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Conventional loans — mortgages that are not insured by the federal government — are the most popular type of mortgage and offer affordability to homebuyers.

Private mortgage lenders originate and fund conventional loans, which are then often bought by Fannie Mae and Freddie Mac, publicly traded companies that are run under a congressional charter.

By buying and selling these mortgages, Fannie and Freddie help to ensure a reliable flow of mortgage funding.

Requirements for Conventional Loans

It can be confusing to know how to qualify for a mortgage.

Just realize, for one thing, that a higher credit score is usually required for a conventional home loan than for an FHA loan backed by the Federal Housing Administration, a type popular among first-time homebuyers.

Here are factors a lender will consider when sizing you up for a conventional loan.

Credit Score

You’ll usually need a FICO credit score of at least 620 for a fixed-rate or adjustable-rate mortgage.

The FICO score range of 300 to 850 is carved into these categories:

•   Exceptional: 800 to 850

•   Very Good: 740 to 799

•   Good: 670 to 739

•   Fair: 580 to 669

•   Poor: 300 to 579

In general, the higher your credit score, the better the interest rate you’ll be offered.

Down Payment

Putting 20% down is desirable because it means you can avoid paying for PMI, or private mortgage insurance, which covers the lender in case of loan default.

But many buyers don’t put 20% down. The median down payment on a home for first-time buyers is 10%, according to a recent study by the National Association of Realtors®.

Conventional loans require as little as 3% down for first-time homebuyers, and the down payment can be funded by a gift from a close relative; a spouse, fiancé or domestic partner; a buyer’s employer or church; or a nonprofit or public agency. The gift may require a gift letter for the mortgage.

Just keep in mind that the smaller the down payment, the higher your monthly payments are likely to be, and PMI may come along for the ride until you reach 20% equity.

Debt-to-Income Ratio

Your debt-to-income (DTI) ratio helps a lender understand your ongoing monthly debt obligations relative to your gross monthly income.

To calculate back-end DTI:

1.    Add up your monthly bills (but do not include groceries, utilities, cellphone bill, car insurance, and health insurance).

2.    Divide the total by your pretax monthly income.

3.    Multiply by 100 to convert the number to a percentage.

In general, lenders like to see a DTI ratio of 36% but will accept 43%.

The Fannie Mae HomeReady® loan, for lower-income borrowers, may allow a DTI ratio of up to 50%.

In any case, the lower your DTI ratio, the more likely you are to qualify for a mortgage and possibly better terms.

Loan-to-Value Ratio

The loan-to-value ratio (LTV) is the amount of the mortgage you are applying for compared with the home value. The higher the down payment, the lower the LTV ratio.

Fannie Mae typically sets LTV limits at 97% for a fixed-rate mortgage for a principal residence (think: 3% down) and 85% for a fixed-rate or adjustable-rate loan for a one-unit investment property.

When LTV exceeds 80% on a conforming loan, PMI will likely apply, although some borrowers employ a piggyback loan to avoid mortgage insurance.

Conventional Conforming Loan Limits

Many loans are both conventional and conforming — meaning they meet the guidelines of secondary mortgage market powerhouses Fannie Mae and Freddie Mac, which buy such mortgages and often package them into securities for investors.

Conventional conforming loans fall below limits set by the Federal Housing Finance Agency (FHFA) every year. Staying under a conforming loan limit often equates to a lower-cost mortgage because the loan can be acquired by Fannie and Freddie.

The conforming loan limits for 2026 in many counties in the contiguous states, Washington, D.C., and Puerto Rico rose with market prices:

•   One unit: $832,750

•   Two units: $1,066,250

•   Three units: $1,288,800

•   Four units: $1,601,750

In high-cost areas like Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the 2026 conforming loan limits are:

•   One unit: $1,249,125

•   Two units: $1,599,375

•   Three units: $1,933,200

•   Four units: $2,402,625

If you’re curious about your county’s specific conforming loan limits, you can check out this FHFA guide.

Nonconforming Loans

Word games, anyone? Nonconforming loans are simply mortgages that do not meet Fannie and Freddie standards for purchase. They usually take the form of jumbo loans and government-backed loans.

A homebuyer or refinancer who needs a mortgage beyond the FHFA limits can seek a jumbo mortgage loan. A jumbo loan is still a conventional loan if it’s not backed by a government agency; it’s just considered a “nonconforming” loan.

FHA, VA, and USDA mortgages — those backed by the Federal Housing Administration, Department of Veterans Affairs, and the U.S. Department of Agriculture — are also nonconforming loans.

Nonconforming mortgage rates for jumbo loans may be higher because the loans carry greater risk for lenders, but when the nonconforming loan is backed by the government, its rate might skew lower than conventional conforming rates.

The Takeaway

Conventional loan requirements are good to know when you’re looking at the most popular type of mortgage around. Would-be homebuyers will want to make sure their credit score, debt-to-income ratio, and down payment numbers are lined up as favorably as possible before pursuing their dream property.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Are there any drawbacks to a conventional loan?

The main drawback to a conventional loan is that you will need to make some type of down payment on the property. It doesn’t need to be the 20% down payment that was common in decades past. But even a low down payment of, say, 3.5% could add up to tens of thousands of dollars given today’s home prices.

What’s the main reason I might not qualify for a conventional loan?

The most common reason someone might not qualify for a conventional home loan is usually related to credit — perhaps the applicant has a credit score below 620, or maybe there is some other significant warning sign on the credit report, such as a history of delinquencies or bankruptcy.

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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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. ^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency. ^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency. Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SOHL-Q126-022

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There are two basic types of income: earned and unearned. Earned income is the money you make from working, and unearned income is money you receive that isn’t tied to a business or job.

The difference between these two types of income is critical when saving for retirement and paying taxes. Here’s what you need to know about each of them as well as how they affect your finances.

What Is Unearned Income?

Unearned income is a type of passive income. It’s money you make without working or performing some kind of professional service. For example, money you receive from investing, such as dividends, interest, and capital gains, is unearned income.

Other types of unearned income include:

•   Retirement account distributions from a 401(k), pension, or annuity

•   Money you received in unemployment benefits

•   Taxable social security benefits

•   Money received from the cancellation of debt (such as student loans that are forgiven)

•   Distributions of any unearned income from a trust

•   Alimony payments

•   Gambling and lottery winnings

Dividends from investments in the stock market and interest are two of the most common forms of unearned income. Dividends are paid when a company shares a portion of its profits with stockholders. They may be paid monthly, quarterly, semiannually, or annually.

Interest is usually generated from interest-bearing accounts. These include savings, checking, and money market accounts as well as certificates of deposit (CDs).

How Is Earned Income Different From Unearned Income?

Earned income is the money you make from a job. Any money you earn from an employer, including wages, fees, and tips from which income taxes are withheld, counts as earned income.

Those wages still count as earned income if you’re part of the freelance economy and the companies you work for don’t withhold taxes. They could include wages earned for professional or creative services, driving for a rideshare service, or running errands.

Money you make from self-employment — if you own your own business, for example — also counts as earned income, as does money you earn from a side hustle.

Other types of earned income include benefits from a union strike, disability benefits you receive before you reach full retirement age, and nontaxable combat pay. This guide can help you learn about all the different types of income.

You can keep tabs on all the types of income you have by tracking your checking, savings, investment, and retirement accounts in one place with an online money tracker. It allows you to organize your accounts on a single dashboard and monitor your credit score and budget to achieve your financial goals.

How Income Types Affect Taxes

All earned income is taxed at your usual income tax rate. Taxes on unearned income are more complicated and depend on the type of unearned income you have, including the following.

Interest

Interest, which is unearned income from financial instruments such as bank accounts and CDs, is taxed the same as earned income.

Dividends

Dividends from investments fall into two categories: qualified and nonqualified. Generally, qualified dividends are those paid to you by a company in the U.S. or a qualified foreign company and are taxed at a lower rate. Nonqualified dividends don’t meet IRS requirements to qualify for the lower tax rate and are taxed at the same rate as ordinary income.

Capital Gains

Investments that are sold at a profit are subject to capital gains taxes. If you held the investment for less than a year, your earnings are subject to short-term capital gains rates, which are equal to your regular income tax rate. If you kept the investment for a year or more, it’s subject to long-term capital gains rates, which means it will be taxed at 0%, 15%, or 20%, depending on your taxable income and filing status. The higher your taxable income is, the higher your rate will be.

Social Security

If your income is more than $25,000 a year for individuals or $32,000 a year for married couples filing jointly, you will pay federal income tax on a portion of your Social Security benefits. You’ll be taxed on up to 50% of your benefits if your income is between $25,000 and $34,000 for an individual or $32,000 to $44,000 for a married couple, and you’ll be taxed on up to 85% of your benefit if your income is more than that.

Alimony

As a result of the Tax Cuts and Jobs Act of 2017, alimony payments that are part of divorce agreements made after January 1, 2019, are not taxable by the person who is paying the alimony, nor are they taxable for the person receiving the alimony.

Gambling Winnings

Money earned from gambling, including winnings from casinos, lotteries, raffles, and horse races, is fully taxable. This applies to cash and to prizes such as vacations and cars, which are taxed at their fair market value.

Debt Cancellation

If you have a debt canceled or forgiven for less than the amount you were required to pay, the canceled debt is taxable, and you must report it on your tax return. Starting in 2026, this includes the forgiven amount of certain federal student loans. There are exceptions: Public Service Loan Forgiveness, Teacher Loan Forgiveness, and Death and Disability Discharge are still tax-free. Debt payoff planning can help you resolve any outstanding debts you may have.

How Earned vs. Unearned Income Affects Retirement Savings

Retirement accounts, including 401(k)s, IRAs, and the Roth versions of both, provide tax advantages that help boost the amount that you can save.

For example, 401(k) contributions are made with pre-tax dollars, which can then be invested in the account. The investments are allowed to grow tax-deferred until withdrawals are made in retirement, at which point they become subject to income tax. In contrast, your contributions to Roth accounts are made with after-tax dollars. These increase tax-free, and withdrawals made in retirement are not subject to income tax.

Retirement accounts can only be funded with earned income. You can’t use unearned sources of income to make contributions.

There are certain exceptions to this rule. If you’re married and you file a joint return with your spouse and you don’t have taxable compensation, you may be able to contribute to an IRA as long as your spouse did have taxable compensation.

The Takeaway

The difference between earned income and unearned income is an important distinction, especially when it comes to paying your taxes. Unearned income, which is income you make not from a job but through other means, such as investments, can be taxed at different rates, depending on its type. Make sure you understand yours and their tax implications. Doing so can significantly impact how you save for your future.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

What is the difference between earned and unearned income?

Earned income is cash or in-kind benefits people receive in exchange for work or service, including employment and self-employment. Unearned income is cash or in-kind benefits received without being required to perform work or services.

Why do I need to know the difference between earned and unearned income?

It’s important to understand the difference between earned and unearned income because the two may be taxed differently. Also, in most cases, you must use earned income to fund your retirement accounts.

What is an example of unearned income?

Unearned income is money you receive without working for it. Interest, such as that from a bank account, and dividend payments are two of the most common types of unearned income.

Do I have to pay taxes on unearned income?

The answer is yes. Though it’s not subject to employment taxes (such as Social Security and Medicare, and, in most cases, payroll taxes), unearned income is generally treated as taxable income.

How does being a freelancer affect my taxes?

According to the IRS, a self-employed individual is generally required to file an annual income tax return and pay estimated taxes quarterly. You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement.

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

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

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

SORL-Q126-001

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With the cost of higher education out of reach for many, more young people are flocking to high-paying trade jobs that don’t require a bachelor’s degree. Many of these jobs pay well, but they are typically in high demand due to unpredictable job markets and economic conditions.

What Is a Trade Job?

A trade job is a profession that doesn’t require a college degree, but rather a specialized skill or skill set obtained through a trade school or on-the-job experience and training. Popular trade jobs include construction managers, technicians, dental hygienists, mechanics, commercial pilots, and real estate brokers.

Pros of a Skilled Trade Job

A skilled trade job can be an attractive career path for a couple of reasons:

Educational Requirements

Unlike careers that require a college degree — which can cost hundreds of thousands of dollars and take four years to complete — trade jobs can often be obtained with less than two years of specialized education and at a fraction of the cost. Some trade jobs do not require any supplemental education at all, allowing trade workers to earn a living without being saddled by student loan debt.

Job Security

Many trade jobs are in high demand due to the specialized knowledge and skilled physical labor needed to perform them. They can also have a lower risk of outsourcing or automation because they require a human to be physically present.

Recommended: Is the Average College Tuition Rising?

Cons of a Skilled Trade Job

On the other hand, there are downsides to some trade jobs, including:

Physical Demands

Trade jobs involving physical labor, such as construction workers and mechanics, can take a toll over the course of a long career.

Potential Dangers

Certain trade jobs have high injury and mortality rates, particularly those involving the operation of heavy machinery or working in hazardous environments.

25 Trade Jobs That Make the Most Money

Despite the conventional wisdom that a bachelor’s or master’s degree is required to earn a good salary, trade jobs can pay very well. In fact, some of the highest-paying jobs in certain states are skilled trades.

Here are 25 of the highest-paying trade jobs in the last several years, according to data from the U.S. Bureau of Labor Statistics:

1. Transportation, Storage, and Distribution Manager

•   2024 Median Annual Salary: $102,010

•   Requirements: High school diploma or equivalent, 5+ years of work experience

•   Job Description: Supervise and coordinate the transportation, storage, testing, and shipping of materials or products in accordance with government regulations.

•   Duties:

◦   Supervising workers involved in receiving or shipping

◦   Inspecting warehouse and equipment safety

◦   Analyzing logistics and collaborating with other departments

2. Elevator/Escalator Installers and Repairer

•   2024 Median Annual Salary: $106,580

•   Requirements: High school diploma or equivalent, apprenticeship, license (most states)

•   Job Description: Assemble, install, maintain, and fix elevators, escalators, chairlifts and other moving walkways and equipment. In addition to understanding the mechanics and components of each system, they are typically involved in the physical repair or replacement of parts, as well as testing equipment to ensure it meets specifications.

•   Duties:

◦   Assembling elevators, escalators, and similar units

◦   Conducting preventative maintenance and inspections

◦   Maintaining service records

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3. Nuclear Power Reactor Operator

•   2023 Median Annual Salary: $120,350

•   Requirements: High school diploma or equivalent, long-term on-the-job training, U.S. Nuclear Regulatory Commission license

•   Job Description: Control and maintain the systems that generate and distribute power to businesses, homes, or factories. This can include monitoring and adjusting control rods to moderate the amount of electricity a plant generates, controlling cooling systems, and implementing safety procedures.

•   Duties:

◦   Monitoring voltage and electricity grids

◦   Adjusting control rods and electricity output

◦   Recording systems data

4. Radiation Therapist

•   2023 Median Annual Salary: $98,300

•   Requirements: Associate degree (preferred) or certificate, state and national license

•   Job Description: Administer radiation therapy to patients with cancer.

•   Duties:

◦   Explaining treatment plans to patients

◦   Calibrating and operating radiation machinery

◦   Monitoring patients and keeping records of treatment

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5. Subway and Streetcar Operator

•   2023 Median Annual Salary: $84,270

•   Requirements: High school diploma or equivalent, moderate on-the-job training, local transit training program (varies by location)

•   Job Description: Operate subways and aboveground street cars, ensuring passengers safely move from one location to another.

•   Duties:

◦   Operating train controls

◦   Making announcements and providing verbal directions to passengers

◦   Ensuring passenger safety

6. Nuclear Medicine Technologist

•   2024 Median Annual Salary: $97,020

•   Requirements: Associate degree from an accredited nuclear medicine technology program, state license, long-term on-the-job training

•   Job Description: Prepare and administer radioactive drugs for imaging or treatment, typically within hospitals, medical labs, and care centers.

•   Duties:

◦   Explaining medical procedures to patients

◦   Preparing and administering drugs

◦   Maintaining and operating imaging equipment

7. Gas Plant Operator

•   2023 Median Annual Salary: $82,560

•   Requirements: High school diploma or equivalent, long-term on-the-job training

•   Job Description: Oversee the day-to-day operations of industrial power plants used by utilities, oil and gas, and manufacturing companies.

•   Duties:

◦   Maintaining equipment and machinery

◦   Ensuring compliance with safety and regulatory standards

◦   Supervising employees and contractors at the plant

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8. Dental Hygienist

•   2024 Median Annual Salary: $94,260

•   Education Requirements: Associate degree, state license

•   Job Description: Examine patients for oral diseases and provide preventative care and education about oral hygiene.

•   Duties:

◦   Taking dental x-rays

◦   Assisting dentists in providing teeth cleaning and plaque removal

◦   Educating patients about oral hygiene techniques

9. Diagnostic Medical Sonographer

•   2024 Median Annual Salary: $89,340

•   Requirements: Associate degree, state license or certification (some states)

•   Job Description: Operate sonographs to produce images of the inside of a body to assess and diagnose medical conditions.

•   Duties:

◦   Prepping and administering sonograph exams

◦   Reviewing images and test results for quality

◦   Analyzing diagnostic information and providing summaries for physicians

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10. Electrical Line Installer and Repairer

•   2024 Median Annual Salary: $92,560

•   Requirements: High school diploma or equivalent, long-term on-the-job training

•   Job Description: Install and repair cables or wires used in electrical power systems and telecommunications systems.

•   Duties:

◦   Installing, inspecting, and testing power lines and equipment

◦   Identifying defective devices, transformers, and switches

◦   Installing power lines between buildings and structures

11. Construction Manager

•   2024 Median Annual Salary: $106,980

•   Requirements: High school diploma or equivalent, 5+ years of experience

•   Job Description: Supervise and coordinate the activities of construction workers.

•   Duties:

◦   Overseeing construction projects

◦   Scheduling and supervising on-site contractors

◦   Preparing and monitoring budgets

12. Aircraft and Avionics Equipment Mechanic and Technician

•   2024 Median Annual Salary: $79,140

•   Requirements: Certificate from a Federal Aviation Administration-approved program

•   Job Description: Repair and perform maintenance on aircraft.

•   Duties:

◦   Diagnosing mechanical and electrical issues

◦   Repairing aircraft components

◦   Testing aircraft parts with diagnostic equipment

13. Boilermaker

•   2024 Median Annual Salary: $73,340

•   Requirements: High school diploma or equivalent, apprenticeship

•   Job Description: Assemble, maintain, and repair boilers, vats, and other containers used to hold liquids and gas.

•   Duties:

◦   Reading blueprints to determine where to position boiler parts

◦   Assembling boiler tankers using welding machines

◦   Cleaning boiling vats and replacing broken valves and pipes

14. Wellhead Pumper

•   2023 Median Annual Salary: $71,830

•   Requirements: High school diploma or equivalent, moderate on-the-job training

•   Job Description: Operate power pumps and equipment used to extract oil or gas from an oil field well.

•   Duties:

◦   Assembling pumps and attaching hoses to wellheads

◦   Operating pumps and monitoring flow

◦   Transferring oil to storage tanks or trucks

15. Electrical and Electronic Engineering Technologist and Technician

•   2024 Median Annual Salary: $77,180

•   Requirements: Associate degree (preferred), certificate from accredited program

•   Job Description: Assist electrical engineers with the design and development of communications equipment, computers, medical devices, and other electrical equipment.

•   Duties:

◦   Designing and assembling electrical systems

◦   Observing onsite systems placement and performance

◦   Performing quality control and identifying issues

16. Real Estate Broker and Sales Agent

•   2024 Median Annual Salary: $58,960

•   Requirements: High school diploma or equivalent, licensing exam

•   Job Description: Help clients buy, sell, or rent their properties.

•   Duties:

◦   Generating lists of properties for sale or rent and showing them to clients

◦   Advising clients on prices, mortgages, and market conditions

◦   Facilitating buyer/seller negotiations and final purchase or rental agreements

17. Respiratory Therapist

•   2024 Median Annual Salary: $80,450

•   Requirements: Associate degree

•   Job Description: Provide care for patients with respiratory issues.

•   Duties:

◦   Examining patients and recording symptoms and conditions

◦   Consulting with physicians on treatment

◦   Performing diagnostic tests

18. Construction and Building Inspector

•   2024 Median Annual Salary: $72,120

•   Requirements: High school diploma or equivalent

•   Job Description: Review building plans to ensure construction meets local and national regulations and ordinances.

•   Duties:

◦   Monitoring construction to ensure compliance

◦   Inspecting electrical and plumbing systems to ensure they are up to code

◦   Issuing violations for noncompliant work

19. Millwright

•   2023 Median Annual Salary: $62,980

•   Requirements: High school diploma or equivalent

•   Job Description: Install, dismantle, repair, reassemble, and move machinery in factories, power plants, and construction sites.

•   Duties:

◦   Repairing and replacing malfunctioning equipment

◦   Cleaning, adjusting, and calibrating new machinery

◦   Moving machinery and equipment

20. Electrician

•   2024 Median Annual Salary: $62,350

•   Requirements: High school diploma or equivalent, apprenticeship, license (most states)

•   Job Description: Install, maintain, and repair electrical power, communications, lighting, and control systems.

•   Duties:

◦   Identifying and repairing electrical problems

◦   Installing wiring and equipment for electrical systems

◦   Ensuring compliance with national and local codes

21. Plumber, Pipefitter, and Steamfitter

•   2024 Median Annual Salary: $62,970

•   Requirements: High school diploma or equivalent, apprenticeship

•   Job Description: Install and repair gas and water piping systems in homes, factories, and businesses.

•   Duties:

◦   Identifying and repairing plumbing problems

◦   Installing pipes and plumbing fixtures

◦   Cleaning drains, removing obstructions, and repairing or replacing broken pipes and fixtures

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22. Mining Roof Bolter

•   2023 Median Annual Salary: $66,660

•   Requirements: High school diploma or equivalent, moderate on-the-job training

•   Job Description: Operate machinery to install roof supporting bolts in underground mines.

•   Duties:

◦   Drilling bolt holes into roofs

◦   Performing safety checks on bolting equipment

◦   Extracting loose rock from bolting supports

23. Broadcast, Sound, and Video Technician

•   2024 Median Annual Salary: $56,600

•   Requirements: High school diploma or equivalent, moderate on-the-job training

•   Job Description: Operate and maintain electrical equipment used for television broadcasts, radio programs, live concerts, and films.

•   Duties:

◦   Setting up and operating equipment

◦   Monitoring and adjusting audio and video quality

◦   Repairing equipment and fixing recording issues

24. Heating, Air Conditioning, and Refrigeration Mechanic and Installer

•   2024 Median Annual Salary: $59,810

•   Requirements: Postsecondary nondegree award, lengthy on-the-job training

•   Job Description: Install and perform maintenance on heating, air conditioning, and refrigeration (HVACR) systems for buildings and private residences.

•   Duties:

◦   Installing, testing, and repairing HVACR systems

◦   Replacing and repairing defective parts

◦   Conducting overall system maintenance and performance improvements

25. Masonry Worker

•   2024 Median Annual Salary: $56,600

•   Requirements: High school diploma or equivalent, apprenticeship or on-the-job training

•   Job Description: Use bricks, concrete, and natural and manmade stones to build structures, walls, and walkways.

•   Duties:

◦   Designing blueprints and calculating materials needed

◦   Breaking and resizing materials into the required shape

◦   Aligning, constructing, and polishing finished structures

The Takeaway

Many trade jobs offer competitive pay and job security, without a significant upfront educational cost. Moreover, they provide an opportunity to make a difference by solving real-world problems. Choosing the right career path is an important step toward achieving your financial goals. It’s just as important to practice smart financial habits, such as setting spending limits, staying on top of your credit score, and establishing long-term goals.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

What is a trade job?

A trade job does not require a college degree, but it may require other qualifications or on-the-job training.

What are the pros and cons of a trade job?

The benefits of a trade job may include a higher level of job security and not needing to have a college degree. However, trade jobs can be more physically demanding and dangerous than other professions.

What skilled trades are in demand?

According to the Bureau of Labor Statistics, wind turbine service technicians, solar photovoltaic installers, and physical therapist assistants are expected to experience the greatest job growth over the next ten years.

What are some of the best trades to learn that pay well?

Transportation managers, elevator installers, nuclear power reactor operators, and radiation therapists all earn a median salary above $80,000.

What are high-paying trade jobs that require no degree?

HVACR technicians, real estate agents, subway operators, and plumbers all pay above-average salaries and require no formal degree.

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Weddings are notoriously expensive, with the current median cost hovering around $10,000 according to SoFi’s most recent data. Some couples will spend multiples of that amount.

But it’s not all about the dollars and cents: Weddings are also an important and romantic day in a couple’s life. Who foots the bill for this party has changed over the years. Below, learn who pays for which wedding expenses in 2026 and beyond — and who traditionally paid in previous generations.

Who Pays for the Wedding in 2026?

In the past, it’s been the tradition for the bride’s family to pay for nearly the entire wedding, and the groom’s family to pick up smaller expenses such as the rehearsal dinner. In some cases, families still follow these traditions, but increasingly people are embracing new ways of covering these costs.

Nowadays, wedding expenses can be split any number of ways, and couples are exploring many different ways to pay for their big day:

•   Independent couples may decline help from parents and instead pay out of pocket or borrow money to cover the wedding costs.

•   Both families and the bride and groom may decide to split the costs. Sometimes grandparents or other extended family members will offer to pay for a portion of the wedding.

•   If the groom comes from a wealthier family, his parents may chip in beyond their traditional requirements.

•   Since the legalization of same-sex marriage in the United States, LGBTQ+ couples are creating their own traditions.

That’s the beauty of your wedding day: It’s yours. Many brides and grooms are embracing the fact that they no longer have to follow outdated customs if they don’t want to.

For others, however, tradition matters — and that’s okay, too. If you’re planning to follow cultural traditions when funding your wedding, how do you split the bill?

Here’s a breakdown of who traditionally pays for the wedding and other related expenses.

The Bride’s Family

Historically, the bride’s family pays for most of the wedding expenses. Depending on the size and extravagance of the wedding, it can add up.

If you’re the parents of the bride who plan to foot the bill, but you don’t have enough money in savings, it might be worth taking out a personal loan to cover the wedding expenses. In the long run, it’s typically a cheaper option than putting everything on a credit card.

While the bride’s family traditionally takes care of many of the wedding expenses they don’t pay for everything. And every wedding is a little different. You may choose to skip certain items or events (and you may find yourself adding, too). Here’s what the bride’s family typically covers:

Expenses the Bride’s Family Is Traditionally Responsible For

•   Engagement announcements

•   Engagement party

•   Wedding planner

•   Invitations, save-the-dates, and wedding programs

•   Venue for the ceremony

•   Venue for the reception

•   Flowers and decorations

•   Wedding photographer and videographer

•   Wedding dress

•   Transportation and lodging for the bridesmaids

•   Transportation and lodging for the officiant

•   Food at the reception

•   Wedding cake

•   Brunch the morning after the wedding

Recommended: Personal Loans for Wedding Financing

The Groom’s Family

If you have only sons and think you’re off the hook, don’t get too excited. You still have to cover some costs at the wedding as the parents of the groom.

Though less extensive, the groom’s family’s financial burdens can add up. Personal loans are also an option for the groom’s family; in fact, weddings are one of the most common uses for personal loans.

Here’s everything the groom’s family traditionally pays for at a wedding.

Expenses the Groom’s Family Is Traditionally Responsible For

•   Rehearsal dinner

•   Marriage license

•   Officiant’s fee

•   Boutonnieres for the groom, his groomsmen, and family members

•   Bouquets for the bride and bridesmaids

•   DJ or band

•   Transportation and lodging for the groomsmen

•   Alcohol at the reception

•   Honeymoon (in some cases)

The Bride

Many women have dreamed of their wedding days since childhood. But as little girls, they probably didn’t think much about the actual wedding costs they’d have to pay themselves — and there are quite a few.

Expenses the Bride Is Traditionally Responsible For

Traditionally, the bride pays for her future husband’s wedding ring, as well as a special gift for him. She may also buy gifts for her bridesmaids. In some cases, she’ll pay for the flowers, and she usually pays for her own hair and makeup.

Nowadays, however, brides may step up and pay more to help out her parents. Many brides choose to do this in part so that they can feel like they have more say in determining the plans for their special day.

People are also getting married later than they did in past generations (the average age for women is now 28 and for a man it’s 30), which means brides (and grooms) may feel more financially capable of covering the expenses themselves.

The Groom

The groom isn’t off the hook either. At weddings, he’s responsible for a few purchases as well.

And even though he and the bride may have separate wedding responsibilities, as a newly married couple they are likely planning to combine their finances, if they haven’t already. Even if they don’t have a joint bank account, the bride and groom are essentially covering their wedding expenses together.

Recommended: Personal Loan Calculator

Expenses the Groom Is Traditionally Responsible For

The first big expense a groom encounters is the one that sets the whole wedding in motion: the engagement ring. The average cost of an engagement ring is now about $5,200, according to the wedding website The Knot. Grooms who don’t have that kind of cash lying around often turn to engagement ring financing options, including personal loans.

While the ring is often the groom’s biggest expense, he’s also responsible for the bride’s wedding band, gifts for his groomsmen, a gift for his bride, his own tux, and the honeymoon — if his parents aren’t footing the bill. (The average cost of a honeymoon is now $5,300.)

Some grooms may also pay for the license and officiant, instead of asking his parents to cover that cost.

Who Pays for Other Wedding Costs

There is also the cost of being in someone’s wedding. For instance, groomsmen and bridesmaids are typically responsible for paying for their own tuxedos and dresses.

These two groups also pay for the bachelorette and bachelor parties for the bride and groom. Bridesmaids may also need to pay for their hair and makeup on the big day.

As someone attending a wedding, you should give a gift, unless the couple has discouraged this. And if it’s a destination wedding, you’ll have to pay your own travel costs, which can include hotels and transportation.

Wedding Costs

Now we know who traditionally pays for what at weddings — and that many modern couples are foregoing these traditions. But how much does a wedding cost?

Currently, the median cost of a wedding is $10,000, according to a recent SoFi survey. For couples who are paying without their families’ help, a personal loan is the best route, if they don’t have the money in savings or have that money earmarked for buying a house or starting a family.

Are you considering taking out a loan to cover the cost of your wedding? Research the typical personal loan requirements you’ll need for approval.

The Takeaway

Weddings are expensive, and traditions usually put the bulk of the financial burden on the bride’s family. However, many couples are breaking from tradition nowadays, paying for wedding expenses themselves or splitting the cost among family members more evenly — or in a way that reflects each family’s means. However you choose to divide the cost, ways to pay for a wedding can include savings, family contributions, and personal loans.

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 a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQs

Who pays for the wedding reception?

Traditionally, the bride’s family pays for most of the wedding reception, including the venue, food, and decorations. However, the groom’s family usually pitches in by covering the music and the alcohol. Increasingly, couples are choosing to pay for their wedding receptions themselves or splitting the cost with their parents.

Who pays for the engagement party?

The bride’s family is traditionally responsible for paying for the engagement party. Nowadays, however, engaged couples often pay for such parties on their own.

How much does a wedding cost?

The median cost of a wedding is currently around $10,000, but the average price tag can be a multiple of that, reflecting the impact of high-priced weddings on the data.

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Photo credit: iStock/Halfpoint

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Divorce is probably not the first word that comes to mind when you think about repaying your student loans.

But for married couples who are splitting up, debt — and who’s responsible for it — can be a very real factor in a divorce settlement. So how does student loan debt get split in divorce?

There isn’t one right answer to this question — it depends on countless factors, often including what state you live in, and when you took out the loan.

But first, we want to be clear that nothing in this article should be taken as financial or legal advice. This broad overview of student loan debt responsibility after divorce doesn’t take your unique circumstances into consideration, which is why we recommend discussing the specific details with a financial advisor or attorney.

That said, let’s look at divorce and student loan debt and what the impact might be in various circumstances.

Addressing Separate Student Loans

When it comes to student loans, divorce can make things tricky. Whether student loan debt gets split in a divorce depends on a number of factors, including who owns the loans and the state in which you live.

Determining Ownership Based on State Law

In a divorce, assets and debts are typically divided in part based on whether or not they are considered to be marital property, which can vary by state. You are typically responsible for loans taken out in your name before you were married, and likewise for your ex-spouse.

Debt in a divorce can get a little bit more complicated if you or your spouse took out a student loan after marriage. These loans may be considered marital property, depending on the laws in your state and the circumstances under which you took out the loans.

Community Property vs Equitable Distribution

When addressing marital property, states typically use either community property laws, in which property or debt taken on during a marriage is jointly owned (known as communal debt), or equitable distribution laws, where the property or debt belongs solely to the spouse who initiated the purchase or debt. In states with community property laws, marital assets and debts are split 50-50 between spouses.

Most states have equitable distribution laws, which can make dividing assets or debt a little more confusing. In these states, each spouse has a claim to an equitable share of marital property, which may or may not be divided equally.

Courts have final say over what’s fair and equitable. To determine that, they may look at each spouse’s income, earning potential, or the support one spouse provided while the other was in school, such as child care or even the opportunity costs of putting their own education on hold. Furthermore, if you or your spouse took out student loans to pay for an education that benefited you both, that could also be a consideration in court.

Recommended: Student Loan Debt Guide

Approaching Refinanced Loans

If you or your spouse have refinanced student loans, whose names the loans are in and whether one of you cosigned the other’s loan can determine who is responsible for the debt and how it may be separated in divorce.

Joint Refinancing and Liability After Divorce

Some couples may have combined their separate student loans into one big joint refinanced loan while they were married, though not all lenders allow this.

If you and your spouse have a joint refinanced loan, state law will typically dictate how it’s handled. In equitable distribution states, how the debt is divided by the courts may depend on your financial circumstances. In community property states, the courts decide whether the loan is communal debt and then split the debt evenly

Even if a couple did not refinance their loans jointly, they may have refinanced one partner’s loans with the other serving as the cosigner. For example, if one member of a couple wanted to refinance their loans but didn’t qualify, their spouse may have decided to cosign the refinanced loan in order to help them qualify for or secure a better rate.

When couples cosign on their partner’s loans, both spouses are on the hook for the debt. While this may work while a couple is together, it can make things complicated when your ex-spouse is the cosigner of your refinanced loan. This new loan is owned by the couple, and may be considered marital property subject to community property laws or equitable distribution laws.

Finally, if you have joint student loan consolidation of federal loans — a program that was discontinued by the Education Department in 2006 — there is a way to separate your joint loan obligation and reconsolidate into new individual Direct Consolidation Loans. You can learn more about the process from the Federal Student Aid office.

Steps to Separate Refinanced Loan Responsibility

To deal with divorce and student loan debt in the case of a loan that’s been refinanced, you can separate the responsibility for repaying the loan by refinancing the loan in the name of the spouse that is keeping the debt. If the debt is being split between both spouses, it may be possible for each spouse to separately refinance their share of the debt, but each will have to qualify with good credit and income, which can be difficult to get approval for. Not many lenders offer this option.

You may want to speak to an attorney in your state to help figure out the best way to proceed for your specific situation.

Paying Your Part

In cases where debt is considered marital property, divorcing couples on good terms can decide how to divide student loan debt and have a court sign off on it. However, in some cases, ex-spouses may simply not be able to take charge of dividing things up, and the court can decide how the debt will be divided instead.

At this point, you’re losing the power of a combined income to pay off your loans, so you may need to consider strategies to help the newly-single you afford your payments.

Refinance Your Student Loans

First, you may want to consider the option to refinance student loans to potentially secure a better rate or term. A better interest rate and shorter term might help you pay down your debt faster and could reduce the money you spend on interest over the life of the loan.

You can shop around for student loan refinancing rates to find the best rates and terms for your situation.

If you lengthen the term of your loan, you may be able to lower your monthly payments, which can help if your budget is strapped. However, longer terms typically mean you’ll end up paying more over the life of the loan.

Using our student loan refinancing calculator could help you see how much you might save.

Keep in mind that if you choose to refinance federal student loans with a private lender, you lose access to federal benefits, including income-driven repayment plans (discussed below) and student loan forgiveness.

Recommended: The Impact of Student Loan Debt

Use an Income-Driven Repayment Plan

Federal loans currently have income-driven repayment (IDR) options that can also help you lower your monthly payments. These income-driven repayment plans have you pay a percentage of your discretionary income, generally 10% to 20%, toward your student loans each month. And if you pay your loans off on one of the IDR plans, your remaining balance may be forgiven (though that forgiven balance will be taxed as income).

Remove Your Student Loan Cosigner, if Applicable

If you refinanced your student loans when you were married and your spouse was your cosigner, you could also consider refinancing a second time — as an individual. This could allow you to not only qualify for new loan terms or rates, but also ensure that your ex’s name is no longer tied to your student debt. You can calculate your student loan payments to help determine what you might pay with a new interest rate and/or term.

Communicate Changes to Your Loan Servicer

Once you’ve chosen a plan of action, it’s important to reach out to your loan servicer to let them know how you will be proceeding, so that they can update your account accordingly. There may be paperwork you’ll need to complete as well; be sure to find out what’s required.

How Divorce Settlements Can Affect Student Loan Repayment

The way your student loan debt is divided in divorce, and whether you live in a community property or equitable distribution state, determines how you or your ex — or both of you — can move forward with repaying the debt.

Including Student Loans in Divorce Agreements

Your divorce agreement or divorce degree should stipulate exactly who is responsible for repaying the student loan(s), as well as the plan for how it will be repaid.

Legal Support for Resolving Loan Disputes

If you and your soon-to-be ex can’t agree on how your student loan debt should be handled, you can get help from lawyers in your state that specialize in family law and the division of debt. Generally speaking, these legal professionals help negotiate settlements in a divorce and represent individuals in court. You may also want to consult an attorney who specializes in student loans, depending on your unique situation.

If you need help finding a lawyer, the American Bar Association has a lawyer referral directory you can consult, and LawHelp.org offers low-cost legal assistance for eligible individuals.

The Takeaway

Going through a divorce is difficult enough — figuring out who is responsible for student loan debt as you and your ex go your separate ways can make it even tougher. The state you live in and when the loans were taken out can help determine who owes what.

Repaying your student loans on a single income after divorce might call for ways to make it more affordable, such as using an income-driven payment plan or refinancing the loans. Explore the different options to decide what works best for your financial situation.

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

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Am I responsible for my spouse’s student loan debt if we divorce?

A spouse is typically liable for student loans taken out in their name before marriage. But if the loans were taken out after you were married, they might be considered marital property, depending on the laws in your state. If your state is a community property state, the student loans would generally be treated as jointly owned. If you live in an equitable distribution state, marital debt is divided by the courts based upon what they deem fair and equitable.

Does my spouse take on my student loan debt?

Your spouse does not typically take on your student loan debt for loans you borrowed before you were married. However, if you took out student loans after your marriage, your spouse might also be responsible for that debt.

What happens if I marry someone with a lot of student loan debt?

If you marry someone with a lot of student loan debt, the debt remains theirs alone, unless they refinance the loans with you as a cosigner. In that case, you are equally responsible for the debt. Your spouse’s student loan debt could also potentially impact your approval for any loans you apply for together, such as a mortgage, since the loan debt would be included in your debt-to-income ratio, which lenders use to help evaluate a borrower’s ability to repay a loan.

Can student loans be split in a divorce settlement?

Yes, student loans can be split in a divorce settlement, but whether and how it happens generally depends on the state you live in and when the loan was taken out. Loans borrowed before marriage are generally considered the responsibility of the individual who took them out.

If the loans were taken out after marriage and your state uses community property laws, the debt is jointly owned and split 50-50 in divorce. In states with equitable distribution laws, the debt is divided in a way a judge deems fair and equitable.

How do courts handle student debt in community property states?

In the nine community property states in the U.S., student debt taken out during a marriage is considered jointly owned, and it is divided equally between both spouses — even if the loan is in just one spouse’s name. If the loan was taken out before the marriage, the debt is generally considered the responsibility of the person who borrowed the money.

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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).

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

This article is not intended to be legal advice. Please consult an attorney for advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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