Brides.com reports, adding that the average honeymoon lasts around seven days.

There are plenty of ways to save on or save for a honeymoon, though.

Here’s what you need to know about the average honeymoon cost and paying for a trip you’ll never forget.

The Honeymoon Tab

The Knot, a wedding-planning platform, cited a pre-pandemic average honeymoon cost of $5,000, based on an internal study of more than 27,000 couples who married in 2019. That is atop the average cost of a wedding, which The Knot put at $33,000.

The average cost of a honeymoon has increased since then, reflecting couples’ desire for more experiential travel, The Knot says, with 59% of American couples traveling outside the continental U.S. for their honeymoon.

Of course, the honeymoon outlay could be much higher if a couple goes on a luxury getaway or takes an extended trip.

Big-Ticket Honeymoon Items

The cost of a honeymoon can depend on location, amenities, and even the season couples decide to travel. Typically the cost will include:

• Plane, train, or automobile travel

• Accommodations

• Any excursions

• Food and beverages

• Taxes, tips, and fees

Essentially, it’s the same as any other big trip. The only extras may come because you want to make this trip the best it can be (and we don’t blame you).

Ways to Cut Honeymoon Expenses

There are still plenty of ways to save money on a honeymoon. As mentioned, location can play a major factor in the cost of the trip, but there is a secret a lot of travel insiders know and don’t share: Shoulder season.

Shoulder season is that awkward time between the high and low seasons of different destinations. It’s not necessarily that a place is less desirable to visit, but merely a less popular time to go.

The shoulder season in the Caribbean is the early fall (in the Northern Hemisphere, September to November), which is the midst of hurricane season, meaning fewer people tend to book during this time. Honeymooners could score great deals on flights and accommodations, and find more restaurant and excursion reservations available.

Hawaii, a perennial honeymoon destination favorite, has shoulder seasons of April through June, after all the school breaks end, and September to December, right before the holiday travel rush.

Check to see when your desired location’s shoulder season may fall, and if you wish, book in this window for the chance to save a little money.

Two other ideas:

Forage for great fares. Another way to cut back on typical honeymoon expenses is to hunt for the best flights possible if you’re traveling by air. This can be done by signing up for newsletter or alert services like Next Vacay, which sends daily emails with cheap flight deals, or similar services like Going and Skyscanner.

Use points or miles. One more way to lessen the financial strain of a honeymoon is to dig into credit card rewards such as points or miles. Check to see if your points can be used on flights, accommodations, or activities, and use them as you please. Don’t forget to check on any of those frequent flyer miles you’ve got hanging around either.

Paying for a Honeymoon

There are a number of ways couples can finance their honeymoon. Here are a few.

Join a honeymoon registry. The first, and perhaps most festive for a wedding, is to ask your friends and family to get involved with a honeymoon registry.

A honeymoon registry is a new twist on the wedding registry tradition. Rather than ask for gifts like china that comes out of the closet once every 10 years, couples can instead ask their guests to gift them money that they may use toward their honeymoon.

Some couples take the honeymoon registry a step further by registering at places like Honeyfund or Zola for specific honeymoon items rather than a blanket ask. This can include a specific hotel stay or merely an upgrade, scuba lessons or ski tickets, or dining at one special restaurant during the trip.

Carve out a honeymoon savings fund. Another way to finance your honeymoon is by starting your own honeymoon budget. Once you’ve decided as a couple where you’d like to travel on your first trip as the newly betrothed, you can estimate how much the trip will cost.

From there, you can start a fund where you put in a little each day, week, or a month from income or through any cutbacks you’re willing to make to your personal budgets to turn this dream trip into a reality.

Decide to camp out in Uncle Jeremy’s backyard. And grill hot dogs for days. It will be unforgettable. Just sayin’.

Take out a personal loan. A personal wedding or honeymoon loan can be used for just about anything you want. Yes, that means it can be used to cover any and all costs of a honeymoon.

The Takeaway

The average honeymoon costs around $5,000. But clearly, that number can vary greatly depending on when and where honeymooners travel, for how long, and the level of luxury. With more couples lusting for experiential travel, the average tab has grown.

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.

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SOPL-Q225-084

If you’re interested in possibly refinancing your student loans, but you don’t think your credit history is strong enough, there are options that might help. One is to refinance student loans with a cosigner.

A cosigner could potentially help you qualify for a refinanced loan. But is taking out a new loan with a cosigner the right choice for you? There are pros and cons to carefully consider in order to decide if student loan refinance with a cosigner makes sense for your personal situation.

What Is a Cosigner on a Loan?

A student loan cosigner is someone who legally agrees to pay your debt, such as your student loan debt, in the event that you can’t make the payments yourself. The exact terms will vary based on the loan type and lender, but in general, this person signs your loan with you and accepts responsibility for your loan if you are unable to pay your debt.

Responsibilities of a Cosigner

A cosigner on a student loan agrees to take on equal responsibility for repaying the loan. Any late or missed payments or student loan default by the borrower could harm the cosigner’s credit.

How Cosigners Affect Loan Approval

When a borrower adds a creditworthy cosigner to their loan application, it could help approve their chances of qualifying for the loan and securing a lower interest rate if the cosigner has a strong credit and financial history.

Can a Cosigner Help You Refinance a Student Loan?

If you’ve decided to refinance a student loan, a cosigner may help you qualify if your own credit is not strong enough.

Creditors review a variety of factors to determine whether or not they will give someone a loan. Things like a low credit score or a credit history that’s not robust enough can serve as an indicator to lenders that an individual could be a credit risk. Adding a creditworthy cosigner could make a potential borrower appear less risky, since there’s another person — one with a strong financial and credit background — to help guarantee repayment of the loan.

One important thing to note about student loan refinancing — either with or without a cosigner — is that if you are refinancing federal student loans, they will be ineligible for federal benefits like income-driven repayment and federal deferment.

Recommended: Applying for a Student Loan Without a Cosigner

Finding a Cosigner

If you can’t qualify for a loan based on your own credit history or current income, student loan refinancing with a cosigner who has a strong credit history may help improve your prospects.

Who Makes a Good Cosigner

When choosing a cosigner, you want someone with a good credit history who also has steady employment and a good income. In addition, you want an individual you can trust to repay the debt in the event you can’t. And finally, because cosigning a loan is a big commitment, it’s important to choose someone you will feel comfortable asking.

How to Ask Someone to Be Your Cosigner

Being a cosigner is a big responsibility, so how you ask someone to cosign is important. Treat the request with respect. Be open and honest about why you need to refinance student loans with a cosigner. Explain, for instance, that you are recently out of school and don’t yet have a strong credit history. By applying with a cosigner you are more likely to be approved for a refinance loan and get a lower interest rate. Also, detail your plans for repaying the loan so the other person knows you are serious about and committed to handling your debt.

Should a parent cosign a student loan, or should any relative or friend for that matter, it’s important to make them aware of the responsibilities and legal obligations involved. In addition, be sure they are prepared to pay for the loan if you are not able to do so. They should also understand that anything negative regarding the loan, such as late payments, can affect their credit.

Pros and Cons of Having a Cosigner

Taking out a loan with a cosigner is a significant commitment, so it’s worth considering the pros and cons. What’s right for you will depend on your personal and financial situation.

One of the most notable benefits of refinancing with a cosigner is the potential to qualify for a loan that may not have been an option otherwise. A cosigner could also possibly help you qualify for a lower student loan interest rate than what you could receive on your own. If you have little to no credit history or bad credit, it could help to refinance student loans with a cosigner by giving you an opportunity to begin strengthening your credit over time.

On the other hand, there can be some drawbacks to refinancing with a cosigner. If you fail to make payments on your loan, your cosigner will be responsible for repaying your debt. As a result, missed payments will likely reflect on both of your credit histories. This could also negatively impact your personal relationship with your cosigner.

💡 Recommended: Student Loan Calculator

Using a Cosigner when Refinancing Your Student Loans

When you’re refinancing your student loans, enlisting a friend or family member to cosign your refinanced loan could help strengthen your loan application.

Again, keep in mind that acting as a cosigner has risks — if you don’t pay back your loans, your cosigner is on the hook. It’s a big request, so take some time to think about how you’ll make it. Here are some additional tips that may help inform your conversation:

1.    Asking respectfully. You’ll want to broach the subject thoughtfully and respectfully. You’re asking the person for a serious commitment, so asking with tact to show you understand the gravity of your request is crucial.

2.    Showing your dedication. As noted, it’s also important to make it clear to your cosigner that you’re going to be making timely payments on the loan. One simple way to do so is by providing them with regular updates.

3.    Illustrating to your cosigner that you understand the intricacies of your loan. They’ll be responsible for the loan if you fail to make payments, so they’ll likely want to make sure you understand the responsibility you’re taking on — and asking them to take on.

Things to Consider if You’re Asked to Cosign a Loan

If you’ve been asked to cosign a loan, be aware that serving as a cosigner can come with consequences for your finances if the primary borrower fails to make payments. If you’re a family member or friend with excellent credit and a well-paying job, you could be a candidate as a cosigner. If you have some hesitation, here are a few steps you can take:

1.    Talking it out with the borrower. The borrower is going to use your name and credit history to take out a loan. It can be helpful to understand why they feel they need a cosigner while making sure they have the means to repay the loan.

2.    Following up often. Keeping the lines of communication open so you are aware of any issues can be helpful for both parties. If need be, you could discuss making payments on their behalf to avoid the impact of a late or missed payment on your own credit score.

3.    Accepting negative outcomes. Even if you’ve done everything you can to ensure the borrower is trustworthy, something might come up where they let you down. Your credit score might take a hit and you might be responsible for making payments yourself. Remember that this could happen, so accepting it as a possibility may be helpful.

Cosigning a loan is a big responsibility that can have implications on your financial future, so take some time to consider the idea.

If you decide not to cosign, you can let the requester down gently by trying to help them think of some alternative options to secure the loan or money they need.

How to Remove a Cosigner After Refinancing

Some lenders allow cosigners to be removed from a loan through a cosigner release. This allows the cosigner to be officially released from the loan and all the responsibilities that come with it. Typically, the primary borrower has to apply for a cosigner release with the lender.

Depending on the terms of the loan, the cosigner may be able to be released if the primary borrower has graduated from college and meets certain requirements as stipulated by the lender. Typically these requirements include such things as the primary borrower making one to two years of on time payments, having a good credit report and no loans in default, and being in a stable job with a steady income.

If your lender doesn’t offer a cosigner release, another way to take a cosigner off your loan is to refinance your student loans again. When you refinance, you replace your old loans with a new loan that has new terms. If you can qualify for the refinance on your own, you won’t need to include the cosigner on the new loan.

Refinancing Student Loans With SoFi

If you’re interested in refinancing student loans but your credit isn’t strong enough, enlisting a trusted person with a strong financial background as a cosigner may help you qualify for a loan and/or get a lower interest rate. Or, if your credit has strengthened over time, and you can qualify on your own, you can consider refinancing without a cosigner.

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

FAQ

How does adding a cosigner affect my interest rate?

A cosigner with strong credit and a solid financial background may help a borrower qualify for a lower interest rate when refinancing a student loan. Generally, the more creditworthy the cosigner is, the better a borrower’s chances of getting a lower rate.

What credit score does my cosigner need?

The credit score a cosigner needs for a student loan refinance depends on the lender’s specific criteria. Typically, many lenders look for a credit score of 670 or higher.

How long will my cosigner be responsible for my loan?

A cosigner is generally responsible for a loan until the loan is repaid in full. However, a cosigner may be able to be released from a loan through a cosigner release option — if a lender offers it and the primary borrower meets specific criteria set by the lender. Another option is for the primary borrower to refinance the loan again in their own name only, without the cosigner.

Do I need a cosigner for student loan refinance?

The specific requirements for refinancing a loan with a cosigner will depend on your credit history and income (among other factors) and the eligibility requirements of the lender. Borrowers who have a less than stellar credit history may find adding a cosigner to their application allows them to qualify for a student loan refinance and a more competitive interest rate.

Can I consolidate my student loans with a cosigner?

When you consolidate federal student loans through the Direct Consolidation Loan program, you combine all your current federal loans into a new loan with one payment. With Direct Loan Consolidation, you typically don’t need a cosigner.

Can a cosigner become the primary borrower?

In order for a cosigner to become the primary borrower of a student loan, the loan would generally need to be refinanced in the cosigner’s name.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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