Jun
22
2023
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Budgeting on a Fellowship Doctor Salary

By | Budgeting & Goals, Building Your Career, Life & Career, money, student_loan | No Comments

A medical fellowship after residency can provide the training you need for a successful career in your preferred specialty. But it also probably means you’ll make far less for a period of one to three years.

Do you get paid during a fellowship? Yes, you do. Medical fellows earn an average salary of $89,175 per year and residents earn an average salary of $57,264 a year. While those are both still above the national median salary of $57,200, they still do not compare to the salary of a full-time attending physician and may require you to set and stick to a budget during your fellowship training period.

Key Points

•   A medical fellowship typically offers a salary of around $89,175, which is lower than that of fully licensed physicians, necessitating careful budgeting.

•   Budgeting effectively involves categorizing expenses into fixed and variable types, ensuring that monthly expenses do not exceed income.

•   Housing is often the largest monthly expense; finding affordable housing or considering shared living arrangements can significantly reduce costs.

•   Utilizing income-based repayment plans, deferment, or forbearance options can help manage student loan payments while in a fellowship.

•   Seeking passive income opportunities and smart grocery shopping can further alleviate financial pressures during fellowship years.

The Difference between Residency and Fellowship

Residency usually happens right after medical school and is designed to give doctors the experience needed to serve patients. A fellowship follows residency and is designed to train fellows in a narrower specialty.

While some fellows may earn more than residents, the salary is still lower than for most working physicians. Usually, fellows have to pay for the majority of their living expenses, including housing and at least some meals.

Additionally, most fellows face a high student loan burden as well, with 73% of medical school graduates having some form of education debt. The average student loan debt of medical school graduates, including undergraduate loans, is $250,999.

With a relatively low salary and a high debt burden, being smart with money during fellowship years can be a big part of creating a strong financial foundation.

Fellows may feel like they have too much on their plate to devote time to thinking about personal finance. But just a few savvy budgeting strategies can help fellows live within their means and potentially avoid getting deeper into debt.

10 Budgeting Tips for Living on Your Fellowship Doctor Salary

1. Finding a Budget that Works for You

The first step to smart budgeting is actually making a budget. Start by making a list of monthly expenses in two categories: fixed expenses (those that stay roughly the same every month, such as rent, utilities, and insurance) and variable expenses (those that fluctuate, such as eating out and entertainment).

Next, note how much money is earned each month from fellowship or any other income sources. Use take-home pay after taxes and deductions.

Ideally, expenses should be less than income. If they’re not, work out where costs could be trimmed. With a reasonable budget in place, the next step can be to track spending each month.

Recommended: 23 Ways to Cut Back on Spending and Expenses

2. Living Within Your Means

Expenses should not exceed the money you bring in. During a medical fellowship, you might be tempted to bite off more than you can chew financially with the expectation that your salary will soon increase dramatically. But going into debt isn’t a savvy way to start off your career.

Credit cards generally have the highest interest rates, so even a small balance can balloon into substantial debt down the line. Failing to make payments or using too much available credit could impact an individual’s credit score, which could make a difference when looking for a mortgage or car loan.

3. Choosing Housing Carefully

For most people, housing is the single largest monthly expense. That’s why it’s worth putting in the effort to find an affordable option that meets your needs. In a particularly expensive market, it may be worth getting roommates. Another factor to consider—the closer you are to your workplace, the more that can potentially be saved in commuting costs.

Recommended: How Much House Can I Afford?

4. Delaying the Purchase of a New Car

For those living in an urban area, think about whether public transit or carpooling may be options for getting to work. If a vehicle is non-negotiable, consider a used car rather than a new one. Cars lose much of their value when they’re driven off the lot for the first time, so it may be worth seeking out used cars that are in great shape at a great price.

5. Saving on Food

As a variable expense, food is an area with plenty of opportunities to save. If you have any meals provided for you as part of your fellowship, take advantage of the free food. Eating out can be tempting with a busy schedule, but it may be wiser to limit how often you go to restaurants and how much you spend there.

Since you won’t always have time to cook, preparing meals in batches to eat throughout the week could help you resist the temptation of going out.

When you grocery shop, purchase what’s on sale, learn what produce is in season, and consider purchasing generic brands. Look for nonperishable items in bulk at discount stores. If you’re feeling extra thrifty, clipping coupons could save you some change, too. Some stores even offer coupons through their app—no clipping required.

Recommended: 30 Ways to Save Money on Food

6. Traveling with Rewards Points

During your fellowship, you’ll probably want to go on vacation and take a well-deserved break. But your trip doesn’t have to break the bank. Fellows with a decent enough credit score may qualify for credit cards that offer significant point bonuses, which can be redeemed for travel costs like flights, hotels, or rental cars. Some cards may require cardholders to spend a certain amount upfront to qualify for a bonus, so double check you’re not taking on unnecessary expenses or carrying a balance if you don’t need to.

7. Taking Advantage of Income-Based Repayment Plans, Deferment, or Forbearance

Those with eligible federal loans who cannot afford to make payments may be able to pause their payments through deferment or forbearance options if they meet certain qualifications.

Income-based repayment plans allow borrowers to tie their monthly payment to what they make, and the balance is generally forgiven after a certain number of years (currently anywhere between 20 to 25 years).

Eligibility for these programs largely depends on the types of student loans that the borrower holds and when they were borrowed. Those who are in a qualified graduate fellowship may be able to request a student loan deferment while in a medical fellowship.

If successful, they likely won’t have to make payments during the fellowship. In some cases, borrowers may not be required to pay accrued interest, for example, if they hold subsidized federal student loans.

Borrowers who don’t qualify for deferment but are still struggling financially may be able to apply for forbearance, but would likely be responsible for paying the interest that accrues.

Fellows who are interested in pursuing a career in public health may also consider the Public Service Loan Forgiveness program. In that program, borrowers who work for a qualifying non-profit establishment may be able to get their loans forgiven after 10 years of income-based payments.

8. Trying to Save

Living on a fellows salary may not leave much room for saving, but if at all possible, setting small savings goals could be helpful.

For example, if you don’t already have an emergency fund, you could try to put away some money every month until you have about three to six months of living expenses saved.

Once you have a cushion for emergencies, consider contributing to a retirement account, such as a traditional or Roth IRA. The power of compound interest means investing early can translate into gains over time. The longer money is invested, the more time it potentially has to grow and withstand any volatility.

Recommended: Investing for Beginners: How to Get Started

9. Considering Passive Income

As a fellow, you probably don’t have extra time to take on a side hustle. If you’re looking for ways to potentially boost your pay, consider looking into low-effort side hustles as sources of passive income, which can allow you to earn money without investing much time or energy.

Examples include renting out your room or car, wrapping your car in ads, or creating an online course. It may require some effort up front, but if you can increase your cash flow without working too much, it could be worth it.

10. Refinancing Your Student Loans

Dealing with student loans can be challenging when you’re living on a medical fellowship salary.

Refinancing your medical student loans is one way to help make your debt more manageable and potentially free up some extra cash.

When you refinance your loans—both federal and private student loans—with a private lender, you typically get a new loan at a new interest rate and/or a new term.

Depending on your situation, student loan refinancing can lower your monthly payment. Many online lenders consider a variety of factors when determining your eligibility and loan terms, including your educational background, earning potential, credit score, and other factors. Note: You may pay more interest over the life of the loan if you refinance with an extended term.

Keep in mind that when refinancing with a private lender, you do give up the federal benefits that come with most federal student loans, such as deferment, forbearance, income-based repayment programs, and student loan forgiveness. If you plan on using those programs at any point in time, it is not recommended to refinance your federal student loans.

The Takeaway

Fellowships can be an excellent opportunity to hone in on your medical specialty of choice, but the relatively low salary may require some creative budgeting in order to keep expenses in line with income.

Some ideas to consider include creating a passive income stream, shopping smarter at the grocery store, establishing a realistic budget, and finding an affordable living situation.

If you decide it makes sense to refinance your student loans, consider SoFi. SoFi offers an easy online application, flexible loan terms, and competitive rates. They also offer $100 monthly payments for those in residency for up to 84 months.

See if you prequalify for student loan refinancing in just a few minutes.

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

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

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

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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Jun
21
2023
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Do College Credits Expire?

By | Life & Career, Student Loans, student_loan | Comments Off on Do College Credits Expire?

If you’ve been thinking about going back to college to finish your degree, you may have wondered, how long are college credits good for? Are the credits I earned years ago still worth anything? Do college credits expire?

The answers to those questions depend on a few different factors. Here’s what you need to know about when college credits expire.

When Do College Credits Expire?

Some folks wonder: Do college credits expire after 10 years? Technically, college credits don’t expire. When students earn credits for taking college courses, those credits will always appear on the official transcript from the school they attended.

The question is whether another school or program will accept those credits if a student wants to transfer them. And that can be a gray area.

The good news is that older, “nontraditional learners” — undergraduate and graduate students in their mid-20s, 30s, 40s, and up — are not an unusual sight on college campuses these days. Schools that hope to attract students who are looking to complete a degree may be especially open-minded about transferring their credits.

In the fall of 2021, more than 6.4 million adults ages 25 and older were enrolled in college, accounting for approximately one-third of total enrollment, according to the National Center for Education Statistics. And the number of adults getting a bachelor’s degree or higher has been on the rise for at least a decade, the Census Bureau reports. So most college admissions offices should be prepared to answer questions about how long are college credits good for, the possibility of transferring old credits, or if some credits have a shelf life at their school.

Those policies can vary. A college doesn’t have to accept transfer credits unless it has a formal agreement with the transferring institution or there’s a state policy that requires it. A credit’s transferability also may depend on the type of course, the school it’s coming from, or how old the credit is. These deciding factors are sometimes referred to as the three R’s: relevance, reputation, and recency.

What Criteria Do Schools Consider?

How long do college credits last? Here are some things schools may look at when deciding whether to accept transfer credits:

Accreditation Is Key

Accreditation means that an independent agency assesses the quality of an institution or program on a regular basis. Accredited schools typically only take credits from other similarly accredited institutions.

General Education Credits Usually Transfer

Subjects like literature, languages, and history tend to qualify for transfer without a challenge. So if you completed those core classes while working toward your bachelor’s degree, you may not have to repeat them.

Other Classes May Have a ‘Use By’ Date

Because the information and methods taught in science, technology, engineering, and math courses can quickly evolve, credits for these classes may have a more limited shelf life — typically 10 years.

Graduate Credits May Have a Short Life Expectancy

If the coursework for your field of study in graduate school would now be considered out of date, it’s likely that some or all of your credits won’t transfer. Graduate program credits are generally denied after five to seven years.

There Could Be a Limit on Transfers

Many institutions set a maximum number of transfer credits they’ll accept toward a degree program. For example, the Rutgers School of Arts and Sciences won’t take more than 60 credits from two-year institutions for an undergraduate degree, and no more than 90 credits from four-year institutions. No more than 12 of the last 42 credits earned for a degree may be transfer credits.

At the University of Arizona, the maximum number of semester credits accepted from a two-year college is 64. There is no limit on the credits transferred from a four-year institution, but a transfer student must earn 30 semester credits at Arizona to earn an undergraduate degree. And credit won’t be given for grades lower than a C.

Some Transfer Credits May Count Only as Electives

If a student’s new school determines that an old class was not equivalent to the class it offers, it may require the student to repeat the coursework in order to fulfill requirements toward a major. But the new school still may consider the old class for general elective credits, which can at least reduce the overall course load required to obtain a degree.

If at First You Don’t Succeed, You Can Try Again

Many schools allow students to appeal a credit transfer decision — whether it’s an outright denial or a decision that a course will be allowed only as an elective. The time limit for an appeal may be a year, a few weeks, or just a few days, so it can pay to be prepared with the evidence necessary to make your case.

The relevant paperwork might include a class syllabus, samples of completed coursework, and a letter from the instructor that explains the coursework.

Students also may have to meet with someone at the school to talk about their qualifications, or they may be asked to take a placement exam to test their current level of knowledge in a subject.

How to Request Transcripts

Some schools allow students to view an unofficial record of their academic history online or in person through the registrar’s office. So if it’s been a while and you aren’t sure what classes you took or what your grades were, you might want to start there.

After a refresher on what and how you did at your old college, it might be time to check out how your target school or schools deal with transfer credits.

Many colleges post their transfer credit policies on their websites, so you can get an idea of what classes you may or may not have to repeat. Or you can use a website like Transferology.com, or try the “Will My Credits Transfer” feature at CollegeTransfer.net, to get more information about which credits schools across the country are likely to accept.

When you’re ready to get even more serious, you may want to see if your target school makes transfer counselors available, or if someone in the academic department you’re interested in will evaluate your record and advise you as to how many of the credits you’ve earned might be accepted toward your major.

You’ll probably need to have an official transcript sent directly to your target institution to document your grade-point average, credit hours, coursework, and any degree information or honors designations. There may be a small fee for this service, and it could take several days to process the request.

Once your target school has had time to review your transcripts, you can expect to receive a written notice or a phone call telling you how many of your credits will transfer. When you know where you stand, you can decide if you want to appeal any of the school’s transfer decisions, if you’re ready to move forward in the application process, or if you want to check out other schools.

It’s important to note that students who still owe money to their old school may find it difficult to have an official transcript sent to a target school.

While the Family Educational Rights and Privacy Act gives students the right to inspect their educational records, the law doesn’t require schools to provide a signed and sealed hard copy of a transcript to students who haven’t fulfilled their financial obligations.

State governments may have different laws when it comes to withholding these documents, and schools may have their own policies. So some students might hit a road bump at the registrar’s office if they’re behind on their loans or haven’t paid an old fee.

Recommended: Private Student Loans Guide

How Old Debt Can Affect Transferring Credits

Of course, one of the basics of student loans is repaying them. If you’re delinquent, the problems caused by unpaid student debt can go beyond trouble with transcripts.

If you’re planning to return to school and you’re behind on your student loans, you may have difficulty borrowing more money until you’ve put some money toward student loans and gotten them back on track.

The Federal Student Aid (FSA) Program offers flexible repayment plans, loan rehabilitation and consolidation opportunities, forgiveness programs, and more for borrowers hoping to get back in good standing. The Federal Student Aid office’s recommended first step (preferably before becoming delinquent or going into default) is to contact the loan servicer to discuss repayment options.

Another possible solution for those who have fallen behind on their payments can be refinancing student loans. Borrowers with federal or private student loans, or both, may be able to take out a new loan with a private lender and use it to pay off any existing student debt.

One of the advantages of refinancing student loans is that the new loan may come with a lower interest rate or lower payments than the older loans, especially if the borrower has a strong employment history and a good credit record. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.)

Even if you’re doing just fine and staying up to date on your student loan payments if you’re thinking about going back to school and you’ll need more money, a new loan with just one monthly payment might help make things more manageable.

However, if you have federal loans and refinancing sounds appealing, it’s critical that you understand what you could lose by switching to a private lender — including federal benefits such as deferment, income-driven repayment plans, and public student loan forgiveness.

Recommended: How to Get Out of Student Loan Debt

Moving Forward (With a Little Help)

If you’re excited about the possibility of going back to school to finish your degree (or earn a new one), you might not have to let concerns about financing keep you from moving forward.

You can contact your current service provider with questions about payment options on your federal loans. And if you’re interested in refinancing with a private loan now, you can start by shopping for the best rates online, then drill down to what could work best for you.

With SoFi, for example, you can prequalify online for student loan refinancing in just two minutes, and decide which rate and loan length suits your needs.

There are no fees with SoFi student loans (that’s something you should always check), and SoFi members have access to career coaching, financial advice, and other benefits that could come in handy when starting a new chapter in life.

Find out how SoFi can help you refinance old student debt.


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.

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

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



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.

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Jun
20
2023
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What Is a Good Entry Level Salary?

By | Building Your Career, Life & Career, student_loan | Comments Off on What Is a Good Entry Level Salary?

Starting salaries can vary greatly based on location or line of work, so there’s no one answer to the question, “What is a good entry level salary?” The size of the paycheck will differ based on where someone lives, the industry they work in, the hiring institution or company, and other hard-to-tabulate variables.

So, how might a job seeker figure out a good entry level salary before sitting down with the new boss or an HR representative to discuss pay? Here are some helpful resources to get a handle on entry level rates across the U.S., including tips for negotiating compensation.

Understanding Entry Level Salaries

Entry level salary information changes on a regular basis, but many job-focused websites offer insights into the going rates. For instance, ZipRecruiter, a well-known American employment marketplace, lists the average U.S. entry level salary by state. In summer 2023, wages in North Carolina are $13.44 per hour or $27,956 per year, whereas New York pays $16.79 per hour or $34,933 per year, on average.

Still, even state-by-state averages don’t show the whole picture. Although more than half of U.S. states have minimum wage requirements higher than the federal minimum wage, which remains set at $7.25 per hour, the amount an early-career new hire might expect can also vary by county and city within the same state.

Recommended: The Highest Paying Job in Every State

Along with location, the industry one works in can play a big role in what kind of starting salary a new hire might expect. For instance, a data scientist at a tech company might be able to earn as much as $95,000 right out of the gate, while a newly minted journalist might expect something closer to $40,000.

One way to grasp what sort of salary that might be expected is targeted research on the specific industry, location, and even position and company. And if you’re in the early stages of college, you might want to align your eventual courses of studies with a high-paying entry level job.

Researching a Good Entry Level Salary

Recent grads wanting to understand if they’re being offered current market rates for a particular job (or location) can turn to the internet to research details. Some sites that might offer resources for those job seekers include:

•   Payscale, for example, allows employees to create custom “pay reports” based on their job title, years of experience, and city.

•   Salary.com offers a similar feature, allowing job seekers to search for positions by keyword and compare them accordingly.

•   Glassdoor is another well-known web resource that publishes employee-generated information on salary by specific company and position. It also hosts reviews by current and former employees, which may help a job applicant learn more about what it’s actually like to work there.

After researching average pay by role, location, and company, job seekers might also want to mull over how to negotiate an acceptable offer.

Recommended: Average Pay in the U.S. Per Year

Negotiating a Higher Offer

So, what can a job seeker do if their dream job doesn’t (initially) come with a dreamy paycheck? Luckily, there are ways to negotiate a higher offer both initially and once you’ve proven yourself down the line.

Negotiating a salary can be scary, especially for a recent grad who’s not used to the salary tango. Nevertheless, negotiating an offer up front can have a significant effect on one’s paycheck (and, by extension, one’s long-term earnings).

When thinking of how to negotiate your starting salary, don’t forget about the benefits package, as well. In addition to higher pay, you may want to negotiate other benefits such as tuition reimbursement, a flexible schedule, or childcare expenses into your total compensation package.

Preparing to Negotiate

How might a new hire negotiate a higher-paid entry level salary? Well, having a well-researched entry level salary forecast in mind is one place to start.

Of course, it’s not likely that an early-career new hire can simply negotiate up to an experienced data scientist’s $95,000 salary if that’s not the norm for the role or location they’ve applied for. But, it’s still possible to make the case to hiring managers for why a higher rate is merited. When preparing to negotiate, remember to:

Highlight Your Skills

When asking for a higher starting salary, it could be helpful to give concrete examples of how your current skills might benefit the company. In these conversations, it may be possible to push an offer up a few percentage points (especially when the skills required are in high demand).

Practice Your Pitch

Rehearsing what you’ll say ahead of time can help you hone a confident delivery style. What’s more, it can help you be prepared for questions that come your way regarding why you deserve a higher pay.

Negotiate Other Benefits

On top of baseline salary, it’s also possible in some roles and industries to negotiate for other valuable forms of compensation — such as fitness stipends, work-from-home time, funding for continued education, and more.

Of course, negotiating a good entry level salary is not necessarily an easy undertaking. Interviewers may put candidates on the spot, asking if they’re considering other offers or if the position is their top choice.

In an already uncomfortable situation, some candidates may stumble or misspeak if they don’t know how to justify what they’re asking for.

One simple place to start is asking whether it’s possible to negotiate the offer in the first place. Candidates may also inquire about future career growth and promotion potential, which could lead to a bigger salary later down the road.

Federal Student loan payments resume Jan 1
Refi your Student Debt NOW to save thousands before rates rise.

Navigating Post-College Life, Financially and Beyond

Navigating life after college can be exciting and challenging. Trying to make ends meet on an entry level salary might be particularly tough, especially when on the hook to pay back student loans. More than 43 million borrowers have federal student loan debt, with the average balance being $37,388 per person.

A flexible and adaptable approach to finances and where one lives could make the transition to post-college life more manageable.

Recommended: 46 Tips for College Graduates

For instance, recent graduates who are in a position to choose a new place to live might opt to move to a city with a lower cost of living.

Learning how to make a budget can also go a long way toward covering common expenses — even when one’s starting salary leaves a few zeroes to be desired. That said, there’s only so much instant ramen to eat or cups of coffee to skip out on.

Refinance Student Loan Debt

For those feeling weighed down by student loans while earning an entry level salary, additional options exist. Those with outstanding federal student loans, for example, may qualify for income-driven repayment plans, loan forgiveness for public service, or student loan deferment.

Refinancing educational debt with a private lender is another option that could save money each month — or help the borrower pay off student loans faster.

Student loan refinancing may allow recent grads to make lower monthly payments toward their existing debt, freeing up some extra cash. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.) Or, it could help a borrower to save money on interest paid on the loan as a whole, allowing them to pay off the debt total faster.

It’s important to note that refinancing with a private lender causes borrowers to forfeit certain guaranteed federal benefits, like income-driven repayment (IDR) and loan forgiveness.

SoFi refinances both federal and private student loans, offering no application fees and no prepayment penalties. Those who refinance their student loans through SoFi get access to a wide range of exclusive member benefits, including career coaching, a complimentary 30-min session with a SoFi Financial Planner, and more — at no additional cost.

Checking your student loan refinance rate won’t have an affect on your credit score and could be the first step toward saving thousands of dollars — or making more affordable monthly student loan payments.

See if you prequalify with SoFi in just two minutes.

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

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


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

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

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 Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

SOSL0523023

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Jun
15
2023
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How to Hire An Attorney

By | Life & Career, money | Comments Off on How to Hire An Attorney

There are many reasons why you might need to hire a lawyer, from purchasing real estate to launching your own business to getting a divorce. When these moments hit, it’s time to get a good attorney involved to help you sort out the situation.

However, hiring a lawyer can take some know-how, and if it’s your first time tackling this, you may need some guidance. Personal referrals may be a good place to start, but it’s also vital to work with an attorney who has expertise that’s relevant to your particular legal situation.

Fortunately, there are plenty of resources that are available to help you find the right professional at the right price.

Here are some tips and tactics to help you navigate the process of hiring an attorney.

Finding the Right Attorney

Most lawyers concentrate in a few legal specialties (such as family law or personal injury law), so it’s important to find a lawyer who not only has a good reputation, but also has expertise and experience in the practice area for which you require their services.

Below are some simple ways to begin your search:

Word of Mouth Referrals

One of the best ways to find a lawyer is through word of mouth. Ideally, your family and friends may have worked with someone that they can refer you to. Better still if their situation is similar to yours.

But even if a recommended lawyer doesn’t have the right expertise, you may still want to contact that attorney to see if they can recommend someone who does.

You might consider asking your accountant for a recommendation as well, since these two types of professionals often refer clients back and forth.

Recommended: How Much Does a Will Cost?

Local Bar Associations

Your local and state bar associations can also be a great resource for finding a lawyer in your area.

County and city bar associations often offer lawyer referral services to the public (though they don’t necessarily screen for qualifications).

The American Bar Association also maintains databases to help people looking for legal help.

Your Employer

Many companies offer legal services plans for their employees, so it’s worth checking with your human resources department to see if yours does.

You’ll want to understand the details, however, before you proceed. Some programs cover only advice and consultation with a lawyer, while others may be more comprehensive, and include not only advice and consultation, but also document preparation and court representation.

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Legal Aid or Pro Bono Help

Those who need a lawyer, but can’t afford one, may be able to get free or low-cost help from the Legal Aid Society. You can often find out who to contact by searching online and typing “Legal Aid [your county or state]” in your computer’s search bar.

Consider reaching out to local accredited law schools as well. Many schools run pro bono legal clinics to enable law students to get real world experience in different areas of law.

Online Resources

There are a number of online consumer legal sites, such as Nolo and Avvo , that offer a way to connect with local lawyers based on your location and the type of legal case you have.

Nolo, for example, offers a lawyer directory that includes profiles of attorneys that clue you in on their experience, education, fees and more. (Nolo states that all listed attorneys have a valid license and are in good standing with their bar association).

Martinedale-Hubbell also offers an online lawyer locator, which contains a database of over one million lawyers and law firms worldwide. To find a lawyer, you can search by practice area or geographic location.

Doing Some Detective Work

Once you’ve assembled a short list, it’s a good idea to do a little bit of sleuthing before you pick up the phone.

This includes checking each attorney’s website. Does it look sloppily done or professional? Is there a lot of style but little substance?

By perusing the site, you can also get details about the lawyer or firm, such as areas of expertise, significant cases, credentials, awards, as well as the size of the firm. Size can actually be an important consideration.

A solo practitioner may not have much bandwidth if they have a heavy caseload to give you a lot of hand holding if that matters to you. However, their prices may be more budget-friendly than a mid-sized or larger firm.

While larger firms may be more expensive, they may have more resources and expertise that makes them the better option.

You may also want to make sure the lawyers on your consideration list are in good standing with the bar, and don’t have any record of misconduct or disciplinary orders filed against them.

Your state bar, once again, is a good place to get this kind of information. Some state bar websites allow you to look up disciplinary issues. The site may also have information on whether the attorney has insurance.

You may also be able to search the state bar’s site by legal specialty, which can help you confirm the lawyers you’re looking at really do have expertise in the area of law you need counsel in.

The Martindale-Hubbell online directory can be helpful here as well. It offers detailed professional biographies and lawyer and law firm ratings based upon peer reviews, which may help when choosing between two equally qualified candidates.

Asking the Right Questions

Many lawyers will do a free initial consultation. If so, you may want to take advantage of this risk- and cost-free way to get a sense of the attorney’s expertise and character. This is also a good opportunity to get a sense of the costs.

Whether you’re able to arrange a face-to-face meeting or just speak over the phone, here are some key topics and questions you may want to address:

•   Do they have experience in the area of law that applies to your circumstances?

Further, you may want to get the percentage breakdown of their practice areas. If you need someone to help you with setting up a business and understanding business loans, for example, and that’s only 10% of what they do, that practice may not be the best fit.

•   Do they work with people in your demographic? If the practice only represents high net worth clients, and you’re not in that income bracket, they could be a mismatch. You can also get a sense of their typical clientele by asking for references from clients.

•   How much time can they commit to you? And, how do they like to communicate: phone calls? Email? Ideally, you want a lawyer who can make you a priority and is able to respond to your questions in a timely manner, rather than leave you hanging for days or weeks.

•   What are the fees and how are they charged? This is an important one so you can budget properly, and it’s something to ask about whenever hiring a professional (say, a financial advisor). For example, they may charge hourly, or they may work on a contingency basis, meaning if you successfully resolve your case they get paid.

Also find out if they require a retainer (an upfront fee that functions as a downpayment on expenses and fees), as well as what is included in their fees, and what might be extra (such as, charges for copying documents and court filing fees). Ideally a lawyer will explain their fees and put them in writing.

You may also want to use this meeting or conversation to judge the lawyer’s character and personality, keeping in mind that chemistry counts.

The attorney you’re interviewing could have all the right credentials and awesome experience, but in the end, if their personality strikes you as a little prickly, or the vibe is off, even if you can’t exactly put your finger on it, you may want to trust your gut, walk away and keep searching.

The Takeaway

Choosing an attorney is an important decision. As much as you want to just get on with what may be a challenging or stressful situation that you need legal help with, it’s a good idea to invest some time, cast a wide net for referrals, then create and carefully vet your short list.

Finally, you’ll want to have an open conversation with any lawyer you are considering to make sure you feel he or she is a good fit for you and that you understand, and can afford, all the fees involved.

Whether you’re looking for a lawyer to help you buy a home, start a business or facilitate any other life transition, it’s a good idea to get your finances in order as well.

One simple move that can help is to open an online bank account with SoFi. With a SoFi Checking and Savings account, you can earn a competitive annual percentage yield (APY), spend and save, all in one account.

Another perk: SoFi Checking and Savings doesn’t have any account fees to nibble away at your hard-earned money.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.


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The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.


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.

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

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14
2023
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What is UBI? (Universal Basic Income)

By | Budgeting & Goals, Life & Career, money | Comments Off on What is UBI? (Universal Basic Income)

Universal basic income (UBI) is a governmental public program that can be implemented at the local, regional, or national level that would guarantee all citizens sufficient income to meet their basic needs.

The goal of this type of program is to reduce financial stress faced by the citizens of a country (or region) and enable them to focus on improving their job skills, furthering their education, or managing personal issues while still receiving enough income to meet their basic living expenses.

Because these programs are either experimental or being developed, there are no criteria for exactly how UBI would work, including how much people would receive and if all or only some citizens would receive the income. However, what follows is a closer look at what we do know about UBI, including the history behind the idea of universal income and the potential pros and cons of UBI.

Has There Ever Been a Guaranteed Income in the US?

The short answer to this question is yes, no, sort of, but mainly no. The debate over universal basic income spun up when Andrew Yang proposed The Freedom Dividend, during his campaign for the 2020 Democratic presidential primary, in which he proposed a standard $1,000 monthly payment for Americans.

Yang argued his Freedom Dividend would have increased productivity and boosted economic growth. But the idea behind his proposal actually isn’t new, and there’s even precedent to it: Since 1982 in Alaska, for example, there’s the Permanent Fund, an annual payment that “allows for Alaskans to share in a portion of the state minerals revenue in the form of a dividend to benefit current and future generations.”

A similar program more related to sharing resources is Texas’ Permanent University Fund (PUF). Established in 1876, the PUF utilizes revenue generated by oil and gas companies to fund and support higher education within the state.

A broader, UBI-like program was rolled out in the U.S. during the coronavirus pandemic, when many people lost income because their employers either scaled down or shut down operations. As unemployment skyrocketed, the federal government intervened and added to unemployment benefits to help those in financial distress. The government also implemented a widespread economic stimulus package.

Another example of something akin to UBI is the welfare system, which is government support to help ensure very-low-income citizens can meet their basic needs. However, people lose their eligibility for welfare programs (like food stamps provided by SNAP or Medicaid benefits) if they begin earning more than a certain threshold.

While an argument could be made that welfare is a stepping stone to deploying universal basic income, that hasn’t quite happened yet. This is despite the fact that many have tried. In the 1960s, Martin Luther King, Jr. called for a UBI to abolish poverty and help diminish income inequality among Americans. That same decade, President Richard Nixon in 1969 toyed with a UBI plan to assist poor families by giving them $1,600 a year — equivalent to roughly $11,600 in 2020.

Before Yang revived the idea, the Green Party in 2010 advocated for a universal basic income to “every adult regardless of health, employment, or marital status, in order to minimize government bureaucracy and intrusiveness into people’s lives.” In 2017, in Hawaii, Hawaii State Rep. Chris Lee published a bill to investigate basic income for his state and explore its viability.

These recommendations are not unique to politicians alone. Facebook Co-Founder Chris Hughes’ 2018 book Fair Shot: Rethinking Inequality and How We Earn argues for a UBI plan financed by taxes on the top, wealthiest 1% of the country.

In America alone, UBI has been suggested, debated, and floated as an idea going all the way back to political theorist and revolutionary Thomas Paine in the 18th century, and the publication of the 1795 “Agrarian Justice” pamphlet (which also is recognized as the first American proposal for pensions). “Agrarian Justice” discussed the origins of property, and that divisions between the poor and the rich were arbitrary ones that should be actively eroded, if not discarded.

But as the above paragraphs suggest, these calls, experiments, and trial balloons flirting with UBI have not resulted in any kind of universal basic income program in the U.S.

Recommended: Guide to Income-Based Student Loan Repayment Plans

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What About the Rest of the World?

Since other countries in the world have a longer history than America, it might not be a surprise to learn that the notion of universal basic income is as well. It has emerged and re-emerged throughout history—dating back at least to the 1500s.

In 1516, English philosopher and lawyer Thomas More published Utopia, a satirical book that posited how a minimum income might cure theft. As time went on, these suggestions have gone from being less radical to more seriously considered.

When Thomas Paine wrote about UBI in the 18th century, historians say French military general Napoleon Bonaparte was sympathetic, making a comment along the lines of: “Man is entitled by birthright to a share of the Earth’s produce sufficient to fill the needs of his existence.”

While Napoleon ultimately never implemented UBI, a good deal of the rest of the world seems to be thinking it’s time to adopt it. Fast-forward to more recent times, and in 2018 British business magnate Sir Richard Branson spoke about the importance of UBI in an interview , saying he believes “it will come about one day.”

South Africa has made repeated calls for basic income. Political parties and economists in Japan support the idea. While there aren’t any national UBI plans currently in practice, there is a growing list of countries that have explored smaller-scale programs to test out the idea.

What are some of the Pros and Cons of UBI?

Like anything, UBI has a number of pros and cons. The arguments for and against can be complex, branching into economic and political factors and ideas. This article provides a brief overview of some of the frequently cited pros and cons.

Pros of UBI

Some of the pros of UBI are straightforward—for example, with consistent and reliable payments from the program, people could choose to spend less time working or pursue jobs they enjoy or those that offer more competitive wages.

Another pro—with this safety net, people would also be better able to take time off of work to care for a family member, should the need arise.

Proponents of UBI say that governments may spend less to administer UBI in comparison to traditional welfare plans. And UBI could help in ending the cycle of poverty that some people on welfare find themselves trapped in.

Another benefit? UBI payments have the potential to help stabilize the economy during a recession.

Cons of UBI

UBI can inspire concerns about inflation. People would be receiving payments and feasibly have more money to spend, which could cause inflation if there is an increased demand for goods and services. And, if there is increased inflation, the payments wouldn’t necessarily lead to an increased standard of living.

Additionally, there are concerns that UBI could squash people’s motivation to work.

While proponents of UBI anticipate that the program would be less expensive than the current welfare system, there aren’t many plans that detail what a potential transition from welfare to UBI could look like in the United States.

The Takeaway

Universal basic income, or UBI, is the idea that each citizen would receive an unconditional universal basic payment from the government to help meet their basic needs. This idea has been percolating for centuries. Proponents of the idea suggest that the program would offer stability for residents and could potentially cost less to administer than the current welfare system. Detractors of the idea argue that UBI could lead to inflation and disincentive people from working.

Whatever you may think of the merits for and arguments against universal basic income, it’s anyone’s guess whether it will become a reality in the U.S. In the meantime, you could consider reviewing or making your own financial plan. Being more deliberate about how you earn and spend and being sure to put some money aside each month for the future can help you create your own personal financial safety net.

Looking for a simple way to manage your spending and saving? Consider opening a SoFi Checking and Savings account. With SoFi, you can earn a competitive annual percentage yield (APY), save, and spend — all in one place. And SoFi Checking and Savings doesn’t have any account fees which could eat away at your savings.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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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