You can find the most up-to-date list of SoFi Plus benefits by logging in to your SoFi account in the app or on the website. Tap the Plus icon at the top of your Home page or go to your Profile icon > Membership & Rewards.
Read more
Find the IRA that fits your retirement goals and help increase your savings with a 1% match on rollovers and contributions1. Getting started is easy and SoFi is here to help. Learn more.
Open an IRA
Begin rollover
1Terms and conditions apply. Matches are made on contributions up to the annual limits. 5-year holding period required.
{/* Page Nav */}
{/* What is an ira*/}
An Individual Retirement Account (IRA) is a personal retirement savings account you can open online if you have earned income.
IRAs are tax-advantaged investment accounts designed to help you build your future. If you already have a retirement plan through work, an IRA can be a way to help supplement your retirement savings based on contribution limits. While IRAs offer potential tax-deferred or tax-free growth, they involve investment risk and may lose value.
{/* IRA types*/}
Step 1: Choose an IRA
One of the first steps to opening an IRA is choosing the right account type for your goals.
Whether you’re starting a fresh retirement plan or moving an existing one, find the fit that matches your savings style.
Taxed today, not in retirement
• Contributions are not tax-deducitble.
• Potential for tax-free growth and tax-free withdrawals in retirement.
• Income eligibility does exist.
• Annual contribution limits apply.
Save now, taxed when retired
• Contributions may be tax-deductible.
• Earnings grow tax-deferred and are taxed as ordinary income when withdrawn in retirement.
• No income eligibility requirements.
• Annual contribution limits apply.
Move 401(k), 403(b)s
• No contribution limits when rolling over your 401(k)s.
• Consolidate 401(k)s from previous employers into one easy-to-manage account.
• No taxes or penalties when moving funds from a qualified plans.
For the self-employed
• Designed for self-employed individuals and small business owners.
• SEP IRA contributions are tax-deductible.
• Higher contribution limits compared to Traditional and Roth IRAs.
Take our 2-minute quiz to find out if a Traditional, Roth, or SEP IRA makes sense for your retirement goals.
}
headingText=”Not sure which IRA is right for you?”
imgAlt=”ira contribution limit calculator”
imgSrc=”https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/what-is-an-ira.webp”
/>
Step 2: Choose Management Style
Once you’ve picked an account, the next step is to choose the investment style that fits your style. You can be hands-on with self-directed investing or let SoFi’s robo-advisor handle the heavy lifting with automated investing.
If you want to be hands-on and select your own investments in your IRA, self-directed investing is the option for you. Be your own investor and pay no commissions on your trades. Other fees apply.
Open a Self-Directed IRA
Overwhelmed by your investment options or not sure where to start? We’re here to help. Just tell us about your overall retirement and investment goals and our robo advisor will build and manage a custom portfolio for your IRA – just for you.
Open an Automated IRA
Step 3: Open your IRA
Now that you’ve chosen your account and investment style, follow these last three steps to officially open your IRA and put your money to work.
Take a few minutes to provide some basic personal and financial information to set up your account securely.
Link your bank for a one-time deposit, set up recurring contributions, or rollover funds from an existing 401(k).
Choose your own stocks and ETFs or select an automated, robo-advisor-managed portfolio to put your money to work.
Open an IRA
Discover the benefits of opening an IRA with SoFi and see how it can help you achieve your retirement goals.
Reimagine your retirement with a 1% match on IRA contributions and 401(k) rollovers—no employer plan is necessary. Note: SEP IRAs are excluded.
Whether selecting your investment options yourself or letting us build your portfolio for you, you get access to a wide range of investment options including stocks, ETFs, alternative investments, and more.
Book a complimentary 30-min session with a SoFi Financial Planner to help get a clear understanding of your current financial situation – and build a strategy moving forward.
No commissions on stocks and ETFs means no extra cost to you. Other fees apply.
Open an IRA
Begin rollover
1Terms and conditions apply. Matches are made on contributions up to the annual limits. 5-year holding period required.
Based on SoFi Members. This claim may not be representative of the experience of all other customers. | Updated: 1/26/2026
{/* snatch a 2% IRA match with sofi plus */}
Get more from your contributions. Act now—the offer ends 4/15/26.
See details
Members with Eligible Direct Deposit or Qualifying Deposits receive complimentary SoFi Plus access through 3/30/26 and are eligible for this promotion. Terms and conditions apply. Matches are made on contributions up to the annual limits.
Use our retirement calculator to estimate what you’ll have, what you’ll need,
and to identify any gaps so you can plan with confidence. 3
How our retirement calculator works.
expand={
/>
This calculator projects your retirement savings by considering your current balance, annual contributions, and the rate of return on your investments. This is for educational purposes and is based on hypothetical assumptions that may not reflect actual performance.
The projected amount is in today’s dollars, meaning it reflects the purchasing power of your savings in terms of today’s cost of living, after adjusting for inflation. It also assumes those amounts are in pre-tax dollars, meaning taxes on these funds will be paid when you withdraw them in retirement.
Whether you’re on track or facing a gap based on your calculator results, consistently maxing out your IRA each year can help strengthen your long-term retirement outlook with the help of compound returns. This refers to the potential for your savings to build on themselves over time, similar to a snowball effect.
Take this chart, for example. It shows how those returns can add up over time when you consistently contribute the annual IRA maximum, based on a hypothetical 7% annual return, which reflects the historical average of the S&P 500 Index. 4
You know you’re supposed to save for retirement, but do you know how to get started or what you’re supposed to do over time? From knowing how much to save, what to invest in, and how to manage your retirement account, our tools and resources can help you on the road to retirement.
See more investing articles
The SEP IRA contribution limit for 2025 is 25% of an employee’s total compensation, up to $70,000. The SEP IRA contribution limit for 2026 is 25% of an employee’s total compensation, up to $72,000. Other limitations may apply.
Traditional IRA contributions may be tax-deductible if you meet certain income requirements. Roth IRAs are not tax-deductible.
Learn more: IRA Tax Deduction Rules
Yes, you can have both a 401(k) and an IRA. Note that the two account types have different contribution and withdrawal rules, so be sure to understand those before opening an account.
How do I move my 401(k) to an IRA?
SoFi Invest offers a range of retirement accounts and 401(k) rollover options.
We offer Traditional, Roth, and SEP IRAs, and can help with the rollover process.
Yes, you can have multiple IRAs, but the total amount you contribute to all of your IRAs cannot exceed the annual IRS contribution limits.
Is my IRA deposit or 401(k) rollover automatically invested?
It depends. If you want your contributions or rollovers to be automatically invested and rebalanced, you have the option to open a Robo IRA where we’ll build a portfolio for you, based on your investment objectives and risk appetite.
If you prefer to choose your investments yourself, you have the option to open an Active IRA. With an Active IRA, don’t forget to place trades to invest your IRA deposits so you don’t leave them as uninvested cash in your account.
For traditional IRAs, you can make penalty-free withdrawals once you reach age 59½. Roth IRA contributions can be withdrawn at any time without tax or penalty, for any reason at any age. Investment earnings on Roth contributions can typically be withdrawn, tax-free and without penalty, once the investor reaches the age of 59½, as long as the account has been open for at least a five-year period.
Learn more: Traditional and Roth IRA Withdrawal Rules & Penalties
Required minimum distributions (RMDs) are minimum withdrawals set by the IRS that you must make when you reach a certain age. For traditional IRAs, RMDs kick in the year you turn 72 (73 if you reach age 72 after Dec. 31, 2022).
There’s no cost to open a SoFi IRA.
SoFi retirement accounts don’t have any account fees. However, there may be fees associated with certain ETFs and mutual funds ranging from 0.03% to 0.40%. Other fees apply.
SoFi offers a variety of investment options for your retirement savings including ETFs, stocks, and more. You can choose to invest in individual investments or you can use SoFi’s automated investing service to create a diversified portfolio that’s tailored to your risk tolerance and investment goals.
The rollover must be completed via the integrated Capitalize rollover experience within the SoFi Invest platform. To begin the rollover process, please click here.
What is an IRA match and how does it work?
The IRA Match is an extra 1% that SoFi adds to your IRA for making contributions and rollovers. It does not count toward your annual contribution limits. The pay-out amount for the 1% contribution match is calculated based on each settled deposit up to the annual contribution limits.
For example, if you deposit $3,000 into your IRA, your 1% match will be $30. There is no cap or limit on the 401(k) rollover match.
Contributions into Automated IRA, Automated Roth IRA, Active IRA, and Active Roth IRA are eligible for the match promo.
Is my 403(b) or 457(b) eligible for the match?
Yes, as long as you completed the rollover via the SoFi platform utilizing this link, your rollover is eligible for the match.
The match will be paid out within 5 business days of the transfer being settled, subject to verification of eligibility and compliance with these terms.NOTE: Your IRA Contribution Match and Rollover Match will be paid out as two separate amounts.
Yes – you must keep the funds in your SoFi IRA for five years from the deposit settlement date. Early withdrawals will be subject to an early withdrawal fee. SoFi will remove a proportional amount of the bonus from the member’s account based on the breach in retention value. In the event of an ACAT transfer out, there will be an early withdrawal fee for the entire match amount. See terms for more detail.
SoFi will match 1% of a customer’s ACH deposits or via cash transfers from SoFi Bank accounts, up to their contribution limit. Contributions over the annual contribution limit will not be matched. Please see examples below:
Example 1: If you have not made any contributions to your IRA for 2025 and contribute $7000 you will be matched 1% of your contribution amount, which is $70.
Example 2: If you have already made a contribution of $2,000 to your IRA for 2025 and contribute an additional $7,000, bringing you over the annual contribution limit, you will be matched 1% of your additional contribution up to the legal limit, which would be $50 if you are below 50 years old, or $60 if you are above 50 years old.
Is the SoFi IRA Match the same as an employer’s 401(k) match?
The SoFi IRA Match and employer 401(k) match both offer matches on retirement investments, but they aren’t the same.
For starters, the IRA Matches do not count toward your annual contribution limit. Also, you don’t have to work for SoFi to earn an IRA Match. In contrast, a 401(k) employer match is a contribution that an employer makes to an employee’s retirement account.
It is possible to have both an employer 401(k) match, earn the IRA 1% Contribution Match with a SoFi IRA and rollover a 401(k) from a previous employer to a SoFi IRA to earn a 1% Rollover Match.
Open a SoFi IRA
Home > Online Investing > IRA Accounts
(Last Updated – 02/2025)
Colgate University, located in Hamilton, New York, is a prestigious private liberal arts college known for its rigorous academics, close-knit community, and picturesque campus. It also stands out for its small class sizes, which foster closer faculty-student relationships, and a strong core curriculum that emphasizes critical thinking and global perspectives. Here’s an overview of Colgate tuition, fees, housing costs, acceptance rate, and more.
Costs for 2023-2024
Colgate University’s total cost of attendance for 2023-24 was $87,070. Here’s how those costs break down:
• Tuition & Fees: $67,024
• Books & Supplies: $1,524
• Room & Board: $16,790
• Other Expenses: $1,732
• Total Cost of Attendance: $87,070
Half of students use one or more forms of financial aid to help with the Colgate University cost. This may be in the form of scholarships, loans, grants, or a combination of these.
For example, Pell Grants, federal funding for undergraduate students who demonstrate exceptional financial need, were awarded to 12% of Colgate students in the 2022-23 academic year.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, or non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• US Department of Education — Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) — A global college scholarship application used by select institutions to award financial aid
Recommended: New York Student Loans & Scholarships
To help cover the cost of Colgate tuition, around 13% of students get federal student loans and roughly 4% take out private student loans (averaging $24,495 for the academic year).
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Colgate has a high price tag. The combined cost for Colgate tuition, fees, books, room/board, and other expenses for four years would be $348,280 (based on 2023-24 numbers). This is far higher than the national average of $241,680 for four years at a private university.
This student loan and scholarship information may be valuable as you research schools and costs.
|
Tuition & Fees |
$67,024 |
|
Books & Supplies |
$1,524 |
|
Total |
$68,548 |
The total cost of attendance (which includes the above costs plus room and board and other expenses) for undergraduates at Colgate was $87,070 in 2023-24. This is notably higher than the average annual cost of attendance for private colleges in the U.S., which is $60,420.
Costs for 2023-24
• Average tuition: $66,622
• Fees: $402
• Total: $67,024
Tuition and fees for graduate students at Colgate for 2023-24 averaged $67,024. This is significantly higher than the average cost of graduate school tuition and fees in the U.S., which is $21,730 per year.
There are many options for graduate loans that can help with these costs.
Based on a full course load (4.5 course credits, or 18 credit hours, per semester) and Colgate’s tuition and fees of $67,024, the cost per credit at Colgate comes out to $1,862.
Colgate University offers a teaching certificate program. Students study education and also learn through experiences created to give them teaching effectiveness and leadership. The program has an emphasis on teaching to promote greater social justice and environmental responsibility.
Students who want to be teachers can earn a New York State Department of Education teacher certification at Colgate. This certificate can be completed in eight or nine semesters. The ninth semester is a tuition-free student teaching semester.
Costs for 2023-24
• Food and Housing: $16,790
• Other Expenses: $1,732
• Total Estimated Living Expenses: $18,522
Colgate requires students to live on campus for all four years they attend school. For their first two years, students live in Residential Commons, located in close proximity to classes and dining options. After that, they have options for more independent on-campus living, including apartment and townhouse-style housing.
One exception: Due to on-campus housing capacity limits, Colgate does offer approval to a small number of senior-year students to live off campus in privately owned housing. Approval to live off campus is granted through an application and lottery process.
|
Number of Applications |
Number Accepted |
Percentage Accepted |
|
21,130 |
2,535 |
12% |
Colgate has a 12% acceptance rate, making it highly selective.
Here’s what’s required and what’s optional for students applying to Colgate University.
Required:
• Application
• High school transcript
• Two academic teacher recommendations
• Guidance counselor recommendation
• Mid-year grades from final year of high school
Optional:
• SAT or ACT scores
• Supplemental essays
• Supplemental materials (such as artistic or athletic achievements)
The deadline for Colgate’s Early Decision I is November 1. The deadline for Early Decision II and Regular Decision is January 15.
Although standardized test scores are currently optional at Colgate, it can be helpful for prospective students to see previous test scores. Here is a look at test scores at the 25th and 75th percentile submitted by students in the fall of 2023.
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
710 |
750 |
|
SAT Math |
720 |
780 |
|
ACT Composite |
33 |
34 |
|
ACT English |
34 |
35 |
|
ACT Math |
29 |
34 |
Colgate offers students 56 different majors to choose from, along with numerous minor study options. Here are 10 of the most popular majors at the university.
Economics majors take courses like Introduction to Statistics, Applied Econometrics, Quantitative Methods in Behavioral Research, and more. Career paths include economics, law, business, public administration, and foreign service.
Undergraduate degrees in 2022-23: 126
Students in this program delve into American and comparative government and politics, international relations, and political theory. They also have the opportunity to intern in Washington, DC, or Geneva, Switzerland.
Undergraduate degrees in 2022-23: 65
Majors in this program learn about human and animal behavior such as sensation and perception, learning and memory, thought and language, motivation and emotion, development, personality, psychopathology, and social interaction.
Undergraduate degrees in 2022-23: 53
Colgate University offers both a major in Computer Science as well as a double major in Computer Science and Mathematics. Courses include Data Structures and Algorithms, Discrete Structures, Introduction for Computing, and more.
Undergraduate degrees in 2022-23: 49
Not only do majors in this program take intense courses in the subject, but they also have the opportunity to see the field in action in contemporary international organizations and courts by studying in Geneva, Switzerland.
Undergraduate degrees in 2022-23: 33
Students in this program can opt for one of four majors: Biology, Molecular Biology, Environmental Biology, or Natural Sciences with a concentration in Marine Science (Freshwater Science).
Undergraduate degrees in 2022-23: 33
History majors explore the past in Africa, Asia, Europe, North America, and Latin America. They take courses like Europe in Crisis Since 1815; the History of Technology; Europe in the Middle Ages; the History of Money; and Slavery and the Slave Trade in Africa.
Undergraduate degrees in 2022-23: 32
English majors can opt for an emphasis in literature or creative writing. Coursework includes Major British Writers, Justice and Power in Postcolonial Literature, New Immigrant Voices, African Literature, and Global Theater. Interested in studying abroad? There is a London English study group that provides that opportunity.
Undergraduate degrees in 2022-23: 31
Students learn to speak, think, and write about regional and global environmental issues, and can major in Environmental Biology, Environmental Economics, Environmental Geography, Environmental Geology, or Environmental Studies.
Undergraduate degrees in 2022-23: 28
Students learn how the nervous system works to enable animal and human behavior. They have the opportunity to participate in research projects to get hands-on experience that prepares them for future careers.
Undergraduate degrees in 2022-23: 26
The majority of Colgate students earn their degree in four years. However, some students require six years. These are the graduation rates at Colgate University for students who started school in the fall of 2017.
• 4 years: 87%
• 6 years: 90%
The median annual earnings of Colgate University graduates is $85,139. This is significantly higher than the median earnings for all graduates of four-year colleges, which is $53,747.
If you’re one of the 12% of applicants who are admitted to Colgate University, you’re in for a stellar education. The school’s tuition and total costs may be high, but there are plenty of financial aid options to help you pay for four years of college at this prestigious institution.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOISL-Q125-007
Losing a job is traumatic. It’s often very sudden, and can leave people feeling stunned and maybe even a bit panicked about whether they’ll be able to pay their bills.
Some people are told to leave their roles immediately; others are given notice. Either way, it’s normal to feel unprepared and stressed — and not know what to do next.
If you or someone you know gets laid off or fired, don’t let the shock keep you from making informed decisions. You’ll have important questions, and those questions deserve a thoughtful response. Store this info away (or bookmark the article) so that you’ll know what to do if the time comes.
The insurance coverage you have through your employer may end on your last day of employment, or last through the end of the week or month. To stay insured, you’ll need to decide whether to sign up for COBRA coverage through your employer or get a new policy elsewhere.
COBRA, if it’s made available, allows you to keep your employer-based insurance plan, though it’s often more expensive than other options. Your monthly premiums can be double what you’re used to because you’ll probably be required to pay your employer’s share of the cost too, plus an administrative fee.
If you choose to get new coverage, you can either buy coverage on a government exchange (your state may have its own or use the Health Insurance Marketplace,) or, if you have a spouse with health insurance, get on their plan. (Losing your job makes you eligible to enroll in their plan — even if it’s not their employer’s normal open enrollment period.)
Marketplace plans (also called “Obamacare,” “ACA” or “exchange plans”) are sold online or via insurance agents, and in a range of options and premiums. Unlike COBRA, your household income may qualify you for discounted premiums known as premium tax credits.
When comparing your options, consider not only premiums, but your out-of-pocket costs as well as the breadth of coverage and doctors. Marketplace plans may not be as generous as your employer’s group plan, and could have fewer in-network doctors. And if you do decide to get a new plan, don’t forget that whatever you’ve previously spent toward this year’s deductible won’t apply. These amounts reset with a new plan.
You’ll also want to consider coverage gaps. You’ll get 60 days to decide on COBRA, and once you do, your coverage will be retroactive to your first day without your employer plan. With a marketplace plan, however, your coverage won’t start until the first day of the month after your employer plan ends.
If you had a Health Savings Account (HSA) with your employer, the money in it is yours. You can keep your funds right where they are and use them when needed. Or, you can move the money to a new employer or consolidate them with any other HSA account you may have.
If you have a Flexible Spending Account (FSA), on the other hand, you can’t take any remaining funds with you. So if there’s time before your last day, use that money! Here’s a list of eligible expenses.
Not that often. Some life insurance or long-term care insurance plans are portable or convertible to individual plans, although the monthly premiums may be higher. Ask whether there’s any option to take these policies with you.
The money in your 401(k) or 403(b) is yours, unless you have employer contributions that haven’t vested yet. You can’t keep that portion.
As for what to do with your account, there are usually four main options (fewer if you have a smaller balance):
• Keep the account and continue to oversee your investments as you did before. You just can’t contribute anymore.
• Roll the funds into a new 401(k) or 403(b) plan if/when you get a new job that has one.
• Open an IRA and roll the funds over. (If you’re rolling over into a Roth IRA, it could impact your taxes.)
• Withdraw some or all of the funds, paying a 10% penalty (unless you are 55 or older) and income tax on the money. This is obviously not desirable, but it is an option if you need money.
Note: There can be penalties if you don’t roll the funds over directly into the new plan.
While you won’t necessarily be entitled to compensation for unused vacation time, you should ask your HR department about it, rather than assuming they’ll tell you. And check that your final checks account for any bonuses or commissions owed to you.
Note: You’ll want to gather your final paystubs, any separation documents, and the contact details for the company’s HR and benefits coordinators before losing access to your employee platform. You will likely need them for unemployment claims or to qualify for new health insurance.
That’s up to your company. If there is severance, you might be able to negotiate certain details of your package.
If your layoff is a normal layoff (because of something out of your control,) you should qualify for unemployment insurance benefits. But you probably won’t qualify if you were let go due to performance issues or behavior.
(If your boss used a vague euphemism when delivering the bad news, ask your HR department to share documentation so you can determine where you stand.)
Either way, contact your state’s unemployment program ASAP to learn your state’s rules and hopefully get the ball rolling.
People don’t always realize that many government programs offer financial aid based on income, not assets. So even if you own your home or have a retirement account, check to see if you qualify for SNAP, rental assistance, or other aid — especially if you’ve been the only breadwinner in your household. It can help you keep the fridge full and lights on.
As soon as possible, take stock of your savings to determine how many months you could go without your paycheck. If your cushion is low, the first step is to omit any unnecessary extras in your living expenses. (Though you may want to preserve small, meaningful items if they improve your quality of life. In other words, goodbye happy-hour snacks and cocktails, hello coffee for the job hunt.)
And if you estimate a serious shortfall, consider contacting the lenders on your mortgage payment, credit cards, and other accounts. Late payments can significantly damage your credit score, but lenders will often offer some leeway if you ask for it.
Image: Bernie Pesko/SoFi
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM2025020501
Read more
(Last Updated – 02/2025)
The University of Richmond is a small private university known for its emphasis on research and collaborative learning. Its proximity to Virginia’s capital city of Richmond gives students easy access to business and government internships, cultural activities, outdoor recreation, and more. Here’s an overview of the University of Richmond tuition, fees, housing costs, acceptance rate, and more.
The University of Richmond total cost of attendance was $65,110 in 2023-24. Here’s a breakdown of those costs:
|
Tuition & Fees |
$62,600 |
|
Books & Supplies |
$1,000 |
|
Room & Board |
$16,210 |
|
Other Expenses |
$1,510 |
|
Total Cost of Attendance |
$81,320 |
To help cover the University of Richmond cost, around 69% of beginning undergraduate students use financial aid. More specifically, 13% get some type of federal grant, 14% get state or local government grants/scholarships, and 63% get institutional grants/scholarships.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• US Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: Virginia Student Loan & Scholarships
At the University of Richmond, around 32% of students take out federal student loans to help pay the Richmond tuition. Roughly 5% take out private student loans, averaging $28,805, to help cover University of Richmond costs.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Based on costs from the 2023-2024 school year, a four-year degree at the University of Richmond — including tuition, books, room and board, and other expenses — would be approximately $325,280.
In comparison, the average four-year cost for a U.S. private university is $241,680, making the University of Richmond significantly more expensive.
This student loan and scholarship information may be valuable as you research schools and costs.
|
Tuition & Fees |
$62,600 |
|
Books & Supplies |
$1,000 |
|
Room & Board |
$16,210 |
|
Other Expenses |
$1,510 |
|
Total Cost of Attendance |
$81,320 |
The total cost of attendance for undergraduates at the University of Richmond was $81,320 in 2023-24. This is notably higher than the average annual cost of attendance for private colleges in the U.S., which is $60,420.
Costs for 2023-24
• Average tuition: $27,852
• Fees: $0
Tuition and fees for graduate students at the University of Richmond in 2023-24 averaged $27,852. This is higher than the average cost of graduate school tuition and fees in the U.S., which is $21,730 per year.
The University of Richmond uses a system of “units” rather than credits. One unit is the equivalent of 3.5 semester hours and costs approximately $9,360.
|
|
On Campus |
Off Campus |
|
Food & Housing |
$16,210 |
$16,210 |
|
Other Expenses |
$1,510 |
$1,510 |
|
Total Estimated Living Expenses |
$17,720 |
$17,720 |
There are six freshman residence halls at the University of Richmond, and all of them are co-ed (with students housed by gender within each hall). Most are double rooms, but there are some single and triple rooms available. (Freshmen can’t request a specific dorm.)
For upperclass students, there are 12 residence halls and two apartment complexes on campus. Only juniors and seniors can apply to live in an on-campus apartment. There are also apartments and houses available for rent off campus that are not affiliated with the University.
|
Number of applications |
15,121 |
|
Number accepted |
3,478 |
|
Percentage Accepted |
23% |
At 23%, the University of Richmond acceptance rate is selective.
The University of Richmond uses what it calls a “holistic admission” process. Along with traditional measures of student success, admissions officers take other factors into account while reviewing each application.
Required:
• Common Application or Coalition Application
• High school transcript
• Secondary school report
• Recommendation letter
• Personal statement or essay
Optional:
• Up to 2 additional recommendation letters
• SAT or ACT scores
The application deadline for Early Action or Early Decision I is November 1. The deadline for Early Decision II and Regular Decision is January 1.
The University of Richmond is test-optional, which means incoming freshmen do not have to submit ACT or SAT test scores for admission. If you indicate on your application that you want your scores to be considered, they must be submitted by the credential deadline for your admission status (that’s November 15 for Early Decision I, December 1 for Early Action, January 15 for Early Decision II, and February 15 for Regular Decision.)
Although standardized test scores are not required for admissions, many students do submit them. Here’s a look at the scores of students who enrolled in Fall 2023 at the 25th and 75th percentiles.
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
690 |
750 |
|
SAT Math |
720 |
780 |
|
ACT Composite |
32 |
34 |
The University of Richmond offers over 60 academic majors. Here’s a look at some of the most popular areas of study among undergraduate students.
Students can enter the Robins School of Business and officially declare a major after completing their first year of study at the university. Those majoring in business administration can select from several concentrations, including accounting, business analytics, finance, international business, marketing, and management entrepreneurship.
Undergraduate degrees in 2022-23: 361
Social science majors may choose to focus on anthropology, sociology, geography, political science, or economics and quantitative economics.
Undergraduate degrees in 2022-23: 89
This program allows students to study life processes at the molecular level and gain an understanding of biological organisms from a chemical and physical basis.
Undergraduate degrees in 2022-23: 67
Students in the Interdisciplinary Studies Program at the University of Richmond can design their own majors.
Undergraduate degrees in 2022-23: 57
The psychology program integrates theoretical study, empirical investigation, and practical application. Psychology majors are routinely admitted to top graduate programs, both in psychology and other fields.
Undergraduate degrees in 2022-23: 38
This curriculum is designed to strengthen writing skills as well as critical thinking. Students can combine an English major with a major in classical studies, French, German, Greek, Latin, theater, or Women, Gender, and Sexuality Studies.
Undergraduate degrees in 2022-23: 33
Students in the Health Studies department are equipped with both the theoretical and empirical framework to understand the social, cultural, environmental, biological, psychological, ethical, legal and economic factors that shape health and health care. Alumni typically work in medicine and other clinical professions, public health, healthcare policy and management, and many other health-related fields.
Undergraduate degrees in 2022-23: 27
The university’s computer science program provides students with an understanding of computer technology and its mathematical foundations. Computer Science majors can also add a concentration in Data Science and Statistics to further build their analytical skills.
Undergraduate degrees in 2022-23: 26
Chemistry majors at the University of Richmond can get a strong background in analytical, inorganic, organic, and physical chemistry, as well as biochemistry. Physics majors benefit from an emphasis on classical learning and research opportunities.
Undergraduate degrees in 2022-23: 22
Mathematics majors learn how to problem solve using logic, analysis, and abstract thinking. This program can be a good fit for those seeking a graduate degree in science, finance, and other disciplines.
Undergraduate degrees in 2022-23: 15
The University of Richmond’s overall graduation rate for students who began their studies in 2017 is 88%.
Here’s a breakdown of the school’s graduation rate by how long it took that cohort of students to earn a degree.
• 4 years: 82%
• 6 years: 88%
The median annual earnings of University of Richmond graduates is $76,178. This is higher than the median earnings for all graduates of four-year colleges, which is $53,747.
The University of Richmond offers a high-quality education with an emphasis on research and collaborative learning. While the school’s tuition is higher than the average for other private universities, the available student aid options could help make the cost more affordable.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOISL-Q125-001
Stay up to date on the latest business news and stock market happenings.