SoFi

Even if you haven’t thought about diesel mechanics before, chances are you’ve benefited from their expertise. These skilled technicians fix the machines that harvest our food, the generators that provide electricity when the power goes out, the big rigs that ferry our goods across the country, and so much more.

Being a diesel mechanic requires a certain skill set and level of training. Generally speaking, they tend to earn slightly more than auto mechanics. According to the latest figures from the U.S. Bureau of Labor Statistics (BLS), the median pay for a diesel mechanic is $48,690 per year, or $23.41 per hour. (By comparison, the median pay for an auto mechanic is $46,880 per year, or $22.54 per hour.) However, pay rates can vary depending on where a technician works and their level of experience.

What Do Diesel Mechanics Do?

Diesel mechanics inspect, repair, and maintain vehicle engines that run on diesel fuel. This includes everything from trucks, overhaul buses, and trains, to cruise ships, generators, and construction and agricultural equipment. Their goal is to make sure vehicles are safe for both drivers and passengers.

A diesel mechanic position is a manual labor trade job you can get without a college degree, though most employers want diesel techs to have at least a high school diploma or a GED equivalent. While you don’t need secondary education to do the job, you do need specialized training, which can be acquired on the job, through a certificate program, or by attending a trade or vocational school.

And though diesel mechanics may need to occasionally speak with customers about issues with the vehicles, it can be a good job for introverts.

Recommended: 25 High-Paying Trade Jobs in Demand

Examples of a Diesel Mechanic’s Job Responsibilities

There are many daily responsibilities for a diesel mechanic, ranging from simple servicing to major repairs. For instance, when examining a diesel engine, the mechanic can run a diagnostic test to determine if the engine is running properly. If there’s a problem, a diesel mechanic can replace a vehicle’s engine, transmission, steering, and braking systems.

Here are some other essential work duties a diesel mechanic typically performs:

•   Identifying any engine malfunction issues

•   Securing the parts needed for servicing

•   Test driving vehicles for performance

•   Communicating issues about the vehicle to the customer and advising them on how best to maintain the machinery

•   Keeping detailed work records on engines serviced

What Is the Starting Salary for a Diesel Mechanic?

According to ZipRecruiter, the national average salary for an entry-level diesel mechanic in the U.S. is $38,456 a year. This breaks down to approximately $18.49 an hour, which in some states is only a few dollars more than minimum wage. Working at this rate comes out to be $739 a week or $3,204 a month.

Whether you’re paid a set weekly salary or hourly rate, starting out as an entry-level diesel mechanic can be challenging. The wages may be difficult to live on, especially if you have a lot of financial obligations or live in a place with a higher cost of living.

But if working with machinery and, in particular, on diesel engines is what you really want to do, it can be worth any initial sacrifices. And the good news is, diesel mechanic jobs are expected to continue to grow. So in time, you can move up the ladder or seek out a new job to increase your yearly salary.

In the meantime, using a spending app can help you keep tabs on where your money is going so you can make ends meet.

Recommended: What Is a Good Entry-Level Salary?

What Is the Average Diesel Mechanic Salary by State?

If you’re considering going into the field, you may be wondering how much a diesel mechanic makes a year. As previously mentioned, the median pay for a diesel service technician and mechanic is $48,690 per year, or $23.41 per hour.

Keep in mind that in certain areas, there’s an increased demand for diesel mechanics, which means there’s a greater chance pay rates will be higher. Per ZipRecruiter, here’s the average diesel mechanic salary by state.

Recommended: The Highest-Paying Jobs in Every State

Diesel Mechanic Job Considerations: Pay and Benefits

Looking for a diesel mechanic job? Along with researching positions with competitive pay, it’s important to factor in employer benefits.

Here are common employee benefits offered to diesel mechanics:

•   Health, dental, vision, and life insurance

•   401(k) with possible employer match

•   Tuition reimbursement

•   Flexible Spending Account (FSA) and/or Health Savings Account (HSA)

•   Paid sick days, vacation, and holiday pay

•   Parental leave

•   Stock options

•   Profit sharing

•   Low prescription drug costs

•   Wellness programs, such as free counseling services

Pros and Cons of a Diesel Mechanic’s Salary

When it comes to a diesel mechanic’s earnings, there are potential upsides and downsides you’ll want to keep in mind.

The Takeaway

The median pay for a diesel service mechanic is $48,690 per year, or $23.41 per hour, according to the latest figures from the BLS. However, that amount can vary by state, and there may be opportunities to earn more with additional training and experience. Diesel mechanics are in demand, and jobs are expected to continue growing. This means skilled technicians may have opportunities to join companies that offer benefit packages, potentially move up the ranks, and even increase their take-home pay.

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.

FAQ

What is the highest-paying diesel mechanic job?

According to some of the top online job seeker sites, the highest salaries for a diesel mechanic clock in around $70,000 or more a year. Types of diesel mechanics who generally make more money include those who work on heavy duty trucks, tractor trailers, and water-based vessels such as cargo and cruise ships.

How much does a diesel mechanic earn in the Bay Area?

The average annual diesel technician salary in San Francisco is $58,022, but salaries can span from $42,000 to $79,000 a year. The average hourly rate for diesel techs in the Bay Area is $27.90.

Is being a diesel tech worth it?

For people who enjoy working with their hands and have an interest in the workings of machinery, becoming a diesel tech can be a rewarding career. The field offers opportunities for constant learning, increased expertise, job stability and room for career advancement.

Photo credit: iStock/sathit trakunpunlert

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*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.

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

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.

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.

SORL0523007

Personal loans are borrowed lump sums that you pay back, with interest, to the lender. Though the money can be used for almost anything, some common uses for personal loans include covering medical bills, paying for home repairs, and consolidating debt.

When you don’t have the savings to cover an important purchase or bill, a personal loan is usually a better alternative to credit cards. We’ll take a closer look at what personal loans can be used for, their drawbacks and benefits, and alternative ways to pay for unexpected expenses.

What Can I Use a Personal Loan For?

Personal loans may be used for just about anything “personal,” meaning it’s not a business-related expense. Here are some of the most popular reasons people take out different types of personal loans.

Debt Management and Consolidation

Refinancing or high-interest debt consolidation into better loan terms is one of the most common uses for a personal loan — and one of the most financially savvy. Credit card debt carries some of the highest interest rates out there. Credit cards also typically have variable rates, making it challenging to create a predictable budget to pay down outstanding debt.

Rates for personal loans, on the other hand, tend to be lower than credit card APRs. This can save borrowers a lot of money in interest over the long term. And the fixed payback schedule of a personal installment loan may help borrowers avoid falling into a vicious cycle of revolving debt that can continue indefinitely.

You don’t have to be drowning in credit card debt to benefit from consolidation. For borrowers with multiple loans, consolidating debt with one personal loan can be a useful financial tactic — if the borrower qualifies for good loan terms.

Bottom line: Personal loans can help streamline multiple high-interest debt payments into one payment. Plus, loans tend to have lower rates than credit cards. This could help borrowers save money in interest over time.

Recommended: Where to Get a Personal Loan

Wedding Expenses

According to Zola, an online wedding planning site, the average cost of a wedding in 2023 is around $29,000. Unfortunately, many young couples have not saved up enough to pay for their entire wedding themselves. (In many cases, the days when a bride’s parents footed the entire wedding bill are over.)

A personal loan, sometimes referred to as a wedding loan when used for this purpose, can cover some or all of a well-budgeted wedding. Personal loans tend to offer much lower interest rates than credit cards, which some newlyweds may use to fund their big day.

However, before you go this route, think long and hard about whether you really want to start out your married life in debt. Consider if you can actually afford to pay off the loan in a timely manner. If not, it might be better to cut back on your wedding budget, or take more time to save up for the big day.

Bottom line: A wedding loan can help pay for some or all of the wedding costs, which could help you avoid having to use a credit card or tap into your savings.

Unexpected Medical Expenses

When a medical emergency occurs, it’s important for your main focus to be on a healthy outcome. But the financial burden can’t be ignored. Being able to pay for out-of-pocket expenses with a low-rate personal loan may relieve some stress and give you time to heal.

It’s no secret that the cost of medical care in America can be sky-high, especially for the large portion of Americans who have high-deductible health plans. The situation is even more challenging for those who don’t have health insurance coverage at all. When paying out of pocket, even a seemingly simple procedure, like casting a broken leg, can cost a shocking $7,500, according to Healthcare.gov.

Bottom line: Medical emergencies happen. Using a personal loan to help pay for bills and expenses could provide peace of mind.

Recommended: How to Pay for Medical Bills You Can’t Afford

Moving Expenses

A low-interest personal loan (also known as a relocation loan) may help defray some out-of-pocket costs associated with moving. According to the American Moving & Storage Association, a local move can set you back $1,250 on average. Moving 1,000 miles or more typically costs $4,890.

And these figures only account for the move itself. As anyone who has relocated knows, hidden costs can and do often pop up, from boxes and storage space to cleaning fees and lost security deposits.

There are also expenses that come with a new home. Most new rentals require upfront cash for a deposit, sometimes totaling three times the monthly rent (first, last, and security). Opening new utility accounts may also require a deposit.

And don’t forget about replacing household items left behind. Even basics like soap, light bulbs, shower curtains, and ketchup can easily total a few hundred dollars.

Lastly, miscellaneous costs can arise during the move itself, such as replacing broken items. Even with insurance, there’s usually a deductible to pay.

Bottom line: Whether you’re relocating across town or across the country, expenses can pile up quickly. A relocation loan can help you pay to move and set up your new home.

Funeral Expenses

Many people have life insurance to cover their own funeral. But what if Mom, Dad, or Grandpa didn’t plan ahead? If the deceased did not plan appropriately to finance their death, and life insurance doesn’t cover the bill, a personal loan can be a quick, easy solution for the family.

Basic costs for a funeral include the service, burial or cremation, and a memorial gathering of friends and family. The median cost of a funeral service with a viewing and burial is $7,848, while the cost of a funeral with cremation is $6,971.

Bottom line: When a loved one passes away, paying for the funeral may be the last thing on your mind. If you need help financing the arrangements, a personal loan could provide a fast and simple solution.

Home Improvement Expenses

Many renters and homeowners feel that annual or biannual itch to spruce up their living space. That might mean a fresh coat of paint, upgraded appliances, or a kitchen remodel. Depending on the level of your project, the cost of home remodel can come in anywhere from a few hundred to tens of thousands of dollars.

If you’re making upgrades that will improve a home’s value, the cost may be made up when selling the house later. Using a personal home improvement loan can help you focus on the renovation instead of fretting about costs. Plus, if you get an unsecured loan, you won’t have to worry about putting your home equity on the line as collateral.

Bottom line: Taking out a home improvement loan is one way to help fund a home improvement project.

Family Planning

Whether your plans involve pregnancy, adoption, in vitro fertilization (IVF), or surrogacy, growing a family can be expensive.

The average cost of a complete IVF cycle, for example, starts around $15,000 and can go up from there, depending on the center and your medication needs. Meanwhile, giving birth costs an average of $18,865, and insured women typically pay $2,854 of that amount.

Once your baby arrives, you’ll need money to pay for diapers, clothing, formula, and other supplies. A personal loan can help you cover the expenses without having to dip into your savings or emergency fund.

Bottom line: When you’re looking to add a new member to the family, a personal loan can provide peace-of-mind financing.

Car Repairs

You get a flat tire. The transmission fails. The brakes go out. When your car breaks, chances are you can’t afford to wait to have it fixed while you pull together the necessary funds. A personal loan can help you cover the cost of the repair, which can be significant.

On average, consumers spend around $548 per year fixing their cars, according to Cox Automotive, which owns Kelley Blue Book. Of course, you could spend much more, depending on the work being done. If you’re replacing a failed transmission, for instance, you can expect to pay between $2,900 and $7,100 for a new one.

Bottom line: Car repairs are rarely planned. If you need money quickly to fix your car, you may want to consider a personal loan. Depending on the lender, you may be able to get same-day funding, but it could also take up to one week to get the money.

Vacation

Ready to take the plunge and book that bucket list trip? A personal loan is one way to help finance a dream vacation, and the interest rate could be lower than a credit card’s.

Bottom line: If you’re planning an expensive getaway and don’t have the cash you need at the ready, a personal loan can help you pay for the trip. Note that you may be paying off the loan long after the trip.

What Personal Loans Can’t Be Used For

While personal loans can be used for almost anything, there are some restrictions. In general, here are things you should not use a personal loan for:

•   A down payment on a home. Buying a home? In general, you’re not allowed to use personal loans for down payments on conventional home loans and FHA loans.

•   College tuition. Most lenders won’t allow you to use personal loans to pay college tuition and fees, and many prohibit you from using the money to pay down student loans.

•   Business expenses. Typically, you are not allowed to use personal loan funds to cover business expenses.

•   Investing. Some lenders prohibit using a personal loan to invest. But even if your lender allows it, there may be risks involved that you’ll want to be aware of.

Recommended: Personal Loan Glossary

Pros and Cons of Taking Out a Personal Loan

As you’re weighing your decision, it may help to take a look at the overall pros and cons of personal loans:

Deciding Whether to Take Out a Personal Loan

Wondering whether a personal loan makes sense for your situation? Here are a few things to keep in mind as you make your decision.

•   Figure out how much you’ll need to borrow. Remember, you’ll be on the hook for repaying a significant amount of money including interest. There might be hidden fees, too.

•   Make a repayment plan. Going into debt should never be taken lightly, so it’s important to set a realistic strategy to repay the debt.

•   Check your credit score. Your credit history and score will have a significant impact on the loan terms, and interest rates and qualifying criteria will vary from lender to lender.

•   Explore your options. Before applying with a lender, shop around for the interest rate and terms that best fit your needs.

Keep in mind that there may be situations when taking out a personal loan might not make sense. Here are a few instances:

•   You can’t afford your current monthly payments. If making the monthly payments on your existing debt is a challenge, you may want to reconsider whether it’s a good idea to take on any more debt right now.

•   You have a high amount of debt. Shouldering a high amount of debt? Taking out a personal loan could put a strain on your finances and make it more difficult for you to make ends meet or put money away for savings. Plus, carrying a lot of debt could increase your debt-to-income ratio (DTI), which lenders look at in addition to your credit score and credit report when reviewing your loan application.

•   You have a “bad” credit score. A less-than-stellar credit score could reduce your chance of getting approved for a personal loan. If your credit score is considered “bad,” which FICO defines as 579 or below, then you may want to hold off on taking out a personal loan and instead work on your credit. You can help raise your score by paying your bills on time, paying attention to revolving debt, checking credit reports and scores and addressing any errors, and being mindful about opening and closing credit cards.

Recommended: Can a Personal Loans Hurt Your Credit?

Alternatives to Personal Loans

Considering alternative ways to pay for expenses or big-ticket items that don’t involve personal loans? Here are three to keep in mind:

Credit cards

Credit cards offer a line of credit that you can use for a variety of purposes. This includes making purchases, balance transfers, and cash advances. You can borrow up to your credit limit, and you’ll owe at least the minimum payment each month.

A credit card may make sense for smaller expenses that you can pay off fairly quickly, ideally in full each month.


💡 Quick Tip: If you’ve got high-interest credit card debt, a personal loan is one way to get control of it. But you’ll want to make sure the loan’s interest rate is much lower than the credit cards’ rates — and that you can make the monthly payments.

Home equity line of credit

If you have at least 20% equity — the home’s market value minus what is owed — you may be able to secure a home equity line of credit (HELOC). HELOCs commonly come with a 10-year draw period, generally offer lower interest rates than those offered by a personal loan, and you can borrow as much as you need, up to an approved credit limit. However, you may be required to use your home as collateral, and there’s a chance your rate might rise.

HELOCs might be an option to consider if you plan on borrowing a significant amount of money or if you expect to have ongoing expenses, like with a remodeling project.

401(k) loan

If you need money — and no other form of borrowing is available — then you may want to consider withdrawing funds from your retirement plan. A 401(k) loan doesn’t come with lender requirements and doesn’t require a credit check. However, you may face taxes and penalties for taking out the money. Each employer’s plan has different rules around withdrawals and loans, so make sure you understand what your plan allows.

Borrowing from your 401(k) could be a smart idea in certain situations, like if you need a substantial amount of cash in the short term or are using the money to pay off a high-interest debt.

The Takeaway

When it comes to weddings, funerals, cross-country moves, and other big-ticket items, a personal loan is typically a better alternative to high-interest credit cards. Other common uses for personal loans include credit card debt consolidation, medical bills, home improvement, family planning, and vacation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

FAQ

What is interest?

Interest is the money you’re charged when you take out a loan from a bank or earn for leaving your money in a bank to grow. It’s expressed as a percentage of the total amount of the loan or account balance, usually as APR (Annual Percentage Rate) or APY (Annual Percentage Yield). These figures estimate how much of the loan or account balance you could expect to pay or receive over the course of one year.

How important is credit score in a loan application?

Credit score is one of the key metrics lenders look at when considering a loan applicant. Generally, the higher the credit score, the more likely lenders are to approve a loan and give the borrower a more favorable interest rate. Many lenders consider a score of 670 or above to indicate solid creditworthiness.

Can I pay off a personal loan early?

Most lenders would likely welcome an early loan payoff, so chances are you can pay off a personal loan early. However, if an early payoff results in a prepayment penalty, it may not make financial sense to pay off the loan ahead of schedule.

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.

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

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

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.

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.

SOPL0723004

Planning your next getaway? For many people, especially families with kids, amusement parks and adventure parks are high on the list of popular travel destinations. Whether it’s Disney, Universal, Six Flags, Cedar Point, or any number of other parks, you’re likely to have an amazing time twirling, swooping, spinning, and splashing through the rides.

Because many of the biggest amusement and adventure parks are very popular (and expensive), it can take a bit of planning if you want to maximize your fun given the crowds and costs you can encounter. That’s where some vacation strategy comes into play.

Here, you’ll learn the smart tricks and tips that can help you make epic memories when visiting adventure and amusement parks.

Best Times to Visit to Avoid Crowds

If you love big roller coasters, water rides, haunted houses, and other heart-pumping rides, you are not alone. Lots and lots of people head to the parks in a typical year. For instance, the most popular theme park of 2022, Walt Disney World’s Magic Kingdom in Florida, welcomed more than 17 million visitors.

This means that many of the most beloved adventure parks can get quite crowded. If you are trying to book summer travel, schedule a spring break vacation, or travel over a holiday weekend, expect that many other people are also trying to visit a theme park at those same popular times.

While there may never be a time when there aren’t any crowds at some of the larger amusement parks, traveling midweek or during the offseason may help you avoid some of the crowds.

5 Tips for Making the Most of Your Amusement Park Trip

Here are a few of top tips for getting the most out of your amusement park trip:

1. Go Early

One of the best budget-friendly travel tips is to get to the park early. In many parks, crowds tend to only get bigger as the day goes on. If you’re there right as the park opens, you may be able to minimize the lines for rides and do more during your time at the park. Starting your day early may help keep you out of the sun with lower overall temperatures.

2. Prioritize Your Top Rides First

Along those same lines, you’ll want to take a look at the top rides that are most important to you. Prioritize riding those early in the day; you will likely avoid the disappointment of showing up midafternoon and discovering an incredibly long wait.

Most amusement parks have one or two new or really popular rides that generate the biggest crowds. Or perhaps it’s a forever favorite, like Space Mountain at Disney or the Wizarding World of Harry Potter at Universal. Lines for these rides tend to only increase as the day goes by, so if you want to ride, make a beeline for those attractions.

3. Make Reservations for Meals

Many restaurants at large amusement and adventure parks work on a reservation system. That means that you can’t just show up to the restaurant at noon and expect a table. Instead, you could wind up wandering around in a hangry state, unable to find what you want to eat.

You might be able to make reservations through the park’s mobile app. Another option: You can often stop by the restaurant earlier in the day to make a reservation for when you want to eat.

4. Bring the Right Gear

It can be smart to bring the right gear when you go to a large amusement park. This could include things like sunscreen, water, umbrellas, and/or ponchos. It may be difficult, costly or impossible to get some of these essentials inside the park.

If you’re traveling with infants, toddlers or young children, you want to make sure that you have all the essentials for them as well. Check your park’s policy on strollers and other large bags to make sure you’re not turned away at the entrance.

On the topic of planning ahead: When booking a trip to a park, you may want to consider getting travel insurance to protect your investment in your vacation. You may be covered by credit card travel insurance or want to buy a separate premium.

5. Pace Yourself

While it can be tempting to turn your day at an amusement park into a marathon, it’s wise to be flexible about how long you spend at a park. If you get there when the park opens, don’t feel that you have to stay there the whole day. If you do, make sure that you take frequent breaks so you don’t wear yourself (or your family) out and can get hydrated and oriented, especially if you’ve been doing a lot of spinning rides.

If your schedule allows and your park permits it, consider leaving the park during the hottest part of the day, going back to your hotel to relax, and then returning for the evening. Many small kids really enjoy this kind of pace, with pool time or a nap in the afternoon.

How to Help Young Kids Have a Good Time

Amusement park trips can be wonderful for young kids…or something significantly less than that.

Recognize that many parks are loud, crowded, and have lots of exposure to the elements (sun, humidity, rain, etc.). Waiting in line isn’t easy for little ones, nor is walking from one end of a park to the other. All of this can lead to kids being hungry, tired, and cranky.

Some advice to make the most of your visit to a park:

•  It can be wise to prioritize the kids’ top choice in terms of rides. This should help minimize aimless wandering and disappointment over missing their favorite rides.

•  Make sure that you have snacks and drinks on hand for them. Take frequent breaks to rest and refresh. Bringing your own food can also be a way families can afford to travel.

•  Acquaint yourself with where bathrooms are as soon as you enter the park.

•  Explain height requirements to kids, and figure out beforehand which rides they can go on so you don’t wait in line and then get turned away.

•  Also, many kids go a little souvenir-crazy while at the parks. It can be wise to set a budget in advance and help them understand how much they have to spend and that once it’s gone, it’s gone! That may help them spend wisely on souvenirs they won’t regret buying.

Ways to Save Money on Your Theme Park Visit

While many large theme parks are quite expensive, there are a few ways that you can save money on your visit.

•  Look for discounted tickets, either through a big box store, online deal, or at a travel agency. You can also look at staying at a hotel that is affiliated with the park which may reduce or eliminate park admission fees; while these accommodations may be pricier than other rooms, the bonus free park access could wind up making it a way to be a frugal traveler.

•  Don’t forget to see if you can use credit card rewards to buy down the price of your trip.

•  Bring your own snacks to the parks, including drinks (avoid glass bottles as some parks don’t allow them inside). Bottled sodas and water can be $5 or more at some of the most popular parks.

•  Also know that many theme park restaurants and snack stops will give you a free cup of ice water upon request.

•  If you do eat at the parks, consider sharing a meal. Portions as well as the price tag can be hefty.

•  See if you can snag discounts with memberships like those at AAA or Costco. Those can sometimes lower everything from hotel prices to car rental costs.

Recommended: Ways to Save Money on a Disney World Vacation

The Takeaway

Many large amusement or adventure parks are magnets for family travel, but they can also be quite expensive and crowded. Consider traveling in the off-season, arriving at the park early, and taking frequent rest breaks throughout the day as a few strategies to maximize your enjoyment at the park. Also bring some key supplies (sunblock, water, snacks) before you hit the parks.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

FAQ

How do you beat the lines at an amusement park?

A couple of the best strategies to beat long lines at an amusement park: Travel during a less-crowded time of year, arrive at the park as early in the day as possible, and make sure to prioritize the most popular rides early in the day.

Are adventure park rides safe?

Many adventure park rides are regularly inspected, either by the park itself or certain independent or government inspectors. While amusement park ride injuries are rare, they do happen. You’ll want to do your own research to decide what parks and what rides you feel comfortable with.

What should I bring to a theme park?

Basics like water, snacks, sunscreen, and appropriate rain gear are good things to bring to a theme park. If you have young children, you’ll want to make sure that you have all the supplies that they will need as well.

Photo credit: iStock/wundervisuals

It’s a win-win situation. When employers help employees become homeowners — even in small ways — workers may feel even more loyal to them. And employees who own their homes are far less likely to relocate and change jobs.

The reasons aren’t hard to figure out. Homeownership can be a major contributor to employees’ overall financial well-being, security, and stability, all of which can add to their productivity and satisfaction on the job. Employer-sponsored homeownership benefits also help build strong communities, and strong communities are almost always good for business.

The need for employer help may be greater now than ever. Stubbornly elevated home prices, the uptick in mortgage rates, low housing inventory, and the high overall cost of living have meant that it has been harder for employees, particularly workers under age 35, to afford to buy their own homes. For many first-time home-buyers, the only option is to move to a lower-priced housing market. If those employees can’t work fully remotely, they may simply switch jobs.

The widespread lack of affordable housing in many areas can also make it difficult for employers to attract and retain the best hires. According to data from Gallup, the cost of replacing an individual employee can range from half of to two times the employee’s salary.

The ultimate result? A huge challenge for HR professionals.

Offering home buying benefits can help. Numerous companies, understanding the link between homeownership and retention, have introduced homeownership benefits to help build a loyal, productive workforce that can further advance their business objectives.

Below are some of the ways employers can help their workforce become satisfied homeowners. After studying your workforce demographics and your budget, you may find inspiration among the various approaches below.

Homebuyer Education and Counseling

Knowledge is one of the most cost-effective benefits there is. Consider pairing up with area mortgage experts, financial counselors, and others to produce on-site or virtual information seminars on various homebuying topics. Banks, mortgage brokers, and real estate brokers in your area may be willing to offer free information sessions at your organization in hopes of generating clients. Or you may find one of the many homebuyer consultants available to help educate your workforce.

These programs can provide interested employees with the basics on the local market, different types of mortgages and their rates, mortgage insurance, down payment assistance, legal issues related to homeownership , foreclosure prevention, and much more. And an informed employee can avoid the financially costly mistakes that can so often be part of real estate purchases.

Recommended: How Homeownership Can Help Build Generational Wealth

Credit Counseling

A good credit score is key to qualifying for a mortgage with favorable rates. Employer-sponsored credit counseling can help employees learn how to check their credit scores and, if necessary, take steps to improve them. Consider partnering with a respected credit counseling firm to conduct in-house or virtual workshops or allowing employees time off to attend approved credit counseling seminars outside the workplace.

Recommended: Supporting the Financial Well-Being of Newly Hired Recent Graduates

Down Payment Assistance Programs

With home prices as high as they are in many markets throughout the U.S., saving up a down payment of 10 percent to 20 percent or more can be a barrier to homeownership for many workers.

Employers can help in two ways. They can offer direct financial assistance. This usually entails paying a percentage of an employee’s down payment with a dollar amount maximum.

Employers can also help employees access government-sponsored grants and low-interest loans designed to help first-time homebuyers cover down payments and/or closing costs. Your state’s housing finance agency and your local housing authority likely have first-time homebuyer programs. Many offer qualifying buyers grants that don’t have to be paid back. Others have low or no-interest loans that often don’t have to be paid back until the house is sold or refinanced. As a rule, these programs aren’t broadly advertised, so employers who help workers find and apply for such assistance can play an important role in securing these funds.

Help Finding and Paying Real Estate Professionals

Consider partnering with a local bank or mortgage broker to help employees find home financing. In return for the potential mortgage clients, you may be able to negotiate lower closing costs and fees for your employees that your firm also might or might not help subsidize.

A partnership between your firm and local realtors can provide workers with special help in the house-hunting process. And a relationship with local real estate lawyers or access to your own firm’s legal expertise can help lower legal fees associated with home buying for your employees.

Professional relocation services can help with home buying when an employee moves from one area of the country to another. However, with the rise of remote work, this is increasingly less common.

Important Extras

There are lots of small but important and cost-effective gestures employers can make when employees are finishing up with the home buying experience. Extra days off (with pay) for closing and moving, for instance, can reduce stress and produce goodwill.

When the deal is done, it’s a nice gesture to acknowledge the new homeowner with a card or housewarming gift. Be sure to remind your employees that you or your expert partners can help answer any follow-up questions that come with homeownership.

You’ll also want to make sure that learning to manage mortgage payments and home ownership is part of your employees’ overall financial well-being picture. Your wellness programs may be able to help with budgeting for home improvements, maintenance, insurance, and other costs your employees may not have anticipated with home ownership.

The Takeaway

Employers can’t be the only resource employees turn to when it comes to buying a home. But a company that has a workforce full of employees of home buying age may find that it can fill an important need and, in the process, help keep its workforce steady, loyal, productive, and satisfied.

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org ). The 529 Savings and Selection Tool is provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2024 Social Finance, LLC. All rights reserved. Information as of November 2024 and is subject to change.


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.

SOBD0623006

In the spring of 2022, nearly 18 million students attended American colleges and universities.

As exciting as this phase of life can be, experiencing some level of homesickness during the home-to-college transition is common. As a parent, you may feel a sense of responsibility when it comes to helping your now-adult child get over their homesickness. And there could be a reason for concern, since studies have shown that emotional or mental distress in college students can impact academic performance.

Fortunately, there are a number of ways parents can help their child adjust to being away from home (perhaps for the first time) and get the most out of their college experience. Read on to learn some simple ways you can help your child feel less homesick at college.

Recommended: College Planning Guide for Parents

Strategies to Help Your Child Cope with Homesickness

Watching your child experience homesickness from afar can be challenging. It may be tempting to rush to the rescue, but it is also important that your child find their footing on campus. These tips and ideas may be helpful as you support your child as they navigate homesickness and life on-campus.

Acknowledging the Situation

It can be comforting to know that you’re not the only one struggling with a given situation. So as a parent, it might be helpful to share with your child how common homesickness is among first-year students. Providing comfort and reassurance that they are not alone and that in time, their feelings of homesickness will pass, can go a long way.

Keeping In Touch

As you and your child adjust to your new dynamic, you may need to find new ways to keep in touch. Keep in mind that while your child is adjusting to on-campus life, you don’t want to be overbearing. Try setting up a weekly video chat or sending over fun updates from home in a text message. Remember to give your child the space they need to find their footing at school.

Sending a Care Package

When packing for college, adding a few items that bring the comfort of home could be helpful if your child starts feeling tinges of homesickness. Things like a favorite book, a blanket, or stuffed animal could be just the thing when homesickness creeps in.

Sending over a care package with some of their favorite cookies, candies, or snacks and a photo of a fun memory can provide a touch of home too.

Encouraging Your Child to Get Help if They Need It

If your homesick college student seems like they may benefit from professional help, you might encourage them to visit their campus counseling center. Many colleges also offer mental health services and counseling on campus, often at little to no cost.

If there are fees involved, they may be covered (at least partially) by health insurance. If your child is no longer on a family medical plan, it’s likely you’ve enrolled them in a college health insurance plan, which is often rolled into costs of tuition, room, and board.

💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Helping Your Child Find a New Familiar

It’s probably not the best idea for parents to visit their child every weekend — though it may be hard to control yourself if your child’s university is easily accessible. As lovely as it is that you’re a familiar face, it might be more helpful for your child to find a new familiar.

Instead, you might encourage your child to find ways to make their not-yet-so-familiar home feel more known. If your college student loves coffee, they might want to find a local shop they can visit frequently — turning it into their own personal hang-out spot.

If they’re into museums, discovering the best ones nearby could help them feel more grounded in their new environment.

Getting Involved on Campus

When someone is feeling down, it can be tempting to stay indoors and wallow in those feelings. Getting involved on campus can help students build community and connect with their peers. Colleges have lots of clubs and extracurriculars that can help students find like-minded individuals.

If committing to a club feels like too much, your child might connect with peers in a more casual way, from making friends in class or meeting new people during a dorm hall function.

Developing Healthy Routines

Physical health and mental health go hand in hand, so if your homesick college student is making less-than-healthy choices during this tough transition period, you might encourage them to make some changes in their routine.

This might look like starting their day with a walk to the campus coffee shop or finding a weekly exercise class. Creating a schedule and finding new, healthy routines can give your student something to look forward to.

Recommended: What Percentage of Parents Pay for College?

Developing a Plan to Pay for College

In addition to homesickness, paying for college can be an added layer of stress, for both parents and students. If your child is worried about money or constantly working at a job to help cover costs (rather than acclimating to college), you might want to look into additional sources of funding, such as scholarships and grants and/or student loans.

It’s important to fill out the Free Application for Federal Student Aid (FAFSA) every year, since this is required for a student or parent to qualify for any federal funds or loans.

For some students, federal student loans and other sources of aid may be enough to fund their college education. If it’s not, parents also have the option of taking out loans, such as the federal PLUS loan or a private student loan. You might also consider cosigning a private student loan for your child.

When comparing federal vs. private student loans, keep in mind that private student loans aren’t required to offer the same borrower protections, like deferment options or income-driven repayment plans, as federal student loans. For this reason, you generally want to look at private student loans only after you’ve exhausted federal loan and aid options.

💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

The transition to college life can be stressful for students, as well as their parents. Being in an unfamiliar environment, while trying to balance classes and making new friends can lead to feelings of apprehension, anxiety, and homesickness. As a parent, providing support from a distance can include things like sending a care package, checking in with a video call once a week, and encouraging your child to get involved in extracurricular activities.

Hopefully, in time, your child will settle into their life on campus — finding a new normal. If money worries are adding to your child’s (or your own) college stress, it can also be a good idea to explore funding options you or they might qualify for. Once the financial side of college is taken care of, your child will be free to focus solely on assimilating into campus life and fully embracing this exciting time in their life.

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

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., 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 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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

SOIS0223007