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The minimum wage is the lowest hourly wage under the law that an employer can pay employees. The current minimum wage in the U.S. is $7.25 an hour, and it’s been the same rate since 2009. The question of whether to raise the minimum wage is a matter of great debate.

There are a number of pros and cons of raising the minimum wage. For example, advocates say that increasing the minimum wage could help low-wage hourly workers make ends meet and keep up with inflation. Some proponents also believe that raising the minimum wage could increase consumer spending and strengthen employee retention and morale.

But opponents point to cons of raising the minimum wage, including potentially increasing the cost of living overall, reducing opportunities for inexperienced workers, and triggering more unemployment.

Read on to learn more about the pros and cons of increasing the minimum wage and potential effect it could have on the economy — and your finances.

What Is the Federal Minimum Wage in 2025?

The federal minimum wage in 2025 is $7.25 per hour. The last time the minimum wage increased was on July 24, 2009, when it grew from $6.55 an hour to $7.25. That was part of a three-phase increase enacted by Congress in 2007.

Tipped employees (like waiters) have a different minimum wage called the tipped minimum wage. The current federal tipped minimum wage is $2.13 an hour, as long as the worker’s tips make up the difference between that and the standard minimum wage.

Similar to the differences in the average salary by state, some states have their own minimum wage laws with a higher (or lower) starting wage than the federal minimum. In such states, employers must pay the higher of the two minimum wages.

Here are some minimum wage fast facts:

•   The state with the highest current minimum wage is Washington, where the rate is $16.66 per hour. Washington state’s minimum wage is expected to increase in 2026 (the amount of the increase has not yet been announced). Although it’s not a state, Washington, D.C. currently has the highest minimum wage in the country — $17.95 an hour as of July 1, 2025.

•   There are 67 cities and counties with minimum wages higher than their state’s minimum wages. Of these, the city of Burien, Washington, currently has the highest wage at $21.16 per hour for employees of large employers (those with more than 500 employees).

•   Three states — Georgia, Oklahoma, and Wyoming — have minimum wages that are lower than the federal minimum. But by law, employees in those states must be paid the federal minimum wage.

•   About 21 million US workers make less than $15 per hour, according to the most recent data (from 2023).

•   While the minimum wage has been stagnant since 2009, inflation has not. The spending power of $7.25 in 2009 is equivalent to $10.92 today. This means that $7.25 can buy today about 66% of what it could buy in 2009, which can impact the cost of living.

What Is the Purpose of the Minimum Wage?

The federal minimum wage was created in the late 1930s as part of the recovery effort after the Great Depression. At the time, Congress found that low wages in certain industries were causing one-third of the population of the U.S. to be “ill-nourished, ill-clad, and ill-housed.”

As part of President Franklin D. Roosevelt’s New Deal program, the Fair Labor Standards Act (FSLA) of 1938 officially established the first minimum wage of $0.25 an hour. The FSLA also created the 40-hour work week, banned child labor, and mandated overtime pay.

The minimum wage was gradually increased to $0.40 an hour in 1945. It has been raised 22 times since then, with the last increase taking place in 2009, as noted above.

Recommended: Salary vs. Hourly Pay

The Argument for Raising the Minimum Wage

Increasing the minimum wage could be beneficial for low-wage workers and the labor market, proponents say. These are some of the potential benefits of raising the minimum wage.

Pro: Boosting Consumer Purchasing Power Amidst Inflation

Even without minimum wage increases, inflation has been on a rollercoaster ride over the last several years. At the end of 2019, inflation was 2.3%. By December 2023, it was 3.4%. In August 2025, inflation was 2.9%. That means today, the average American family is likely paying more for the average cost of groceries, among other expenses, than they were six years ago.

The Raise the Wage Act of 2025 was introduced in Congress in April of 2025 to raise the minimum wage to $17 an hour by 2028. The goal of the Act is to give American workers a raise and more buying power to make ends meet. As of September 2025, the Act has not been voted on.

While raising the minimum wage will not necessarily beat inflation, earning more money could make it easier for lower-income families to afford basic necessities.

Pro: Reducing Poverty and Income Inequality

Data from the Bureau of Labor Statistics shows that low-wage earners spend a larger portion of their budget than higher-wage earners on immediate daily needs like food, shelter, transportation, and medical care. Raising the minimum wage could give these workers more money to spend on other things, including discretionary items such as eating out, travel, and streaming services.

Increased consumer spending helps stimulate the economy. It’s a positive economic indicator reflecting consumer confidence in the market, and it typically creates more revenue for businesses.

Pro: Improving Employee Retention in a Competitive Labor Market

According to a study by researchers at the Kellogg School of Management at Northwestern University, workers with a higher minimum wage tend to work harder and are more productive. Not only that, earning a higher wage could be an incentive for workers to stay with a company longer, which can help reduce turnover.

That’s generally considered beneficial since employee turnover is expensive. Replacing an employee with a new candidate can cost about 50% of the worker’s salary or possibly more, according to the HR firm G&A Partners. In that case, it could make more financial sense for a business to pay an employee a better salary to keep them on staff, rather than recruiting and training a new worker to replace them.

The Argument Against Raising the Minimum Wage

Increasing the minimum wage could lead to higher prices and unemployment, opponents say. These are some of the possible cons of raising the minimum wage.

Con: Potentially Increasing Prices for Consumers

If business owners have to raise the minimum wage they pay workers, they would likely raise the prices of their products and services to help pay for the higher labor costs. As employers pass the higher costs along to their customers, consumers will end up paying more for the things they buy. That means their dollars won’t go as far as they used to, which could contribute to inflation.

Con: Risking Job Losses, Especially for Small Businesses

The increased labor costs of a higher minimum wage could be substantial. If the minimum wage increased to, say, $15 an hour, businesses would suddenly need to give raises to everyone making less than that.

But not all companies can afford that. Small businesses that have a slim profit margin could struggle in particular. Restaurants, for example, operate at a 3% to 9% profit margin. Increasing labor costs could shrink (or eliminate) their margins, meaning they might have to let go of some staff or even go out of business.

Con: Could Accelerate a Shift Toward Automation

Employees without specialized skills often work some minimum wage jobs to earn what might be considered entry-level salaries. But as employers are forced to pay workers more, companies might invest in automated technology or artificial intelligence (AI) to do these jobs.

According to one recent survey, approximately 30% of hiring managers said they would use automation or AI if the minimum wage was raised. This could make it more challenging for unskilled laborers to find work; other workers could lose their jobs to automation or AI. They might then have to go on unemployment or try to rely on popular side hustles to try to earn a living and pay their bills.

What Is the Predicted Economic Impact of a Federal Minimum Wage Increase?

There are differing views on how raising the federal minimum might impact the economy. An analysis by the Economic Policy Institute (EPI) found that the $17 an hour minimum wage increase proposed by the Raise the Wage Act of 2025, would provide an additional $70 billion dollars each year in wages to the lowest-paid workers in the U.S. The average worker in this category would make an additional $3,200 a year, the EPI estimates.

However, according to the Congressional Budget Office (CBO), which has also examined the potential impact of the Raise the Wage Act, while the wages and family income of many low-paid workers would likely increase with a higher federal minimum wage, for other families, income would fall due to business owners absorbing the cost of higher wages among other reasons. Overall, the CBO says the number of families in poverty would likely decrease.

But higher wages would likely cause some employers to employ fewer workers, the CBO says. That could result in more unemployed and jobless workers.

How a Changing Minimum Wage Could Affect Your Personal Finances

Beyond the potential impact to the economy, a higher minimum wage could have an effect on individuals’ finances as well — including yours.

For example, an increase in spending by low-wage workers can drive up demand for goods and services and help stimulate the economy and boost economic growth. Employees already making more than the minimum wage might even see their own earnings increase if employers feel pressure to compensate them as well.

But prices may go up as businesses try to offset higher labor costs. That means you might pay more for the things you buy. Employers may also hire fewer workers or make reductions in workforce. And they might also outsource or automate more jobs, which could negatively impact many individuals’ employment opportunities and result in more unemployment.

Fortunately, there are some steps you can take to help protect your own bottom line. Here are some strategies to consider.

Reduce expenses where you can. Take a look at the cost of living in your city or town. Is it reasonable? Or are housing prices and grocery prices more expensive in your locale? Those living in the most affordable cities might find that their dollars go farther. Even relocating a few towns over to one with a lower cost of living might help you save money.

Give your savings a boost. Let’s say you have a goal of saving up for a downpayment on a house, or establishing an emergency fund. One step you might want to consider is opening a high-yield savings account. These accounts have higher interest rates than traditional bank accounts, which could help your savings grow.

Make it simple. Automating your finances can make it easier to save. With direct deposit, for example, your paycheck will go right into your bank account — without you even having to think about it. You might even be able to get your money in there faster. For example, by setting up direct deposit to your SoFi checking and savings account, you can get an early paycheck.

The Takeaway

The original intention for creating a federal minimum wage was to enable workers to have a standard of living that would improve and maintain their health and well-being. However, today’s minimum wage of $7.25 an hour has not risen since 2009. Increasing the minimum wage has a number of potential benefits, but there are possible negative economic effects to minimum wage increases as well.

While the debate over this complex issue will likely continue, remember that you have control over your own finances. Establishing financial goals, and setting up a plan to save for them, can help you manage your money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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.

FAQ

Why are state minimum wages different?

In general, states are able to enact laws that differ from federal laws according to their state needs. Many states with a higher cost of living, like California and Washington, have increased their minimum wage to roughly double the federal minimum. If a state’s minimum wage differs from the federal minimum wage, employers must pay the higher of the two rates.

Who benefits from a minimum wage increase?

Low-income workers can potentially benefit from a minimum wage cost, according to proponents of raising the minimum wage. That’s because earning a higher wage could give them more money to spend on things beyond basic needs like food, shelter, and medical care. For example, they could spend more on such discretionary items such as eating out, and streaming services. This kind of increased consumer spending might, in turn, stimulate the economy.

Does increasing the minimum wage affect cost of living?

It’s possible that increasing the minimum wage could raise the cost of living. This might happen if employers raise prices on the items or services they sell to help cover the cost of higher wages for employees. Higher prices, in turn, may cause inflation to rise, which means that dollars won’t go as far as they used to.

What state has the highest minimum wage?

The state with the highest minimum wage is Washington state, where the state minimum wage is currently $16.66 per hour, and it’s expected to increase in 2026. Although it’s not a state, Washington, D.C. has the highest minimum wage overall of $17.95 an hour.

What might be an opportunity cost of raising the minimum wage?

One possible opportunity cost of raising the minimum wage is that employers might reduce their labor force and lay off workers to help pay for the increased cost of higher wages. They might also automate certain jobs, which could result in more unemployment.

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SOBNK-Q325-108

If you’re looking for a career that makes a lot of money, you might want to start your search in the health and medical field. Health-care jobs are the highest-paying jobs in America, and overall employment in this sector is expected to grow much faster than the average for all occupations through 2034, according to the U.S. Bureau of Labor Statistics (BLS).

Outside of health care, professional athletes and airline pilots are among the highest-paid professions. Three other fields that also made the top 25: chief executive officers (CEOs), computer/information systems managers, and financial managers.

Read on for a snapshot of the highest-paying jobs across the U.S., followed by a listing of the best-paying careers by state.

Top 25 Highest Paying Jobs in America

To compile this list of highest-paying jobs, we reviewed data from BLS’s most recent Occupational Employment and Wage Statistics report (May 2024). We also used government data to cite the minimum education requirements, projected growth, and which industries provide employment for each occupation. For more job description details, we tapped the Occupational Information Network (O*NET).

Here’s a look at the highest-paying jobs in America, ranked from highest average salary to lowest.

1. Pediatric Surgeon

Pediatric surgeons diagnose and perform surgery to treat fetal abnormalities and birth defects, diseases, and injuries in fetuses, premature and newborn infants, children, and adolescents.

Average Salary

$450,810

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.

•  Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes.

•  Consult with a patient’s other medical care specialists to determine if surgery is necessary.

•  Describe preoperative and postoperative treatments and procedures to parents or guardians of the patient.

•  Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Hospitals

•  Offices of physicians

2. Cardiologist

Cardiologists diagnose, treat, manage, and prevent diseases or conditions of the cardiovascular system. They may further subspecialize in interventional procedures (e.g., balloon angioplasty and stent placement), echocardiography, or electrophysiology.

Average Salary

$432,490

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Administer emergency cardiac care for life-threatening heart problems.

•  Advise patients about diet, activity, and disease prevention.

•  Calculate valve areas from blood flow velocity measurements.

•  Compare measurements of heart wall thickness and chamber sizes to standards to identify abnormalities using echocardiogram results.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

3. Surgeons

Surgeons operate on patients to treat injuries, such as broken bones; diseases, such as cancerous tumors; and deformities.

Average Salary

$371,280

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

Varies with specialty

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

4. Orthopedic Surgeon

Orthopedic surgeons diagnose and perform surgery to treat and prevent rheumatic and other diseases in the musculoskeletal system.

Average Salary

$365,060

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.

•  Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes related to musculoskeletal injuries and diseases.

•  Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care Centers

•  Colleges, universities, and professional schools

5. Radiologists

Radiologists diagnose and treat diseases and injuries using medical imaging techniques, such as x rays, magnetic resonance imaging (MRI), nuclear medicine, and ultrasounds. They may also perform minimally invasive medical procedures and tests.

Average Salary

$359,820

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Perform or interpret the outcomes of diagnostic imaging procedures including magnetic resonance imaging (MRI), computer tomography (CT), positron emission tomography (PET), nuclear cardiology treadmill studies, mammography, or ultrasound.

•  Prepare comprehensive interpretive reports of findings.

•  Communicate examination results or diagnostic information to referring physicians, patients, or families.

•  Obtain patients’ histories from electronic records, patient interviews, dictated reports, or by communicating with referring clinicians.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Medical and diagnostic laboratories

•  Outpatient care centers

•  Colleges, universities, and professional schools

6. Dermatologists

Dermatologists diagnose and treat diseases relating to the skin, hair, and nails. They may perform both medical and dermatological surgery functions.

Average Salary

$347,810

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Conduct complete skin examinations.

•  Diagnose and treat pigmented lesions, such as common acquired nevi, congenital nevi, dysplastic nevi, Spitz nevi, blue nevi, or melanoma.

•  Perform incisional biopsies to diagnose melanoma.

•  Perform skin surgery to improve appearance, make early diagnoses, or control diseases such as skin cancer.

•  Counsel patients on topics such as the need for annual dermatologic screenings, sun protection, skin cancer awareness, or skin and lymph node self-examinations.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Outpatient care centers

•  Offices of other health practitioners

•  Medical and diagnostic laboratories

•  Personal care services

7. Anesthesiologist

Anesthesiologists administer anesthetics and analgesics for pain management prior to, during, or after surgery.

Average Salary

$336,640

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Examine patients, obtain medical history, and use diagnostic tests to determine risk during surgical, obstetrical, and other medical procedures.

•  Administer anesthetic or sedation during medical procedures, using local, intravenous, spinal, or caudal methods.

•  Monitor patients before, during, and after anesthesia and counteract adverse reactions or complications.

•  Record type and amount of anesthesia and patient condition throughout procedures.

•  Provide and maintain life support and airway management and help prepare patients for emergency surgery.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

•  Offices of other health practitioners

8. Oral and Maxillofacial Surgeons

Oral and maxillofacial surgeons perform surgery and related procedures on the hard and soft tissues of the oral and maxillofacial regions to treat diseases, injuries, or defects. They also diagnose problems of the oral and maxillofacial regions, and may perform surgery to improve function or appearance.

Average Salary

$334,310

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Administer general and local anesthetics.

•  Collaborate with other professionals, such as restorative dentists and orthodontists, to plan treatment.

•  Evaluate the position of the wisdom teeth to determine whether problems exist currently or might occur in the future.

•  Perform surgery to prepare the mouth for dental implants and to aid in the regeneration of deficient bone and gum tissues.

•  Remove impacted, damaged, and non-restorable teeth.

Projected growth (2024-2034)

5% to 8% (faster than average)

Top Industries

•  Offices of dentists

•  General medical and surgical hospitals

•  Outpatient care centers

•  Offices of physicians

9. Athletes and Sports Competitors

Athletes and sports competitors compete in athletic events.

Average Salary

$328,830

Typical Entry-Level Education

No formal educational credential

Primary Duties

•  Participate in athletic events or competitive sports, according to established rules and regulations.

•  Assess performance following athletic competition, identifying strengths and weaknesses and making adjustments to improve future performance.

•  Attend scheduled practice or training sessions.

•  Maintain optimum physical fitness levels by training regularly, following nutrition plans, or consulting with health professionals.

Projected growth (2024-2034)

5% (faster than average)

Top Industries

•  Spectator sports

•  Other amusement and recreation industries

•  Promoters of performing arts, sports, and similar events

•  Colleges, universities, and professional schools

10. Emergency Medicine Physicians

Emergency medicine physicians make immediate medical decisions and act to prevent death or further disability. They provide immediate recognition, evaluation, care, stabilization, and disposition of patients. They may also direct emergency medical staff in an emergency department.

Average Salary

$320,700

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Analyze records, examination information, or test results to diagnose medical conditions.

•  Assess patients’ pain levels or sedation requirements.

•  Collect and record patient information, such as medical history or examination results, in electronic or handwritten medical records.

•  Communicate likely outcomes of medical diseases or traumatic conditions to patients or their representatives.

•  Conduct primary patient assessments that include information from prior medical care.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  General medical and surgical hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

11. Ophthalmologists

Ophthalmologists diagnose and perform surgery to treat and help prevent disorders and diseases of the eye. They may also provide vision services for treatment including glasses and contacts.

Average Salary

$301,500

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Perform comprehensive examinations of the visual system to determine the nature or extent of ocular disorders.

•  Diagnose or treat injuries, disorders, or diseases of the eye and eye structures including the cornea, sclera, conjunctiva, or eyelids.

•  Provide or direct the provision of postoperative care.

•  Develop or implement plans and procedures for ophthalmologic services.

•  Prescribe or administer topical or systemic medications to treat ophthalmic conditions and to manage pain.

Projected growth (2024-2034)

2% to 4% (as fast as average)

Top Industries

•  Offices of physicians

•  Offices of other health practitioners

•  Outpatient care centers

•  Colleges, universities, and professional schools

12. Neurologists

Neurologists diagnose, manage, and treat disorders and diseases of the brain, spinal cord, and peripheral nerves, with a primarily nonsurgical focus.

Average Salary

$286,310

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Interview patients to obtain information, such as complaints, symptoms, medical histories, and family histories.

•  Examine patients to obtain information about functional status of areas, such as vision, physical strength, coordination, reflexes, sensations, language skills, cognitive abilities, and mental status.

•  Perform or interpret the outcomes of procedures or diagnostic tests, such as lumbar punctures, electroencephalography, electromyography, and nerve conduction velocity tests.

•  Order or interpret results of laboratory analyses of patients’ blood or cerebrospinal fluid.

•  Diagnose neurological conditions based on interpretation of examination findings, histories, or test results.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

13. Obstetricians and Gynecologists

Obstetricians and gynecologists provide medical care related to pregnancy or childbirth. They diagnose, treat, and help prevent diseases of women, particularly those affecting the reproductive system. They may also provide general care to women, and perform both medical and gynecological surgery functions.

Average Salary

$281,130

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Treat diseases of female organs.

•  Care for and treat women during prenatal, natal, and postnatal periods.

•  Analyze records, reports, test results, or examination information to diagnose medical condition of patients.

•  Perform cesarean sections or other surgical procedures as needed to preserve patients’ health and deliver babies safely.

•  Collect, record, and maintain patient information, such as medical histories, reports, or examination results.

Projected growth (2024-2034)

3% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

14. Psychiatrists

Psychiatrists diagnose, treat, and help prevent mental disorders.

Average Salary

$269,120

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Prescribe, direct, or administer psychotherapeutic treatments or medications to treat mental, emotional, or behavioral disorders.

•  Gather and maintain patient information and records, including social or medical history obtained from patients, relatives, or other professionals.

•  Design individualized care plans, using a variety of treatments.

•  Collaborate with physicians, psychologists, social workers, psychiatric nurses, or other professionals to discuss treatment plans and progress.

•  Analyze and evaluate patient data or test findings to diagnose nature or extent of mental disorder.

Projected growth (2024-2034)

7% (faster than average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  State government

15. Pathologists

Pathologists diagnose diseases and conduct lab tests using organs, body tissues, and fluids. Includes medical examiners.

Average Salary

$266,020

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Examine microscopic samples to identify diseases or other abnormalities.

•  Diagnose diseases or study medical conditions, using techniques such as gross pathology, histology, cytology, cytopathology, clinical chemistry, immunology, flow cytometry, or molecular biology.

•  Write pathology reports summarizing analyses, results, and conclusions.

•  Communicate pathologic findings to surgeons or other physicians.

•  Identify the etiology, pathogenesis, morphological change, and clinical significance of diseases.

Projected growth (2024-2034)

5% to 8% (faster than average)

Top Industries

•  Offices of physicians

•  Medical and diagnostic laboratories

•  Colleges, universities, and professional schools

•  Local government, excluding schools and hospitals

•  Scientific research and development services

16. General Internal Medicine Physicians

General internal medicine physicians diagnose and provide nonsurgical treatment for a wide range of diseases and injuries of internal organ systems. They provide care mainly for adults and adolescents, and are based primarily in an outpatient care setting.

Average Salary

$262,710

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Treat internal disorders, such as hypertension, heart disease, diabetes, or problems of the lung, brain, kidney, or gastrointestinal tract.

•  Analyze records, reports, test results, or examination information to diagnose medical condition of patients.

•  Prescribe or administer medication, therapy, and other specialized medical care to treat or prevent illness, disease, or injury.

•  Manage and treat common health problems, such as infections, influenza or pneumonia, as well as serious, chronic, and complex illnesses, in adolescents, adults, and the elderly.

•  Provide and manage long-term, comprehensive medical care, including diagnosis and nonsurgical treatment of diseases, for adult patients in an office or hospital.

Projected growth (2024-2034)

2% to 4% (average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Colleges, universities, and professional schools

•  Outpatient care centers

17. Family Medicine Physicians

Family medicine physicians diagnose, treat, and provide preventive care to individuals and families across the lifespan. They may refer patients to specialists when needed for further diagnosis or treatment.

Average Salary

$256,830

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury.

•  Order, perform, and interpret tests and analyze records, reports, and examination information to diagnose patients’ condition.

•  Collect, record, and maintain patient information, such as medical history, reports, or examination results.

•  Monitor patients’ conditions and progress and reevaluate treatments as necessary.

•  Explain procedures and discuss test results or prescribed treatments with patients.

Projected growth (2024-2034)

2% to 4% (average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional schools

18. Orthodontists

Orthodontists examine, diagnose, and treat dental malocclusions and oral cavity anomalies. They design and fabricate appliances to realign teeth and jaws to produce and maintain normal function and to improve appearance.

Average Salary

$243,620

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Examine patients to assess abnormalities of jaw development, tooth position, and other dental-facial structures.

•  Study diagnostic records, such as medical or dental histories, plaster models of the teeth, photos of a patient’s face and teeth, and X-rays, to develop patient treatment plans.

•  Fit dental appliances in patients’ mouths to alter the position and relationship of teeth and jaws or to realign teeth.

•  Adjust dental appliances to produce and maintain normal function.

Projected growth (2024-2034)

4% (as fast as average)

Top Industries

•  Offices of dentists

•  Hospitals

19. Airline Pilots, Copilots, and Flight Engineers

Airline pilots, copilots, and flight engineers pilot and navigate the flight of fixed-wing aircraft, usually on scheduled air carrier routes, for the transport of passengers and cargo. This job requires a Federal Air Transport certificate and rating for the specific aircraft type used.

Average Salary

$226,600

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•  Start engines, operate controls, and pilot airplanes to transport passengers, mail, or freight, adhering to flight plans, regulations, and procedures.

•  Work as part of a flight team with other crew members, especially during takeoffs and landings.

•  Respond to and report in-flight emergencies and malfunctions.

•  Inspect aircraft for defects and malfunctions, according to pre-flight checklists.

Projected growth (2024-2034)

4% (as fast as average)

Top Industries

•  Scheduled air transportation

•  Couriers and express delivery services

•  Federal executive branch

•  Support activities for air transportation

•  Management of companies and enterprises

20. Pediatricians

Pediatricians diagnose, treat, and help prevent diseases and injuries in children. They also refer patients to specialists for further diagnosis or treatment, as needed.

Average Salary

$222,340

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury in infants and children.

•  Examine children regularly to assess their growth and development.

•  Treat children who have minor illnesses, acute and chronic health problems, and growth and development concerns.

•  Examine patients or order, perform, and interpret diagnostic tests to obtain information on medical conditions and determine diagnosis.

Projected growth (2024-2034)

3% to 4% (as fast as average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Colleges, universities, and professional Schools

21. Nurse Anesthetists

Nurse anesthetists administer anesthesia, monitor patient’s vital signs, and oversee patient recovery from anesthesia. They assist anesthesiologists, surgeons, other physicians, or dentists. They must be registered nurses who have specialized graduate education.

Average Salary

$214,200

Typical Entry-Level Education

Master’s degree

Primary Duties

•  Manage patients’ airway or pulmonary status, using techniques such as endotracheal intubation, mechanical ventilation, pharmacological support, respiratory therapy, and extubation.

•  Respond to emergency situations by providing airway management, administering emergency fluids or drugs, or using basic or advanced cardiac life support techniques.

•  Monitor patients’ responses, including skin color, pupil dilation, pulse, heart rate, blood pressure, respiration, ventilation, or urine output, using invasive and noninvasive techniques.

•  Select, order, or administer anesthetics, adjuvant drugs, accessory drugs, fluids or blood products as necessary.

•  Select, prepare, or use equipment, monitors, supplies, or drugs for the administration of anesthetics.

Projected growth (2024-2034)

35% (much faster than average)

Top Industries

•  Offices of physicians

•  Hospitals

•  Outpatient care centers

•  Offices of other health practitioners

•  Colleges, universities, and professional schools

22. Chief Executives

Chief executives determine and formulate policies and provide overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. They plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers.

Average Salary

$206,420

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•  Direct or coordinate an organization’s financial or budget activities to fund operations, maximize investments, or increase efficiency.

•  Confer with board members, organization officials, or staff members to discuss issues, coordinate activities, or resolve problems.

•  Direct, plan, or implement policies, objectives, or activities of organizations or businesses to ensure continuing operations, to maximize returns on investments, or to increase productivity.

•  Prepare or present reports concerning activities, expenses, budgets, government statutes or rulings, or other items affecting businesses or program services.

Projected growth (2024-2034)

4% (as fast as average)

Top Industries

•  Local and state government

•  Management of companies and enterprises

•  Elementary and secondary schools

•  Computer systems design and related services

23. Dentists

Dentists examine, diagnose, and treat diseases, injuries, and malformations of teeth and gums. They treat diseases of nerve, pulp, and other dental tissues affecting oral hygiene and retention of teeth. They may also fit dental appliances or provide preventive care.

Average Salary

$179,210

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•  Examine teeth, gums, and related tissues, using dental instruments, x-rays, or other diagnostic equipment, to evaluate dental health, diagnose diseases or abnormalities, and plan appropriate treatments.

•  Administer anesthetics to limit the amount of pain experienced by patients during procedures.

•  Use dental air turbines, hand instruments, dental appliances, or surgical implements.

•  Formulate plan of treatment for patient’s teeth and mouth tissue.

Projected growth (2024-2034)

4% (as fast as average)

Top Industries

•  Offices of dentists

•  Hospitals

•  Outpatient care centers

•  General medical and surgical hospitals

24. Computer and Information Systems Managers

Computer and information systems managers plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming

Average Salary

$171,200

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•  Direct daily operations of department, analyzing workflow, establishing priorities, developing standards and setting deadlines.

•  Meet with department heads, managers, supervisors, vendors, and others, to solicit cooperation and resolve problems.

•  Review project plans to plan and coordinate project activity.

•  Assign and review the work of systems analysts, programmers, and other computer-related workers.

•  Provide users with technical support for computer problems.

Projected growth (2024-2034)

15% (much faster than average)

Top Industries

•  Computer systems design and related services

•  Management of companies and enterprises

•  Software publishers

•  Management, scientific, and technical consulting services

•  Computing infrastructure providers, data processing, web hosting, and related services

25. Financial Managers

Financial managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

Average Salary

$161,700

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•  Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.

•  Oversee the flow of cash or financial instruments.

•  Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.

•  Recruit staff members.

•  Evaluate data pertaining to costs to plan budgets.

Projected growth (2024-2034)

15% (much faster than average)

Top Industries

•  Credit intermediation and related activities

•  Management of companies and enterprises

•  Securities, commodity contracts, and other financial investments and related activities

•  Accounting, tax preparation, bookkeeping, and payroll services

•  Insurance carriers

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

What Are The Highest Paying Jobs Without a Degree?

Jobs that make a lot of money don’t always require a college education. These are five top high-paying jobs that don’t require a degree.

•   Commercial Pilot: The average annual salary of a commercial pilot is $122,670, and the projected job growth is 4% (as fast as average), according to the BLS. Commercial pilots typically need flight training and they must meet federal regulations regarding certifications and ratings.

•   Elevator and Escalator Installer and Repairer: The annual average salary for this position is $106,580, and the job is expected to grow faster than average between 2024 and 2034, BLS data shows. Most elevator and escalator installers and repairers learn the job through an apprenticeship, and most states require them to be licensed.

•   Transportation, Storage and Distribution Manager: The average annual salary for this job is 102,010, and the job is growing faster than average (6%) from 2024 to 2034, according to BLS. Those interested in this field typically need work-related experience, such as warehousing.

•   Aircraft and Avionics Equipment Mechanic and Technician: The average annual pay for these trade jobs ranges from $78,680 for aircraft mechanics and service technicians to $81,390 for avionics technicians. The field is expected to grow 5% (faster than average) between 2024 and 2034, BLS data finds. A certificate from a program approved by the Federal Aviation Administration may be required, though it’s possible to train on the job or in the military.

•   Police and Detective:

The average annual salary for these jobs is $77,270, and the projected job growth is about 3%, or as fast as average, according to the BLS. Most police officers and detectives must graduate from their agency’s training academy.

Recommended: Common Signs That You Need to Make More Money

How to Choose a Job Based on Your Personality

Finding a job that not only pays well so you’ll have plenty of money in your checking and savings account, and is an enjoyable position that will help you grow and thrive, is the ultimate goal for job seekers. One way to do it is to assess your personality to see what jobs might be the best fit for you.

To choose a job based on your personality, first consider your interests, values, and strengths. What are you good at? What kinds of things do you like to do? What types of tasks give you a sense of purpose? Think about things you’ve done in the past that made you feel fulfilled, confident, and energized.

Next, take an online career assessment test. These tests can help you identify your core strengths and find career paths that align with those traits. For example, are you creative or more of the analytical type? The answer to that question could help direct you into a field like public relations or marketing if you’re creative, or computers of finance if you’re analytical.

Are you social and enjoy working as part of a team? If so, you might look into the best jobs for extroverts so that you can make the most of your traits and skills.

On the other hand, if you prefer a more self-directed role where you can work independently and focus closely on the task at hand, you can explore the best jobs for introverts.

Finally, research different career options that match your personality traits and choose the ones that are most appealing and strike you as rewarding jobs. Is there anyone in your network who works in one of those fields? If so, get their contact information and reach out to see if you can set up an informational interview with them. Ask lots of questions about what the job is like day-to-day. Can you see it being a good long-term fit for you? If so, go ahead and start your job search!

💡 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.

What are the Highest Paying Jobs in Each State?

The best-paying careers and occupations in the U.S. vary by location. Here’s a look at the best-paid jobs by state based on the BLS’s State Occupational Employment and Wage Estimates for 2024. This listing goes in alphabetical order and includes all 50 states.

Alabama

Career: Cardiologist

Average Salary: $443,520

Alaska

Career: Surgeon

Average Salary: $407,300

Arizona

Career: Pediatric Surgeon

Average Salary: $533,740

Arkansas

Career: Orthopedic Surgeon

Average Salary: $346,680

California

Career: Anesthesiologists

Average Salary: $452,930

Learn more: 20 Highest-Paying Jobs in California

Colorado

Career: Neurologists

Average Salary: $409,690

Connecticut

Career: Cardiologists

Average Salary:$381,730

Delaware

Career: Obstetricians and Gynecologists

Average Salary: $309,490

District of Columbia

Career: Radiologists

Average Salary: $353,800

Florida

Career: Cardiologist

Average Salary: 494,690

Georgia

Career: Surgeons

Average Salary: $446,490

Hawaii

Career: Opthamologists

Average Salary:$343,320

Idaho

Career: Dermatologists

Average Salary: $525,040

Illinois

Career: Opthamologists

Average Salary: $375,370

Indiana

Career: Surgeons

Average Salary: $429,250

Iowa

Career: Opthamologists

Average Salary: $430,910

Kansas

Career: Surgeons

Average Salary: $365,230

Kentucky

Career: Pathologists

Average Salary: $376,940

Louisiana

Career: Cardiologists

Average Salary: $422,290

Maine

Career: Opthamologists

Average Salary: $355,640

Maryland

Career: Emergency Medicine Physicians

Average Salary: $358,680

Massachusetts

Career: Radiologists

Average Salary: $369,490

Michigan

Career: Orthopedic Surgeons

Average Salary: $426,300

Minnesota

Career: Dermatologists

Average Salary: $581,560

Mississippi

Career: Cardiologists

Average Salary: $418,290

Missouri

Career: Radiologists

Average Salary: $363,870

Montana

Career: Surgeons

Average Salary: $415,030

Nebraska

Career: Anesthesiologists

Average Salary: $455,850

Nevada

Career: Emergency Medicine Physicians

Average Salary: $361,510

New Hampshire

Career: Radiologists

Average Salary: $388,410

New Jersey

Career: Chief Executives

Average Salary: $449,370

New Mexico

Career: Neurologists

Average Salary: $383,340

New York

Career: Cardiologists

Average Salary: $402,840

North Carolina

Career: Cardiologists

Average Salary: $450,610

North Dakota

Career: Physicians

Average Salary: $351,270

Ohio

Career: Cardiologists

Average Salary: $500,440

Oklahoma

Career: Pathologists

Average Salary: $296,030

Oregon

Career: Dermatologists

Average Salary: $481,330

Pennsylvania

Career: Cardiologists

Average Salary: $408,950

Rhode Island

Career: Surgeons

Average Salary: $379,330

South Carolina

Career: Orthopedic Surgeons

Average Salary: $398,350

South Dakota

Career: Radiologists

Average Salary: $475,780

Tennessee

Career: Cardiologists

Average Salary: $472,670

Texas

Career: Radiologists

Average Salary: $327,850

Utah

Career: Surgeons

Average Salary: $515,130

Vermont

Career: Orthopedic Surgeon

Average Salary: $449,240

Virginia

Career: Cardiologists

Average Salary: $399,570

Washington State

Career: Orthopedic Surgeons

Average Salary: $396,590

West Virginia

Career: Surgeons

Average Salary: $344,770

Wisconsin

Career: Orthopedic Surgeons

Average Salary: $534,270

Wyoming

Career: Cardiologists

Average Salary: $498,630

The Takeaway

Whether you look at the highest-paying fields nationally or by state, health-care professions dominate the list. However, a few other careers also show up in the highest-paid job rankings, including professional athletes, chief executives, airline pilots, and computer/information systems managers. Plus, there are many jobs that don’t require a degree that also pay well — proving that it’s possible to find a job that fits your skills, core personality traits, and interests and also lets you earn a good income.

Whatever field you choose to go into, choosing the right bank account for your hard-earned cash can help you make the most of your money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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.

FAQ

What job makes $500,000 a year?

Jobs that make $500,000 a year or more tend to be specialized medical professions, such as surgeons, dermatologists, and anesthesiologists. For example, in some states in the U.S., pediatric surgeons and dermatologists earn more than $500,000 a year.

What is the highest paying job in the world?

There is no one single highest-paying job in the world. However, the highest paying jobs across the globe include neurosurgeons, who can earn an average of $500,000 to $800,000 a year, chief executive officers, who can earn an average of $350,000 to $1.5 million, and Artificial Intelligence (AI) and Machine Learning (ML) Engineers, who can earn an average of $180,000 to $350,000.

What are the best paying careers in the medical field?

The best-paying careers in the medical field are typically surgical specialties, such as neurosurgeons and orthopedic surgeons who can earn more than $600,00 a year, and other medical specialists like cardiologists, anesthesiologists, and radiologists, who can earn around $500,000 a year or more.

What are some high-paying jobs that are in high demand?

High-paying jobs that are in high demand include those in the healthcare field like doctors and nurses; technology jobs, such as data scientists and information security analysts; and skilled trades like elevator and escalator installers and repairs, and transportation, storage, and distribution managers. Workers in all these jobs typically earn more than $100,000 a year.

Do you need an advanced degree to get a high-paying job?

No, you don’t need an advanced degree — or in some cases, even a Bachelor’s degree — to get a high-paying job. Commercial pilots, elevator and escalator installers and repairers, and transportation, storage, and distribution managers all make more than $100,000 without a college degree. Other high-paying jobs, such as software developers, computer hardware engineers, and human resource managers, typically don’t require an advanced degree.

Photo credit: iStock/Eva-Katalin

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Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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If you’re grappling with monthly student loan payments, you may be wondering if there are any grants or scholarships to help you pay down your debt or even forgive some or all of it. The answer is yes. While some grants and programs are targeted to borrowers with financial need or who work in a certain field, others are open to anyone.

Read on to learn how to find “free money” to help you manage your student loan debt.

Federal Government Grants

There are a number of grant programs that are available from the U.S. Department of Education (DOE) that can help people pay off their student loans or reduce the amount of student debt they owe.

Government grants are funds given out by the federal government or other organizations that do not have to be repaid. Below are some popular grant programs you may be able to tap while you are still in school.

Federal Pell Grant

The federal Pell Grant is a financial aid program for students who are enrolled in undergraduate courses at an accredited college or university and who demonstrate exceptional financial need. It does not have to be repaid and can cover up to the full cost of attendance. The maximum F\federal Pell Grant award is $7,395 for the 2025–2026 academic year.

The new domestic policy bill that was signed into law makes some changes to the Pell Grant program starting on July 1, 2026. It expands access to these grants to individuals in short-term (8- to 15-week) job training programs, even if they already have a bachelor’s degree, and it limits eligibility access for some other students. According to the new provisions, students will be ineligible for a Pell Grant if they are receiving grant aid from other (non-federal sources), such as states, organizations, or colleges.

Teacher Education Assistance for College and Higher Education (TEACH) Grant

This program provides financial assistance to individuals pursuing an undergraduate or graduate degree in education. The TEACH Grant offers up to $4,000 per year for students enrolled in eligible educational programs at accredited universities. However, to maintain your TEACH grant, you have to work in a high-need field or at a low-income school for at least four years. If you don’t, the grant turns into a loan you must repay.

Iraq and Afghanistan Service Grant

Beginning with the 2024-2025 school year, the Iraq and Afghanistan Service Grant, which was designed to help students whose parents or guardians died due to service in Iraq or Afghanistan after September 11, 2001, is no longer being awarded, as part of the FAFSA Simplification Act. Instead, qualifying students will receive the maximum Pell Grant award.


💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.

State & Local Grants

Many states offer grants that can help residents pay off their student loans. In some cases, you need to work in a certain field and/or in an underserved area.

For example, the New York State Young Farmers Loan Forgiveness Incentive Program provides loan forgiveness awards to individuals who get an undergraduate degree from an approved New York State college or university and agree to operate a farm in the state on a full-time basis for five years.

California’s Department of Health Care Access and Information, on the other hand, offers a range of loan repayment programs for those working in the healthcare field, including doctors, therapists, dentists, and more.

No matter what field you are in, it can pay to research loan repayment opportunities in your state. This grant tool on the DOE’s website can help you find the agency that distributes education grants in your state.

Private Scholarships to Pay Off Student Debt

There are also numerous private grants and scholarships that can help you pay off your student loans. You can look for private funding options using a search engine like Fastweb, Scholarships.com, and FinAid.

To find out about scholarships that may be more under the radar, you could reach out directly to companies and organizations you have some connection to. This might include:

•   Family members’ employers and associations

•   Community service groups with whom you’ve volunteered

•   Identity/heritage groups

•   Religious communities you’re involved with

While private scholarships can be smaller monetary amounts, if you can piece together a few, you may be able to make a significant dent in your student debt.

Recommended: SoFi’s Scholarship Search Tool

Student Debt Forgiveness Programs

There are also loan forgiveness options you may want to explore.

Public Service Loan Forgiveness

If you’re employed by a government or not-for-profit organization, you might be eligible for the government’s Public Student Loan Forgiveness (PSLF) Program. The PSLF Program forgives the remaining balance on your Direct Loans after you’ve made the equivalent of 120 qualifying monthly payments under an accepted repayment plan, while working full-time for an eligible employer.

To see if your employer qualifies and to apply for the PSLF program, you can use the PSLF Tool on the DOE’s website.

If you have private student loans, you are not eligible for the PSLF program.

Income-Driven Loan Forgiveness

Income-driven repayment (IDR) plans are designed to make student loan payments more manageable by basing monthly payments on the borrower’s discretionary income and family size.

Currently, only one of these plans, the Income-Based Repayment (IBR) Plan, gives borrowers the opportunity to have the outstanding balance of their loan forgiven after 20 years of qualifying payments.

However, changes are coming to federal student loan repayment in 2026. The new U.S. domestic policy eliminates a number of repayment plans (although the IBR plan will remain open to current borrowers). For borrowers taking out their first loans on or after July 1, 2026, there will be only one repayment option that is similar to the current IDR plans: the Repayment Assistance Program (RAP).

On RAP, payments range from 1% to 10% of a borrower’s adjusted gross income for up to 30 years. At that point, any remaining debt will be forgiven. If a borrower’s monthly payment doesn’t cover the interest owed, the government will cover the interest.

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness Program will pay up to $17,500 on Federal Direct Subsidized and Unsubsidized Loans and subsidized and unsubsidized Stafford Loans. To receive this loan benefit, you must be employed as a full-time qualified teacher for five consecutive academic years at a low-income school or educational service agency.

Armed Forces Loan Payment Programs

Many branches of the United States military offer loan payment programs that can help you pay off your federal student loans. Programs include:

•   Air Force JAG Corps Loan Repayment

•   Army Student Loan Repayment

•   Army Reserve College Loan Repayment

•   National Guard Student Loan Repayment

•   Navy Student Loan Repayment

While each military loan repayment program works in a slightly different way, these grants can potentially pay off a significant portion (or even all) of your student loan debt.

Corporate Loan Repayment Grants

Your employer may provide student loan repayment help. Many companies now offer student loan repayment as a job perk. As more and more employees struggle with debt, employers have started to offer these benefit programs in order to attract and retain top-notch talent.

In some cases, a company will make regular, direct payments to your student loan servicer or lender on your behalf. In others, an employer may offer to contribute to your retirement if you put a certain percentage of your paycheck toward student loans. Wondering if your employer offers the same perks? Check with HR to see if you can take advantage of a company-wide loan repayment benefit program.

Recommended: Is an Employee’s Student Loan Repayment Benefit Taxed as Income?

Student Loan Refinancing

Another option that could potentially make your loans more affordable is student loan refinancing.

With a student loan refinance, you replace one or more of your old loans with a new loan, ideally with a lower rate or better terms. This may be helpful if you have strong credit (or a student loan cosigner who does), since it might qualify you for a lower interest rate. In addition, you could choose a shorter repayment term to get out of debt faster.

You can refinance both federal and private student loans. Keep in mind, however, that refinancing federal student loans can result in a loss of certain borrower protections, such as student loan forgiveness and deferment. Because of this, you’ll want to consider the potential downsides of refinancing before making changes to your debt.

The Takeaway

While you may think of grants as a way to help finance your education while you are in school, there are grants (as well as scholarships and other programs) that can also help you repay your student loans. Options include federal and state programs, private/corporate grants, and federal loan forgiveness and repayment plans. Another option that could potentially make student repayment more manageable is refinancing.

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

FAQ

Can you use scholarship money to pay off debt?

It depends. While many scholarships are designed solely to cover students’ education expenses while they are in school, there are scholarships available specifically to help borrowers pay off student loan debt. You can use an online search tool like Scholarships.com to help locate them. In addition, check with your employer and any organizations, community service groups, and religious groups you are associated with to see if they offer such scholarships

How do you pay off student loan debt when you can’t afford to pay it?

If you can’t afford your student loan payments, there are a number of strategies that could help. For example, you could switch to an income-driven repayment plan that bases your payments on your discretionary income and salary. Also check into student loan forgiveness programs — as well as state, local, and private grants that are designed to help pay off student loan debt — to see what you might qualify for. Find out if your employer offers student loan repayment as an employee benefit. Finally, another option to consider is student loan refinancing, which could give you a loan with a lower interest rate if you qualify, and potentially reduce your payments.

How do I get student loan forgiveness?

To get student loan forgiveness, explore the different options to see what you could be eligible for. Federal student loan forgiveness options include the Public Service Loan Forgiveness Program for those who work in eligible public service jobs and meet other specific criteria, Teacher Loan Forgiveness Program for educators who fulfill certain requirements, and military forgiveness programs for eligible members of the armed forces. You may also be able to get student loan forgiveness through an income-driven repayment plan for your federal loans.

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

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.