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Taking, and doing well on, the Advanced Placement (AP) exam gives you the opportunity to save time and money by earning college credit, advanced placement, or both. It can also help you stand out to colleges and give you an edge in getting accepted to your dream school.

No matter what score you get, the experience of studying for and taking an AP exam can help you build skills you’ll need to succeed in college.

The question is, when should you start studying for AP exams? Generally, students begin studying for AP Exams some time between January and March. This gives you enough time to cover all the material, take AP prep courses (if desired), take practice tests, and develop an AP test strategy. Read on for a closer look at when and how to study for AP Exams.

Creating a Study Timeline

One smart way to prepare for your AP Exam is to create a timeline leading up to the test. Giving yourself a schedule you can (hopefully) stick to might help keep you organized while studying.

Here are some ideas to help you prepare for your upcoming AP Exams — all arranged in a timeline leading up to your AP tests.

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January (16 Weeks Out)

To first figure out how to study for AP Exams, you can evaluate how your current AP classes are going. One place to start is by checking your grades from last semester and, if you are struggling with a certain topic, contacting your teacher to see what help is available.

You might want to schedule some extra one-on-one time or join (or even start) a specific class study group. Of course, your grade isn’t necessarily an indication of the score you will get on your AP Exam. But if your teacher has been using AP practice questions on tests, that could still give you a sense of your early performance — and it may even boost your confidence going into the test if you’re acing those practice answers.

This is also a good time to start thinking about which AP Exams you want to take in May. Just because you are in an AP class doesn’t mean you have to take the AP exam in that subject. Consider which exams might help put you on a path toward college and career success.

The test schedule is always published well in advance of the exam days, so you may want to check when your exams will take place and block those dates out in your calendar now. If you have exams scheduled for the same date and time, this is a good time to ask your AP coordinator or teacher about taking one during an approved late-testing period .

January is when students with disabilities must request any accommodations during the exams. If you will need testing accommodation, you’d want to approach your AP teachers or AP coordinator ahead of the deadline.

February (12 Weeks Out)

A productive next step is to learn the format for each AP exam you plan to take. Paying attention to the structure of class tests might give you some insight into the types of questions you can expect.

There are a total of 38 AP Exams, and each has its own requirements. Most will be two to three hours long with a mix of multiple-choice and free-response questions, according to the College Board.

This can also be a good time to take your first practice exam. Since you’re past the midpoint of the year, you’ll have covered enough material in class that you will be able to answer a decent amount of practice questions and problems without getting frustrated. After reviewing your practice exam, you can come up with a study plan to go over your notes and materials for a few hours every week.

Recommended: Importance of Junior Year of High School

March (8 Weeks Out)

AP Exams cost $98 each, so this month can be a great time to start budgeting for how many exams you plan to take and how you will pay for them. Even if your parents are paying for your exams, you’re responsible for making sure they understand the cost and when to submit payment to your school.

The College Board, which oversees the AP, offers a $36 fee reduction per AP Exam if you have significant financial need. Some states offer additional funding to reduce your cost even more. Check with your AP coordinator to find out what support may be available to you.

This is also the month when you will want to really delve into your AP study regimen and continue taking practice tests.


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April (Four Weeks Out)

By April, you will probably be completely registered for all of your AP Exams. If you haven’t gotten a link from your school guidance counselor, you may want to check in with a school administrator. This is when you really should start to study in earnest, if you haven’t done so already.

Now’s the time to start taking more practice exams, in addition to your regular study and review. You can look up past free response questions (for exams that have them), real student responses, their scores, as well as scoring guidelines so you can see why a real exam taker got the score they did.

Once you’re four weeks out, it might be more efficient to study just the areas you feel less practiced and confident in, rather than trying to cram in all of the information from the past year. The practice exams and questions can help you sort out which topics just need a simple refresh, and which ones you might need to actually relearn.

Recommended: The ACT and SAT: Which Test is Right for You?

May (It’s Time!)

You can kick May off by taking another practice exam and focusing on the results compared to when you first began reviewing all those weeks ago. The focus is now on prepping for test day, which might include checking to make sure you have your test dates and times marked in your calendar and that you are using the correct, approved calculator for math and science exams.

On test day, you can start your day with a good breakfast. If you are taking multiple tests in one day, you may also want to pack some nutritious snacks. Hopefully all of the studying from the last few months will pay off when you sit down to take the AP Exam and you feel prepared.

Recommended: Do Your SAT Scores Really Matter for College?

AP Study Hacks and Habits

The habits you start honing as you study for AP Exams can not only help you do well on your exam, but also prepare you for college, when you’ll likely be managing a larger workload and juggling multiple assignments and deadlines. Here are some study hacks that can help now — and later.

•   Build in study breaks. Even if you feel you need to spend several hours studying in one sitting, it’s a good idea to work in a short break every hour, even if it’s just a five-minute walk around the block. This can help keep your mind sharp and your energy from sagging.

•   Incentivize yourself. You might hold off watching your favorite TV show or playing your favorite video game until after you have finished studying for the day. This delayed gratification could help keep you motivated to study efficiently.

•   Consolidate class notes at the end of every week. When you are reviewing your notes from your AP classes, try organizing the information as it relates to the sections on the exam. By grouping your notes into related “chunks,” you might find that it’s easier to remember (or refer back to) key points as you get further away from the lesson. An added bonus: Instead of having a year’s worth of scattered information to review as you start taking practice AP Exams, you’ll have clear, organized information with your note summaries.

Planning for Your Future

The College Board says that nearly all colleges and universities in the U.S. offer credit, advanced placement, or both based on your AP scores, typically with an AP score of 3 or higher.

In some cases, students are able to reduce their time in school by one, or even two, semesters, meaning that your AP Exams could end up saving you a lot of money in college. Of course, you will still need to find a way to pay for college, whether it is three, four, or more years.

Fortunately there are a number of ways to fund your college education, including college savings accounts, financial aid (which includes scholarships, grants, work-study, and federal student loans), as well as private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

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

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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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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When you have a new baby on the way, you may be eager to create a nursery that’s comfortable, functional, and stylish. You can drop big bucks to turn a spare room into a dream nursery. But if you’re willing to put in some elbow grease and think outside the box, you could get the job done for much less.

Here are some creative DIY nursery ideas that won’t break the bank.

Use Paint to Make a Big Impact

If home improvement shows have taught us anything, it’s that paint can be a powerful — and cheap — way to change things up. In fact, for the cost of a few gallons of nontoxic paint, a roll of painter’s tape, and drop coverings, you can completely transform any room.

The options are limited only by your imagination. Paint all four walls the same shade to create a cohesive look, or focus the color on one wall to make a real statement. Use painter’s tape to create shapes or patterns, like stripes or chevrons, that pack the same punch as wallpaper but without the mess. If you’re artistic, paint a mural with animals or popular cartoon characters. Or considering all the time your baby will spend in their crib, you may decide to spiff up the ceiling with a pop of color.

Price tag: $125 to $250


💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

Get a Soft Rug

If you have hardwood floors, a soft rug won’t just help your feet stay warm when you come in for late-night feedings. You’ll also want a cozy surface for your baby to play, and later, learn to crawl.

You can get an area rug at a local hardware or furniture store that can bring out some of the colors in your decor and provide a soft buffer between your baby and the floor.

Price tag: $200

Make Your Own Art

Blank walls are boring, but art can be expensive to buy. So why not make your own creations?

One idea: Get jumbo letters from the local craft store that spell out your baby’s name and hang them on the wall.

Or figure out the theme of the room to help you come up with other ideas. For example, you can go to the zoo with a camera and then print out pictures of animals for an animal-themed room. Or become inspired by the night sky and put up sparkly stars and a moon on the walls. You can also find cool fabric and tack it onto a canvas for a fabric panel.

Price tag: From $25

Help Baby Sleep

Having a newborn goes hand in hand with frequent wake-up calls. But there are ways you can help baby settle down after a 3 a.m. feeding or stay asleep during a mid-afternoon nap.

Blackout curtains are a great way to prevent sunlight from seeping through window coverings — and interrupting a good nap. Making a set is doable with the help of a sewing machine and a trip to the local fabric store.

Hanging a mobile above the crib can also keep your little one entranced until their eyes start to close. You can make your own with everyday household and craft supplies, like pom poms, fabric, or paper. Simply attach the items to a string or embroidery floss, attach to a lightweight frame or embroidery hoop, and hang.

Price: From $10

Get Creative With Storage

Even if you’re a minimalist, chances are your baby will require a lot of stuff: clothes, toys, diapers, pacifiers, books…you get the idea. As you’re putting together your nursery, be sure you have ample places to store all those things. Bins, boxes, shelves, and drawers can make clean-up a breeze.

Storage systems don’t have to be expensive. You can get budget-friendly ones at local discount furniture stores. Or check online or garage sales for a used piece of furniture that you can refinish or repaint.

Just remember to fasten all the furniture to the wall so that when your baby starts pulling themselves up and walking, nothing topples over on them.

Price: From $100

Recommended: 25 Tips for Buying Furniture on a Budget

How Do You Pay for a Nursery Room Renovation

DIY-ing a nursery may save you money, but you’ll still need to make room in the budget. This can be a challenge if you’re also trying to balance the cost of hospital bills, doctor’s visits, and pricey essentials like a stroller, car seat, or crib. Here are some options you may want to consider.

Personal Savings

Tapping into your savings allows you to access the cash you need right away. However, if you’re planning to take unpaid maternity leave or are budgeting for medical expenses, you may decide it makes more sense to leave your emergency fund untouched.

Credit Card

Like personal savings, a credit card lets you pay for DIY nursery supplies now. However, at the end of the month, you’ll be billed for whatever you’ve spent. It’s important to make at least a minimum payment by the due date to avoid a late fee. But to avoid paying interest entirely, you’ll need to pay off the balance in full each month.

Recommended: Tips for Using a Credit Card Responsibly

Personal Loan

Generally speaking, a personal loan can be used for virtually anything, including decorating a nursery. Interest rates are relatively low, which means that you can likely get a loan at a low rate compared to a credit card. For that reason, it might be a much better idea than putting the expenses on a credit card, which typically have higher interest rates.

A typical term length for a personal loan is anywhere from one to 10 years. Extending your repayment over multiple years could reduce your monthly payments. But keep in mind, the longer the term length, the more you’ll pay in interest over the life of your loan.

When looking for a loan, you may want to look into securing a fixed interest rate so that you can lock in your low rate over the life of your loan.


💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

The Takeaway

When you’re expecting a new baby, you naturally want to give them the world. This may include a room they’ll be happy to call their own. Fortunately, you can get the nursery of your dreams without having to spend a lot of money. There are creative, affordable ways to create a statement, like painting the walls or ceiling a fun shade or designing an adorable mural. Not as crafty? Explore simple, inexpensive projects, like making a mobile to hang over the crib.

If much of your budget is already earmarked for baby essentials and medical bills, you may want to explore alternate ways of paying for a nursery renovation. You could draw from your personal savings, use a credit card, or explore taking out a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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

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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When money moves from one bank to another, you may think it travels in one speedy step, but in truth, an intermediary bank may be involved. When funds move between a sender and a receiving account at the same bank, the money typically moves directly. But if the money is moving from one bank to another, the processing may be more involved and an intermediary bank is likely needed.

As the name implies, an intermediary bank is a bank that acts as a go-between, connecting two different banks. Smaller banks require intermediary banks or correspondent banks to facilitate transactions with other banks, while larger banks may have enough connections to serve as their own intermediaries.

Generally, retail bank customers do not have to worry about finding intermediary banks — instead, they work behind the scenes with the banks themselves.

What Is an Intermediary Bank?

An intermediary bank is a third-party bank that helps facilitate transfers and transactions between two other banks. Often, intermediary banks are dealing with international transactions such as wire transfers between different countries. If you are sending money to others abroad, your bank may end up using an intermediary bank.

You may not be aware of how the intermediary banks work behind the scenes, but be aware that you may be charged additional fees for the work that intermediary banks are doing.

How Do Intermediary Banks Work

If you are doing a bank account transfer, especially to an account in a different country than the one where your own bank is located, it is likely that an intermediary bank will be involved. During a monetary transfer between accounts at different banks, an intermediary bank works in between the sender’s bank account and the account at the receiving bank.

Here’s how the transaction might work:

•   A person with an account at Bank A wants to send money to another person, a client with an account at Bank B.

•   However, Bank A doesn’t have an account or banking relationship with Bank B.

•   Bank A and Bank B do, however, each have an account with Bank C.

•   Funds can be funneled through Bank C, the intermediary bank, to make the transaction successful.

Intermediary Bank Example

Intermediary banks are like an international travel hub through which transfers flow. They are especially important for fund transfers made via the SWIFT (Society for Worldwide Interbank Telecommunications) network.

Here’s a simple example to show how intermediary banks usually work. Let’s say that John is an importer-exporter based in the United States who banks at the Acme Bank. He needs to make a payment to Angela, a supplier of his based in Germany, who banks with Big Bank. He gives Angela’s bank’s information to his bank to make the transfer.

If Acme Bank does not have an account at or a relationship directly with Big Bank (Angela’s bank), it will use an intermediary bank; let’s call it Central Bank. This intermediary bank will have accounts at both Acme Bank, John’s bank in the United States, as well as Big Bank, Angela’s bank in Germany.

Central Bank can transfer the money between the two banks. It will likely charge a fee for their role in the transaction. The transaction will be completed by the three banks working together.

When Is an Intermediary Bank Required?

Any time that money is being transferred between two banks that do not have an existing relationship, an intermediary bank is usually involved. Whether you have a single account or a joint bank account, when you transfer money to a user at a different bank (especially internationally), an intermediary bank will generally be required.

This is likely to occur as a commercial banking transaction. In other words, the use of an intermediary bank is not something the consumer has to initiate.

The Need for Intermediary Banks

Intermediary banks are important as part of the global financial system. Since banks generally do not have accounts with every single bank around the world, there is a need for intermediary banks to help facilitate monetary transfers.

The good news is that you typically do not have to worry about finding an intermediary bank yourself. Instead, the banks themselves have intermediary banks that they use to transfer money between other banks.

When Will an Intermediary Bank Be Involved in a Transaction?

An intermediary bank will usually be involved whenever there is a need to transfer money between accounts at two separate banks. If the sending bank does not have its own account with the receiving bank, it will usually use an intermediary bank.

Even if a business thought it could get around the need for intermediary banks (and save money; see more on fees below) by opening multiple bank accounts, its main bank would still probably use an intermediary bank at some point to transfer funds on its behalf.

Difference Between Intermediary and Correspondent Banks

When considering how bank transfers work, you may hear two different terms: intermediary banks and correspondent banks. Depending on which part of the world you’re in, there may or may not be a difference between the terms “intermediary bank” and “correspondent bank.”

•   In some countries, the terms correspondent banks and intermediary banks are used interchangeably.

•   In the U.S. as well as in a few other countries, correspondent banks are often ones that handle multiple types of currencies.

•   Intermediary banks may be smaller banks that only typically handle transactions in one currency.

What Are Some Typical Intermediary Bank Fees?

Because intermediary banks typically do not work directly with consumers, they also do not regularly post a breakdown of the fees they charge. Instead, you can look at your own bank’s fees for financial transactions such as domestic wire transfers or international wire transfers.

The fees that your bank will charge you for these transactions generally include the fees that your bank will have to pay to the intermediary bank it uses. These bank fees can range anywhere from $15 to $50 or more.

Recommended: How Do Banks Make Money?

Who Pays for Intermediary Bank Fees?

Intermediary bank fees are paid in different ways, depending on the specific transaction. Let’s say Person A is sending money to Person B. There are three ways the fees may be handled, depending on what the parties involved agree upon:

•   “OUR” is the code used when the sender will pay all fees. An average fee for an international transfer can be about $70.

•   “SHA” is the code indicating shared costs. Person A will likely pay their bank charges (perhaps $15 to $30 on a typical transaction) and then Person B pays the rest: their bank’s and the intermediary bank’s charges.

•   “BEN” indicates that Person B, the recipient of the funds, will pay all charges.

The Takeaway

If a bank customer wants to send money to someone at a different bank and the two banks involved are not connected, an intermediary bank typically plays a role. Intermediary banks work with other banks to help facilitate monetary transactions such as domestic and especially international wire transfers. You, as a consumer, usually do not have to find or hire your own intermediary bank. However, your bank will likely pass along any intermediary bank fees if you initiate a transaction that requires one.

What about your everyday, basic banking, though? If you’re looking for great interest rates while keeping flexible access to your money, why not open a bank account with SoFi? When you open our Checking and Savings with direct deposit, you can earn a competitive APY and pay no fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is an example of an intermediary bank?

An intermediary bank is one that moves funds between other banks. They do not typically work directly with consumers, so you likely neither need to know their names nor contact them. For instance, Bank of America might offer this service, or it might be provided by a foreign bank with which you are not familiar.

Why do you need an intermediary bank?

Intermediary banks are usually used when someone needs to send money to a person with an account at a different bank. An intermediary bank can serve as a middleman and facilitate the transaction. One common example is sending a wire transfer, especially internationally.

How do you find an intermediary bank?

In most cases, you will not need to find your own intermediary bank. The bank you use will have its own intermediary bank that it collaborates with as needed. Depending on what kinds of financial transactions you need, in some cases, you might also want to consider alternatives to traditional banks for international transfers.

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SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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