SoFi Blog

Tips and news—
for your financial moves.

Jul
18
2024

Unlimited 2% Card 15TT + $200 ESB Offer Terms and Conditions

By | 1_Web_CreditCard | Comments Off on Unlimited 2% Card 15TT + $200 ESB Offer Terms and Conditions

SoFi Unlimited 2% Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES

Annual Percentage Rate (APR) for Purchases

0% Introductory APR on purchases for the first 15 months from account opening. After that, your standard purchase APR will be 18.74% to 29.24% based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.

Annual Percentage Rate (APR) for Balance Transfers

0% Introductory APR on balance transfers for the first 15 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 18.74% to 29.24% based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.

Annual Percentage Rate (APR) for Cash Advances

30.74%. This APR will vary with the market based on the Prime Rate.

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.

Minimum Interest Charge

If you are charged interest, the charge will be no less than $1.00.

For Credit Card Tips from the Consumer Financial Protection Bureau

To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee None
Transaction Fees

  • Balance Transfer Fee
  • Cash Advance Fee

  • The greater of $10 or 5% of the Balance Transfer
  • The greater of $10 or 5% of the Cash Advance
Penalty Fees

  • Late Payment Fee
  • Returned Payment Fee

  • Up to $41
  • None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Bonus Terms

In order to receive the $200 bonus, your SoFi Unlimited 2% Credit Card account must be in good standing, and you must spend $1,000 or more within 90 days of account opening. You will receive your bonus as a statement credit to your SoFi Unlimited 2% Credit Card account. The following charges and transactions shall be excluded when calculating your total spend during the Promotion Period: reversed transactions, returned purchases, fees or interest charges, balance transfers or cash advances, purchase of traveler’s checks or other cash equivalents, purchase or reloading of prepaid cards, and quasi-cash transactions with certain categories of merchants. This offer does not change your responsibility to make the minimum monthly payment. Allow 45 days from qualifying for the statement credit to be posted to your SoFi Unlimited 2% Credit Card account.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR and then to Balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Unlimited 2% Credit Card Terms & Conditions

The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application must be verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents; and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources, for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Unlimited 2% Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

  • Your annual salary and wages
  • Any other annual income
  • A review of your debt, including the debt listed on your credit report.
  • A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

  • You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
  • Authorized users have access to your SoFi Credit Card Account information
  • Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
  • A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service or feature offered in connection with your Card Account may change or be discontinued at any time for any reason, except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Unlimited 2% Credit Card Rewards Program

With the SoFi Unlimited 2% Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Unlimited 2% Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Mastercard World Elite Benefits

You are also eligible for more rewards through the Mastercard World Elite Benefits program when shopping with eligible merchants. More details on the Mastercard World Elite Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

  • Taking away the rewards points you earned because of fraud, misuse, or abuse
  • Suspending or closing your SoFi Credit Card Account
  • Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

  • Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
  • Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Unlimited 2% Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Unlimited 2% Credit Card.

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Jul
17
2024

Is 713 a Good Credit Score?

By | Uncategorized | Comments Off on Is 713 a Good Credit Score?


Is 713 a Good Credit Score?

713 credit score

On this page:

    On this page:

      By Jason Steele

      (Last Updated – 07/2024)

      A 713 credit score is considered to be “good” credit, and should give you access to a wide array of loans and credit cards. However, your score isn’t as good as it could be, and falls below the “very good” and “exceptional” credit tiers. As a result, you may not receive the lowest available annual percentage rates (APRs) or a lender’s most favorable terms.

      Let’s take a closer look at what a 713 credit score means, and what kind of credit cards, auto loans, personal loans, and mortgages you can get with this score.

      What Does a 713 Credit Score Mean?

      A credit score is a three-digit number, typically ranging between 300 and 850, meant to predict how likely someone is to repay a loan on time. Your credit scores (yes, you have more than one) are calculated based on account and payment information in your credit reports. You have three credit reports, one from each of the major credit bureaus (Equifax, Experian, and TransUnion).

      There are two major credit score providers, FICO® and VantageScore®. Using the FICO scoring model, which is the one most commonly used, a 713 credit score falls into the “good” range (670 to 739), but below the “very good” (740 to 799) and “exceptional” (800+) tiers. With VantageScore, a 713 credit score also lands in the “good” range (661 to 780), below the “excellent” tier (781 to 850).

      A 713 score can mean that you are newer to credit or that you’ve been using credit for a while but have made a few mistakes along the way, such as the occasional late payment or using a large amount of your available credit. Nevertheless, your 713 credit score is close to the average credit score in the U.S., which is 717. Having “good” and not “fair” or “poor” credit also signals to lenders that you are an acceptable borrower and relatively low risk.

      Recommended: FICO Score vs Credit Score

      What Can You Get with a 713 Credit Score?

      With a 713 credit score, you are likely to have access to a variety of lending products, including credit cards, auto loans, personal loans, and home mortgages. Here’s a breakdown of what you may be able to qualify for with a 713 score.

      Can I Get a Credit Card with a 713 Credit Score?

      Your credit score plays a big role in whether or not you can get approved when applying for a new credit card. It also determines the credit limit, interest rate, and perks the card issuer will offer you. Generally, higher scores will qualify you for larger limits, better rewards programs, and lower interest rates.

      With a 713 credit score, you shouldn’t have difficulty getting approved for a credit card, including cards with no annual fees and those that offer some cash back or travel rewards. You’ll also likely qualify for most store credit cards, which can only be used at that particular store or chain of stores.

      That said, a 713 score likely isn’t going to be high enough to qualify for premium travel rewards cards that offer generous perks, sign-up bonuses, and lower interest rates, or the best 0% APR offers. These more exclusive credit cards typically require borrowers to have a score between 720 and 850.

      Can I Get an Auto Loan with a 713 Credit Score?

      You should be able to get approved for most auto loans with a 713 credit score. About 69% of vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

      The car loans with the lowest interest rates and most favorable terms, however, are generally reserved for borrowers who have “very good” or “exceptional” credit. For example, borrowers with credit scores between 781 to 850 pay, on average, 5.38% APR for a new car loan; those with scores between 661 to 780 pay, on average, 6.89% APR for a new car loan.

      Whether you get approved for an auto loan and what rate you’ll be offered will also depend on how much money you put down on the car and how much you’re looking to borrow.

      Can I Get a Mortgage with a 713 Credit Score?

      You can likely get a mortgage loan with a 713 credit score, including a conventional mortgage (the most commonly used mortgage loans) and a jumbo loan (which carries higher amounts than conventional loans). However, you probably won’t qualify for a mortgage lender’s best rate. Instead, you’ll likely pay an interest rate in line with national averages.

      Whether you qualify for a mortgage and at what interest rate, however, will depend on more than your credit score. Lenders will likely also look closely at your debt-to-income ratio (DTI), which is the percentage of your monthly gross income that is being used to pay your monthly debts. A DTI of 43% is typically the cut-off for getting approved for a mortgage, but lenders generally prefer ratios of no more than 36%.

      As part of your application, a mortgage lender will also consider the amount of your down payment, along with your income and employment history.

      Can I Get a Personal Loan with a 713 Credit Score?

      Like most credit cards, personal loans are typically unsecured, meaning they’re not backed by collateral. As a result, lenders rely solely on a borrower’s creditworthiness to assess if a borrower qualifies and at what rate. Creditworthiness is usually a combination of your credit history and score, in addition to income and debt.

      The good news is that you shouldn’t have difficulty getting a personal loan with a 713 score. To qualify, borrowers generally need a minimum credit score of 580. Your chances of getting a low interest rate on a personal loan, however, will be much higher if you have a credit score of 740 or above.

      Once approved, a personal loan gives you access to a lump sum of money (anywhere between $1,000 to $50,000, sometimes more) that you can use for virtually any purpose. Personal loans are commonly used for home improvements, credit card consolidation, medical debt, large purchases, weddings, funeral costs, and more.

      The Takeaway

      A 713 credit score is a good credit score, but it’s not as good as it could be. To qualify for loans with the lowest interest rates and receive the most favorable terms, you’ll want to get your credit score closer to 740, ideally even higher. Building your credit — by always making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to unlock lending products with lower rates in the future.

      Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


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

      View your rate

      Photo credit: iStock/Tick-Tock

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


      Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
      Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

      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.



      SOPL-Q224-1878550-V1

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      Jul
      15
      2024

      Personal Loans $200 Welcome Bonus | SoFi

      By | Uncategorized | Comments Off on Personal Loans $200 Welcome Bonus | SoFi

      Personal Loans

      Low rates. No fees required.

      Get a $200* special bonus when you sign up.

      Offer ends 12/31/2024


      View your rate

      Checking your rate will not affect your credit score.

      • Low fixed rates

        Consolidate high-interest debt with a low fixed-rate personal loan and you could save big.

      • No fees required

        No origination fees required, no prepayment penalty fees, and no late fees whatsoever.

      • Fast funding

        Borrow $5K–$100K and receive funds fast. Your funds could be available as soon as the same day you sign.1

      • Apply online

        Our online application process is quick and easy. View your rate in just 60 seconds to get started.



      Easily apply for a personal loan online in 3 steps.

      1. Prequalify

        Find the rate that you qualify for in 60 seconds with no commitment.

      2. Choose your loan terms

        Choose from 2-7 year terms and finish your application online.

      3. Receive your funds

        Sign your documents and funds will be wired to your account—as soon as the same day.1


      View your rate

      Checking your rate will not affect your credit score.

      {/* Horizon */}

      Our members have paid off more than $26B
      in high-interest debt.


      The savings and experiences of members herein may not be representative of the experiences of all members.
      Savings are not guaranteed and will vary based on your unique situation and other factors.

      2Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/15/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

      Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

      PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 8.74% APR to 35.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.

      PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.


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      Jul
      10
      2024

      Scholarship Search – College Scholarships Finder | SoFi

      By | 1_Web_ISL | Comments Off on Scholarship Search – College Scholarships Finder | SoFi


      Scholarship Search Tool

      Lightening your college costs is great, but how do you know what’s available to you? There are countless scholarships, fellowships, grants, and more up for grabs. Streamline it all with the Scholarship Search tool and save your college stress for tests (and dorm drama).

      How to Use the Scholarship Finder Tool

      Using SoFi’s scholarship search can help you find scholarships that fit your profile. You can search by 10 filters, including a specific keyword, school type, area of study, and more which can help you narrow down scholarships that may fit your background or strengths.

      For each scholarship, you can see details, including the number of awards available, the deadline to apply, and a link where you can learn more.

      How to Use the Scholarship Finder Tool Filters

      Using filters on SoFi’s scholarship search tool will help you find scholarships that are a good match for you. The more fields you fill out, the more defined your results will be.

      Certain fields are additive, which means you’ll find scholarships that fit either of those criteria. If you choose “nursing” as your field of study, for example, you’ll find more than 275 potential scholarships. And if you add “any military service” as an additional filter, there are over 400 results.

      Recommended: Important College Application Deadlines

      As you pursue your college scholarship search, use the filters to surface a wide range of opportunities. The more scholarships you end up applying to, the greater your chances of success. Here are some of the filters to explore.


      Keyword

      Keywords can be valuable for honing in on scholarships that may be specific to an area of interest or talent that doesn’t appear on other filters. Search “community service,” for example, and 191 opportunities come up. There are scholarships for moms, for those who are the first in their family to attend college, and more. Exploring with different keywords and filters can help you get a sense of what types of opportunities are out there.



      Field of Study

      There are over a hundred field of study filters that you can use to find scholarships that are related to your major or to a major you’re considering. From journalism and law to nursing or civil engineering, there are related scholarships to consider.



      Success Rate

      Success rate shows the percentage of applicants who are awarded a scholarship. That means that scholarships with a lower success rate percentage may be very competitive. So as with creating your college application list, you’ll want to consider a mix of scholarships when you apply — some that are more of a challenging “reach,” as well as others that are less competitive.

      Recommended: 5 Ways to Start Preparing For College



      All Filters

      There are filters for religion and military service as well. Exploring all of the filters with some of the ways you categorize yourself can help you create a more personalized list of scholarships.



      State

      There are a range of state scholarships that are earmarked for residents of a certain state, or for students who go to college there. It’s worth searching both the state that you reside in and also, depending on where you are in your college process, exploring scholarships in states where you’re applying to schools. Be sure to understand any residency requirements before you apply.



      School Type

      You can also search scholarships that can help pay for tuition and educational expenses at the specific type of program you’re hoping to attend — four-year schools, two-year colleges, as well as tech or trade schools. It can be helpful to select the type of school along with another filter, such as area of study or ethnicity.


      Ethnicity

      There are many scholarships designed for people of certain ethnicities, heritages, and backgrounds. Filtering for ethnicity can help surface a range of potential scholarships that you might not have known about. Keep in mind, ethnicity can refer to the background and heritage of your parents or grandparents, too. You can learn more about the requirements on the scholarship’s website.

      Recommended: FAFSA 101: How to Complete the FAFSA

      Your Scholarship Search Results: Next Steps

      Once you have a list of scholarships, you can determine which ones are the best fit by learning more from the links in the scholarship finder tool. The earlier you start your research, the more time you’ll have to apply ahead of the deadlines. Junior year of high school can be a good time to start looking.

      Be sure to check the eligibility requirements and assemble all of the requested materials. Your school’s college counseling office or local community center may be able to offer guidance on applying for scholarships, as well as provide tips on how to strengthen your application.

      If you’re awarded a scholarship, you’ll need to report any awards over $300 to your school’s financial aid office. They may adjust the amount of need-based financial aid that you receive. (If you don’t share this information, you may be responsible for paying back what’s called an “overaward.”)

      If you’re not awarded a scholarship, keep trying: You can continue to apply for new scholarships throughout your academic career in college.

      Overwhelmed by all the college choices?

      There are so many colleges! Where do you even begin? The College Search tool is here to help make your choices more digestible.


      Find your college

      Scholarship Search FAQ


      What kinds of scholarships are available?
      There are thousands of scholarships available awarded on a range of achievements in academics, athletics, or the arts. They can also be tied to extracurricular activities, community involvement, or personal background, such as your identity, religion, heritage, or state residency. The amount of a scholarship may be a few hundred dollars to several thousand.


      How do I find scholarships?

      A scholarship finder, like SoFi’s scholarship search tool, can help you find scholarships that are a good fit for you. It takes time and effort to apply for scholarships — and you’ll want to apply to as many as you can to increase the odds of winning one — but if you win an award, the free money for college will be worth it.



      When do I apply for scholarships?

      The deadlines for scholarships vary, so it’s helpful to start early. Junior year of high school can be a good time to start your research. You can sort by deadline date in SoFi’s scholarship finder tool to help you stay on top of applications.

      How do I apply for scholarships?

      Each scholarship will have its own application requirements, but you may be able to use some of the same materials for multiple applications. Seek out guidance for applying from your high school’s college guidance office or your local community center.



      How do I get my scholarship money?

      If you win a scholarship, how you receive the award may vary. The organization granting the scholarship may send the money directly to you, or it may be sent to your school to cover educational expenses, such as tuition. You should receive information about how you’ll receive your award when you learn that you’ve won a scholarship.



      How does a scholarship affect my other student aid?

      You’ll need to report any scholarship awards over $300 to your school’s financial aid office, and the amount of need-based financial aid you receive may be adjusted. If you don’t report it, you may be responsible for paying back the “overaward.”

      To help with your search









      Learn the federal aid ropes with SoFi’s FAFSA® Guide.


      Learn more


      SoFi Private Student Loans keep the focus on your education with low rates, flexible terms, and zero fees.


      View your rate


      (without impacting your credit score)✝︎


      Read more
      Jun
      28
      2024

      Roth IRA

      By | Uncategorized | Comments Off on Roth IRA

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      Roth IRA

      Start saving for retirement with a Roth IRA.

      By investing in a Roth IRA, you won’t pay taxes on potential earnings and can enjoy the freedom of withdrawing your money in retirement without worrying about paying taxes on it. 


      Open a Roth IRA

      For other IRA options, check out SoFi’s Traditional IRA and SEP IRA accounts.

      {/* What is an ira*/}

      What is a Roth IRA?

      A Roth IRA is an individual retirement account that offers potential tax advantages. Unlike traditional IRAs, you make contributions to a Roth IRA with after-tax dollars, meaning they are not tax deductible. However, qualified withdrawals in retirement are tax free, including both contributions and investment earnings. So, it’s a way to save for the future while enjoying tax-free benefits.

      Learn more: Roth vs Traditional IRA Comparison

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      How a Roth IRA can help you save for retirement.

      Tax-free benefits.

      Both your contributions and whatever you earn on them are tax free when you withdraw from your Roth IRA in retirement. 

      Convenient access to your money.

      You can withdraw contributions at any time,
 tax- and penalty-free. Note that earnings are subject 
to different rules. 

      No required withdrawals.

      Unlike traditional IRAs, Roth IRAs do not require that you withdraw a certain amount of money each year after reaching age 73.

      Beneficiaries aren’t taxed.

      Rest easy knowing your beneficiaries can make tax-free withdrawals if they inherit your Roth IRA. 


      {/* investment approach */}

      Choose the investment approach for your Roth IRA.

      Automated Roth IRA: < br/>A hands-off approach.

      Unsure about your investment options or where to start? We’re here to help. Just share your retirement and investment goals with us, and our robo-advisor will create and maintain a personalized portfolio specifically tailored to your Roth IRA.


      Open an Automated Roth IRA

      Self-Directed Roth IRA: < br/>Do it yourself.

      If you prefer to take control and choose your own investments for your Roth IRA, consider our self-directed investing option. Manage your investments directly and enjoy zero commission on your trades.


      Open a Self-Directed Roth IRA

      {/* why choose sofi*/}

      Why choose a SoFi Roth IRA?

      There are lots of reasons to love Roth IRAs — and even more when you open one with SoFi. 

      • Self-directed or automated investing.

        Take control with self-directed investments or opt for an automated investing Roth IRA and we’ll suggest a portfolio based on your goals and risk tolerance.

      • Get personalized advice and guidance.

        Book a complimentary 30-min session with one of our financial planners. They can answer your questions and help you build an investment plan that aligns with your retirement goals.

      • Diversify your portfolio.

        Choose from a wide range of investment options with no commissions. Other fees apply.

        • Stocks

        • ETFs

        • Mutual funds

        • Bonds

        • Alternative assets

        • IPOs

      • Low fees and no minimums.

        We don’t charge account open or maintenance fees**. And you can invest at your own pace without worrying about account minimums. 

      {/* how to open */}

      How to open a Roth IRA with SoFi:


      • Choose an IRA account type.

        Select Roth IRA. Other options include traditional and SEP.

      • Select how you’d like to invest.

        You choose how hands on you want to be with your investments—do it yourself (Active Roth IRA) or have us do it for you (Automated Roth IRA).

      • Open an account.

        After you’ve opened your account, add money to your IRA by making a single or recurring deposit from your bank account using SoFi’s secure interface.


      Open a Roth IRA

      {/* backdoor roth */}

      Income too high? Consider using the “back door.”

      If your income exceeds the limit for Roth IRA contributions, you can utilize the ‘back door’ strategy. This involves initially placing funds in a traditional IRA (which has no income cap) and then moving those funds to a Roth IRA using a Roth conversion. When you go this route, you have to pay taxes on deducted contributions and any earnings, but you can enjoy tax-free withdrawals later.

      Contact us for the paperwork, and once you’ve submitted it we’ll take care of the Roth IRA conversion. Remember, this is a taxable event, so you may want to consult a financial advisor and/or a tax professional before moving forward with a backdoor Roth as it cannot be reversed.

      Learn more about backdoor Roth IRAs.

      Get more Roth IRA resources and education.








      See more investing articles

      FAQs


      Am I eligible to open a Roth IRA?

      Whether you’re eligible to open and contribute to a Roth IRA depends on your income. If your income exceeds the limits set by the IRS, you cannot contribute to a Roth IRA.< br/>< br/>In 2025, single filers earning less than $150,000 and married couples filing jointly with incomes under $236,000 are eligible to make full contributions to a Roth IRA. If your Modified Adjusted Gross Income (MAGI) falls between $150,000 and $165,000 as a single filer, or between $236,000 and $246,000 for joint filers, your contribution amount will be reduced.

      In 2026, single filers earning less than $153,000 and married couples filing jointly with incomes under $242,000 are eligible to make full contributions to a Roth IRA. If your MAGI falls between $153,000 and $168,000 as a single filer, or between $242,000 and $252,000 for joint filers, your contribution amount will be reduced.


      How much can I contribute each year to a Roth IRA?

      In 2025, the contribution limits for Roth IRAs are $7,000 per year if you’re under 50, or $8,000 per year if you’re 50 or older. In 2026, the contribution limits for Roth IRAs are $7,500 per year if you’re under 50, or $8,600 per year if you’re 50 or older. Remember that income caps may also apply (see above).


      How much money do you need to start a Roth IRA?

      SoFi Roth IRAs do not charge anything to open the account, but you need $5 to choose investments in your Active Invest Roth IRA ($50 to invest in an Automated Invest Roth IRA). 


      How is a Roth IRA different from a traditional IRA? 

      The key distinction between a Roth IRA and a traditional IRA lies in the tax treatment. With a Roth IRA, you make contributions with after-tax money, allowing for tax-free withdrawals of your contributions and earnings in retirement. Your contributions to a traditional IRA are made with pre-tax money. So, a traditional IRA offers tax deductions on contributions, but withdrawals are taxed as income. Essentially, Roth IRAs offer tax-free withdrawals and traditional IRAs offer tax-deferred withdrawals. 


      Can I have both a Roth and Traditional IRA?

      Yes, you can have both a Roth and Traditional IRA. However, it’s important to understand that the contribution limits apply across all your IRAs combined. For the tax year 2025, the total contribution limit is $7,000 for all your IRAs ($8,000 if you are 50 or older); for 2026, the total contribution limit is $7,500 for all your IRAs ($8,600 if you are 50 or older). Keep this in mind when planning contributions and considering the tax implications for each account.


      Is it worth opening a Roth IRA?

      Roth IRAs offer unique benefits for retirement savings, such as tax-free withdrawals in retirement. Here are some considerations to help you decide if opening a Roth IRA is right for you:

      • Unlike traditional IRAs, contributions to a Roth IRA are made with after-tax dollars. This means you won’t receive a tax deduction for your contributions. The benefit, however, is that withdrawals during retirement are tax-free, provided certain conditions are met.
      • Roth IRAs have income restrictions which may limit or prohibit contributions if your income is too high. For instance, individuals with a modified adjusted gross income (MAGI) of $165,000 or more, and joint filers with a MAGI of $246,000 or more, are not eligible to contribute in 2025. In 2026, single filers with a MAGI of $168,000 or more, and joint filers with a MAGI of $252,000 or more are not eligible to contribute.
      • While you can withdraw your contributions to a Roth IRA at any time without penalty, withdrawing earnings before age 59 ½ and before the account has been open for five years may result in penalties and taxes. This is important to consider if you think you may need access to these funds before retirement.



      What are the fees and costs associated with a SoFi Roth IRA?

      SoFi Roth IRAs have no maintenance fees and low minimums, so you can save for retirement without unnecessary costs weighing you down. Please view our fee disclosure for a complete listing of fees.


      Can I transfer my retirement account to a SoFi Roth IRA?

      Yes! To transfer funds from a Roth IRA at another brokerage, you’ll just need to submit an Automated Customer Account Transfer (ACAT) request form via the SoFi app or website. To roll over funds from a Roth 401(k), you’ll need to initiate the transfer with the institution currently managing your Roth 401(k). Note that you cannot roll over funds from a traditional IRA or 401(k) into a SoFi Roth IRA. 


      How do I access my SoFi Roth IRA account online or through the app?

      Start by logging into your account. Then, under “Invest” select your Roth IRA. From there, you can manage your account and see its performance. 


      Can you withdraw from a Roth IRA?

      You can withdraw contributions from your Roth IRA at any time without paying penalties or taxes. However, if you withdraw any earnings before they’ve been in your Roth IRA for five years, you could owe taxes and a 10% penalty on the amount you withdraw.


      Is a Roth IRA better than a 401(k)?

      Deciding if a Roth IRA is better than a 401I(k) depends on your personal circumstances and goals. Because you make contributions with after-tax money, a Roth IRA could be a good option for those in lower tax brackets now. If your employer offers a 401(k) with contribution matching, you could increase your contributions, essentially for free. Keep in mind, some employers offer Roth 401(k)s, which allow you to reap the benefits of both types of retirement accounts. 


      What are the tax benefits of having a Roth IRA?

      One of the main tax benefits of a Roth IRA is that qualified withdrawals in retirement are tax free, including both contributions and investment earnings. Additionally, the earnings from your Roth IRA are not subject to income tax. That means the amount you put in today is yours in retirement — plus whatever those investments earn.


      What is a Roth IRA conversion and how does it work?

      A Roth IRA conversion occurs when you move retirement funds from a traditional IRA or 401(k) account into a Roth account. Only post-tax contributions can go into a Roth IRA, so you’ll need to deduct taxes from traditional IRA funds before converting to a Roth account. You can convert by withdrawing from your traditional IRA and contributing to a Roth IRA yourself, or your financial institution can do it for you. 


      What is a backdoor Roth and how does it work?

      A backdoor Roth IRA is a way for high earners who aren’t eligible to contribute to a Roth IRA to still enjoy the benefits of a Roth account. Instead of contributing directly, individuals can contribute to a traditional IRA and then convert it to a Roth IRA. This process includes withdrawing traditional IRA funds, paying the taxes on earnings, and then moving the rest of the money into a Roth IRA. 

      {/* Closing CTA */}

       Save for retirement the smart way.

      There’s lots to love about a Roth IRA. Put your money to work today for tax-free withdrawals in the future.


      Open a Roth IRA



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