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Using a Co-Borrower on a Joint Personal Loan

If your credit is not quite up to a lender’s preferred level to get favorable interest rates and terms on your own, you may be considering a joint personal loan. Using a co-borrower may be one option to help you qualify for a personal loan.

A co-borrower is an additional borrower on a loan who is obligated to repay the loan alongside the primary borrower and shares the responsibility of paying it back. And a co-borrower — if they have great credit and income, among other factors — may have the added benefit of helping to make the original borrower seem less of a risk to a lender.

Here are key things to know about using a co-borrower on a personal loan.

What Are Joint Personal Loans?

Joint personal loans are loans that take into account multiple borrowers’ creditworthiness in the approval process. There are typically two borrowers on this type of loan — a primary and a secondary borrower — to establish joint personal loan eligibility.

Being a co-borrower on a loan comes with different rights and responsibilities than being a cosigner on a loan.

•   Co-borrowers, along with the primary borrower, have equal ownership of loan funds or what is purchased with the loan funds and are equally responsible for repayment of the loan over the life of the loan.

•   Cosigners have no ownership of the loan funds or what they’re used to purchase, and they are responsible for repayment only if the primary borrower fails to make payments.



💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

How To Use Joint Personal Loans

If you don’t feel confident about qualifying for a loan, or have concerns about a potentially higher interest rate due to your overall creditworthiness or other reasons, finding a reliable co-borrower might help improve your chances of approval, along with the interest rate and terms you’re offered.

Couples can use a joint personal loan for a wide variety of purposes, including consolidating high-interest debts, paying for a large expense or event (like a wedding), or funding a remodeling project.

Why Do People Use Joint Personal Loans?

One common reason why someone might consider a joint personal loan is that they cannot qualify for a loan on their own, or they would like to qualify for a lower interest rate or more favorable loan terms than they could on their own.

Some reasons people may seek a co-borrower are:

•   They don’t have a long credit history.

•   They’ve just entered the workforce.

•   They’re in the process of rebuilding their credit.

•   They would like to qualify for a larger loan than they could on their own.

How Much Can You Save With Joint Personal Loans?

Having two borrowers on one personal loan may help you to qualify for a more favorable interest rate than if just one person’s income and credit are considered. Different lenders will have different qualification requirements, though, so it’s a good idea to compare lenders.

Using a joint personal loan for debt consolidation can be one way to lower the amount of interest paid on outstanding debt. Again, how much savings is accomplished depends on multiple factors, such as the borrower’s creditworthiness, how long it takes to pay down the debt, and others.

What Credit Score Is Required for a Joint Personal Loan?

There is no definite answer to this question, but, in general, applicants with higher credit scores qualify for loans with lower average personal loan interest rates. And, vice versa, applicants with lower credit scores generally qualify for loans with higher interest rates.

Lenders tend to be risk averse and prefer to lend money to people who they believe will repay it in full and on time. An applicant’s credit report — a summary of how responsible they are with credit that has been extended to them in the past — and credit score are tools lenders use to assess risk.

Before applying for a joint personal loan, it’s a good idea to review your credit report. If there are errors or discrepancies, you can file a dispute with the credit reporting agency. If you have poor credit or a limited credit history, you might consider taking some time to improve your credit profile before applying for a loan. Lenders will look at both applicants’ credit reports during the joint personal loan approval process, so it’s worth it for your credit to be in good shape.

Recommended: What Credit Score Do You Need for a Personal Loan?

Individual vs Joint Loan Applications

The basic process of applying for a loan is the same no matter the number of applicants. Lenders will typically request the same information on either an individual or a joint loan application: proof of identity and address and verification of employment and income, in addition to any lender-specific information. For an individual loan application, there is just one person’s information to verify. Joint loan applications require information for each applicant.

Individual

Joint

Only one applicant’s creditworthiness is considered in the approval process. Creditworthiness of both applicants is considered in the approval process.
One income is considered in the approval process. Combined incomes of all applicants are considered in the approval process.
Only one applicant signs the loan application. The loan application is specifically for more than one applicant, and both must sign it.
One borrower is responsible for repaying the loan. All borrowers are responsible for repaying the loan.

Cosigned Loan vs Joint Personal Loan: The Differences

Both cosigned and joint loans include an additional borrower. However, a co-borrower taking out a joint loan has different rights and responsibilities than a cosigner.

The Disadvantages of Choosing a Cosigned Loan

The disadvantages of a cosigned loan lie mostly with the cosigner, not the primary borrower. The cosigner does not have any ownership rights to the loan funds or anything purchased with the loan funds. They are, however, responsible for repayment of the loan if the primary borrower fails to make payments.

The cosigner’s credit can be negatively affected if the primary borrower defaults on the loan, and their future borrowing power could be affected if a lender decides extending more credit would be too risky.

The Disadvantages of Choosing a Joint Personal Loan

Since joint personal loans take into account both applicants’ credit, and ownership and repayment responsibility is equal for both borrowers, the disadvantages of this type of arrangement are less lopsided than for a cosigned loan. People who already share financial responsibilities — married couples or parents and children, for example — may consider joint personal loans, so there is typically some familiarity present.

Even so, it’s important to have confidence in a co-borrower’s ability to repay the loan because each borrower is equally responsible for repayment over the entire life of the loan. Co-borrowers also have equal ownership rights to the loan funds or what the loan funds purchased, so trust is a big factor in choosing a co-borrower.

Recommended: How Much of a Personal Loan Can I Get?

Cosigned Loan vs Joint Personal Loan: The Advantages

Arguably, the primary borrower on either a cosigned loan or a joint personal loan has a bigger advantage than the cosigner or co-borrower. Depending on one’s perspective, however, all parties involved can reap benefits from these partnerships.

The Advantages of Choosing a Cosigned Loan

The advantage lies almost exclusively with the primary borrower on a cosigned loan. If they default, the cosigner is responsible for repaying the loan, although the primary borrower’s credit will likely be negatively affected. Ownership of the loan funds or what they purchased is solely the primary borrower’s.

A personal loan cosigner’s main advantage may be in the form of a benevolent feeling. This is not to discount a cosigner’s contribution, since compassion is important to humanity.

The Advantages of Choosing a Joint Personal Loan

The main advantage of a joint loan is that there is equal ownership of the loan funds or the property purchased with those funds. Choosing a joint loan means you are able to present a higher total income than you could alone, signaling to lenders that it’s more likely someone will be able to make the monthly loan payments.

Because joint loans give both co-borrowers equal rights, they are well-suited for people who already have joint finances or own assets together.


💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

What’s the Better Loan Option?

If you’re seeking a loan with a spouse or relative, and one of you has the strong credit history needed to get a low interest rate and terms you’d prefer, then a joint loan as co-borrowers may be right for you.

However, if you’d rather have a loan in your name with a little added security, then having a cosigner may make more sense.

No matter which situation you find yourself in, it’s important to weigh all of the options and do the necessary research that will allow you to arrive at the best joint personal loan option for you. After all, taking out a loan and repaying it responsibly has the power to put someone on a path to a more secure financial future, but it can also come with risks if each party hasn’t thoroughly vetted the other.

Recommended: Exploring the Pros & Cons of Personal Loans

Where Do You Find a Joint Personal Loan?

It’s not uncommon for lenders to offer joint personal loans, but some research is necessary to find a lender who will work with your unique financial situation.

Looking at lenders of joint personal loans online is a good first step. Prequalifying to check joint personal loan eligibility is a fairly quick and easy process.

If you’re already an established customer at a local bank or credit union, you may also want to look at loan options there.

The Takeaway

Though co-borrowers may bring with them peace of mind, they also require a great deal of forethought — especially regarding who to ask. And regardless of whether or not someone opts for a co-borrower, it’s still important for the primary borrower to get their own credit in the best shape possible.

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.

FAQ

Can you apply for joint personal loans?

As long as the lender allows co-borrowers, you can apply for a joint personal loan.

What is the maximum amount of people for a joint personal loan?

Typically, a joint personal loan has two co-borrowers, but the maximum number of co-borrowers is up to the individual lender.

Do joint personal loans get approved faster?

It’s likely to take more time for a joint personal loan to be approved than an individual loan because the lender will check the credit of each applicant.


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

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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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How Much Does a Travel Agent Make a Year?

The median annual pay for travel agents is $46,400, according to the Bureau of Labor Statistics most recent data.

Travel is a passion many people share, but not many people are fortunate enough to make their love of travel their full-time job. If someone is skilled at finding the best travel deals and building the perfect vacation itinerary, they may find that working as a travel agent is a rewarding way to earn a living.

To better understand what it’s like to work as a travel agent and how much they earn, keep reading.

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What Are Travel Agents?

Travel agents help their clients plan and book their trips. They may work for an individual client to plan their vacation or a corporate client to book their work travel. No two trips they manage are likely to be exactly the same, but they can help arrange everything from flights to hotels to excursions to dining reservations. Many travel agents can also give their clients access to deals through partner hotels and other travel vendors.

A travel agent can work independently. In-house at a large corporation, or for a major travel company. They may pursue this work full-time or as a side hustle. Given that a significant part of this career involves working with individuals to understand their travel aspirations and needs, it’s likely not a good job for antisocial people.

Travel agents can train in different ways: Some have a bachelor’s degree in an allied field or an associate’s degree in travel and tourism. There are many professional training programs and certifications available, such as ASTA, IATA, TIDS, and CLIA for different dimensions of travel planning.

As part of their work, travel agents may have the opportunity to visit various properties and destinations to make sure they would be a good fit for clients and learn about their selling points. This is often available at a reduced rate or for free and can be a major perk of working as a travel agent.

However, it’s worth noting that travel agents likely have to be available 24/7 and can deal with considerable stress, if, say, a client misses their flight or extreme weather ruins a vacation.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Travel Agents Make a Year?

If you’re wondering how much money a travel agent makes, the answer will depend a lot on how experienced the travel agent in question is. For example, entry-level travel agents can earn a lot less than more experienced agents. The lowest 10% of earners in this role make less than $29,650.

The highest 10% make more competitive pay north of $64,100. And there are those travel agents who work in the luxury sector who make considerably more.

Indeed, some could make an annual salary of $100,000 or more.

What is the Average Salary for a Travel Agent?

The Bureau of Labor Statistics reports that the latest median pay per year for travel agents is $46,400 and the median hourly pay is $22.31.

Alongside experience, location can majorly impact a travel agent’s earning potential. The following table illustrates how much a travel agent’s average salary can vary by state, arranged from highest to lowest. For example, in New York, travel agents make an average annual salary of $51,002, but in Arkansas, they earn almost $20,000 less at an average of $33,194.

What is the Average Travel Agent Salary by State for 2023

State Annual Salary Monthly Pay Weekly Pay Hourly Wage
New York $51,002 $4,250 $980 $24.52
Pennsylvania $46,702 $3,891 $898 $22.45
New Hampshire $45,667 $3,805 $878 $21.96
New Jersey $44,975 $3,747 $864 $21.62
Wyoming $44,490 $3,707 $855 $21.39
Washington $44,429 $3,702 $854 $21.36
Wisconsin $44,110 $3,675 $848 $21.21
Massachusetts $44,109 $3,675 $848 $21.21
Alaska $43,993 $3,666 $846 $21.15
Oregon $43,637 $3,636 $839 $20.98
Indiana $43,568 $3,630 $837 $20.95
North Dakota $43,557 $3,629 $837 $20.94
Hawaii $42,711 $3,559 $821 $20.53
Arizona $42,667 $3,555 $820 $20.51
New Mexico $42,402 $3,533 $815 $20.39
Colorado $42,122 $3,510 $810 $20.25
Minnesota $42,111 $3,509 $809 $20.25
Montana $42,024 $3,502 $808 $20.20
Nevada $41,598 $3,466 $799 $20.00
Alabama $41,499 $3,458 $798 $19.95
South Dakota $41,167 $3,430 $791 $19.79
Vermont $41,101 $3,425 $790 $19.76
Ohio $41,077 $3,423 $789 $19.75
Rhode Island $40,418 $3,368 $777 $19.43
Iowa $39,934 $3,327 $767 $19.20
Delaware $39,881 $3,323 $766 $19.17
Connecticut $39,806 $3,317 $765 $19.14
Virginia $39,419 $3,284 $758 $18.95
Mississippi $39,257 $3,271 $754 $18.87
Tennessee $39,219 $3,268 $754 $18.86
Utah $39,017 $3,251 $750 $18.76
Illinois $38,900 $3,241 $748 $18.70
Georgia $38,659 $3,221 $743 $18.59
Maryland $38,651 $3,220 $743 $18.58
California $38,534 $3,211 $741 $18.53
Nebraska $37,909 $3,159 $729 $18.23
Maine $37,734 $3,144 $725 $18.14
Missouri $37,456 $3,121 $720 $18.01
South Carolina $37,087 $3,090 $713 $17.83
Kansas $36,952 $3,079 $710 $17.77
Idaho $36,789 $3,065 $707 $17.69
Louisiana $36,765 $3,063 $707 $17.68
Oklahoma $36,712 $3,059 $706 $17.65
Texas $36,475 $3,039 $701 $17.54
North Carolina $36,322 $3,026 $698 $17.46
West Virginia $36,068 $3,005 $693 $17.34
Kentucky $34,977 $2,914 $672 $16.82
Michigan $34,895 $2,907 $671 $16.78
Florida $34,212 $2,851 $657 $16.45
Arkansas $33,194 $2,766 $638 $15.96

Source: ZipRecruiter

Travel Agent Job Considerations for Pay & Benefits

Working as a travel agent can be very flexible. While full-time positions are available in this role, some travel agents choose to work part-time or for themselves as entrepreneurs.

When working full-time for a travel advisory firm, travel agents can expect to gain access to benefits like health insurance and retirement contribution matching. If they work part-time or are self-employed, they will need to provide themselves with those benefits, which can eat into their take-home pay.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Travel Agent Salary

The main disadvantage of a travel agent’s salary is that the median annual salary is on the lower side at just $46,400. That being said, one of the main advantages of this salary is that it can come with hefty bonuses based on travel bookings with partners that offer commissions to travel agents. Also, travel agents often get discounts and freebies as they themselves travel to check out new resorts and attractions.

Travel agents who work for themselves can also choose to set their own rates and can potentially earn more. Or those who cater to high net-worth individuals may be able to raise their income.

Recommended: Work-from-Home Jobs for Retirees

The Takeaway

A travel agent who is super organized and passionate about travel can help make their client’s lives easier and their trips more enjoyable. In exchange for their savviness, some travel agents earn good salaries doing work that they truly enjoy and have perks that involve more travel at lower or no cost for their own purposes.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a travel agent?

While most travel agents don’t earn $100,000 per year, those who choose to work for themselves and set their own rates or cater to an elite clientele can possibly make six figures. Many travel agents work on commission, so they can also stand to earn more if their clients book a lot of expensive trips.

Do people like being a travel agent?

Many people like working as a travel agent because it’s a fun way to put their love of travel to use. It tends to be a good job for those who consider themselves to be a “people person” since there’s lots of interaction with clients. Also, it’s good for people who can “roll with the punches” since travel plans often change for various reasons.

Is it hard to get hired as a travel agent?

The demand for travel agents is on par with the average of other professions. So, while it’s not seeing a surge in need, there should be availability of jobs as a travel agent.


Photo credit: iStock/Dimensions

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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.

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

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How Much Does a Physician Assistant Make a Year?

The most recent median annual salary for physician assistants is $126,010 per year, according to the Bureau of Labor Statistics. This is significantly more (about twice) the average pay of all jobs in the US.

Working as a physicians assistant can be a fulfilling way to have a career in the medical industry without having to spend as much time or money on school as a doctor. Like doctors, physician assistants stand to make a lot of money, but can save on tuition costs since they typically only need a master’s degree to work in this role.

Keep reading to learn more about what physician assistants do and how much money they make.

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What Are Physician Assistants?

A physician assistant is capable of performing a lot of tasks a medical doctor would perform, such as conducting patient examinations, diagnosing illnesses, and delivering treatments. They complete their work under physician supervision and their day-to-day responsibilities can include tasks like:

•   Obtaining and reviewing medical histories

•   Ordering diagnostic tests

•   Prescribing medications

•   Collaborating with healthcare teams.

A physician assistant can specialize in a specific healthcare field like primary care, emergency medicine, and psychiatry, which can affect their job responsibilities.

As mentioned above, these individuals typically have a master’s degree; this is usually a requirement for licensing. However, you don’t need to go to and pay for medical school.

Job opportunities are likely to be plentiful. The projected growth over 2022 to 2032 is 27%, which is very well above the single-digit average for most professions.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Physician Assistants Make a Year?

Like any career, it takes time to earn a high salary when working as a physician assistant. When a physician assistant is entry-level, their salary may compare with the lowest 10% of earners in this role, who make $83,820 or less, but there is a lot of room for improvement here.

The highest 10% of earners make more than $168,120. In other words, it is indeed possible to earn $100,000 a year.

What is the Average Salary for a Physician Assistant?

The answer to the question—how much money does a physician assistant make—can vary depending on where a physician assistant works. Some jobs will pay more due to location. The following table illustrates the average salary for this role in each state and a quick glance makes it clear there is a lot of variance in pay by state. For example, a physician assistant in New York makes $44,095 more on average than someone in this role in Florida, which is quite a gap.

Below, this table shares how much a physician assistant job pays both by state and by different rates, including hourly pay, from highest to lowest.

Recommended: Best Jobs for Extroverts That Pay Well

What Is the Average Physician Assistant Salary by State for 2023

State Annual Salary Monthly Pay Weekly Pay Hourly
New York $135,153 $11,262 $2,599 $64.98
Vermont $132,952 $11,079 $2,556 $63.92
Maine $127,291 $10,607 $2,447 $61.20
Pennsylvania $123,776 $10,314 $2,380 $59.51
Washington $123,029 $10,252 $2,365 $59.15
Massachusetts $121,192 $10,099 $2,330 $58.27
New Hampshire $120,808 $10,067 $2,323 $58.08
New Jersey $120,671 $10,055 $2,320 $58.02
Alaska $120,511 $10,042 $2,317 $57.94
Oregon $119,212 $9,934 $2,292 $57.31
North Dakota $119,074 $9,922 $2,289 $57.25
Wisconsin $118,753 $9,896 $2,283 $57.09
Wyoming $118,099 $9,841 $2,271 $56.78
Hawaii $116,804 $9,733 $2,246 $56.16
Colorado $115,983 $9,665 $2,230 $55.76
Indiana $115,955 $9,662 $2,229 $55.75
New Mexico $114,119 $9,509 $2,194 $54.86
Nevada $113,947 $9,495 $2,191 $54.78
Minnesota $113,836 $9,486 $2,189 $54.73
Arizona $113,557 $9,463 $2,183 $54.59
South Dakota $112,537 $9,378 $2,164 $54.10
Montana $111,846 $9,320 $2,150 $53.77
Ohio $110,903 $9,241 $2,132 $53.32
Alabama $110,449 $9,204 $2,124 $53.10
Rhode Island $110,419 $9,201 $2,123 $53.09
Delaware $109,969 $9,164 $2,114 $52.87
Virginia $108,760 $9,063 $2,091 $52.29
Connecticut $108,357 $9,029 $2,083 $52.10
Iowa $108,260 $9,021 $2,081 $52.05
Mississippi $107,125 $8,927 $2,060 $51.50
Illinois $107,052 $8,921 $2,058 $51.47
California $106,842 $8,903 $2,054 $51.37
Maryland $106,595 $8,882 $2,049 $51.25
Tennessee $105,885 $8,823 $2,036 $50.91
Utah $105,559 $8,796 $2,029 $50.75
Nebraska $104,594 $8,716 $2,011 $50.29
Missouri $103,224 $8,602 $1,985 $49.63
Georgia $102,891 $8,574 $1,978 $49.47
South Carolina $102,185 $8,515 $1,965 $49.13
1Idaho $101,964 $8,497 $1,960 $49.02
Oklahoma $101,291 $8,440 $1,947 $48.70
Texas $101,057 $8,421 $1,943 $48.59
Kansas $100,847 $8,403 $1,939 $48.48
North Carolina $100,075 $8,339 $1,924 $48.11
Louisiana $99,387 $8,282 $1,911 $47.78
Kentucky $96,173 $8,014 $1,849 $46.24
Michigan $96,099 $8,008 $1,848 $46.20
West Virginia $95,594 $7,966 $1,838 $45.96
Arkansas $91,350 $7,612 $1,756 $43.92
Florida $91,058 $7,588 $1,751 $43.78

Source: Ziprecruiter

Physician Assistant Job Considerations for Pay & Benefits

It’s very common to work full-time as a physician assistant, which typically means that in addition to competitive pay, these professionals gain access to employer-sponsored benefits.

These may include:

•   Health insurance

•   Retirement plans

•   Paid sick days

•   Paid vacation

The tradeoff for a great compensation package can be having to work long hours or be on call. In addition, you may be exposed to medical emergencies, which can be stressful, and germs.

In addition, a career as a physician assistant requires much interaction with patients and the other members of the medical team. For this reason, it may not be a top choice as a job for antisocial people.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Physician Assistant Salary

The main advantage of a physician assistant salary is that it is well over the national average for all jobs, which is currently $59,384. As you see, a physician assistant can possibly make twice that amount.

This high take-home pay may make it easier to create and stick to a monthly budget.

The only real downside of this salary is that to earn it, a master’s degree is necessary which can lead to student loan debt.

Recommended: How to Calculate Your Net Worth

The Takeaway

Building a career as a physician assistant can lead to making a high salary of $125,000-plus on average, or more than $168,120 for the top 10% of earners in this role. Many find this career path preferable to becoming a doctor as it requires spending a lot less time in school and the degree requirements come with a much lower sticker price. It’s also a fulfilling role for those who enjoy helping others.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a physician assistant?

It is very possible to earn $100,000 a year or more as a physician assistant. The median annual salary for this job is $126,010, and only the bottom 10% of earners in this specific role make less than $83,820.

Do people like being a physician assistant?

Those who are passionate about the medical field and who enjoy working with people tend to get a lot of job satisfaction from working as a physician assistant. However, an introvert may dislike how social this job requires them to be.

Is it hard to get hired as a physician assistant?

The good news for prospective physician assistants is that there are plenty of job openings to be found in this field, with a rapid growth of 27% from 2022 to 2032, and there is an average projection of approximately 12,200 job openings annually.


SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

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

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How Much Does a Photographer Make a Year?

The median pay for professional photographers is $40,170 per year, according to the most recent data from the Bureau of Labor Statistics. That said, there is a broad range of earning possible, depending on what kind of photographer a person is and where they live.

Photography may become a more in-demand skill in the future, given what a visual culture exists today. Over the next decade, it’s anticipated that photographers will see job demand increase by 5% between 2022 and 2032, which is greater than the average for all professions.

Read on to learn more about the salary and other facets of a career as a photographer.

Key Points

•   The median annual pay for professional photographers is $40,170.

•   Earnings vary widely based on the type of photography and geographic location.

•   The demand for photographers is expected to grow by 5% from 2022 to 2032.

•   Photographers combine technical skills and creativity to capture images across various specialties.

•   Entry-level photographers earn less, but income can increase significantly with experience and industry connections.

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What Are Photographers?

A photographer combines technical expertise with creativity and composition skills to produce photographic images. Photographers can get paid to take wedding, family, or pet portraits; cover news events; work for businesses and brands shooting products; or create art — among many other types of photography work.

Many photographers are also skilled in editing photos. If a photographer works for themselves, they can also be responsible for running their business and everything that entails, from advertising to accounting to operations. There are so many directions a photographer’s career can take. Some photographers also teach the art of photography, help plan creative direction for photo shoots, or use drone technology to capture shots from the sky.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Photographers Make a Year?

When they are earning an entry-level salary, how much money a photographer makes is typically on the low end of the spectrum. Their earnings will likely grow as they gain skills and experience and make connections in the industry.

The lowest 10% of photographers earn less than $12.98 per hourly pay. That may be a good starting point if you are wondering about starting salaries.

Keep in mind that photographers in different locations and areas of focus will make an array of salaries. For instance, someone who takes baby portraits for new parents in a small town will likely never earn as much as a high-fashion photographer in a major city who is being paid by corporate clients. The latter could make $100,000 a year or considerably more.

Recommended: What Trade Makes the Most Money?

What is the Average Salary for a Photographer?

The average salary for a photographer can depend a lot, as already noted, on where someone lives. While the median annual income for this role is $40,170, the following table illustrates how the state a photographer chooses to work in can impact their potential earnings and determine if it’s a high-paying job.

What is the Average Photographer Salary by State for 2023

State Annual Salary Monthly Pay Weekly Pay Hourly Wage
Oregon $48,870 $4,072 $939 $23.50
Alaska $48,629 $4,052 $935 $23.38
North Dakota $48,622 $4,051 $935 $23.38
Massachusetts $48,041 $4,003 $923 $23.10
Hawaii $47,595 $3,966 $915 $22.88
Washington $46,501 $3,875 $894 $22.36
Nevada $45,979 $3,831 $884 $22.11
South Dakota $45,953 $3,829 $883 $22.09
Colorado $45,377 $3,781 $872 $21.82
Rhode Island $45,265 $3,772 $870 $21.76
New York $43,131 $3,594 $829 $20.74
Delaware $42,656 $3,554 $820 $20.51
Vermont $42,118 $3,509 $809 $20.25
Virginia $42,039 $3,503 $808 $20.21
Illinois $42,025 $3,502 $808 $20.20
Maryland $41,311 $3,442 $794 $19.86
Nebraska $40,429 $3,369 $777 $19.44
Missouri $40,178 $3,348 $772 $19.32
California $40,067 $3,338 $770 $19.26
South Carolina $39,831 $3,319 $765 $19.15
Pennsylvania $39,512 $3,292 $759 $19.00
New Jersey $39,430 $3,285 $758 $18.96
Oklahoma $39,153 $3,262 $752 $18.82
Maine $39,132 $3,261 $752 $18.81
Wisconsin $39,049 $3,254 $750 $18.77
North Carolina $39,009 $3,250 $750 $18.75
New Hampshire $38,424 $3,202 $738 $18.47
Idaho $38,328 $3,194 $737 $18.43
Texas $38,071 $3,172 $732 $18.30
Kentucky $37,948 $3,162 $729 $18.24
Wyoming $37,814 $3,151 $727 $18.18
Minnesota $37,716 $3,143 $725 $18.13
Michigan $37,565 $3,130 $722 $18.06
New Mexico $37,504 $3,125 $721 $18.03
Indiana $37,314 $3,109 $717 $17.94
Ohio $36,661 $3,055 $705 $17.63
Arizona $36,543 $3,045 $702 $17.57
Connecticut $36,357 $3,029 $699 $17.48
Mississippi $36,102 $3,008 $694 $17.36
Iowa $36,056 $3,004 $693 $17.34
Montana $35,992 $2,999 $692 $17.30
Arkansas $35,860 $2,988 $689 $17.24
Alabama $35,543 $2,961 $683 $17.09
Utah $35,026 $2,918 $673 $16.84
Tennessee $35,001 $2,916 $673 $16.83
Kansas $33,992 $2,832 $653 $16.34
Georgia $33,110 $2,759 $636 $15.92
Louisiana $32,930 $2,744 $633 $15.83
West Virginia $30,515 $2,542 $586 $14.67
Florida $29,303 $2,441 $563 $14.09



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Photographer Job Considerations for Pay & Benefits

While photographers can often choose to set their own rates, they are also usually self-employed and therefore responsible for securing their own benefits. For instance, they won’t have access to an employer-sponsored 401(k) plan or healthcare benefits. There are some exceptions to this rule. For example, if a photographer works for a large corporation or photo studio, they may receive access to traditional employee benefits like paid time off and a retirement plan contribution match.

Other considerations can be how a career as a photographer can impact your lifestyle. If you are a news photographer, you may find that you have to be available for extended periods, whenever a situation comes up that needs documenting. If you are a travel photographer, which can sound like a dream job, you likely won’t have a typical week-to-week schedule. And if you are a wedding photographer, you will likely be spending many weekends shooting ceremonies vs. kicking back with your family.

There are some photography jobs, such as taking pictures of a product, that may not involve that much social interaction, but many kinds of photography careers do involve working with people non-stop. For this reason, it may not be the best job for antisocial people.

Pros and Cons of Photographer Salary

The main advantage of a photographer’s salary is there is no real cap on how much they earn. For example, in-demand wedding photographers or photographers who license their images for products can all demand high rates for their work. On the flip side, their salaries are often not consistent, which can be very stressful. Also, when you are self-employed, taxes can take a bite out of your earnings.

Recommended: What Is Competitive Pay?

The Takeaway

Working as a professional photographer can be a creatively fulfilling, fun, and lucrative career. Worth considering, though: How much a photographer stands to make depends a lot on their specialty, where they live, and their level of experience.

See exactly how your money comes and goes at a glance.

FAQ

Can you make 100k a year as a Photographer?

It is possible to earn $100,000 or more a year as a photographer — the sky really is the limit when it comes to income potential in this field. However, the median annual income for this role is $40,170, but photographers can earn more over time as they gain experience and a strong reputation in their industry.

Do people like being a photographer?

Many people who pursue a career in photography do so because it is a creative pursuit they are truly passionate about. Many positions can provide flexibility and fun experiences (say, if you are a travel or wedding photographer).

Is it hard to get hired as a photographer?

It can be very hard to find a job as a photographer if you don’t have the skill set required to get the job done well. Taking some time to build a strong portfolio of your work and then marketing your business can make it much easier to get hired.


Photo credit: iStock/ivan101

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

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

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How Much Does a Radiology Tech Make a Year?

The current median annual salary for a radiology tech is $67,180 or $32.30 per hour, according to the Bureau of Labor Statistics. This career can be a good option for those who want to work in the medical field but don’t want to attend medical school. This role typically only requires an associate’s degree, so it can be easy to pursue this career without taking on a ton of student loan debt.

For those who wonder how much a radiology tech makes, read on for details and what else you should know about this career and its earning potential.

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What Are Radiology Techs?

A radiology technologist, also known as a radiographer, is a healthcare professional responsible for conducting X-rays and other diagnostic imaging procedures on patients. It typically offers a medical career path without a college degree or graduate-level degrees. It therefore can sidestep many additional years of training and the expense of that education.

The key duties of radiology techs include:

•   Adjusting and maintaining imaging equipment

•   Adhering to precise instructions from physicians regarding the targeted areas of the body for imaging

•   Preparing patients for procedures by collecting medical histories and shielding unnecessary exposed areas

•   Positioning both the patient and equipment to obtain accurate images

•   Operating computerized equipment for image capture

•   Collaborating with physicians to assess the images

•   Deciding if further imaging is necessary

•   Helping to maintain patient records.

If you’re a “people person” who enjoys interacting with patients and colleagues daily, this position could be a good fit. However, as a job for introverts, it may not be enjoyable due to the social aspect.


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How Much Do Starting Radiology Techs Make a Year?

When someone is working as an entry-level radiology tech, they can expect to earn less than their more experienced coworkers. The median annual wage for the lowest 10% of earners in this role is less than $47,760.

In terms of how much an experienced radiology tech could make, the highest 10% earn more than $97,940. Being able to earn close to $100,000 is a good salary for a role that only requires an associate’s degree.

What is the Average Salary for a Radiology Tech?

While the median annual wage for a radiology tech is $67,180, where someone lives can greatly impact how much they stand to earn. For example:

•   Florida radiology techs can expect to earn an average salary of $66,051.

•   Those working in Oregon earn an annual salary of $108,714.

The following table sheds more light on how radiology tech salaries and hourly wages stack up.

It will give you a detailed look at how earnings vary by state.

What is the Average Radiology Tech Salary by State for 2023

State Annual Salary Monthly Pay Weekly Pay Hourly Wage
Oregon $108,714 $9,059 $2,090 $52.27
Alaska $108,369 $9,030 $2,084 $52.10
North Dakota $108,210 $9,017 $2,080 $52.02
Massachusetts $107,274 $8,939 $2,062 $51.57
Hawaii $105,948 $8,829 $2,037 $50.94
Washington $104,410 $8,700 $2,007 $50.20
Nevada $102,464 $8,538 $1,970 $49.26
South Dakota $102,270 $8,522 $1,966 $49.17
Colorado $101,476 $8,456 $1,951 $48.79
Rhode Island $100,695 $8,391 $1,936 $48.41
Mississippi $98,260 $8,188 $1,889 $47.24
New York $97,174 $8,097 $1,868 $46.72
Delaware $95,485 $7,957 $1,836 $45.91
Vermont $94,853 $7,904 $1,824 $45.60
Virginia $94,142 $7,845 $1,810 $45.26
Illinois $93,946 $7,828 $1,806 $45.17
Maryland $92,483 $7,706 $1,778 $44.46
Kansas $92,447 $7,703 $1,777 $44.45
Nebraska $90,537 $7,544 $1,741 $43.53
California $90,046 $7,503 $1,731 $43.29
Missouri $89,904 $7,492 $1,728 $43.22
South Carolina $89,113 $7,426 $1,713 $42.84
Pennsylvania $89,020 $7,418 $1,711 $42.80
New Jersey $88,951 $7,412 $1,710 $42.77
Wisconsin $88,122 $7,343 $1,694 $42.37
Maine $87,977 $7,331 $1,691 $42.30
Oklahoma $87,678 $7,306 $1,686 $42.15
North Carolina $87,273 $7,272 $1,678 $41.96
New Hampshire $86,552 $7,212 $1,664 $41.61
Idaho $86,116 $7,176 $1,656 $41.40
Texas $85,514 $7,126 $1,644 $41.11
Wyoming $85,210 $7,100 $1,638 $40.97
Minnesota $85,148 $7,095 $1,637 $40.94
Kentucky $84,779 $7,064 $1,630 $40.76
New Mexico $84,632 $7,052 $1,627 $40.69
Indiana $84,108 $7,009 $1,617 $40.44
Michigan $84,014 $7,001 $1,615 $40.39
Ohio $82,756 $6,896 $1,591 $39.79
Arizona $82,368 $6,864 $1,584 $39.60
Connecticut $82,133 $6,844 $1,579 $39.49
Iowa $81,424 $6,785 $1,565 $39.15
Montana $81,128 $6,760 $1,560 $39.00
Arkansas $80,164 $6,680 $1,541 $38.54
Alabama $80,115 $6,676 $1,540 $38.52
Utah $79,081 $6,590 $1,520 $38.02
Tennessee $79,008 $6,584 $1,519 $37.98
Georgia $74,633 $6,219 $1,435 $35.88
Louisiana $74,343 $6,195 $1,429 $35.74
West Virginia $68,751 $5,729 $1,322 $33.05
Florida $66,051 $5,504 $1,270 $31.76

Source: ZipRecruiter

Radiology Tech Job Considerations for Pay & Benefits

Most radiologic and MRI technologists work full time. Because imaging is sometimes needed in emergency situations, some technologists work evenings, weekends, or overnight.

Almost six out of 10 radiology techs work in hospitals; about 20% work in medical offices. One thing to note is that, as you would expect, the job involves working with potentially dangerous radiation, so appropriate protective clothing may be worn and safety practices followed.

Recommended: What Trade Job Makes the Most Money?

Pros and Cons of Radiology Tech Salary

Because radiology techs stand to earn a solid income without having to pursue higher education, there aren’t any real disadvantages to their salary. The main disadvantage of the job though is being exposed to infectious diseases through patient interaction and equipment that uses radiation. Safety procedures are in place to help offset these risks, but some people may not find the salary worth it in light of the risks.

Benefits will of course vary depending on where a radiology tech works. Packages may include health insurance, paid sick days and vacations, retirement account matching contributions, and more.

Recommended: Best Jobs for Antisocial People

The Takeaway

Working as a radiology tech can be a great way to earn a living in the medical field without having to commit to the major time and expense that comes with pursuing careers like nursing or becoming a doctor. It can offer a solid salary, benefits, and the satisfying work of helping people with their health care.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

Can you make 100k a year as a radiology tech?

It is possible to earn $100,000 a year as a radiology tech but being able to do so depends on what state someone works in, as well as other factors like experience. For example, the average annual salary of a radiologist tech in Oregon, Alaska, and North Dakota is well over $100,000.

Do people like being a radiology tech?

Being a radiology tech can be very enjoyable if someone finds the work interesting and if they enjoy interacting with patients. However, for those who don’t like being in a health care setting, repeating procedures, or working with potentially dangerous radiation, it may not be a good fit.

Is it hard to get hired as a radiology tech?

Those who want to work as a radiology tech and who have the required credentials should have no problem doing so. The job outlook for radiology techs is positive with a projected 6% growth from 2022 to 2032, which is faster than the average for all occupations. Each year, approximately 15,700 job openings for this role are expected to be available.


Photo credit: iStock/monkeybusinessimages

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

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

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