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The Federal Reserve’s recent data says the average credit card interest rate for all accounts is 21.39%, which is a high number by most standards. If you never carry a balance or take out cash advances, it may not be a big deal for you, but if you do, it’s worth paying attention to the average credit interest rate. Doing so could help you anticipate and potentially budget for increased interest payments.

Here, you’ll learn more about credit card interest rates and how they can impact your financial life.

What Is the Average Credit Card Interest Rate?

The average interest rate for credit cards is 21.39%, as mentioned above, as of August 2025. Those accounts that carry a balance and accrue interest showed a still higher rate averaging 22.83%. Rates have been steadily increasing in recent years — in November 2021, the average rate for credit cards was 14.51%, and back in November 2017, for example, it was 13.16%.

Amid increasing rates, some have proposed putting a cap on credit card interest rates. A bipartisan bill proposed a temporary 10% cap on credit card interest rates to help curb debt, though there is debate about the pros and cons of this measure. Individuals may also pursue other options for securing lower interest rates, such as fixed-rate personal loans.

Keep in mind, however, that the interest rate for your credit card could be higher or lower than the average depending on factors such as your credit profile, given how credit cards work. So what’s a good annual percentage rate (APR) for you may be different from what a good APR for a credit card is for someone else, as you’ll learn in more detail below.

💡 Quick Tip: Credit card interest caps have become a hot topic, as the total U.S. credit card balance continues to rise. Balances on high-interest credit cards can be carried for years with no principal reduction. A SoFi personal loan for credit card debt may significantly reduce your timeline, however, and could save you money in interest payments.

Interest Rates by Credit Quality Types

Credit card interest rates, or the APR on a credit card, tend to vary depending on an applicant’s credit score. The average interest rate for credit cards tends to increase for those who have lower credit scores, according to the CFPB’s most recent Consumer Credit Card Market Report.

The report measures what’s called an effective interest rate — meaning, the total interest charged to a cardholder at the end of the billing cycle. Here are rates as of October 2025 for new credit card offers:

Credit Quality	Effective Interest Rate
Excellent (740 and above)	17.69%
Good (a score of 670-739)	23.84%
Fair (a score of 580-669)	27.37%
Poor (a score of 300-579)	Up to 35.99%

What this table shows is that the lower your credit score, the more you will be paying in interest on balances you have on your credit cards (meaning, any amount that remains after you make your credit card minimum payment).

Keep in mind that these rates don’t include any fees that may also apply, such as those for balance transfers or late payments, which can further increase the cost of borrowing.

Recommended: Revolving Credit vs. Line of Credit, Explained

Interest Rates by Credit Card Types

Interest rates may vary depending on the type of credit card you carry. In general, platinum or premium credits have a higher APR — cards with higher interest rates tend to come with better features and benefits.

Here are details as of October 2025:

Type	Average APR
No annual fee credit card	23.71%
Cash back credit card	24.37%
Rewards credit card	24.10%

Prime Rate Trend

The prime rate is the interest rate that financial institutions use to set rates for various types of loans, such as credit cards. Most consumer products use the prime rate to determine whether to raise, decrease, or maintain the current interest rate. That’s why for credit cards, you’ll see the rates are variable, meaning they can change depending on the prime rate.

As of September 18, 2025, the prime rate is 7.25%. On March 17, 2022, the prime rate was 3.50%. This can be considered an example of how variable this rate can be.

Delinquency Rate Trend

Credit card delinquency rates apply to accounts that have outstanding payments or are at least 90 days late in making payments. These rates have fluctuated based on various economic conditions. In many cases, rates are higher in times of financial duress, such as during the financial crisis in 2009, when it was at 6.61%.

As economic conditions rebound or the economy builds itself up, delinquency rates tend to go down, as consumers can afford to make on-time payments. According to the Federal Reserve, the delinquency rate for the second quarter in 2025 was 3.05%, down from 3.23% a year earlier.

Credit Card Debt Trend

Credit card debt has risen from its previous levels of $926 billion in 2019 and $825 billion at the end of 2020. The United States currently leads the world in outstanding credit card debt, which recently reached a total of $1.23 trillion.

This shows an ongoing surge in credit card debt, and these statistics can make individual cardholders think twice about their own balance and how to lower it. Fortunately, there are other options borrowers can pursue to obtain lower interest rates and potentially pay down their down faster, such as fixed-rate personal loans.

Recommended: How Does Credit Card Debt Forgiveness Work?

Types of Credit Card Interest Rates

Credit cards have more than one type of interest rate. The credit card interest rate that applies may differ depending on how you use your card.

Purchase APR

The purchase APR is the interest rate that’s applied to balances from purchases made anywhere that accepts credit card payments. For instance, if you purchase a pair of sneakers using your credit card, you’ll be charged the purchase APR if you carry a balance after the statement due date.

Balance Transfer APR

A balance transfer APR is the interest rate you’ll be charged if you move a credit card balance from one credit card to another. Many issuers offer a low introductory balance transfer APR for a predetermined amount of time.

Penalty APR

A penalty APR can kick in if you’re late on your credit card payment. This rate is usually higher than the purchase APR and can be applied toward future purchases as long as your account remains delinquent. This is why it’s always critical to make your credit card payment, even if you’re in the midst of requesting a credit card chargeback, for instance.

Cash Advance APR

A cash advance has its own separate APR that gets triggered when you use your card at an ATM or bank to withdraw cash, or if you use a convenience check from the issuer. The APR tends to be higher than the purchase APR.

Introductory APR

An introductory APR is an APR that’s lower than the purchase APR and that applies for a set amount of time. Introductory APRs may apply to purchases, balance transfers, or both.

For instance, you may get a 0% introductory APR for purchases you make for the first 18 months of account opening. After that, your APR will revert to the standard APR. (Note that the end of the introductory APR is completely unrelated to your credit card expiration date.)

Factors That Affect Interest Rate

When you apply for a credit card, you may notice that your interest rate is different from what was advertised by the issuer. That’s because there are several factors that affect your interest rate, which can make it higher or lower than the average credit card interest rate.

Credit Score

Your credit score determines how risky of a borrower you are, so your interest rate could reflect your creditworthiness. Lenders tend to charge higher interest rates for those who have lower scores. Your credit score can also influence whether your credit limit is above or below the average credit card limit.

Credit Card Type

The type of credit card may affect how much you could pay in interest. Different types of credit cards include:

•   Travel rewards credit cards

•   Student credit cards

•   Cash-back rewards credit cards

•   Balance transfer cards

Most likely, the more features you get, the higher the interest rate could be. Student credit cards may have lower interest rates, but that may not always be the case. That’s why it’s best to check the APR range of credit cards you’re interested in before submitting an application.

The Takeaway

The current average credit card interest rate is 21.39%, according to data from the Federal Reserve. However, your rate could be higher or lower than the average APR for credit cards based on factors such as your creditworthiness and the type of card you’re applying for. Your best bet is to pay off your entire balance each month on your credit card so you don’t have to worry about how high the interest rate for a credit card may be. That way, you can focus on features you’re interested in.

With whichever credit card you may choose, it’s important to understand its features and rates and use it responsibly.

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

What is the average credit card interest rate?

The average interest rate for credit cards is 21.39%, according to the latest data from the Federal Reserve as of August 2025.

How do you get a low credit card interest rate?

You may be able to get a low credit card interest rate by building your credit score, as this will encourage lenders to view you as less risky. Otherwise, you can also aim to get a credit card with a low introductory rate, though these offers are generally reserved for those with good credit. Even if the APR is temporary, it could be beneficial depending on your financial goals.

What is a bad APR rate?

A bad APR is generally one that is well above the average credit card interest rate. However, what’s a good or bad APR for you will depend on your credit score as well as what type of card you’re applying for.

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Photo credit: iStock/MicroStockHub

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 .

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

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.

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A credit card balance is the amount of money you owe to a credit card company from month to month. This is an important number to keep track of because if you don’t pay off your balance by the end of the billing cycle, you’ll owe interest. And, as you may know, credit cards usually have a high interest rate, which can lead to credit card debt.

That said, when you go to manage your credit card bill, you might get tripped up on the difference between your statement balance and your current balance. Read on to learn more about each type of credit card balance and how carrying a balance can affect your credit score.

What Is a Credit Card Balance?

A credit card balance is the amount of money you owe to your credit card company, as well as interest and any fees.

When you look at your credit card bill, you may see two balances posted: your current balance and your statement balance.

•   Your statement balance is the amount of money you owe from the previous billing cycle.

•   Your current balance, on the other hand, is how much you owe at this moment in time. This amount could be higher or lower than your statement balance, depending on whether you’ve paid your credit card bill, charged more items to your credit card, or requested a credit card chargeback.

But when your billing cycle closes with a balance, what does that mean? It depends on your credit card issuer. Many card issuers have a grace period between when the credit card billing cycle closes and when payment is due. That means, if you pay your statement balance in full when payment is due, you will not accrue interest on any of the charges billed from the previous cycle.

Recommended: Pros and Cons of a Charge Card

How Is a Credit Card Balance Calculated?

Your credit card balance is more than just whatever you’ve purchased during the previous month. A credit balance also consists of:

•   Any accrued interest

•   Late payment fees

•   Foreign transaction fees

•   Annual fees

•   Cash advances

•   Transfer fees

•   Any statement credits

•   Any payments made to the account

If you carry a balance, you’ll have to pay interest on the balance owed. The only exception is if you have a card with a 0% annual percentage rate, or APR, which is the interest rate charged when you carry a balance on your card. (This 0% might be a promotional or introductory rate, for example.)

But generally, your credit card will have a grace period, during which interest will not accrue on the balance.

💡 Quick Tip: With credit card interest rates rising in recent years, calls for credit card interest caps have been in the spotlight. Those carrying high-interest credit card debt, however, may find debt relief by switching to a fixed, lower-interest personal loan. A SoFi personal loan for credit card debt may provide a cheaper, faster, and predictable way to pay down debt.

Differences Between My Credit Card Balance and Statement Balance

The meaning of your credit card balance can vary depending on whether you’re discussing your statement balance or current balance.

•   Your statement balance is how much you owe at the end of the billing cycle.

•   Your current balance is a continuous tally of any credit card activity.

Here are some points to know about this:

•   You will have a due date by which you’ll need to pay your statement balance.

•   When your statement balance is paid, there may be activity on your balance as you continue to use your credit card throughout the month.

•   The charges made after your statement balance is available will show up on your next statement balance.

•   These charges, as well as any remaining amount from your statement balance, constitute your current balance.

Here’s the information on this topic in chart form:

Statement Balance	Current Balance
The amount of money you owe at the end of the billing cycle	The amount of money you owe on the card right now
Remains the same until the end of the next billing cycle	Updates every time you use your credit card
The amount you need to pay off to avoid interest charges	The total amount currently owed on your credit card

Your Credit Card Balance and How It Affects Your Credit Score

Some people believe that carrying a balance may build their credit score, but that’s not true. Credit card companies do like to see credit card usage, but paying your balance in full is what can positively impact your credit score.

One of the largest determinants of your credit score is your credit utilization ratio. This is the amount of money you’ve borrowed across credit cards compared to the amount of credit you have available. If you had a card with a credit card limit of $10,000 and you charged $3,000 on the card, for instance, your credit utilization ratio would be 30%.

In general, the lower your credit utilization ratio, the more helpful it is in building your score. It’s recommended to keep your credit utilization below 30%, though 10% is ideal. By paying off as much of your credit card balance as you can in a statement period, you’ll lower the amount of money you owe, thus decreasing your credit utilization ratio. This can be part of using a credit card responsibly.

How to Check Your Credit Card Balance

There are many ways to check your credit card balance. You can do so online, over the phone, through an app, or simply keep an eye out for monthly statements, which may be mailed to you or securely delivered through email.

Through an App

Most credit card companies have an app in which you can check your credit card balance. The app also may offer additional features, such as a breakdown of spending and your most recent credit score.

Online

An easy way to check your credit card account balance is to go online to your card issuer’s website, where you can set up your online account. You can then log onto this account to check your balance, pay any bills, and otherwise perform any account maintenance.

As with any sensitive information, make sure you keep your user information secure.

Recommended: When Are Credit Card Payments Due

Over the Phone

Your credit card company likely has a number that you can call to learn your balance, often from an automated voice that reads it off to you. It can also be helpful to know the number to your credit card company in case you want to dispute a credit card charge you don’t recognize or have questions about fees or anything else that appears on your statement, or have lost your card.

Through Regular User Notifications

Depending on how you’ve set up your account, you may receive user notifications and statement balance updates through text message, email, or the mail, or a combination of all three.

Should You Carry a Credit Card Balance?

In general, carrying a credit card balance has the potential to hurt your finances and your credit score.

Sometimes, however, carrying a credit card balance can happen. Perhaps you had a big dental bill or had to buy a new refrigerator. Or maybe you used your card to pay for plane tickets for next summer’s vacation.

Here are some ways to potentially minimize the negative effects of carrying a balance if you end up in a situation where you need to do so:

•  Look for a card with low APR. The lower the APR, the less interest you’ll pay on purchases. A good APR is one that’s below the current average— which is between 20-25% currently, though what’s considered competitive can also vary depending on the type of the card and the individual’s credit score and history.

•  Pay more than the minimum balance due. Even if you can’t pay the full balance, paying as much as you can above the credit card minimum payment will help keep your credit utilization ratio low. It will also minimize the amount of interest you’ll pay over time.

•  Make a budget. Look through your expenses and find ways to pay down the card over a set amount of time. (There are a variety of budgeting methods available; try a couple and see what works best for you.) Some cards may offer the option to pay off certain purchases in installments, at a different interest rate than the overall card.

•  Treat your credit card as you would cash. If you don’t have the money right now, don’t whip out your card. Using a debit card instead can help you stay within the bounds of your available funds.

The Takeaway

A credit card can be a powerful tool — but carrying a balance can make it harder to achieve financial goals. Keeping track of your current balance and making a plan to pay off your statement balance in full each month can be helpful. Doing so can allow you to make the most of your credit card and minimize credit card debt, which can be important money moves.

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

What does a negative balance mean on a credit card?

A negative balance means the card company owes you money. This might occur due to a statement credit, a return, or you overpaying your bill. A negative balance won’t affect your credit score. When you make a charge on your credit card, the negative balance will be used to cover the payment.

Is it good to carry a balance on a credit card?

No. While it is good to use a credit card regularly and pay it off on time as a means of building your credit history, carrying a balance won’t help build your credit score. In fact, if you rack up too much of a balance that it increases your credit utilization ratio, it could hurt your credit score.

What happens if you cancel a credit card with a balance?

If you cancel a credit card with a balance, you’ll still be responsible for payments, interest, and card fees. There may be downsides to canceling the card, too. That’s because your credit score factors in how long you’ve had open accounts.

Can I transfer my credit card balance to another card?

Yes. This is called a balance transfer. In a balance transfer, you’ll put your current balance on a new credit card. This can save you money on interest if you’re moving your balance to a lower-interest card. However, be aware that there are balance transfer fees involved. Also, a balance transfer may affect your credit utilization ratio.

Can I make partial monthly payments instead of settling the entire balance?

You can. Paying more than the minimum each month can minimize the effect of interest and lower your credit utilization ratio. To avoid interest entirely, however, you’ll want to pay off your statement balance in full each month.

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Photo credit: iStock/Roman Novitskii

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 .

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

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Student loans give many college students the opportunity to finance their education. Being well-informed on the nuts and bolts of student loans can make it easier to fund your education, while still keeping your eye on long-term goals like starting a career and saving for the future.

10 Student Loan Questions, Answered

There are many different types of student loans, with different loan amounts, costs, benefits, and repayment terms. In short, student loans are complicated. But don’t stress. We have answers to questions on everything from the difference between federal and private student loans to interest rates to when and how you’ll need to start repaying your loans. Let’s dive in.


💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

1. How Do I Apply for Federal Student Loans?

To apply for federal student loans, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®). This opens the door to many forms of financial aid, including grants, work-study, and federal student loans.

After you submit the FAFSA, you’ll receive a Student Aid Report (SAR) via email or regular mail. The report includes your responses to the FAFSA questions as well as your Student Aid Index (SAI), formerly called Expected Family Contribution (EFC). Your SAI is a number that is used to determine your eligibility for federal financial aid.

Schools that receive information from your FAFSA will be able to tell you if you qualify for federal student loans. Almost every American family qualifies for federal student loans. Direct Subsidized Loans (in which the government covers your interest while you are in school and for six months after you graduate) are awarded based on financial need. Direct Unsubsidized Loans (in which you are responsible for all interest that accrues on the loan) are not need-based.

2. How Do I Fill Out a FAFSA Form?

You can fill out the FAFSA online at StudentAid.gov . While the FAFSA is known for being a confusing and complex application to complete, the form was streamlined for the 2025-2026 award year. Applicants can now skip as many as 26 questions, and some applicants may be able to complete it in as little as ten minutes.

While the FAFSA is typically available starting on October 1 for the following academic year, the new 2025-2026 FAFSA will not be available until December 31, 2024.

The first step to filling out the FAFSA is to create an FSA ID through StudentAid.gov, which serves as an electronic signature. Both you and your parents will need to create your own unique FSA ID. You’ll then want to check what information you’ll need to fill out the FAFSA and gather it before you begin.

The online FAFSA is typically processed by the Department of Education within three to five days, and then the information is sent to the list of schools you provided (keep in mind that you can list schools that you have not yet applied to.) The colleges use your FAFSA information to determine financial aid eligibility.

3. What is the Difference Between Private Student Loans and Federal Ones?

Federal student loans are funded through the government and are strictly regulated. To qualify for them, students must fill out the FAFSA. Private student loans, by contrast, are funded by banks, credit unions, and other private lenders.

Federal student loans for undergraduates don’t require a credit check and rates are set by Congress each year. Federal student loans also come with guaranteed benefits and protections, including income-driven repayment plans, deferment and forbearance options, and forgiveness programs.

Private student loans do require a credit check and rates are set by individual lenders. Generally, borrowers (or their parent cosigners) who have strong credit qualify for the lowest rates. Loan limits vary by lender, but you can often get up to the total cost of attendance, which is more than you can borrow from the federal government.

Since private student loans generally have higher interest rates than federal student loans and lack the same protections, it’s generally recommended that you tap all forms of federal aid, including federal student loans, before applying for private student loans.

Recommended: Private vs Federal Student Loans

4. How Much Does College Cost?

The average cost of tuition and fees for the 2023-2024 school year is $42,162 at private colleges, $23,630 for out-of-state students at public universities, and $10,662 for in-state residents at public schools, according to U.S. News.

The actual amount you will pay for college will depend on where you choose to go and how much financial aid, including need-based and merit-based aid, the school awards you.

If you submitted the FAFSA, each school that accepts you will also send you a financial aid award letter, also known as the student aid package or school offer. This letter will include the annual total cost of attendance and a list of financial aid options. Typically, your financial aid package will be a mix of gift aid, meaning financial aid that doesn’t have to be repaid, and federal student loans, which you have to repay with interest. The award letter is specific to that university or college, so you’ll receive a different letter from every school that accepts you as an incoming student.

5. Is College Worth the Cost? What Are the Benefits?

College represents an investment in yourself and your future, and only you can decide how much that’s worth. So, we’ll focus instead on the potential benefits of going to college. The most obvious benefit is that, if you want to pursue certain careers, you’ll likely need the appropriate college education and training.

Studies show that college graduates earn significantly more money, accumulated over a lifetime, than those who did not attend. Earning your degree of choice requires a solid plan and commitment, and these are excellent strategies and skills to develop before entering the working world. Plus, people often make lifelong friendships at college, and many universities have a strong alumni network, which can be helpful on many levels as you begin your career.

6. What Can Student Loans Be Used For?

Funds from federal and private student loans can be used for a variety of education-related expenses, including tuition, fees, textbooks, computers/software, transportation to and from school, housing (on or off campus), meal plans or groceries, and housing supplies (e.g., sheets, towels, etc.).

Basically, if the expense is essential to your educational success — meaning it supports your living arrangements, basic daily needs, or attendance at school — it’s likely a permissible use of student loan funds.

Recommended: Using Student Loans for Housing and Living Expenses

7. What is a Grace Period for Student Loans?

For most federal student loans, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you must begin making payments. Grade periods for private student loans can vary by individual lender.

The student loan grace period is designed to give students a chance to find employment before their monthly loan payments kick in.

You are not required to make interest or principal payments during the grace period. However, if your loan isn’t subsidized by the government, interest will still accumulate during the grace period and be added to your balance, or capitalized, if you don’t pay it before your first loan payment is due. Making at least interest-only payments even when it’s not required can save you a significant amount of money over the life of your student loans.

8. How Do I Repay Student Loans?

Repayment on federal student loans generally begins after the six-month grace period. The standard repayment plan for federal student loans is 10 years, but borrowers are able to select one of the other repayment plans at any time without incurring any costs.

Federal student loans also offer income-driven repayment plans, which tie the borrower’s monthly payment to their income. While this may make the loan more expensive in the long-term, it can make the monthly payments more affordable. When deciding on a repayment plan, you want to consider factors like your income, estimated monthly payments on the student loan, and your overall budget. Over time, you may find it helpful to reevaluate the payment plan you’ve selected as your financial situation may change.

To determine the repayment options available with a private student loan, check directly with the individual lender.

If you have higher-interest Direct Unsubsidized Loans, graduate PLUS loans, and/or private loans, you may be able to refinance your student loans after you graduate at a lower interest rate. This could lower the total cost of your loans and make repayment easier.

9. Can I Repay Student Loans Early?

Yes, you can generally pay off student loans, including federal student loans and private student loans, early without incurring prepayment penalties. You may want to reach out to your lender first to make sure they will apply your extra payments to your principal, rather than towards your next payment.

There are many benefits to paying off your student debt early. You will save on student loan interest and get out of debt faster. However, you’ll want to make sure you have enough income to cover a higher monthly payment. Paying too much toward your student loan could cause you to fall short on essential bills like rent or a car loan. It might also delay saving for other goals.

Recommended: 6 Strategies to Pay off Student Loans Quickly

10. How Can I Apply for a Private Student Loan?

If you decide to apply for a private student loan to help pay for college, it’s a good idea to shop around and compare lenders. Your school’s financial aid office may be able to provide you with a list of lenders that they work with. However, you’re not restricted to this list.

Before you choose a lender, it’s a good idea to review factors including interest rate, loan terms, any additional fees associated with the loan, and the repayment plans available at each lender. Many lenders will allow potential borrowers to get prequalified to find out how much they may qualify to borrow and at what rates.

Another thing that may be worth considering is if the lender has any sort of programs for borrowers who run into financial difficulties down the road and may have trouble making payments on their student loans. Some lenders offer unemployment protection that allows eligible borrowers to temporarily pause payments on their student loans should they lose their job through no fault of their own.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

The Takeaway

Student loans can be instrumental in helping you pay for college, but it’s important to understand how they work before borrowing. Broadly, there are both federal and private student loans. Federal student loans are backed by the federal government and come with unique benefits like income-driven repayment plans and forgiveness programs.

Private student loans are offered by private lenders and generally require potential borrowers to undergo a credit check during the application process. Since private student loans tend to have higher interest rates and lack federal protections, you generally want to consider federal loans first.

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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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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Debt can feel like a pair of handcuffs, keeping you from doing what you want to do and adding stress to your life. To pay it all off and get yourself free takes focus, work, and patience. The right debt reduction plan can help you start paying down your balances, stay on track with your budget, and work towards your future financial goals. Here are some options to get you started.

How Does a Debt Reduction Plan Work?

A debt repayment plan is a structured strategy for paying off debts over time. Whether you’re dealing with credit card balances, student loans, or medical bills, a repayment plan helps you systematically tackle your obligations. The primary goal is to regain control of your finances, reduce financial stress, and ultimately become debt-free.

Debt repayment plans can vary widely depending on individual circumstances. In some cases, a debt repayment plan might include negotiating lower interest rates, consolidating debts into a single loan (such as a personal loan), or even working with a credit counseling agency to create a structured program with lower fees. These steps can help you pay off your debt faster and reduce the total amount of interest you pay over time.

Ultimately, a debt reduction plan is about making consistent progress. Even small monthly improvements can lead to significant financial relief over time.

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

Pros and Cons of Debt Repayment Plans

As with most financial choices, debt repayment plans come with both benefits and risks. Here are some potential pros and cons to keep in mind as you weigh your repayment options.

Pros

•   Improved financial organization: A debt repayment plan allows you to clearly see what you owe, how much interest you’re paying, and what your monthly commitments are. This clarity makes it easier to budget and avoid missing payments.

•   Reduced financial stress: Having a clear plan can reduce anxiety about money. Instead of feeling overwhelmed, you’ll have a roadmap to follow and milestones to celebrate along the way.

•   Potentially lower costs: Depending on the debt payoff strategy or assistance program you use, a repayment plan might help reduce your interest rates, consolidate debt into a lower-interest loan, or eliminate late fees and penalties.

•   Faster debt elimination: If you’re able to lower your interest rates or step up your monthly payments, you may be able to significantly reduce your repayment timeline.

•   May help build credit: Making on-time payments consistently and reducing your credit utilization ratio can have a positive impact on your credit profile.

Cons

•   Requires discipline and commitment: A debt repayment plan isn’t a quick fix. It requires you to stick to your budget, avoid new debts, and stay motivated, sometimes for months or even years.

•   Might include fees or restrictions: If you enroll in a third-party repayment program, such as through a credit counseling agency, you may be subject to administrative fees or restrictions on using your credit cards.

•   Impact on lifestyle: To allocate more money toward debt, you may need to reduce discretionary spending, which could mean fewer luxuries, trips, or nice dinners out.

•   Not a one-size-fits-all solution: What works for one person might not work for another. A plan that focuses on high-interest debts might be frustrating for someone who needs quick wins to stay motivated.

Recommended: What Is the Difference Between Personal Loan vs Credit Card Debt?

How to Create a Debt Repayment Plan

Creating a debt repayment plan starts with assessing your current financial situation and making intentional choices. These tips can help you start — and stick with — a program.

Prioritize Expenses

A good first step is to assess your current cash flow — what’s coming in and what’s going out. You can do this by gathering the last few months of financial statements and using them to assess your average monthly income and spending.

If your income doesn’t cover all your expenses and debts, you’ll want to find areas to cut back. Dining out, subscription services, and nonessential shopping are common places to start. Any money you free up can then be funneled toward debt repayment.

Next, list all your debts, including:

•   The total balance

•   The interest rate

•   The minimum monthly payment

This will help you decide which repayment method to follow.

Consider a DIY Plan

Some ways to tackle high-interest debt on your own include:

•  The debt snowball method: With this approach, you funnel extra payments to the debt with the smallest balance, while paying the minimum on the rest. Once that debt is paid off, you direct the extra money towards the next-smallest balance, and so on. This approach can boost motivation by offering quick psychological wins.

•  The debt avalanche method: Here, you make extra payments on the debt with the highest interest rate, while paying the minimum on the rest. When that debt is paid off, you target the debt with the next-highest rate, and so on. This method can save money long-term.

Negotiate With Creditors

If you’re really struggling to make your debt payments, consider reaching out to your creditors and explaining your situation. They may be willing to offer relief, such as reducing interest rates, pausing payments, or extending loan terms. Keep in mind that some of these options may increase costs in the long run and/or impact your credit.

Another option is to work with a nonprofit credit counseling agency. For a small fee, they will negotiate with your creditors on your behalf and set up a debt management plan. This typically involves closing your credit accounts and making one monthly payment to the agency; the agency distributes payments to your creditors.

Use Personal Loans

Another debt payoff strategy you might consider is refinancing your debt. This involves taking out a personal loan (often called a debt consolidation loan) and using it to pay off your balances. Personal loans typically have lower interest rates than credit cards, so this option could reduce costs. It can also simplify repayment by rolling multiple monthly payments into one.

If you’re interested in exploring this option, see if you can prequalify for debt consolidation loans online. This will give you an idea of what rate you are likely to qualify for and only involves a soft credit pull, which won’t impact your credit. You can then run the numbers using a debt consolidation calculator to see how much you could potentially save.

💡 Quick Tip: There is a lot of debate around credit card interest caps. For consumers carrying high-interest credit card balances, however, one of the shortest paths to debt relief is switching to a lower-interest personal loan. With a SoFi credit card consolidation loan, every payment brings you closer to financial freedom.

Tracking Progress and Staying Motivated

Debt repayment is a marathon, not a sprint. To avoid burnout, it’s important to track your progress and celebrate small wins. These strategies can help:

•  Use budgeting apps or spreadsheets to track balances and payment history.

•  Set mini-goals, such as paying off one credit card or reducing your total debt by 10%.

•  Visualize your progress with debt payoff charts or graphs.

•  Reward yourself when you hit milestones — just make sure rewards don’t derail your plan financially.

Accountability also helps. Consider sharing your goals with a trusted friend or join online communities focused on debt-free living. Knowing others are on the same journey can keep you going.

Adjusting Your Plan as Changes Occur

Life is unpredictable. Job changes, unexpected expenses, or even positive developments like getting a raise can all affect your debt repayment plan.

It’s important to check in with your budget regularly (say, monthly or quarterly) and adjust as needed. If your income increases, consider allocating more to your debt payments. If expenses rise or emergencies come up, you may need to pause or reevaluate your plan.

Flexibility doesn’t mean failure. The key is to stay engaged with your finances and continue working toward your goal, even if the timeline shifts.

The Takeaway

Having a debt reduction plan can help you pay off the money you owe and feel less stressed about your finances. By understanding how debt repayment works, weighing the pros and cons, and following a structured plan tailored to your situation, you can make steady progress toward becoming debt-free.

Whether you’re starting small with the snowball method, consolidating debts with a personal loan, or simply prioritizing consistent payments each month, the most important step is getting started. Success is within reach — you just need a clear plan and the commitment to follow through.

Credit cards have an average APR of 20%–25%, and your balance can sit for years with almost no principal reduction. Personal loan interest rates average 12%, with a guaranteed payoff date in 2 to 7 years. If you’re carrying a balance of $5,000 or more on a high-interest credit card, consider a SoFi Personal Loan instead. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

How can I make a debt reduction plan?

To make a debt reduction plan, start by listing all your debts, including balances, interest rates, and minimum payments. Next, choose a repayment strategy, such as the debt snowball (paying off smallest debts first) or debt avalanche (tackling highest-interest debts first). It’s also important to adjust your budget to free up money for extra debt payments. For best results, avoid taking on new debt and track your progress monthly. Alternatively, you can work with a credit counselor for guidance and support.

Can I create my own debt reduction plan?

Yes, you can create your own debt reduction plan. Begin by organizing your debts and choosing a repayment strategy that suits your financial situation, such as the snowball or avalanche method. Next, develop a monthly budget to ensure you’re spending less than you earn, allowing extra money to go toward debt. Set milestones to stay motivated and regularly track your progress. With discipline and planning, a DIY approach can be both effective and empowering.

Is debt relief a good idea?

It depends on your situation and the debt relief program you use. Nonprofit credit counseling agencies offer debt management plans for a low fee that allow you to pay your debt in full, but often at a reduced interest rate or with fees waived. Just keep in mind that you’ll likely have to live without credit until you complete the plan.
When looking for debt relief, be wary of for-profit debt settlement companies that charge high fees or make unrealistic promises.

What’s the difference between debt reduction and debt consolidation?

Debt reduction involves lowering the total amount you owe, often through negotiation, settlements, or bankruptcy. It’s typically used when you’re unable to pay your debts in full. Debt consolidation, on the other hand, combines multiple debts into one new loan (ideally with a lower interest rate) making repayment more manageable. Consolidation doesn’t reduce your total debt but can simplify payments and save money on interest. Choosing between the two depends on your financial goals and ability to repay.

How long does it take to pay off debt with a structured plan?

The time it takes to pay off debt with a structured plan varies based on your total debt, repayment strategy, and how much extra you can pay monthly. Using a formal debt management plan offered by a credit counseling agency, many people become debt-free in two to five years. Larger debts may take longer, especially if you’re only making minimum payments.

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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.

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 .

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

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College comes with a lot of expenses. On top of tuition, fees, books, and housing, you might also want to occasionally go out and have fun. Maybe you want to go shopping, see a movie, or meet friends for lunch or dinner. That’s not always easy on a student budget. Fortunately, there are widely available deals and discounts designed just for college students. Here’s where you can find them.

Major Retailers

1. Amazon

Amazon Prime for Young Adults gives college students a six-month free trial, followed by a discounted Prime subscription ($7.49/month). You also get access to student-exclusive offers, including free Grubhub+ and 5% cash back on a wide variety of purchases.

2. Sam’s Club

Sam’s Club offers qualified college students 60% off a Club membership or $50 off a Plus membership (which comes with free curbside pickup and free delivery on orders of $50-plus). Students need to apply online to qualify.

💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

3. Target

Target Circle’s College Student Appreciation program offers exclusive perks and discounts to students, which could come in handy when you’re shopping for your dorm room. To access deals, including 50% off Circle 360, you need to verify your student status (by uploading a student ID, class schedule, or tuition receipt) and join Target Circle for free.

4. Costco

A Costco membership can also help make college more affordable. College students who join Costco as a new Gold Star Member through UNiDAYS (a site that verifies student status and offers exclusive student deals) can get a $40 Digital Costco Shop Card.

Technology

5. Apple

Keep this in mind when you’re preparing for college: Apple offers special pricing for current and recently accepted college students (along with their parents). For example, you can get a 13” Macbook Air starting at $899 or an iPad air from $549.

6. Microsoft

Students (as well as parents and teachers) can save up to 10% off eligible computers and accessories with Microsoft’s student discount.

7. Dell

Dell offers 10% off when you register for Dell Rewards and verify your student status.

8. Lenovo

College students get an extra 5% off their tech purchases at Lenovo. Incoming students can also access the deal by providing a letter of acceptance. You simply need to verify your student status through ID.me during checkout.

9. Adobe

Adobe allows students to get Creative Cloud Pro for $24.99/month for the first year and $39.99/month after that (it’s normally $66.99/month). To get the deal, you need to provide a school-issued email address during purchase so you can be instantly verified.

Clothes

10. Aeropostale

Students can benefit from an extra 15% off at Aeropostale. To take advantage of the deal, you’ll simply need to register and verify your student status with UNiDAYS.

11. J.Crew

J.Crew gives students with a valid student ID 15% off purchases both in store and online. The discount can be used up to four times a month.

12. Hanes

Need some basics, like tees or undergarments? Hanes offers students 10% off online purchases. To score your discount, you need to verify your student status through ID.me and get a promo code.

13. The North Face

The North Face gives students a 10% discount when shopping in store or online. To get the discount in person, simply show your ID at the register. For online purchases, you’ll need to verify your student status on the site.

14. Tommy Hilfiger

Tommy Hilfiger offers students 15% off online or in-store. First, you have to create or log in to your ID.me account.

15. Levi’s

Levi’s offers students 15% off online purchases after you verify your student status on the site.

16. Club Monaco

Students who are Club Monaco fans can get 15% off both online and in-store through Student Beans, a money-saving website and app for college students.

17. Docker’s

Docker’s offers students a generous 25% off all purchases made online. You simply need to verify your student status through the site.

18. H&M

H&M gives students 10% off online orders through UniDAYS.

19. Champion

Champion offers college students 15% off full-price items and 5% off sale items through UniDAYS when shopping online.

Recommended: Guide to Saving Money in College

Restaurants

20. Burger King

You can typically get Burger King deals through Student Beans, such as free any size fries, when you order online and pick up in store.

21. Chick-fil-A

Student discounts vary by location, but many Chick-fil-As offer students deals, such as a free drink with any purchase.

22. Dunkin’

Dunkin’ offers a 10% off student discount at participating locations. To claim the deal, simply show your student ID to your cashier.

23. Arby’s

You can save 10% on your Arby’s meal when you show your student ID at participating locations.

24. Buffalo Wild Wings

Want to catch the game and eat some wings with friends? Students can score 10% off at many Buffalo Wild Wings locations.

25. Waffle House

Looking for a late-night meal? Students can enjoy a 10% discount at participating Waffle Houses.

26. IHOP

If you don’t have a Waffle House nearby, many IHOP locations also offer 10% off for students.

27. Qdoba

Qdoba offers a 10% student discount when you show a valid student ID at participating locations.

28. Taco Bell

Craving a Crunchwrap Supreme? You can get a 10% student discount at participating Taco Bells.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a more competitive rate.

Travel & Transportation

29. Zipcar

New Zipcar University members get their first year free. The student membership allows you to reserve cars by the hour or day, and includes gas, secondary insurance, and up to 180 miles per day. (Other fees, such as a young driver fee, may apply.) 

30. Amtrak

Students between the ages of 17 and 24 can travel by Amtrak train for 15% off when booking at least one day in advance.

31. United Airlines

United Airlines offers a 5% flight discount to MileagePlus® members who are 18 to 23 years old. To get the deal, you need to book through the United app.

32. Hotels.com

Through Student Beans, you can get a 10% student discount at Hotels.com. You’ll get a discount code that you can use at checkout. Better yet, it can be applied on top of on-site promotions.

33. FlixBus

You can get 10% off Flixbus tickets with Student Beans. Simply use your FlixBus student discount code at checkout.

34. Hertz

Hertz offers up to 25% off, and up to 2.0% cash back, for students through ID.me.

35. Budget Truck Rentals

Budget Truck Rentals offers students 20% off local moves and 15% off one-way moves any day of the week. Use the discount code TRUKU.

36. Penske

Penske offers college students a 10% discount on all truck rentals and unlimited miles on one-way moving truck rentals. Simply use the discount code STUDENT at checkout. You’ll need to provide a college ID or proof of enrollment status at pickup to receive the discount.

37. Red Coach

RedCoach offers high school, college, and graduate students 10% off tickets. To get the discount, check the student option at checkout then show your student ID card to the driver along with your ticket.

Recommended: College Move-In Day Tips for Parents

Entertainment

38. AMC

Students get a lower ticket price at select AMC theaters every day. Just bring your photo student ID (and maybe some extra money for popcorn).

39. Cinemark

Student discounts at Cinemark vary by location and time of day, so check with the local box office to see what kind of deal you can snag.

40. Apple Streaming

Apple’s student music subscription is $5.99 per month for up to 48 months (normally $10.99 per month). You also get Apple TV at no extra cost.

41. Hulu

Hulu offers students its ad-supported plan for just $1.99 a month (an 83% discount). If you’re interested in a bundle, check out the deal below.

42. Spotify Bundle

As a student, you can get Spotify Premium Student with Hulu (with ads) free for one month and $5.99/month after that. You can cancel anytime.

43. The Washington Post

The Washington Post has a digital all-access student subscription plan for just $1 every four weeks for one year, then $7 every four weeks after that.

44. Paramount+

As a student, you can get 50% off any Paramount+ Plan. You just need to verify your student status on their website.

45. YouTube Premium

YouTube Premium (which allows you to enjoy YouTube and YouTube Music ad⁠-⁠free) is available to students at a discounted rate of $7.99 a month, after a free one-month trial. You can cancel at any time.

46. The Economist

The Economist offers students an Espresso subscription (which offers quick daily updates on important issues) for free and an annual digital subscription for $62.25, a steep 75% off.

💡 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.

Home Goods

47. Ghost Bed

As a student or teacher, you can get 27% off your entire order at GhostBed. To take advantage of the deal, just click on the ID.me button and then “Student ID” to sign up and get verified.

48. Mattress Firm

After verifying your student status through ID.me, Mattress Firm will give you a single-use coupon code that can be used in-store or online. You get an extra 20% off select purchases or an extra 10% off Purple with the code.

49. Purple

You can also get a 10% discount directly from Purple. Once you verify your eligibility, you’ll be emailed a coupon for 10% off your order.

50. Helix

After verifying your student status at Helix, you’ll receive a one-time 25% discount code to apply during checkout.

51. Puffy

Puffy offers a generous student and educator discount — $1,425 off any Puffy mattress.

52. Brooklyn Bedding

Brooklyn Bedding offers a 5% discount and free shipping to students. You simply need to verify your eligibility through ID.me.

The Takeaway

Student discounts can help you save on everything from food and clothing to electronics and entertainment. Even with these deals, however, you may still need help covering your college expenses.

If you completed the FAFSA and didn’t get enough financial aid to pay all of your school bills, keep in mind that you may be able to get a private student loan to help fill in any gaps. Unlike federal student loans, which have strict application deadlines, you can apply for private student loans at any time — including mid-semester.

Private student loans also allow you to borrow up to 100% of the school-certified cost of attendance. Just keep in mind that private student loans don’t offer the borrower protections — like income-driven repayment plans and deferment or forbearance — that come with federal student loans.

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

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

FAQ

How many times can you use a student discount?

It depends on the company. Some retailers and restaurants allow you to use your student discount once per visit or purchase; others limit you to a certain number of times per month or year.

How much is the average student discount?

Student deals typically give you 10% to 15% off, though you may find some discounts for 50% off or even higher. In some cases, a student discount may come with restrictions, such as only being able to use it on full-price merchandise. So it’s always a good idea to compare your student discount to any other available deals and sales.

Do student discounts only apply to college students?

Typically, student discounts only apply to college and graduate students. In some cases, high school students can get deals if they have an email that ends in .edu. The colleges and programs that retailers recognize can vary, but you can expect most major colleges and universities to be eligible.

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SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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