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A negative account balance can happen all too easily: An automatic bill payment might hit when your account doesn’t have enough to cover it. Or maybe you lost track of purchases made with your debit card and overextended yourself.

The resulting negative bank balance can have a serious impact, leading to overdraft fees, declined transactions, and even account closure. Read on to learn more about a negative bank account balance, including ways to avoid the problem, and what to do if you wind up with a negative balance.

What Does a Negative Balance Mean?

A negative account balance, also known as an overdraft, occurs when you spend more money than you have in your bank account, causing the account to dip below zero. This happens when a bank allows a transaction to go through even though there are insufficient funds. The bank is effectively lending you money to cover the difference, often at the cost of an overdraft fee. The bank may also charge other fees until the balance is restored to zero or positive.

To help you visualize this, here’s an example:

•   Imagine you have $500 in your account, and you write a check for $515, because you thought you had a balance of $600.

•   If the bank pays the $515, you end up with an account balance of minus $15. That’s the difference between how much money you had in the account and how much the bank paid the person that cashed your check. The bank made up the difference.

Common Causes of Negative Balances

Your balance goes negative when you have withdrawn more than you have in your account. This can happen if you make a transaction — such as ATM withdrawal, or debit card purchase — for an amount that exceeds the balance in your checking account.

This is when overdraft protection, if you have it, kicks in. Instead of rejecting the transaction, the bank will cover the overage, allowing your account to go negative. Typically, you repay a negative balance with the next deposit of funds.

Here’s a closer look at how a negative bank balance can occur.

Miscalculation/Mistakes

Overdrafts can happen with miscalculations and mistakes. For instance, you might overestimate how much is in your account and spend more than you actually have. Or you may forget to record a bill you paid, which could take your balance down into negative territory.

Pending Transactions and Auto-Pay Delays

It’s possible you’re not exactly sure what checks you’ve written have been cashed and what incoming checks are still pending and haven’t yet cleared. You may unwittingly make a payment or ATM withdrawal thinking you’re good, but discover you’re not.

Or perhaps you experience an auto-pay delay, when your automatic bill payment doesn’t process on the exact date it should because the due date is on a weekend or a holiday, or the transaction is taking longer than usual. If sufficient funds aren’t sitting in your account the date the payment finally processes, that could result in a negative bank account balance.

Overdraft Fees Compounding the Balance

Your bank can charge you an overdraft fee whenever you don’t have enough in your account to cover a transaction. The amount varies by bank, but the fee may be as much as $35 per transaction. Since overdraft fees may be charged per transaction, they can multiply quickly, adding even more charges to the negative balance in your account.

The Risks of Ignoring a Negative Balance

Ignoring a negative bank account balance could lead to serious consequences that could cost you money and potentially damage your financial profile. Here are some of the issues ignoring a negative bank account can trigger.

Accumulating Daily Fees

If your bank covers a transaction that puts your account in negative territory, as noted above, it will typically charge an overdraft fee — and it might continue to do so daily or every time you make a transaction. If you make multiple transactions, and/or a number of days go by before you realize you have a negative balance, these fees can add up to a significant sum.

Involuntary Account Closure

If you don’t fix your negative balance by depositing money into your account, or if you overdraw your account too often, your days as a bank customer may come to a close. The bank can opt to shutter the account, and it can be difficult to reopen a closed bank account.

ChexSystems and Credit Score Impact

If the bank closes your account due to an ongoing negative bank account balance, it will likely report the closure to ChexSystems, a consumer reporting company banks use to screen customer accounts. A negative report by this agency will stay on your record for up to five years, which could make it difficult for you to open a new bank account.

Also, a bank that closed your account due to unpaid overdrafts might sell your debt to a collection company. That, in turn, could negatively impact your credit profile and your credit score.

How Long Can a Bank Account Stay Negative? (The Timeline)

How long a bank account can stay negative depends on the specific bank and its policies. Some banks offer a 24-hour grace period for you to bring your balance back up before they charge an overdraft fee; other banks may allow you to be overdrawn for one or two days up to a certain amount (like $50.)

The 30 to 60-Day Risk Window

If you have a negative bank balance for five to seven days, some banks charge extended overdraft fees, which add even more to what you owe. After about 30 to 60 days, many banks will close down the account. At this point, they may send your account to a debt collection agency.

When Does it Get Reported to ChexSystems?

When a bank closes an overdrawn account for a negative unpaid balance, they also typically report the closed account, and the reason it was closed down, to ChexSystems. A negative report by this company can stay on your record for up to five years making it difficult to open a new bank account. In that case, your only option might be a second chance checking account.

Overdraft vs NSF: What’s the Difference?

An overdraft fee is not the same thing as a non-sufficient funds (NSF) fee. Here’s a look at the difference when it comes to overdraft vs NSF fees:

•   An overdraft fee is what a bank or credit union charges you when they have to cover your transaction when you don’t have enough funds available in your account. This fee is around $35.

•   When a financial institution returns a check or electronic transaction without paying it, they may charge a non-sufficient funds fee. It’s usually about $18. The difference is, with a non-sufficient funds fee, the bank is not covering the shortfall; they are essentially rejecting the transaction and charging you for doing so.

How to Clear a Negative Bank Balance

If you have a negative bank balance, it’s important to take action as soon as you can. The following steps can help you get back on track.

Step 1. Audit Your Transaction History

Determine what went wrong and triggered the overdraft. Check your bank account online or via your bank’s app and also see what charges haven’t been paid or received. Then, do the math. This will give you an idea of where you stand and how soon you may be back in the positive zone for your balance.

Step 2. Stop All Automatic Payments Immediately

Automating your finances can be a convenient tool, but if you are in overdraft, automatic payments could keep popping up and derailing your efforts. Stop these payments right away for all your bills so they don’t keep adding to your negative balance.

Bring the Balance to Zero

Once you understand your situation, take action. Deposit enough money to bring your account balance to zero — and even better, deposit funds to put your balance firmly in the positive zone again. Ideally, put in enough to give yourself some cushion to help protect from future overdrafts.

Recommended: Savings Goal Calculator

Ask for Fee Forgiveness

Make a request to your bank to have your fees waived. They may be feeling generous, particularly if this is your first offense.

If your bank won’t waive the fees, go ahead and pay what you owe. If you don’t, you’ll just make your situation worse, meaning the bank could close your account and turn the matter over to debt collection. Taking action sooner rather than later to protect your bank account is usually best.

How to Prevent Future Negative Balances

There are ways to avoid a negative bank account balance. Try these strategies:

Set Up Low-Balance Alerts

Set up account alerts to let you know when your account balance reaches a certain number. If you know your account is getting low, you can take steps to avoid going into the negative balance zone. In addition, consider setting alerts to notify you before automatic deductions are made (many banks offer this option). That way, you can monitor your bank account and its balance to make sure you can cover the debit.

And be sure to check your balance regularly. “Waiting until the end of the month to check in on accounts leaves you at risk of excess spending and potentially overdrawing your checking account, “ says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “Checking in once a week leaves time to self correct and adjust your budget to help balance the numbers.”

Link a Backup Savings Account

Explore what overdraft protection your bank offers. And then carefully consider: Do you need overdraft protection? It can keep a transaction from being declined if you don’t have enough money in your account, but the overdraft fees —as much as $35 per transaction — can add up.

Instead, you may be able to link a savings account to your checking which can be tapped to cover overdrafts. It may cost you a fee for that transfer, but it’s likely not as steep as an overdraft fee. While you don’t want overdrafts to be a regular occurrence, you do want to be protected in case they crop up.

Switch to a No-Fee Bank

Another option is to look for a no-fee bank, which may not charge overdraft fees, and set up a no-fee checking and savings accounts. A growing number of banks are offering no-fee accounts, especially no-fee checking accounts, so shop around and see which one offers the best option for your needs.

The Takeaway

Having a negative bank balance means you overdrafted your account. This often triggers pricey overdraft fees, and it can lead to other financial issues such as having your account closed down if the situation isn’t remedied. To help prevent a negative balance, keep tabs on your bank account balance, set up low-balance alerts, link a savings account to your checking account for extra coverage, or consider switching to a no-fee bank.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Does a negative bank balance affect my credit score?

A negative bank balance could potentially affect your credit score if the negative balance isn’t resolved. For example, your bank might close your account due to an unpaid negative bank account balance and sell your debt to a collection company which could negatively impact your credit score.

Can a bank take my whole paycheck to fix a negative balance?

If you don’t remedy an overdrawn account, it’s possible that a bank could eventually choose to sue you and take legal action to garnish your wages. They would typically need a court order to do this, and it’s probable that they could only take a portion of your wages rather than your entire paycheck. But it’s wise to consult a legal professional about your specific situation.

How much does it cost to have a negative balance?

Having a negative balance typically costs about $35 per transaction in overdraft fees, though the exact amount can vary by bank. The costs can add up quickly, especially if you have a negative balance for several days.

Can I open a new bank account if I have a negative balance?

You may be able to open a new bank account if you have a negative balance, but it might be challenging, depending how long you’ve had the negative balance. If it’s been more than 30 to 60 days, your current bank may close your account and report it to ChexSystems, a banking reporting agency. A negative report can stay on your record for up to five years, making it difficult to open a new account. An option to consider in this case is a second chance bank account, a type of checking account for people with a negative banking history.

What is a “forced closure” of a bank account?

A forced closure means a bank shuts down a bank account without the account owner’s consent, usually for a policy violation such as repeated overdrafts, unpaid fees, or suspicious activity. If this happens to you, contact the bank to find out the reason for the closure. Ask what can be done to remedy the situation. For example, in the case of repeated overdrafts, find out how much you owe and how to go about repaying it to avoid having the account sent to collections, which could impact your credit.

Photo credit: iStock/kupicoo

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

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

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SOBNK-Q126-004

As of January 2026, the average cost of a dozen eggs in the U.S. is $3.59, according to data from the U.S. Bureau of Labor Statistics (BLS). This is lower than in previous years, including the $4.71 consumers paid on average in 2025, when concerns about egg shortages sent the cost of eggs skyrocketing.

Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.

What Is the Average Cost of a Dozen Eggs Today?

On average, Americans are paying $3.59 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of January 2026. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.

In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. The average cost of a dozen eggs increased sharply in the beginning of 2023, declined for a while, and then began going back up in July 2024. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.

If you’re trying to manage a higher-than-normal grocery bill, tracking your spending can help.

Where the Cost of Eggs Is Highest

As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:

•   Hawaii

•   Florida

•   Alabama

•   Nevada

•   California

•   Arizona

•   Georgia

•   Maine

•   Wyoming

•   Colorado

Where the Cost of Eggs Is Lowest

Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:

•   Missouri

•   Nebraska

•   Indiana

•   Ohio

•   Kansas

•   Iowa

•   Kentucky

•   Pennsylvania

•   Alaska

•   West Virginia

As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of five is likely to be less compared to the states where eggs are more expensive.

Why Did the Cost of Eggs Increase in 2025?

The spike in egg prices in early 2025 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 20 million laying hens were lost to the disease or depopulation efforts just in the last quarter of 2024. With fewer eggs in supply but demand not easing, egg prices began to climb. Severe winter weather events across the country didn’t help matters.

But inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.

You don’t need a money tracker to know that when inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.

When Will the Cost of Eggs Go Down?

Egg prices spiked in early 2025 but have since gone down to normal levels, averaging $3.59 per dozen as of 2026.

Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.

Tips on How to Shop for Cheap Eggs

Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.

With that in mind, here are a few quick tips to help you pay less for eggs.

•   Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.

•   Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.

•   Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.

•   Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.

•   Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.

The Takeaway

The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.

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

How much did a dozen eggs cost in 2023?

As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.

What state has the most expensive eggs?

Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.

Do eggs last longer than sell by date?

Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.

Photo credit: iStock/nd3000

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

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

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SORL-Q126-005

A Master of Business Administration (MBA) is a highly valued degree in the business world and can put you on a path to a successful and high-paying career. However, these degrees don’t come cheap. In fact, the total cost of an MBA in the U.S. can range from around $78,000 (for in-state students at a public school) to $270,000 (for a private top tier university), including full-time tuition, mandatory fees, textbooks, supplies, technology costs, and living expenses.

Is it worth it? The answer depends on myriad factors, including what school you go to, what financial aid you qualify for, and your future career goals. Read on for a closer look at the real costs and benefits of getting an MBA.

MBA School Requirements

To be accepted into an MBA program, students typically need to submit proof of a bachelor’s degree from an accredited institution, a personal statement, letters of recommendation, and a resume. Many business schools also require a standardized test score such as the GMAT or GRE.

Once enrolled, full-time MBA students generally need to complete 60 credits over two years. Some accelerated MBA programs may be finished in as little as one year. A part-time MBA program is designed to accommodate working students and generally takes three to five years to complete.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

MBA School Costs

How much an MBA costs will depend on a variety of factors, including school prestige, location, whether the school is public or private, and the program format (e.g., full-time, part-time, or online). MBA costs are also influenced by a student’s ability to qualify for financial aid, scholarships, and employer assistance.

Private and Public MBA Tuition

Going to a public university as an in-state student is often the most cost-effective way to get an MBA. For example, 2025-26 tuition at the University of Michigan’s Ross School of Business was $18,962 for first-year in-state students, compared to $64,556 for nonresidents. Private business schools typically run even higher. For example, the tuition at Columbia Business School was $91,172 for first-year MBA students in 2025-26.

Total Cost of an MBA

The total cost of an MBA degree means more than just tuition expenses. Many MBA students will have to pay for living expenses, textbooks, transportation, and extracurricular activities. This more comprehensive expense list is used to calculate the total cost of attendance.

Additional Expenses (Fees, Books, Housing)

Here’s a breakdown of other approximate costs you can expect to pay per year when pursuing an MBA degree:

•   Fees: $240-$6,470

•   Books & Supplies: $1,200

•   Food and Housing: $16,250-$28,500

•   Loan Fees: $64

•   Opportunity Costs: $160,000 or two years of missed salary

Recommended: Is Getting an MBA Worth It?

How Much Does an Online MBA Cost?

Relocating or commuting may not be feasible for all prospective MBA students. Choosing an online MBA program can offer more flexibility and a lower overall cost for some students. Tuition for an online MBA degree varies widely, ranging anywhere from $11,000 to $126,000 per year depending on the school.

Recommended: The 14 Best Jobs for MBA Graduates

Cost-Benefit Analysis of Getting an MBA

At the lower end, tuition costs for business schools may come in around $16,400 (for an in-state student at a public university). At the higher end, it can run around $90,000 a year. Total cost of attendance, including food and housing, books, supplies, and other living expenses put the price tag even higher.

Even considering the increase in salary for those who graduate prestigious programs — Yale graduates make a median base salary of $175,000 a year — those upfront costs of tuition can be intimidating.

When weighing costs and benefits, you’ll want to also consider that many MBA programs offer scholarships, based on merit or need. NYU reports awarding merit-based scholarships to 20% to 25% of students, while around 50% of MBA students at Stanford receive need-based aid averaging $50,000 per year.

Average Salary Boost After Graduation

Generally, you can expect a nearly 70% increase in your salary after completing an MBA. Research suggests that MBA graduates earn around $120,000 per year on average, which is $50,000 higher than the average salary of graduates with only a bachelor’s degree.

Keep in mind that a number of things can influence your salary after graduating with an MBA, including the school you attended, the industry you work in, your location, and your pre-MBA salary. Plus, your salary is typically only your base pay. Many jobs for MBA graduates also offer a hiring bonus, stock options, relocation funds, and other high-value benefits, which can significantly boost your earnings.

Time to Break Even on Investment

How long it will take you to break even on your investment in an MBA will depend on the cost of your program and the career you choose after graduation. On average, MBA graduates start seeing a return on their investment (ROI) in five to six years.

Ways to Pay for Your MBA

Assuming you don’t have six figures in savings you can tap to pay for business school, you may need to get creative to cover the costs. Here are some ways to pay for your MBA.

Employer Sponsorship

Employer sponsorship for an MBA involves companies partially or fully funding an employee’s degree in exchange for continued service, typically for one to three years post-graduation. Some employers may require you to sign an agreement that you will repay funds if certain conditions aren’t met.

Student Loans

Depending on your financial situation, you may want to consider applying for a student loan, whether private or federal, to pay for your MBA.

Federal Student Loans

MBA students may borrow up to $20,500 per year in Direct Unsubsidized Loans from the Federal government. The interest rate is currently fixed at 7.94% for loans dispersed by July 1, 2026.

While Federal Grad PLUS Loans will no longer be available as of July 1, 2026, borrowers who already received a Grad PLUS loan before June 30, 2026, can continue borrowing under current terms through the 2028-29 academic year.

To apply for federal student loans for graduate school, you need to complete the Free Application for Federal Student Aid (FAFSA®) form.

Private Student Loans

Private student loans — available through banks, credit unions, and online lenders — can be a key resource for bridging the gap when federal aid, scholarships, and grants fall short. Unlike federal loan options, these loans generally require a credit check and often a cosigner. While terms vary by lender, students can typically borrow up to the full cost of attendance for an MBA program. In addition, some lenders offer specialized MBA loans with tailored repayment terms. Just keep in mind that private student loans generally don’t offer the same borrower protections as federal student loans (such as income-driven repayment plans or loan forgiveness options).

💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

Scholarships and Fellowships

Many business schools automatically consider applicants for merit scholarships based on GMAT/GRE scores, previous educational achievements ,and professional experience. A number of top schools also offer sizable need-based fellowships, which can significantly reduce your out-of-pocket expenses.

MBA scholarships are also available through private organizations and foundations. This type of funding may be awarded based on identity or affinity (such as being a woman or a Native American). Some business schools publish a list of scholarships awarded by external sources, including the amounts and requirements.

Graduate Assistantships or Part-Time Work

Getting a graduate assistant position can also help you pay for business school. These positions typically involve assisting faculty with research or administrative activities and may offer a stipend or hourly wage. Alternatively, you might be able to work as a teaching assistant (TA) or pick up a side gig or part-time job while studying to help you pay for MBA school.

Factors to Consider When Choosing an MBA Program

If you’re trying to decide which MBA program is right for you, here are two key factors to consider:

ROI by Program Type and School Ranking

When comparing business schools, it can be helpful to research the average ROI. This is typically calculated by dividing the average earnings of recent graduates by the average student debt incurred. According to a July 2025 U.S News analysis, these schools offer some of the best ROIs:

Recommended: Student Loan Payment Calculator

Program Format: Full-Time, Part-Time, or Executive MBA

You’ll also need to decide whether you want a full-time, part-time, or Executive MBA program. Here’s a closer look at each option:

•   Full-Time MBA: This can be a good choice for any student looking for full immersion in the student experience. It can also be ideal for early-career professionals looking for a significant career pivot (such as switching from engineering to investment banking or consulting). Full-time enrollment often provides greater access to scholarships, summer internships, and on-campus recruiting opportunities. However, it requires two years of lost income and often comes with high tuition fees.

•   Part-Time MBA: Studying part-time can be a good choice for mid-career professionals who want to move into management or get a promotion within their current field without losing income. Part-time programs offer flexibility scheduling, allow you to keep your salary, and may give you access to tuition assistance. On the downside, it can take three to five years to complete your degree. Plus networking/internship opportunities are typically more limited compared to full-time tracks.

•   Executive MBA (EMBA): An EMBA is specifically designed for mid-to-senior-level working professionals. It offers you a chance to advance your leadership skills without quitting your job, typically through a part-time, flexible format (such as every other weekend). While graduates receive the same Master of Business Administration credential as traditional MBA students, the program’s structure and focus are tailored to working executives. Tuition is often higher than a traditional MBA but is sometimes employer-sponsored.

The Takeaway

The true cost of an MBA degree extends beyond tuition to include fees, living expenses, and the opportunity cost of lost income. While the price tag can be significant, ranging from $78,000 to $270,000 for two years of full-time study including living expenses, the investment often yields a substantial return, with graduates seeing an average salary boost of nearly 70%.

By carefully evaluating the cost of attendance, exploring funding options like scholarships and loans, and considering the program’s potential ROI, prospective students can maximize their investment and make an informed decision about pursuing an MBA.

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.

FAQ

How much does it cost to get an MBA?

How much an MBA costs depends on factors like school prestige, program format (e.g., full-time, part-time, or online), and location. The average total cost in the U.S. generally ranges from $78,000 to $270,000, which includes two years of tuition, mandatory fees, and living expenses. You can save money by choosing an online or part-time program from a public university. These avoid expensive living costs and often have lower tuition rates than full-time, on-campus programs, while allowing you to keep working.

Is an MBA worth it?

An MBA can be worth it if it aligns with your career goals, provides valuable skills, and offers strong networking opportunities. It often leads to higher salaries and better job prospects, but the return on investment depends on the program’s reputation and your personal career trajectory.

Is an MBA worth it after 40?

Yes, an MBA can still be a valuable investment after age 40, especially if you are a mid-to-senior-level professional targeting an Executive MBA (EMBA) to advance into leadership roles. An EMBA is specifically designed for working executives and can boost your salary and broaden your network without requiring you to take a career break. The key is to choose a program that aligns with your specific career goals and offers a strong return on investment (ROI) for your current stage in life.

What’s the average student loan debt for MBA graduates?

The average debt for an MBA graduate is $76,996, according to the Education Data Initiative. Roughly 58% of MBA holders have student loan debt.

Do online MBA programs offer the same ROI as in-person programs?

Online MBA programs can offer a comparable, and sometimes even better, return on investment (ROI) compared to in-person programs. While in-person MBAs from top-tier schools often lead to higher immediate post-graduation salaries, online MBAs often provide a faster break-even point by minimizing upfront expenses and allowing students to remain employed while studying.

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SOISL-Q126-006

The median annual salary for delivery drivers in 2024 was $42,770, according to the Bureau of Labor Statistics. However, data from Zippia published in 2026 suggests drivers can earn up to $62,000 depending on location and experience. What’s more, the United Parcel Service (UPS) reports that the average overall compensation package for a full-time UPS package delivery driver is $145,000.

For those who like working independently and being behind the wheel, a career as a UPS driver could be a good fit. Keep reading for a breakdown of how much UPS drivers can earn and what this role entails.

What Are UPS Drivers?

UPS drivers pick up and deliver packages on a designated driving route for UPS, a global package delivery and logistics company. They can have local or long-haul routes that include stops at residential and business addresses. You may well be familiar with the brown UPS trucks arriving and departing from your home or workplace.

Being a UPS driver can be a good option for introverted people, since much of the day is spent solo, though there can be some social interaction when dropping off packages and getting signatures for them. Obviously, a UPS driver will need to be comfortable behind the wheel, driving in heavy traffic and unknown locations, and ensuring that parcels get from point A to point B within deadlines.

In terms of qualifications, you will likely need to be at least 21 years old, have a valid noncommercial driver’s license, a clean driving record, and be able to physically move packages of up to 70 pounds. If you have these qualifications, being a UPS driver can be a well-paying job that doesn’t require a college degree.

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How Much Do Starting UPS Drivers Make a Year?

If someone is new to working as a UPS driver, they shouldn’t expect to earn a top salary just yet. The entry-level pay for a full-time UPS delivery driver is approximately $23.00 per hour and $21.00 per hour for part-time. These figures are well above the national minimum wage.

Recommended: Is $100K a Good Salary?

What Is the Average Salary for a UPS Driver?

You’re probably curious about how much a UPS driver can make annually or on a salary vs. hourly rate. The average hourly pay for UPS drivers can range from $19.56 to $30.05, depending on the state. The table below illustrates how UPS delivery drivers’ average annual and hourly pay can vary by state.

What Is the Average UPS Driver Salary by State for 2026

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

UPS Driver Job Considerations and Benefits

A job as a UPS driver can appeal to those who have not earned a college degree and those who enjoy driving. However, this can be a physically demanding job given that you are behind the wheel and carrying packages all day, and it may be stressful to be in traffic or dealing with the pressures of getting packages to their destination. Many workers, however, will enjoy the independence.

Along with receiving a salary, UPS drivers also gain access to valuable employee benefits. This table highlights the current benefits for full-time UPS drivers.

Pros and Cons of a UPS Driver’s Salary

There aren’t any notable cons associated with the UPS driver salary. These roles are in high demand and often regarded as having competitive pay and great employee benefits. The main questions may be whether the job suits a particular employee’s needs and if they enjoy the challenges of the job, such as driving all day.

Recommended: Money Tracker

The Takeaway

The average full-time delivery driver in the US makes around $42,000 a year, while UPS package delivery drivers average $40,000 to $62,000. UPS salaries vary by location and experience. In addition to pay, UPS drivers gain access to valuable employee benefits such as employer-sponsored health care, paid time off, and a pension plan. These benefits can help people balance their budget and enjoy a good quality of life, personally and financially.

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

Can you make 100K a year as a UPS driver?

Yes, it may be possible to make $100,000 or more a year as a UPS driver, depending on where you work, how long you have been on the job, and what your specific role is. UPS drivers earn good salaries, and on average, full-time drivers earn a compensation package of up to $145,000, according to UPS.

What factors influence UPS driver pay?

UPS driver pay can vary based on what state you work in, your level of seniority, and your particular role. Depending on your position, other factors may include hours worked, the route type, and your qualifications.

Do people like being UPS drivers?

Many people enjoy being a UPS driver due to the independent and consistent nature of the work. Those who prefer to spend their days on their own versus working on a team could enjoy this role.

Is it hard to get hired as a UPS driver?

Because UPS drivers earn good salaries and have robust benefits packages, these can be competitive roles to land. That said, UPS hires drivers across the country, so there are many job opportunities with this company.

Is it worth becoming a UPS delivery driver?

Being a delivery driver sometimes involves lifting heavy packages. This, together with sitting in the same position while driving all day, can make it a physically demanding job. However, UPS benefits can make it worthwhile.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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.

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Graduate school can be an exciting step toward advanced knowledge, professional growth, and long-term career opportunities, but it often comes with a high price tag. Tuition, fees, research costs, and living expenses can quickly add up, leaving many students searching for ways to fund their education without accumulating excessive debt. One of the most prestigious and flexible forms of graduate funding is a graduate fellowship.

A graduate fellowship is a competitive award that provides financial support to students pursuing master’s, doctor, or postdoctoral studies. Unlike loans, fellowships do not need to be repaid, and unlike assistantships, they typically do not require a work commitment from the recipient. Fellowships may be offered by universities, government agencies, private foundations, or corporations, and they are often awarded based on academic merit, financial need, and research potential.

As with other scholarships and grants, there’s often steep competition for these awards. Here’s a guide to graduate fellowships and how to go about applying for one.

Internal vs External Graduate School Fellowships

Graduate fellowships generally fall into two broad categories: internal and external. Internal fellowships are awarded directly by a university or academic department. These fellowships are often tied to admission decisions, meaning applicants are automatically considered when they apply to a graduate program. Internal fellowships may be funded by the institution itself, alumni donations, or departmental endowments.

External fellowships, on the other hand, are awarded by organizations outside the university. These include government agencies, nonprofit foundations, professional associations, and private corporations. External fellowships tend to be highly competitive but can offer generous funding, greater prestige, and more flexibility in how funds are used.

Both types of fellowships can be valuable. Internal fellowships may be easier to access and better aligned with a specific program, while external fellowships can provide broader recognition and sometimes allow students to choose where they want to study.

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Types of Graduate School Fellowships

Graduate fellowships come in several forms. Each type is designed to support students with different backgrounds, goals, and academic interests.

Merit-Based Fellowships

Merit-based fellowships are awarded primarily on academic excellence and demonstrated achievement. Selection committees may consider undergraduate and graduate GPA, standardized test scores, publications, conference presentations, leadership experience, and overall academic promise.

These fellowships are common in research-intensive fields and are often used to attract top students to competitive programs. Because they focus on achievement rather than financial circumstances, merit-based fellowships can be highly competitive, especially at prestigious universities.

Need-Based Fellowships

Need-based fellowships are awarded to students who demonstrate financial need. Applicants may be required to submit financial documentation, such as income statements or information from financial aid forms. These fellowships are designed to reduce financial barriers and help students from lower-income backgrounds pay for graduate school.

While need-based fellowships may still consider academic standing and research focus, financial circumstances play a key role in the selection process.

Research and Project-Based Fellowships

Research and project-based fellowships support students working on specific research topics, creative projects, or applied initiatives. These fellowships are especially common in STEM fields, social sciences, humanities research, and public service-oriented disciplines.

Applicants are often required to submit a detailed research proposal outlining their objectives, methodology, timeline, and expected outcomes. These fellowships not only provide funding but also help students build research credentials and professional networks.

Applying for a Graduate Fellowship Program

Applying for a graduate fellowship requires careful planning, attention to detail, and a strong understanding of what selection committees are looking for.

Preparing a Strong Application Package

A competitive fellowship application typically includes transcripts, a resume or curriculum vitae, personal or research statements, and letters of recommendation. Each component should reinforce a consistent narrative about your academic goals, achievements, and potential impact.

Start preparing well in advance. Review application instructions carefully, follow formatting guidelines exactly, and ensure that all required materials are submitted by the deadline. Small errors or missing documents can disqualify an otherwise strong application.

Securing Strong Letters of Recommendation

Letters of recommendation play a crucial role in fellowship decisions. Choose recommenders who know your work well and can speak in detail about your academic abilities, research skills, and character. Faculty members, research supervisors, or professional mentors are often ideal choices.

Provide your recommenders with ample time and supporting materials, such as your resume, draft statements, and information about the fellowship. This allows them to write thoughtful, personalized letters that strengthen your application.

Tailoring Your Personal Statement

Your personal statement or statement of purpose is your opportunity to explain why you are a strong candidate and how the fellowship aligns with your goals. You generally want to avoid generic essays. Instead, tailor each statement to the specific fellowship, emphasizing values, missions, or priorities highlighted by the funding organization.

A strong statement clearly articulates your academic interests, career goals, and the broader impact of your work. Try to be concise, authentic, and focused on how the fellowship will enable your success.

What You Need to Know About Fellowships for Graduate Students

If you’re hoping to use a fellowship to help cover the cost of a graduate degree, here are some practical considerations to keep in mind.

Trump Administration’s Impact on Graduate Fellowships

Federal funding priorities can influence the availability and structure of certain graduate fellowships. During the Trump administration, some research funding areas experienced budget uncertainty or shifting priorities, particularly in environmental science, public health, and social research.

While many fellowship programs remained intact, policy changes highlighted the importance of diversifying funding sources. If you’re in or looking to go to graduate school, it’s a good idea to stay informed about how political and economic factors may affect fellowship availability, especially for federally funded programs.

Tax Implications of Fellowship Funding

Fellowship funding may be taxable, depending on how the funds are used. Generally, money applied directly to tuition and required fees is not taxable, while stipends used for living expenses (e.g., room and board, travel, non-required books, and personal computers) may be considered taxable income.

Because tax rules can be complex, it’s a good idea to review IRS guidelines and consider consulting a tax professional to avoid unexpected tax liabilities.

Balancing Fellowships With Other Financial Aid

Receiving a fellowship can affect eligibility for other forms of financial aid, such as grants and graduate student loans. Some institutions adjust financial aid packages when a student receives external funding.

Before accepting a fellowship, it is wise to speak with the university’s financial aid office to understand how different funding sources interact and whether combining them is permitted.

💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

Strategies for Applying to a Graduate Fellowship Program

Here are some logistical considerations to keep in mind when considering and applying for fellowships opportunities.

Early Deadlines

Many applications for graduate fellowships are due in the fall for the following academic year, almost a full year in advance.

Staying organized and tracking deadlines is essential. Missing a deadline can mean waiting an entire year for the next opportunity.

Funding Duration

Fellowships vary in length. Some provide one year of support, while others offer multi-year funding contingent on satisfactory progress. Understanding the duration of funding is key to long-term financial planning.

Competition

Graduate fellowships are often highly competitive, particularly nationally recognized programs. Acceptance rates can be low, but competition shouldn’t discourage applicants. Applying to multiple fellowships can improve your overall chances of success.

Part-Time and Online Graduate Programs

Not all fellowships are available to part-time or online students. Many funding programs require full-time enrollment and on-campus participation. Students in nontraditional programs should carefully review eligibility requirements.

Postdoc Fellowships

For doctoral graduates, postdoctoral fellowships provide funding to continue research, public work, and gain professional experience. These fellowships can be a stepping stone to academic or research-focused careers.

Long-Term Career Prospects

Fellowships can bolster your resume and get the attention of prospective employers. As a graduate fellow, you’ve shown you’re motivated, disciplined, and serious about your focus of study. You’ve also shown you’re highly qualified and stood out from a pool of other candidates.

Graduate and postdoctoral fellows can go on to have successful careers as researchers, university professors, expert scholars, writers, and authors. They can also work in their specialty for a corporation, government agency, or at a nonprofit organization.

Recommended: Student Loan Refinancing Calculator

How Fellowships Compare to Assistantships and Scholarships

Graduate students often choose between fellowships, assistantships, and scholarships, and each works in different ways.

Key Differences in Funding, Expectations, and Flexibility

Fellowships typically offer the most flexibility, as they often offer substantial funding with few or no work obligations. Assistantships provide funding in exchange for teaching or research duties. Graduate school scholarships are usually smaller awards and may be based on merit or need. They typically don’t have a service requirement and are often used to supplement other funding sources.

Which Option Is Best for Your Goals?

The best funding option depends on your priorities. Students focused on research independence may prefer fellowships, while those seeking teaching experience may benefit from assistantships. Many students combine funding types to create a balanced package that supports financial and professional goals.

The Takeaway

Graduate fellowships are one of the most powerful tools for funding advanced education without accumulating debt. They offer financial support, academic freedom, and professional prestige, making them highly sought after by graduate students across disciplines.

By understanding the different types of fellowships, preparing strong application materials, and planning for practical considerations like taxes and funding duration, students can significantly improve their chances of success. While the application process can be competitive and time-consuming, the long-term benefits of securing a graduate fellow often make the effort worthwhile.

With early preparation, strategic planning, and persistence, a graduate fellowship can be a powerful asset throughout graduate school and beyond.

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.

FAQ

Can I have more than one fellowship?

You can apply for multiple fellowships, but whether or not you can accept more than one will depend on the funder’s specific rules. For example, you may not be able to accept two fellowships with award periods that overlap or that are funded by the same organization. Before accepting any award, always confirm the rules regarding concurrent funding with the sponsoring entity.

Is a fellowship prestigious?

Yes, a fellowship is highly prestigious. It signifies that the recipient has been recognized for exceptional academic merit, research potential, or leadership by a competitive selection process, often involving national or international organizations. Receiving a fellowship can significantly enhance a student’s resume, open doors to professional networks, and validate their expertise and commitment to their field of study.

How do you find fellowships for graduate school?

To find graduate fellowships, start by checking with your university’s graduate school or academic department. They often manage internal awards and maintain lists of external ones. In addition, a number of universities (including Duke, Harvard, and UCLA) maintain public databases that any student can use to search for external fellowships. Also check the websites of foundations relevant to your field and online databases like ProFellow.

Do fellowships cover full tuition and living expenses?

Fellowships vary in what they cover. While some prestigious or large-scale fellowships may cover all tuition and fees, and provide a generous stipend for living expenses, others may only cover a portion of tuition or offer a modest stipend. The scope of funding depends entirely on the specific fellowship and the sponsoring organization. Always review the award letter and fellowship guidelines to understand exactly what costs are covered.

Can international students apply for graduate fellowships?

Yes, many graduate fellowships are open to international students. While many U.S. government-sponsored fellowships are restricted to citizens, there are numerous institutional and private opportunities available. It’s important to review the specific guidelines for each award.

Note that the Trump administration’s restrictive visa policies, social media vetting, and travel bans have reduced overall international enrollment at U.S. universities. This may create a strain on university budgets and, consequently, limit the availability of fellowships and financial aid for all graduate students.

Photo credit: iStock/AntonioSolano

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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

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