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Setting financial goals is one of the most important steps you can take toward building a secure and stress-free future. Without clear goals, it’s easy to spend impulsively, fall into debt, or miss out on opportunities to build wealth. Whether you’re saving for a vacation, trying to get ahead of debt, or preparing for retirement, a well-structured financial plan can help you stay focused and motivated.

What follows is an essential guide to financial goals — from understanding their importance to setting achievable milestones and adjusting your plan when life changes.

What Are Financial Goals and Why Are They Important?

Financial goals are specific money-related targets you set to guide your financial decisions. They give you direction and help you align your daily spending habits with long-term priorities. Instead of letting money just come and go from month to month, you create a roadmap that leads you toward stability, independence, and growth.

Goals are also important because they provide:

•   Clarity: They help you understand what you’re working toward.

•   Motivation: Defined goals encourage you to save instead of overspend.

•   Control: They prevent financial stress by giving you a sense of purpose.

•   A way to track progress: Goals let you measure how far you’ve come.

Without goals, money has a tendency to slip through the cracks. With them, you can make strategic decisions that improve your financial health step by step.

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

Types of Financial Goals: Short-, Mid-, and Long-Term

Financial goals depend on timeframes and priorities. Generally, they fall into three categories — short-, mid- and long-term goals.

Examples of Short-Term Financial Goals (1-3 Years)

Short-term goals are immediate priorities. They include the things you want to buy or do within the next few months or years, and help build momentum for bigger challenges. Examples include:

•   Building an emergency fund

•   Paying off a credit card balance

•   Saving for a vacation or holiday gifts

•   Creating a monthly budget and sticking to it

•   Setting aside money for a new laptop or phone

Examples of Mid-Term Financial Goals (3-10 Years)

Mid-term goals take more time and planning and act as a bridge between short-term wins and long-term security.

They often involve saving or investing for significant life milestones and might include:

•   Paying off significant debt (such as student loans)

•   Saving for a wedding or dream vacation

•   Saving for a down payment on a house

•   Funding a large-scale renovation

•   Growing an investment portfolio

Examples of Long-Term Financial Goals (10+ Years)

Long-term goals shape your financial future and often require consistent commitment. These goals can seem intimidating, but breaking them into smaller steps makes them achievable. Common long-term goals include:

•   Saving for retirement through 401(k)s, IRAs, or pensions

•   Paying off a mortgage completely

•   Funding your children’s college education

•   Achieving financial independence or early retirement

•   Building generational wealth through investments

Recommended: Savings Goals by Age

How to Set Financial Goals in 5 Steps

Now that you understand the different types of goals, here’s how to set them effectively:

Step 1: Understand Your Current Financial Health

Before setting goals, it’s important to have a clear picture of where you currently stand. You can do this by gathering the last several months of financial statements and then using them to determine:

•   Your average monthly income

•   Your average monthly spending

•   Current debt balances

•   Status of your emergency savings and retirement accounts

This assessment forms the foundation for realistic goal setting.

Step 2: Define What You Want to Achieve

Once you have a snapshot of your overall financial situation, it’s worth spending some time reflecting on your money goals: what is really important to you.

While there are many things people commonly save for, like a down payment on a house or retirement fund, your financial goals might not be the same as your sibling’s or your coworker’s.

Think about what you would like to accomplish in the next few years, in five or so years, as well as decades from now, and simply jot them down. Keep in mind that these goals aren’t set in stone — they can and likely will change over time.

Step 3: Make Your Goals S.M.A.R.T.

A vague goal like “save money” is hard to stick to. Instead, consider using the S.M.A.R.T. framework:

•   S for Specific: Be clear  about what you want to achieve, such as exactly what you want to save or how much you’ll need to pay off a debt.

•   M for Measurable: Assign real numbers to your goals. Measurable goals allow you to track your progress and monitor your success.

•   A for Achievable: Setting unrealistic expectations can lead to frustration and disappointment. Ensure your goals are realistic for your income and expenses.

•   R for Relevant: Make sure your goals align with your overall financial plan and your life priorities.

•   T for Time-based: Set a deadline (e.g., within 10 months) for each goal.

SMART goals help keep you accountable and focused.

Step 4: Create a Budget That Includes Your Goals

Your budget is the tool that makes your goals achievable. And thanks to Step 1, you already know your average monthly income and expenses. The next step is to decide if your current spending aligns with your goals, or if you need to rejigger your spending to free up more funds for saving.

There are many different types of budgets, but one popular framework is the 50/30/20 rule. This divides your take-home income into three categories:

•   50% for needs (housing, food, utilities)

•   30% for wants (entertainment, travel)

•   20% for savings and debt repayment

“Thinking about where to put your 20% savings each month can help you reach your goals,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “High-yield savings accounts, money market accounts, certificates of deposit, and cash management accounts are all vehicles that may pay more interest than a traditional savings account, helping your savings grow.”

Step 5: Track Your Progress and Stay Flexible

Once you’ve set some goals and established a budget, it’s a good idea to track your spending for a few months to make sure you are sticking to the plan.

You can track your spending with plain old pen and paper or a computer spreadsheet, but a simpler option is to put a budgeting app on your phone. Your bank may even offer a free tool that automatically tracks and categorizes your spending in real time.

If you find that your budget isn’t realistic, or your financial situation changes at some point, you may need to make some adjustments to your budget. That’s why it’s important to check in with your money regularly.

Common Financial Goal Examples

Here are some six popular financial goals you might include on your list:

1. Build an Emergency Fund

Whether you’re easily covering your monthly expenses or grabbing change from the bottom of your bag to buy a coffee, many people are living paycheck to paycheck. But what if that paycheck disappeared or if you had a large, unexpected expense? Enter the emergency fund.

Having an emergency fund can help you comfortably manage an unexpected medical bill, major car or home repair, or a sudden loss of income with having to run up high-interest debt.

A general rule of thumb is to have three to six months’ worth of living expenses set aside for emergencies. While that can be a sizable sum, keep in mind that you don’t have to build your back-up fund overnight. You might first set a short-term goal of saving a small cushion of $1,000, then build from there.

Recommended: Emergency Fund Calculator

2. Pay Down High-Interest Debt

High-interest credit card debt can feel like a treadmill: Despite constant effort, you never seem to get any closer to the finish line. By prioritizing repayment, however, you can make real progress. This will free up cash flow you can then redirect towards savings and investments.

Two popular payoff approaches are the debt avalanche (paying off the highest-interset debt first) and the debt snowball (paying off the smallest balance first to build momentum). Whichever you choose, the key is to consistently make extra payments and avoid new debt along the way.

3. Start Saving for Retirement

Most of us know we should be saving for retirement, but making it happen can be challenging when there are so many competing places to put our money. The good news is that even small contributions to a retirement account can grow to significant savings over time. This is largely due to the magic of compounding returns — when the returns you earn start earning returns on their own.

One rule of thumb is to save at least 15% of your pre-tax income each year, including any employer match. If that’s not feasible right now, try to contribute at least up to any employer match (otherwise you’re leaving free money on the table).

4. Save for a Down Payment on a House

For many people, owning a home is a major milestone and a symbol of financial stability. But buying a home often requires a significant down payment, typically ranging from 3% to 20% of the purchase price. Saving for this can feel overwhelming, but breaking it into smaller milestones makes the goal achievable.

Consider opening a dedicated high-yield savings account for your down payment fund so it remains separate from everyday spending. Or, if your bank offers savings vaults, you might create a sub-savings account within your main one earmarked for your down payment. Then automate contributions to this account or vault so it grows over time.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

5. Invest for the First Time

Investing allows your money to work for you, building wealth beyond what traditional savings accounts can provide. While investing might seem intimidating at first, starting small is often the best approach. Low-cost options like index funds, exchange-traded funds (EFTs), or robo-advisors make it easier than ever to get started without needing extensive financial knowledge. As your income grows, you can increase contributions and diversify your portfolio.

6. Pay Off Student Loans

Student loans are a reality for millions of people, and paying them off can take years. Carrying this debt affects your ability to save, invest, and even qualify for other financial opportunities like a mortgage. That’s why making a structured repayment plan is so important.

Start by reviewing your repayment options — federal loans may offer an income-driven repayment plan or refinancing opportunities. Making extra payments towards the principal when possible can reduce the overall interest you pay and shorten the repayment timeline.

Financial Goal Examples for Students

Students often juggle limited income with rising expenses, making financial goals essential. Here are some practical ones to consider:

•  Creating and sticking to a monthly budget

•  Building a small emergency fund (even $500 helps)

•  Paying off credit card balances in full each month

•  Saving for textbooks or tuition payments

•  Beginning to invest through a low-cost brokerage app

•  Applying for scholarships or part-time jobs to reduce student loan reliance

Setting goals early can help students avoid financial pitfalls and build healthy habits for adulthood.

How to Adjust Your Financial Goals if Your Circumstances Change

Life rarely goes exactly as planned. You might face job loss, medical expenses, or unexpected windfalls like a bonus or inheritance. When your circumstances shift, it’s important to:

•  Reevaluate your priorities: Decide which goals still matter most.

•  Adjust timelines: You may be able to shorten a deadline or you might need to extend one or more of your timelines.

•  Reallocate resources: If money is tight or your priorities change, you may want to shift money from one goal to another.

•  Stay flexible: Remember, goals are not fixed — they evolve with your life.

The Takeaway

Setting financial goals isn’t about perfection — it’s about progress. By understanding your current financial health, defining clear objectives, and using the SMART framework, you can create a roadmap toward stability and success.

Whether you’re saving for your first emergency fund, tackling debt, or planning for retirement, goals can give you the motivation and direction you need to take control of your financial future. The key is consistency. Start small, stay flexible, and remember that every step forward brings you closer to your near- and long-term aspirations.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Is it wise to invest your emergency fund?

Generally, it’s not wise to invest your emergency fund in risky assets like stocks or mutual funds. An emergency fund should remain easily accessible and safe, since its purpose is to cover unexpected expenses or a sudden loss of income. Keeping it in a high-yield savings account or money market account balances safety with some interest growth. Once your emergency fund is secure, you can focus on investing other money for long-term goals.

What is the most important financial goal?

For many people, the most important financial goal is to build a strong foundation of financial security. This typically means creating a healthy emergency fund and paying down high-interest debt. Without stability, it’s difficult to make progress toward other goals like saving for retirement, buying a home, or investing.

Once your essential safety net is in place, you can prioritize goals that align with your lifestyle and values, such as long-term wealth building, financial independence, or providing for your family’s future.

How many financial goals should you have at once?

It’s often best to focus on a manageable number of goals (such as two or three) at one time. Trying to juggle too many can spread your money and attention too thin, making it harder to make meaningful progress. A practical approach is to prioritize one short-term goal (like building an emergency fund), one medium-term goal (such as saving for a car or vacation), and one long-term goal (like retirement savings). This balance helps you stay focused while still moving forward in multiple areas.

What is a good financial goal for a beginner?

A great financial goal for beginners is starting an emergency fund. Even saving a small amount, such as $500, can provide a cushion against unexpected expenses and reduce the need to rely on credit cards or loans. Once that’s established, beginners can aim to save three to six months of living expenses. Other beginner-friendly goals include paying off small debts, creating a realistic budget, or setting up automatic savings. These goals build confidence and establish strong money habits for future success.

How can I set financial goals with a partner or family?

Setting financial goals with a partner or family starts with open communication about values, priorities, and long-term dreams. Begin by discussing shared goals, such as buying a home, paying off debt, or saving for children’s education. Next, agree on a budget and assign responsibilities for managing finances to ensure accountability. Regular check-ins help you stay on track, celebrate progress, and adjust goals as life circumstances change.

What tools can help me track my financial goals?

Several tools can make tracking financial goals easier and more organized. Budgeting apps like YNAB, GoodBudget, or PocketGuard allow you to set savings targets and monitor spending. Spreadsheets are another customizable option for tracking progress. Many banks also offer built-in goal-tracking features through their mobile apps.

For long-term goals, investment platforms often provide dashboards showing growth toward retirement or wealth-building objectives. The key is choosing a tool you’ll use consistently, helping you stay motivated and accountable.

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When it comes to gearing up for college, parents can play a major role in supporting their child’s success, and that includes preparing for the SAT. Of course, ultimately, it’s the student who’s applying for admission. But as your child goes through the process, you can serve as a coach, cheerleader, and time-manager — assisting with test prep, scheduling practice sessions, and maintaining motivation.

Read on for simple guidelines on how you can help your child with SAT practice and help ensure they put their best foot forward on testing day.

Wondering Where to Begin?

You may want to start by familiarizing yourself with the college testing options. The SAT and ACT are the two most widely accepted standardized tests used in U.S. college admissions. Is one a better fit for your child? While similar, there are differences in how each test is structured and scored. For parents and students who want a better feel for the two tests, you can find free online practice assessments for both the SAT and the ACT — including sample questions and scoring.

If you took the SAT back in high school, keep in mind that the test underwent major revisions in 2016. And, in 2021, the College Board (the nonprofit organization that administers the test) dropped the essay and subject tests.

Generally, the College Board advises first-timers to take the SAT in the spring of their high school junior year. This way, they can try again in the fall (if they want or need to improve their score) and still meet most colleges’ application deadlines. Parents can find information about SAT test dates and deadlines, test-center locations, and costs on the College Board site.

Creating a Plan for SAT Practice

With the exact test and date chosen, parents and students might next turn their focus to SAT practice. Practice can span activities like taking sample tests, understanding the sorts of questions that are commonly asked, and figuring out how the test is scored.

Setting Baseline and Goal Scores

When starting out, many students choose to take a free practice test. This gives them a baseline score and can help identify tough topics they need to brush up on. Practice tests can also help you and your teen pinpoint the specific types of questions that tend to trip them up.

Knowing the practice test score can help students set an ambitious yet realistic goal score for the official test. Other supportive figures on your child’s “SAT team” (relatives, teachers, guidance counselors, mentors, or tutors) can also help them identify an achievable and motivational target score to work towards.

Recommended: ACT vs. SAT: Which Do Colleges Prefer?

Creating an SAT Prep Schedule

Beginning SAT practice earlier can help alleviate your teen’s anxiety in the buildup to the scheduled test. The nonprofit Khan Academy, which partners with the College Board to help students prepare for the SAT, recommends starting test-prep about three months before taking the official test. Often, spring of 10th grade can be a good time to begin the process with an eye toward taking the PSAT in the fall of 11th grade.

Months of SAT practice might seem a tad extreme, but it’s key to remember that some students need longer than others to get up to speed on the subjects covered in the SAT. Building in a cushion of prep time also gives teens ample time to adapt to the standardized test format. This can allow them to sniff out the common types of questions asked and get used to the time constraints required by the SAT.

Some students can cram last-minute for the SAT and still earn a solid score. But many of the best test-taking and SAT study strategies call for repeated practice over multiple weeks. Given months instead of a few weeks to get ready, you can set up practice sessions that mimic test-like conditions. This can help your child to further hone their time-management and concentration skills.

Leading up to the test date, families may also benefit from a shared calendar that includes important SAT and college application deadlines, as well as other school, work, and social events. A shared calendar can help students dedicate regular study windows — when they’ll work alone, with a parent, or with a tutor — that won’t clash with prior commitments.

To Push or Not to Push?

Some teens are disciplined studiers and may already have a test-prep routine that works for them. Others might need occasional encouragement (or more concrete guideposts) from a parent or educator to set aside adequate time for SAT practice.

Some students also respond well to personalized pointers provided by a test-prep service or tutor, whereas others value a more DIY or independent approach to SAT prep — perhaps working off a commercial study guide or online testing site. (Khan Academy, for instance, offers tailored practice plans, videos, test-taking tips, and other official content created in partnership with the College Board.) In either scenario, parents can help their child determine which method of test-prep works best with their study habits.

Recommended: College Planning Guide for Parents

What About Paid SAT Prep Services?

When deciding whether to pay for a test-prep service, families may want to ponder a few factors. You might begin by comparing a child’s baseline score (on a practice test) with the goal score they’re hoping for on the actual test day. This might help you decide if investing in a professional SAT prep course would be worth the cost (some services cost hundreds or even thousands of dollars). Another factor to consider is the average SAT scores of applicants at your child’s target schools (compared to their current scoring range).

You might also want to investigate whether any test-prep services are already offered at your child’s school or any local educational organizations, which may be free or low-cost.

When looking at paid prep services, you may want to consider the best study conditions for your student’s personality and academic strengths. Some approaches offer more guidance, while others stress independent practice.

Also consider: Would your child benefit from a structured schedule and in-person classes? Or, would they prefer a more independent study approach? You might want to consult with a guidance counselor or teacher for input before signing up and paying for a private SAT prep service. Family friends with children already in college might also offer an opinion based on their previous experience. (Be sure to double-check this advice with any recent changes to the SAT.)

Recommended: Ultimate College Application Checklist

What Else Can Parents Do for SAT Practice?

Perhaps the most important role parents can have in helping their children prepare for the SAT is to do what they’ve always done: to support and encourage their child’s growth. Here are some ways parents might motivate students, helping them to stay on track toward that college admission goal.

Avoid Adding to the Stress

Students can feel a great deal of pressure when preparing for the SAT. They may fret about disappointing their parents’ or teachers’ expectations. Some might dread feeling embarrassed if they score lower than a sibling or classmates. And, if a student has dreamed about attending a specific college or pursuing a precise career path, they may worry that the “wrong score” will sabotage their future plans.

Given the potential for SAT practice to turn into a psychological pressure-cooker, you may want to remind yourself that your words and deeds can lessen or intensify a child’s stress. Raising “concerns” about your teen’s current scores and/or pushing your child to excel or “do better” could increase your child’s test anxiety (and potentially make it harder for them to learn new material).

To minimize the at-home testing drama, you may want to avoid showing disappointment or frustration about practice test scores. It may be more helpful to celebrate incremental successes during weekly or daily practice sessions. Try honoring the progress being made towards the goal, not the distance still left to run. Gentle reminders that it’s possible to retake the SAT might also reduce a child’s overall testing anxiety.

Encouraging Healthy Habits

Studying late into the night or having a jam-packed schedule can leave high schoolers feeling burnt out. To avoid SAT practice burnout, consider instituting a regular “timeout” from test prep — whether it’s a quick snack break or carving out down time for a walk around the block. Parents can help kids stay healthy by providing nourishing meals, scheduling time for exercise and other social activities, providing plenty of water and nutritious snacks, and helping their teens get ample rest each day. This can also lay a good foundation to prepare for college and have good study habits.

Recommended: 10 Ways to Prepare for College

Providing a Good Study Space

To help your child set up a focused study environment, you’ll want to first identify a quiet space for studying and practice sessions. Next, you can help your child gather all the study guides, calculators, pencils, paper or computers they’ll need to prep.

In addition, you may want to encourage your child to download an SAT prep app. This will allow them to practice during free time or when they’re riding the bus. Many apps offer practice problems or a “question of the day.” If time is tight, a student can still squeeze in some studying in down moments.

Recommended: How Much Does GPA Matter When Applying to College?

Keeping Things in Perspective

Parental pep talks can help test-engrossed students to keep things in perspective. Although an SAT score is a significant factor in many college admissions decisions, it’s not the only (or primary) factor universities take into consideration when evaluating applicants. Most admissions committees review a student’s academic record, school and community involvement, personal statement, and letters of support.

Some schools have even moved to a “test optional” admissions policy in recent years. This means students are not required to submit an SAT or ACT score with their application. Open communication about the college admissions process can help students to focus on the short-term tasks at hand.

Getting Started

The SAT isn’t the only aspect of college planning students might want or need help with. You may be enlisted to lend a hand with researching schools to apply to, choosing a major, making college visits, and proof-reading essays and applications.

Your child will also likely need your financial help to cover the cost of attendance at their selected college. Fortunately, both students and parents have a number of resources that help make college more affordable, including financial aid and different types of student loans.

To apply for financial aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for aid, which comes in the form of grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized). If those do not cover your costs, you may be able to fill in the gaps with a private student loan.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or parent cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment and deferment — that automatically come with federal student loans.

In addition, there are also private parent student loans, offering another avenue to funding a child’s education.

The Takeaway

Preparing for the SAT can involve a good deal of time and energy. Parents can help their children map out a study schedule, find the right ways to prepare, and support their progress. Test preparation can be part of the entire college choice process, which involves research, applications, and financing options.

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

When should my child start prepping for the SAT?

Many experts advise that a student should start prepping for the SAT no later than the end of 10th grade to allow for enough time to finetune their test-taking skills.

How to prepare for the SAT?

Among the most effective ways to prepare for the SAT is by focused practice, deep review of knowledge, and strategic learning. You might want to begin by using official practice materials from the College Board and Khan Academy.

Is Khan Academy SAT prep free?

Yes, Khan Academy does offer free SAT prep, which many students and families find to be a useful way to get ready to take the test.

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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.

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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Applying to college can be both time-consuming and expensive — with some schools charging upwards of $90 just to apply. Fortunately, there are ways to make the process easier, and potentially cheaper.

The Common Application (or Common App) is an online college application platform used by more than 1,000 colleges that allows you to apply to multiple schools with one centralized application. The bulk of the application questions only need to be filled out once, though certain schools may require supplements, such as short answer questions. The Common App is free to use, but colleges may have an application fee for students submitting it, which may be waived in some cases.

How Much Does the Common App Cost?

Although the Common App is free to use, individual schools often have their own application fees that students must pay to apply. The average undergraduate application fee for U.S. students is around $48. However, some schools don’t charge application fees.

The Common App organization understands that some students are unable to pay application fees, and they don’t want this to be a barrier for students to be able to apply for college. For this reason, they have created the Common App Fee Waiver, which allows students to apply to schools without any fees.

Not every school will accept a fee waiver but thousands of schools around the world do.

How the Common App Fee Waiver Works

You can use the Common App Fee Waiver section of your Profile to request a fee waiver. If you select that you are eligible for the Common App fee waiver, you will not be charged any application fees when you submit through Common App.

Recommended: Ultimate College Application Checklist

How to Apply

Students can apply for the Common App Fee Waiver in the Personal Information or Profile section of their application. There is a place in this section to select “Yes” to apply for the waiver and indicate eligibility.

In order to complete the application for a Fee Waiver, students must also have their college counselor submit a fee waiver form.

Many schools use the honor system and trust that a form from a counselor proves a student’s eligibility, but some schools may ask for electronic or hard copies of paperwork for verification of eligibility.

Recommended: Important College Application Deadlines

Who Is Eligible?

Students who fit any of the following criteria may be eligible to receive a Common App Fee Waiver:

•   Students who are orphans or wards of the state
•   Students whose family receives public assistance
•   Students who received or are eligible to receive SAT or ACT testing fee waivers
•   Students enrolled in or eligible to enroll in Federal Free or Reduced Price Lunch Programs
•   Students whose family’s annual income fits the eligibility for the USDA Food and Nutrition Service
•   Students enrolled in local, state, or federal aid programs for low-income families
•   Students who are homeless, live in a foster home or in federally subsidized public housing
•   Students who get a written statement from a community leader, financial aid officer, school counselor or official

Each school decides whether to grant a student’s request for a Common App Fee Waiver.

Beyond the Application: Paying for College

Students and families applying for Common App Fee Waivers may also be looking into financing options to pay for college tuition. There are several options for parents and students who need help paying for college. These include:

Filling out the FAFSA

The first step is to fill out the Free Application for Federal Student Aid (FAFSA). Even if you don’t think you will qualify for aid, it’s a good idea to fill out this form. The FAFSA opens up opportunities for students to receive student loans, federal grants, school aid, and work-study positions.

Applying for Scholarships

There are thousands of private scholarships available to students, and the benefit of scholarships is that they don’t have to be paid back, unlike student loans.

Finding Affordable Schools

Although some universities cost tens of thousands of dollars each year to attend, others are much more affordable. Some schools are also more generous with student financial aid than others. Students may want to carefully compare the financial aid packages offered to them to figure out which school is the most affordable for them.

Applying for Work-Study Jobs

Students can work part time to help pay for college. The federal work-study program provides work opportunities for students to get jobs on campus.

Applying for Grants

In addition to scholarships, there are thousands of grants available to students. These grants are issued by the federal government, the Pell program, and individual states. Some are need-based, while others are merit-based. To find out if you qualify and to become eligible for grants, you need to fill out the FAFSA.

Saving Money in a 529 Plan

Many families put money aside each month to help pay for college tuition. One way to do this is using a 529 Plan, which is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary.

Taking Out Federal Loans

Federal student loans are administered by the U.S. Department of Education, and may be subsidized (which means you won’t be charged interest while you are in college and for six months after) or unsubsidized (meaning interest starts accruing right away). Federal loans tend to have lower interest rates and more flexible repayment plans than private loans.

To qualify for a federal loan, you will need to complete and submit the FAFSA.

Taking Out Private Loans

Another option for covering the cost of attendance for college is to take out a private student loan. These are available through banks, credit unions, and online lenders. Rates for private student loans tend to be higher than federal student loans, but borrowing limits are typically higher. These loans are not need-based and generally require a credit check. Borrowers (or cosigners) with excellent credit tend to qualify for the lowest rates.

Keep in mind that private student loans may not offer the same borrower protections that federal student loans offer, such as forbearance or income-driven repayment.

The Takeaway

Applying to college can be expensive, especially if you are applying to several colleges or more. Fees average about $48 per school currently, but if you are using the Common App, you may be able to have the cost waived. Check the qualifications, and see if you may be able to apply to the colleges of your choice without a fee.

When it comes time to afford college itself, it can be wise to research grants, scholarships, and federal and/or private student loans.

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

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

FAQ

How to get rid of a fee waiver request on the Common App?

If you want to cancel a fee waiver request on the Common App, go to the “My Colleges” tab, select a specific college, and then navigate to the “Review and Submit” area. Once there, you can change the payment method from requesting a fee waiver to paying online.

How much is it to apply to college?

Currently, the average fee is around $48, but some colleges cost upwards of $90. If you are using the Common App, you can request a fee waiver if you meet the qualifying criteria.

How many schools take the Common App?

Currently, more than 1,000 schools accept the Common App. However, it’s worth noting that some have supplements, such as additional essays or short answers that are required to complete the application.

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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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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An internship is an opportunity to work in a field that interests you, gain valuable work experience, enhance your resume, and possibly even earn some extra money.

While internships are more commonly available to college students, it may be possible to get an internship when you’re still in high school.

Read on to learn more about high school internships, including how they work, their pros and cons, and how to find one.

What Is the Purpose of an Internship?

An internship is a temporary position that’s often related to a student’s academic field of study or career interests. It offers students a chance to apply lessons learned in the classroom in a professional setting, while also developing additional skills. Internships also give students an opportunity to make connections in their field of interest and determine if they want to pursue further study and a career in that area. Internships also give employers the opportunity to discover and develop future talent.

The Duties of an Intern

The duties of an intern vary from job to job. For example, those interning at a doctor’s office might shadow medical professionals and take notes on patient visits. Those interning at a marketing firm might sit in on marketing meetings and assist in any communication needs.

An internship experience can be somewhat similar to an entry-level employee position. However, there is typically an educational component. The point is to learn more about the career path, not just get coffee or file the office mail (though you may be asked to do this, too).

Recommended: Is Getting A Degree in Marketing Worth It?

Pros and Cons of High School Internships

There are plenty of pros when it comes to getting internship experiences in high school. For one, an internship allows you to learn about a particular career path without having to commit to a lifelong job.

Learning about a path early on could help you determine whether you want to go to college (rather than directly enter the working world) and help you decide on your college major.

Another pro of completing an internship in high school is gaining new experiences and skills. An internship allows you to learn from professionals and add relevant skills to your resume. This can give you a leg up in applying for jobs in the future.

And, of course, all this experience and new learning make for excellent items to add to any potential college applications.
A potential downside to seeking an internship in high school is that they can be hard to find. In addition, the position may not be paid, and might be time-consuming, taking time away from other obligations like homework, studying for SATs, and applying to college.

Finding the Right Internship

Finding the perfect internship is a wholly personal experience. A good first step is to consider your interests in both the near and far term. By thinking about career paths you might be interested in, you might identify internship opportunities around you.

However, not every young person knows, or believes they know, exactly what they want to do in the future. But you may have a general interest. For example, if your favorite class is English, an internship at a local newspaper may make sense. If you’re interested in nature, an internship with a local parks and recreation group may make a good fit.

If you’re a high schooler, make a short list of interests and sit down with a parent or guardian to identify careers that may fit within these bounds.

Next, it’s time to identify a few companies you might be interested in interning with. Search for companies near you that may be taking interns. From there, check out career pages on the individual companies to see if they have internship listings. If they don’t, try emailing the company to get in touch with the human resource (HR) department to see what may be available.

One quick tip: While researching and reaching out about internships, make sure to stay realistic about the time commitment. If an internship takes place during the school year, you may only be available in afternoons, or perhaps just for a few hours per week during the hardest year of high school. Ensure the hiring manager knows the hours you’re available before committing to any long-term work.

Recommended: 10 Ways to Prepare for College

Resources to Find Internships in High School

While there isn’t any centralized listing location for internships for high school students, there are still plenty of places to find information on opportunities.

Schools: You can reach out to school resources like guidance counselors, principals, and individual teachers who may know of companies worth looking into.

Individual companies: Again, seek out information from company websites and reach out to human resource departments to see what may be available.

Job search websites: Check out job search websites, such as Linkedin and Indeed, and search for “Internships in [specific field here].” Make sure to search by location to ensure the internship is nearby.

Friends and family: This is the simplest tip — just ask around. Friends and family members are the ultimate social and work network. Make it known you’re looking for an internship and ask people for their advice on just where to look.

Recommended: College Planning Guide for High School Students

Questions to Ask Before Accepting an Internship

After figuring out your interests, asking your network, and finding an internship opportunity, you may think the work is done. However, there are still a few more questions to ask.

Before accepting an internship offer, make sure to ask about the full details. What are the hours? What can you expect to learn while on the job? What are the specific job duties and how will you be evaluated along the way? Will there be opportunities for mentorship? And finally, one of the most important questions: Is the internship paid or could you get extra credit for it?

Paid vs Unpaid Internships

Scoring a paid internship isn’t a guarantee, but it’s not a completely far-fetched idea either. If a paid internship isn’t available, you can always ask about an exchange for class credit. Unpaid internships are a hotly contested issue so just make sure to do whatever feels right and comfortable for your situation.

Also keep in mind that even a paid internship likely won’t pay enough to make a major dent in your college expenses (though it can help).

If you’re concerned about how you and your family will pay for the cost of tuition, a good first step is to fill out the Free Application for Federal Student Aid (FAFSA) with your family. This will let you know if you are eligible for financial aid, including grants, scholarships, work-study, and federal student loans. If those do not cover your costs, you may also consider private vs. federal student loans.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment and deferment or forbearance — that automatically come with federal student loans.

The Takeaway

While internships are often thought of as college-age experiences, high school students may find them as well. They can provide good exposure to the work world, build skills, and expand a student’s college application credentials. Some internships may be paid, but it’s unlikely to make much of a dent in the cost of college. Grants, scholarships, and federal and private student loans can help with that.

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

Should you get an internship in high school?

An internship in high school can provide an interesting glimpse into the work world and help a student refine their career interests. It may also help add dimension to a college application, though it’s important not to add too many responsibilities to an already challenging
schedule.

Do colleges care about high school internships?

Colleges may indeed care about high school internships. Securing an internship can show initiative and a good work ethic and that an applicant is interested in getting a jump on their career in addition to pursuing other aspects of student life.

Should you intern in high school?

Whether or not to intern in high school is a very personal decision. However, for students who are motivated to learn more about the work world or a particular field, internships can be a very valuable experience for high school students and can expand their college application credentials.

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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.

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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Choosing a major in college is no small decision, but that doesn’t mean you can’t change your mind at some point down the road. Indeed, roughly one-third of undergraduates actually change majors during their college careers, and around 10% change majors more than once.

While the decision to change your major can be stressful, actually making the switch doesn’t have to be. The key to a smooth transition is to do some strategic planning and to keep up communications with your university.

Here’s what you need to know to successfully change your major.

First, Declaring a Major

Many colleges and universities ask undeclared students to choose a major by the end of their sophomore year. This gives students time to earn general education credits and try different types of classes to see what interests them.

Once you’re ready to declare a major, the official process varies by school. Generally, you need to schedule a meeting with your assigned academic advisor. You might also need to meet with a department advisor for your chosen major.

In a department or advisor meeting, you will typically review your academic progress and roughly outline the rest of the required courses you need in order to complete your major.

These courses and their timing aren’t set in stone, but it can help give students an idea of how heavy their course load will be until graduation, and set expectations for how long it’ll take them to complete the degree.

From there, the request to declare a major needs to be approved by that specific department or college. That might be as informal as a meeting or as formal as an application.


💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Possible Reasons to Change a Major

Deciding to change majors is a personal choice. There’s no one sign for all students. In fact, a combination of factors may inspire a switch.

While not an exhaustive list, here are a few reasons why you might feel it’s a good idea to change majors:

•  More excitement about a different area of study: Maybe you’re a computer science student but feel more excited by an art history elective than anything else on your schedule. That could be a reason to think about changing majors. Of course, a major isn’t only about passion for the subject, but that does come into play. When nearly every class is boring, it might be time for a change.

•  Poor grades: College courses should be challenging, but if you’re regularly failing, or just barely passing required courses, it might be time to consider a different major. Not only does it indicate that the area of study might be outside your talents, but bad grades can also jeopardize graduation and completing the degree on time. If you’re giving a course your all and still coming up short, it might be time to consider alternatives.

•  Really, really good grades: This might sound counterintuitive, but if courses aren’t challenging, then the major might not be the best fit. If you feel bored in class but continue to ace the coursework, it might be a good idea to look at other majors or consider a double major or adding a minor.

•  Money: Selecting a major is often a delicate balance between finding something you love and something that leads to a career post-graduation. Picking a major solely because it could mean big bucks after college could lead to regrets down the line. Remember that post-grad life should feel fulfilling, too.

•  An awful internship: Now this can be a little tricky. If you end up hating a summer internship related to your major, you should try to evaluate if it was the work or the management that you disliked. It might have been a poor fit culture-wise but a good fit workwise.

If any or all of the above sound familiar, it might be time to think about changing majors. Additionally, it might just be helpful along the way to evaluate satisfaction with a major, even if you decide to continue in that area of study.

Recommended: Credit Hours: What Are They & What You Need to Know

Considerations Before Changing a Major

If it feels like it may be time to change majors, here are a few considerations to keep in mind before crossing the t’s and dotting the i’s:

•  What courses transfer? If your desired new major is far outside your current area of study, you might have to basically restart college. For example, a psychology major who changes tack to engineering might not have much overlap on course curriculum. Just like mapping out courses when declaring a major the first time, you’ll want to consider doing the same before changing majors. It can show you how much work or courses will be required.

•  Will it cost more? Depending on tuition pricing or area of study, changing majors might end up costing you more in the long run. That could be from additional course fees or taking more classes to catch up over the summer. Once you map out the course load for a major change, crunching the numbers is a good idea.

💡 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. You can submit it as early as Oct. 1.

•  Will it take longer? It may not be possible to graduate in four years if the new major is vastly different or the change comes late in an academic career. More time at school could mean more taking out more student loans. (Then again, less than half of bachelor’s degree earners graduate within four years.)

•  Will it line up with post-graduate goals? It’s important to enjoy an area of study, but it’s also important to ensure it aligns with jobs you want after graduating. If you enjoy classes in international relations but don’t like the job prospects, that might be a poor choice of major.

Time, money, or heavy course loads don’t have to squelch a change in major, but they should be factors to be aware of before making the switch.

💡 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. You can submit it as early as Oct. 1.

How to Change a Major

The reality is, deciding to change majors is likely harder than the actual process of doing so. Changing majors won’t be so different than declaring a major in the first place.

First, you’ll want to schedule a meeting with your current academic advisor to talk through the choice. Your advisor may be able to offer insight or even provide course recommendations in your new major.

Typically, students are required to fill out a short form and have their current as well as new academic advisor sign it to make the major change official.

Depending on the college or area of study, you might have to apply to the specialty school on campus you wish to transfer to as well.

The Takeaway

How to change your major? It requires thought and a talk with your academic advisor. Changing majors can alter a lot about the college experience, from course load to post-grad plans. It can also impact how many years you’ll spend in school and the total cost of your education.

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

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

FAQ

Is switching your major easy?

Switching your major can be relatively straightforward, but the ease depends on your school’s policies, the timing, and your intended new major. Generally, the earlier in your college career you change majors, the easier it will be. Some majors have competitive entry requirements or limited spots, which can make switching harder. Your academic advisor can guide you through the prerequisites, paperwork, and deadlines.

How can you change your major?

Changing your major typically involves meeting with an academic advisor to discuss your goals, reviewing degree requirements, and completing a formal change-of-major form. Some schools allow changes online, while others require department approval, especially for competitive programs. You may need to meet minimum GPA requirements or complete certain prerequisite courses before switching.

What year is too late to switch majors?

While there is no absolute “too late,” switching majors becomes more complicated the further you progress in your degree. Changing during your first or second year usually causes minimal disruption, but doing so in your third or fourth year may require additional semesters to meet new requirements.

How common is it to change majors?

Changing majors is actually fairly common. Studies show that around one third of students switch at least once during their college career. Many students enter college unsure of their long-term goals, and discovering new interests through coursework often leads to a change. Some switch for better career prospects, while others change to follow passions they hadn’t considered before. While changing majors can extend graduation for some, it’s a normal part of the academic journey and not a sign of failure.

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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.

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