What Is the Average Salary by Age in Ohio in 2024?

Thinking about relocating to Ohio? The average salary in the state is $60,320, according to the U.S. Bureau of Labor Statistics. For comparison, the average salary in the U.S. is $63,795, per 2022 data from the National Average Wage Index.

Of course, an individual’s income is dependent on a number of factors: Age, occupation, and education level can all play a role.

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Average Salary in Ohio by Age in 2023

As in other states, the median salary in Ohio tends to increase with age and experience and decline in the retirement years. This can be good news if you have an entry-level position and are looking to earn more.

Here’s a look at the median salary in Ohio by age range:

Age range

Median Salary

15 to 24 $38,314
25 to 44 $75,119
45 to 64 $81,640
65 and over $49,081

Source: Schoolaroo

Salaries also often rise with your level of education, as the Census Bureau data below shows:

•   No high school diploma: $29,967

•   High school diploma: $36,589

•   Some college/two-year degree: $42,903

•   Bachelor’s degree: $59,928

•   Graduate/professional degree: $73,752

Regardless of where you are in your career path, it’s a good idea to stay on top of your finances. Online tools like a money tracker can keep tabs on where your money is coming and going and provide valuable insights.

Recommended: U.S. Average Income by Age

Average Salary in Ohio by City in 2023

Where you live in Ohio can make a difference in how much money you earn. The more populated a metropolitan area is, the higher incomes tends to be. Let’s take a look at the median salary of households in 11 major cities in Ohio:

City

Household Median Salary

Akron $46,596
Canton $37,627
Cincinnati $49,191
Cleveland $37,271
Columbus $62,994
Dayton $41,443
Indian Hill $218,073
Mansfield $40,996
Springfield $45,113
Toledo $45,405
Youngstown $34,295

Source: Census Bureau

Average Salary in Ohio by County in 2023

Another way to look at salaries in Ohio is by county. The ten most-populous counties in the state have the following median incomes:

County

Household Median Salary

Franklin $71,070
Cuyahoga $60,074
Hamilton $68,249
Summit $68,360
Montgomery $61,942
Lucas $57,265
Butler $77,062
Stark $63,130
Lorain $67,272
Warren $103,128

Source: Census Bureau

Recommended: How to Calculate Your Net Worth

Examples of the Highest Paying Jobs in Ohio

Ohio has high-paying jobs in many different sectors, such as medical, business, aviation, and technology. As a result, the state has opportunities for introverts and professionals who love working with people.

Here’s a list of the highest-paying jobs in the state:

Profession

Average Salary

Cardiologist $500,440
Surgeon $448,480
General Pediatrician $237,860
CEO $232,120
Airline Pilot $221,190
Computer Systems Manager $164,820
Architectural/Engineering Manager $156,870
Physicist $153,730
Sales Manager $151,900
Financial Manager $149,310

Source: BLS

In contrast, the lowest average salaries in Ohio appear primarily in service industries. Baggage porters and bellhops, cashiers, short order cooks, childcare workers, and housekeeping cleaners are examples of jobs that make an average of less than $30,000.

If you’re looking to maximize your salary, online tools like a budget planner app could help. Besides monitoring spending, it helps you set a budget and track your progress.

The Takeaway

Pay depends on many different factors, including age, occupation, education, and location. In Ohio, the average salary is $60,320, according to BLS data. That’s slightly lower than the national average salary of $63,795. The state is also home to plenty of jobs with six-figure salaries, especially in the medical, business, aviation, and technology fields. Ohioans enjoy a cost of living that’s lower than the national average, which can help workers stretch their wages even more.

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FAQ

What is a good average salary in Ohio?

A good salary is one that meets your basic needs while leaving you with some money for savings. Pew Research Data found that in order to be considered middle class in Ohio, you need to earn $61,664 a year.

What is the average gross salary in Ohio?

In Ohio, the average gross salary — or money earned before taxes and other payrolls deductions are taken out — is $72,146 a year, per data from Talent.com

What is the average income per person in Ohio?

The average income per person in Ohio is $60,320, according to data from the U.S. Bureau of Labor Statistics.

What is a livable wage in Ohio?

A livable wage in Ohio for a single adult is $40,352. Households with multiple people will need more. For example, if you and your spouse both work and have one child, you could get by on around $82,409 a year in Ohio, according to MIT’s Living Wage Calculator.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/jacoblund

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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.

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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Can You Get a Scholarship While in College?

Students can apply for scholarships while they’re in college — this financial aid award isn’t just for incoming freshmen. Getting a scholarship at any point during your college years, whether you’re a sophomore or a senior, can help cover the cost of your education. Not only that, you don’t have to repay scholarships because they are a form of gift aid. Scholarships are essentially free money.

Learn more about how to get scholarships while in college, where to find them, and tips on applying for them.

Benefits of Applying While Already in College

Applying for scholarships while you’re in college can help bridge the gap between your college savings and the cost of your education.

The average cost of college, including tuition, books, supplies, and living expenses, is $38,270 per year, according to the Education Data Initiative. The average cost of tuition alone is $9,750 for in-state students and $27,457 for those out-of-state. Scholarships can help reduce the financial burden.

Not only that, applying for scholarships while you’re already in school could help cover unexpected expenses that pop up during the academic year. For instance, perhaps there are fees for materials needed for some of your classes that you didn’t know about or budget for.

Another perk of applying for scholarships while you’re in school is that you may qualify for more or different types of scholarships than you did as an incoming freshman. Maybe you declared or switched your major in your sophomore year — that could make you eligible for awards in your new area of study. Some scholarships are even specifically for upperclassmen, so you can explore those options as well.

Finding Scholarships for Current College Students

Many organizations and institutions offer scholarships, including merit scholarships, to students already in college. Check out these resources.

Your College or University

Your college financial aid office can often help you find scholarship opportunities. They can typically give you information about local, state, and national scholarships you might qualify for. Additionally, an advisor within your major can guide you to scholarships related to your field of study.

Scholarship Search Engines

Use free online scholarship search tools to discover scholarships tailored to your educational background, extracurricular activities, personal interests, and family history. There are a number of these tools, including Fast Web and College Board. Filter the results by your current year in school to find the ones that fit your criteria.

Associations, Businesses, and Organizations

Some big companies provide scholarships for employees and their children. Reach out to your parents’ employers to find out about any scholarship options they may offer.

You can also find scholarship opportunities through local businesses; libraries; churches; associations like the American Legion, NAACP, and Girl Scouts; or other organizations you are connected to.

There are even nonacademic scholarships you might qualify for, such as those based on talent, like dance or drawing, and sports. Cast a wide net to see what you might be eligible for.

And keep in mind that if you don’t get enough in scholarship funds, you can explore other types of financial aid, including grants and federal and private student loans.

How to Apply for Scholarships While in College

When applying for scholarships while in college you’ll need to balance your coursework with the scholarship application requirements and deadlines. Here’s how to stay organized and proceed.

•   Practice due diligence. Make sure you meet the basic eligibility requirements of the scholarship.

•   Read the application carefully. Review all the steps to apply. Find out what paperwork is needed, such as transcripts, and gather everything together.

•   Supply any special requests. For instance, a scholarship might require you to write an essay or include an example of your creative work.

•   Meet all deadlines. Make sure to send in your application before it’s due. Give yourself plenty of time so that you’re not rushing to submit it at the last minute.

How to Improve Your Scholarship Applications

Securing a scholarship takes time, work, and dedication. These tips may boost your chances of scholarship success.

Apply Year-Round

Develop a routine for consistently searching for and submitting scholarship applications throughout the year. For example, set aside an hour or two every Saturday afternoon to work on it. There are many unclaimed scholarships every year, so you may be able to find one of those.

Don’t Be Afraid to Apply Again

If you don’t win a scholarship that seems tailored to you, don’t give up. Reapply next year. Most scholarships allow you to apply multiple times, provided you continue to meet the requirements.

Watch Out for Mistakes

Pay strict attention to scholarship application rules and directions, and follow them closely to improve your chances of success. Re-read your application multiple times to check for typos and errors. Other common mistakes to avoid include failing to stick to the word count, not supplying requested materials, and submitting more references or recommendations than the number requested.

Make a Strong First Impression

Scholarship committees may be reviewing hundreds of submissions, so it’s crucial to make your application as strong as possible. For instance, when an essay is required, start yours in a compelling way that will grab the judges’ attention. Talk about the impact you hope to have once you complete your education.

For instance, if you’re earning your degree in chemistry, you might talk about how you plan to use your education to focus on the environment by helping companies develop more sustainable business practices. This kind of information helps the judges understand your goals and gives them context for how the scholarship funds will be put to good use.

Small Scholarships Can Still Make a Difference

You’ll likely want to apply for scholarships with large awards — and you should — but at the same time, don’t overlook smaller scholarships. Apply to them along with the bigger scholarships. If you can win several smaller awards, they can add up substantially.

Refine Your References

When reviewing scholarship applications, judges may look for what makes each student unique. If a scholarship requires a reference letter, consider it a prime opportunity to let the scholarship committee know who you are and what you can do.

Faculty members like professors can be excellent sources for recommendation letters. If you’ve taken several courses with a certain professor and they can attest to the quality of your work, ask if they would be a scholarship reference for you.

The Takeaway

Applying for scholarships while you’re in college can be a smart strategy to help cover your education costs. There are a variety of scholarships available, and numerous online tools to help you find the ones you may be eligible for.

Regularly searching and applying for scholarships throughout your college years, along with other types of financial aid, could help you get the college funds you need and reduce the amount you have to borrow. And even if you do graduate with student loan debt, keep in mind that it’s possible to refinance student loans for better rates and terms if you qualify for them.

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

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

FAQ

How many scholarships can a current student get?

In general, students can get any number of scholarships — there is no defined limit. But check your college’s rules regarding scholarships. For instance, some schools may not allow students to combine scholarships awarded by the college itself. And remember that your total financial aid usually can’t be more than your school’s cost of attendance.

What does “stacking scholarships” mean?

Stacking scholarships refers to combining different scholarships to help pay for college expenses. Some schools don’t allow scholarship stacking. Check with the financial aid office to find out about your school’s policy on stacking.

Can you get a scholarship in the middle of the year?

Yes, you can get a scholarship in the middle of the school year. Scholarships are available year-round, so you can generally apply for them at any time as long as you meet the scholarship deadline.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/LordHenriVoton

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

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Understanding ACH Fees: Comparing ACH Cost to Other Payment Methods

Understanding ACH Fees: Comparing ACH Cost to Other Payment Methods

ACH payments (or ACH transactions or transfers) move funds between financial institutions electronically, eliminating the need for cash, paper checks, and credit card networks. As with most banking transactions, they can involve a range of costs, which are typically competitive with other payment methods.

The exact amount you end up paying for an ACH transaction will depend on multiple factors, such as the way you use the ACH network and the size of your payments. In many cases, these fees will apply if you are a business owner vs. a consumer. Read on to learn more about how ACH pricing works and compares to other payment methods.

What Is an ACH Transfer?

First things first: ACH stands for Automated Clearing House, the network that powers electronic financial transactions. It’s a hub that includes around 10,000 financial institutions and can support payment processing, such as direct payments, electronic checks (eChecks), electronic funds transfers (EFTs), direct debits, and direct deposits. When considering payment apps, like PayPal and Venmo, know that ACH powers those as well.

ACH transfers work similarly to other payment methods. Take your monthly internet bill, for example. If you signed up for autopay, you had to provide your checking account details. You also needed to agree to a scheduled payment.

After the sign-up, your internet provider requests funds from your bank to pay for the cost. From there, your bank processes the ACH transaction as long as you have enough funds. (It’s worth mentioning that ACH payments are quite secure, but there is fraud out there. ACH Positive Pay offers one way to protect yourself if you are concerned about scammers.)

ACH transfers require an initial setup. Following that, you can make bank-to-bank payments using the ACH network. These payments generally fall into two categories: ACH credit and ACH debit. Either way, you may wonder how long an ACH transfer takes. They usually clear within a few business days and for a relatively low cost.

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Typical ACH Payment Fees

As a consumer, you may not pay for ACH processing, though some providers may try to pass along a service charge. In some cases, using ACH may even earn you a discount. For instance, if you automate a home loan payment for a certain date every month, you might be rewarded with a discount on your rate.

However, as a business, you will likely have to spend a bit to conduct ACH business. The usual ACH transfer cost is $0.26 and $0.50, typically landing at $0.40. This means that ACH payments are one of the more affordable options for businesses, although prices may vary depending on the provider you choose to process your payments. That provider is usually known as a third-party payment processor (TPPP).

Here are some standard ACH fees you should be on the lookout for if you accept these payments.

Account Fee

The ACH account fee covers a broad array of costs. It essentially pays for the services needed to manage a payment processing account. These include recording a monthly statement, compliance costs, system maintenance, and transaction monitoring. Generally, your service provider or processor will collect this fee.

ACH Processing Fees

The ACH processing fee covers the expense to send an ACH payment to the recipient’s bank account after going through the Automated Clearing House network. ACH processing fees break up into three categories: debit, credit, and discount, which you’ll now learn about individually.

Debit Fee

The debit fee pays for a customer to make an ACH debit payment to a business. As mentioned above, this ACH debit fee typically costs between $0.20 and $1.50. The charge depends on the risk of the transaction and the type of business.

Credit Fee

ACH credits come into play when a business makes a payment to a third party, vendor, or employee. It’s similar to a debit fee in terms of cost, meaning between $0.20 to $1.50, and it pays for the transaction to be sent through the ACH network.

Higher-risk businesses (which may cluster in certain fields, from financial and travel services, to auctions and tobacco-based businesses) may face an additional charge as well. This can bring the fee to around 0.5% to 1.5% of the payment. In part, this reflects the fact that ACH credit payments tend to be worth a higher dollar amount than ACH debit transactions. As a result, an ACH credit payment is a greater risk for the merchant services provider.

Discount Fee

The name “discount fee” may be misleading for people just learning about ACH charges. It has no connection to discounted prices. Instead, it’s a fee that applies to certain high-risk ACH transactions based on a percentage. With it, payment processors can increase the cost of the service and lessen the risk of the payment.

Other ACH Fees

There are other fees you should know about with ACHs. Because when it comes to paying for financial services, no surprises is often the best policy.

Setup Fee

In some cases, your payment processor may charge you for setup. This one-time fee can be waived sometimes, though; it’s worth inquiring. You’re most likely to be able to avoid the fee if ACH processing comes as an add-on service to another arrangement you’ve made. Alternatively, you can reduce costs by working with a business that does not collect this setup charge.

Monthly Fee

Those who use ACH may also face a unique monthly fee along with processing charges. However, some may be able to pay both fees wrapped into the monthly fee. Usually, this fee costs anywhere from $5 to $30.

Monthly Minimum Fee

This may sound like the monthly fee we just described above, but there may indeed be a monthly minimum fee as well. This is a minimum processing charge that could be assessed in addition to your regular monthly charge. Or it might replace that monthly fee.

Batch Fee

ACH files can contain one or more groupings, called batches. Batches contain one or multiple transactions, and they are sorted based on certain clusters of data. When your ACH transfers are batched in this way, you are charged a batch fee. It’s assessed per each batch processed and is typically under a dollar per batch.

ACH Return Fee

Returning an ACH transfer is possible. However, it usually comes with an ACH return fee that costs between $2 to $5 per transaction.

ACH Chargeback Fee

Customers use chargebacks to dispute what they believe are erroneous payments. This process comes with a chargeback fee, and it’s typically higher than fees for ACH returns. The ACH chargeback fee tends to cost between $5 and $25.

High Ticket Surcharge

The original intention for ACH fees was to apply them to low-ticket (that is, not too pricey) purchases. As a result, there’s an additional charge added for high-ticket transactions. You’ll find that payment processors likely charge a surcharge on purchases over $5,000.

Expedited Processing Fee

You may need expedited processing for an ACH transfer. Depending on the payment processor, this service can come with an additional charge.

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Comparing ACH Fees to Other Payment Methods

When it comes to electronic transactions, you may find that different techniques can sound quite similar. However, processes vary, and so too can fees. Here’s what you need to know about the fees associated with other payment methods.

ACH vs Wire Transfer

Wire transfers are transactions between two financial institutions where each is responsible for verification. In a wire transfer, a bank sends money from one account into another. This process can take little or virtually no time when it occurs within the same bank. However, if the money must transfer between distant or international banks, it can take a bit longer, but it is often viewed as one of the quickest ways to make a payment.

While this can be a fast method, it’s also costly, often averaging between $25 to $45 when sending money and around $15 when you receive funds in this way. As a result, wire transfers may be best for one-time, large payments.

ACH vs Paper Checks

Paper checks are the traditional route for payment processing and may work well if you want to transfer money between banks in a way that avoids electronic transactions. But the overall cost can vary depending on the business’s size, where the checking account is located, and timing.

It’s not unheard of for banks or financial institutions to offer free checking accounts to small businesses. They may even throw in checks at no additional cost. These two selling points, along with low monthly fees, can make paper checks an incredibly cheap financial method.

However, experiences vary. The financial institution may offer a free checking account, but only if the business maintains a certain minimum balance. Not only that, but monthly fees and the time spent filling out or processing checks can be costly. According to NACHA, sending money via a check results in a cost between $2 and $4 per transaction.

ACH vs Credit Card and Debit Cards

Credit cards are a standard payment method, particularly for businesses collecting online payments. All the cardholder has to do is use their card to purchase the business’ goods or services. When they do, the credit card network verifies that the payer can indeed afford to do so. This is why credit card transactions are considered “guaranteed funds” payments. ACH doesn’t do this vetting during processing, which means transactions can be rejected. Thus, they may result in a penalty fee. Debit cards are another convenient way to pay. A person swipes or taps their card to pay, and funds are automatically deducted from their account.

ACH processing is relatively slow compared to credit card processing. But ACH pricing is lower than credit card and debit fees.

Recommended: What Is a Credit Card and How Does it Work?

ACH vs Online Invoice with Pay Link

If a vendor includes an easy, clickable payment link in an online invoice to customers, that convenience can trigger fees. In terms of processing, this is likely to cost up to 3.3% of the transaction’s total, and you may also pay a 15- to 30-cent fee for each transaction.

ACH vs PayPal

Now, let’s consider how processing via PayPal stacks up. In the U.S., PayPal fees range from 1.9% to 3.49%, depending on whether the transaction was in-store or online, and then there’s an additional fee per transaction, ranging from $0.09 to $0.49. International transactions will be assessed an additional fee. If you use a QR code with your PayPal transactions, you can lower the cost somewhat.

ACH vs Apple Pay Fees

Apple doesn’t assess a fee from merchants to accept and use Apple Pay for payments, but that doesn’t mean you’re getting a freebie. You will have to pay your processing partner at the standard rates for credit- and debit-card transactions.

The Takeaway

Businesses and individuals alike rely on ACH transfers to process transactions. And there’s a reason for it: These digital payments are quick, convenient, and accessible. ACH transfers also have the benefit of being a lower-cost option compared to methods like wiring funds and some other common techniques. Finding the right way to pay bills and collect payments is a personal decision, with many variables. Money matters, of course, but there may be other benefits to consider as well.

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FAQ

Do ACH payments have fees?

Yes, ACH payments come with fees. However, these are generally the lowest fees versus any other payment processing option.

Why do banks charge ACH fees?

Banks charge ACH fees to cover the processing service and potential costs, like penalty fees.

How do you avoid ACH fees?

Since ACH fees vary, the best way to avoid them is through research. Reading terms ahead of time can help you find whether a provider is the right option for you. In general, accessing ACH through a third-party can drastically increase the number of fees.

Do US banks charge for ACH transfers?

As a customer, ACH transfers are typically free, and your bank doesn’t collect a fee. As a business conducting ACH transactions, however, you might be charged a fee for an occasional ACH transaction. It’s more likely, however, that if you are completing these transactions regularly that you will work with and pay a third-party payment processing company rather than your bank.

What is ACH on my bank statement?

ACH stands for Automated Clearing House. It is a network used to transfer funds between bank accounts around the United States. When you see it on your bank statement, you know that payment was made electronically through the ACH network.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/Yaroslav Litun

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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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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


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

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$4,000 Personal Loan: Pros, Cons, & Qualifications

Whether you’re making home repairs, planning a bucket-list trip, or consolidating debt, getting a $4,000 personal loan can be a flexible solution. As long as you meet the lender’s criteria, the process of applying for a loan is generally straightforward. However, before you apply, it’s a good idea to understand how personal loans work, where to find one, and what they offer.

Read on to learn about the pros and cons of a personal loan for $4,000 and the qualifications you’ll need to meet to get one.

Key Points

•   A $4,000 personal loan offers a flexible financial solution for expenses like home repairs, travel, or debt consolidation, with a generally straightforward application process.

•   Personal loans often provide lower interest rates than credit cards, fast approval times, and eligibility for those with bad credit, enhancing their appeal for various financial needs.

•   Borrowers should watch out for fees such as origination fees (1% to 8% of the loan amount) and potential prepayment penalties, which can increase the overall cost of the loan.

•   Those with poor credit (FICO® Score below 580) may still qualify for a $4,000 personal loan, though they might face higher interest rates, added fees, or the need to provide collateral.

•   Comparing loan offers from banks, credit unions, and online lenders is crucial to finding the best interest rates, terms, and flexibility to match your financial situation.

How to Get a $4,000 Personal Loan

Knowing how to apply for a $4,000 personal loan can make the process a lot easier. Here are some steps to help you get the loan that’s right for you.

Check Your Credit

When you apply for a personal loan, lenders will check your creditworthiness, so you’ll want to review your credit report first. You can get a free copy from the three main consumer credit bureaus — Equifax®, Experian®, and TransUnion® — at AnnualCreditReport.com®.

After you receive your credit reports, read them over closely and report any inaccuracies. Errors could impact your loan terms and chance of getting approved.

Shop Around

Interest rates and terms vary by lender, so shop around and compare your options. Many lenders will let you prequalify first, which gives you a sneak peek at potential interest rates, terms, and fees before you submit your final application. Comparing at least a few different offers can help you find the one that suits your needs and budget.

Apply for the Loan

Once you’ve selected the loan you want, it’s time to apply. Once you send in your application, the lender will do a hard credit check to see how creditworthy you are. You may also be asked to provide certain documents, including:

•   Identification

•   Proof of income

•   Proof of residence

After your application and required documents are in, the waiting game begins. Some lenders may swiftly approve your application and get you the funds in a lump sum — minus any origination fees — in a few hours or days. But if you have a more complicated loan application, you could be waiting a week or more for a decision.

Pros of a $4,000 Personal Loan

There are several benefits to taking out a personal loan. These include:

•   Flexibility. You can use the funds for just about any purpose.

•   Lower interest rates. Personal loan interest rates are often lower than credit card rates.

•   Bad credit eligibility. You may still qualify for a $4,000 loan even with bad credit.

•   Fast approval. Certain lenders offer fast approval, with funds available to you in a matter of hours or days.

Cons of a $4,000 Personal Loan

While personal loans have plenty of selling points, they also come with some drawbacks. Here are ones to keep in mind:

•   High fees. Personal loans can come with fees, such as origination fees ranging from 1% to 8% of the total loan amount.

•   Prepayment penalties. Some lenders charge penalties if you pay off your loan early.

•   Increased debt: A personal loan can add to your debt load, especially if you spend the funds on big-ticket items instead of consolidating high-interest debt.

•   Negative credit impact: When you apply for a personal loan, the lender will perform a hard inquiry. This can cause your credit score to drop slightly, though the dip is temporary.

Recommended: Fee or No Fee? How to Figure Out Which Loan Option Is Right for You

Can You Get a $4,000 Personal Loan With Bad Credit?

As we mentioned, even if you have poor credit or no credit history at all, you might still be able to qualify for a $4,000 loan. If your FICO® Score is lower than 580, it’s considered poor and you’re generally seen as a high-risk borrower.

While there’s no set credit score you need for a personal loan, many lenders prefer that borrowers have a credit score above 580. You can still qualify if you have a lower score, but the terms may not be as favorable. You could be offered loans with higher interest rates and additional fees. And you may be required to put up collateral, such as a car or your home, in order to secure the loan.

How to Compare $4,000 Personal Loans

Personal loans are offered through online lenders, traditional banks, and credit unions. Just like you shop around for the best deal on a big purchase, it’s smart to compare lenders’ rates and terms before you apply.

Here are a few things you’ll want to consider as you review your options.

Fees and Penalties

Some $4,000 personal loans come with fees, while others don’t. Lenders also have different ways of applying these fees. For example, some lenders may include fees in the loan amount, increasing your total debt. Others deduct fees from the loan proceeds, reducing the amount you receive. Be sure to crunch the numbers because they can increase your borrowing costs.

Prequalification

When you apply for a loan, the lender often looks at your credit to help determine the rates and terms you qualify for. This requires a hard inquiry, which can temporarily lower your credit score by up to 10 points. If you prequalify with multiple lenders, you can compare different offers without harming your credit. You might also want to use a personal loan calculator to get a better idea of what your monthly loan payments may be.

Flexibility

What if you face financial difficulties and struggle to pay back the loan? Or if you miss a payment and incur a late fee? Some lenders offer financial protection programs for borrowers, which can give you peace of mind when choosing a $4,000 personal loan.

The Takeaway

A $4,000 personal loan can be a quick way to get money for almost any need. You can get these loans from banks, credit unions, and online lenders. Requirements vary by lender, and each might offer different interest rates and terms. However, having a good credit score typically gets you a better rate.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.

FAQ

How much would monthly payments be on a $4,000 loan?

The amount you’d pay each month for a $4,000 loan depends on the interest rate and loan term. For example, if you had a three-year loan at 12.00% APR, your monthly payment would be around $133. However, with a two-year term at the same rate, the monthly payment would be closer to $188.

What is the interest rate on a $4,000 loan?

According to data from Forbes Advisor, personal loan interest rates can vary widely, though they’re typically between 7.00% and 36.00%. Rates for a three-year loan are generally between 12.00% and 15.00%. But keep in mind that the rate you qualify for depends on your credit score and loan terms.

What credit score do you need for a $4,000 loan?

In order to qualify for a $4,000 personal loan, most lenders typically prefer a credit score above 580. However, borrowers with lower scores may also qualify for a loan depending on the lender’s criteria.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/PeopleImages

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.



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.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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 .

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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Tax Loss Carryforward

Tax Loss Tax Loss Carryforward: What Is It and How Does It Work?

The tax loss carryforward rule allows capital losses from the sale of assets to be carried over from one year to another. In other words, an investor can use capital losses realized in the current tax year to offset gains or profits in a future tax year, assuming certain restrictions are met.

Investors can use a capital loss carryforward to minimize their tax liability when reporting capital gains from investments. Business owners can also take advantage of loss carryforward rules when deducting losses each year.

Knowing how this tax provision works and when it can be applied is important from an investment tax-savings perspective.

Key Points

•   Tax loss carryforward allows investors to offset capital losses against future gains, as well as taxable income.

•   Investors who take advantage of the tax loss carryforward rule may reduce their overall tax liability.

•   Capital loss carryforward rules prohibit violating the wash-sale rule and have limitations on deductions.

•   Net operating loss carryforward is similar to capital loss carryforward for businesses operating at a loss.

•   Losses can be carried forward indefinitely at the federal level, but capital losses must be used to offset capital gains in the same year.

What Is Tax Loss Carryforward?

Tax loss carryforward, sometimes called a capital loss carryover, is the process of carrying forward capital losses into future tax years. A capital loss occurs when you sell an asset, like a stock, for less than your adjusted basis.

Capital losses are the opposite of capital gains, which are realized when you sell an asset for more than your adjusted basis. In either case, taxes may come into play.

Adjusted basis means the cost of an asset, adjusted for various events (i.e., increases or decreases in value) through the course of ownership.

When you invest online or through a brokerage to purchase a stock or other security, knowing whether a capital gain or loss is short-term or long-term depends on how long you owned it before selling.

•   Short-term capital losses and gains occur when an asset is held for one year or less.

•   Long-term capital gains and losses are associated with assets held for longer than one year.

The Internal Revenue Service (IRS) allows certain capital losses, including losses associated with personal or business investments, to be deducted from taxable income.

There are limits on the amount that can be deducted each year, however, depending on the type of losses being reported.

For example, the IRS allows investors to deduct up to $3,000 from their taxable income if the capital loss is from the sales of assets like stocks, bonds, or real estate. If capital losses exceed $3,000 ($1,500 if you’re married, filing separately), the IRS allows investors to carry capital losses forward into future years and use them to reduce potential taxable income.

Recommended: SoFi’s Guide to Understanding Your Taxes

How Tax Loss Carryforwards Work

A tax loss carryforward generally allows you to report losses realized on assets in one tax year on a future year’s tax return. Realized losses differ from unrealized losses or gains, which are the change in an investment’s value compared to its purchase price before an investor sells it.

IRS loss carryforward rules apply to both personal and business assets. The main types of capital loss carryovers allowed by the Internal Revenue Code are capital loss carryforwards and net operating loss carryforwards.

Capital Loss Carryforward

Another way to describe the process of using capital losses to offset gains is that IRS rules allow investors to “harvest” tax losses, meaning they use capital losses to offset capital gains, assuming they don’t violate the wash-sale rule.

The wash-sale rule prohibits investors from buying substantially identical investments within the 30 days before or 30 days after the sale of a security for the purpose of tax-loss harvesting.

If capital losses are equal to capital gains, they will offset one another on your tax return, so there’d be nothing to carry over. For example, a $5,000 capital gain would cancel out a $5,000 capital loss and vice versa.

Remember that short-term capital losses must be applied to short-term gains, and long-term capital losses to long-term gains, owing to the difference in how capital gains are taxed.

However, if capital losses exceed capital gains, investors can deduct a portion of the losses from their ordinary income to reduce tax liability. Investors can deduct the lesser of $3,000 ($1,500 if married filing separately) or the total net loss shown on line 21 of Schedule D (Form 1040).

But any capital losses over $3,000 can be carried forward to future tax years, where investors can use capital losses to reduce future capital gains.

To figure out how to record a tax loss carryforward, you can use the Capital Loss Carryover Worksheet found on the IRS’ Instructions for Schedule D (Form 1040).

Recommended: A Guide to Tax-Efficient Investing

Net Operating Loss Carryforward

A net operating loss (NOL) occurs when a business has more deductions than income. Rather than posting a profit for the year, the company operates at a loss. Business owners may be able to claim a NOL deduction on their personal income taxes. Net operating loss carryforward rules work similarly to capital loss carryforward rules in that businesses can carry forward losses from one year to the next.

According to the IRS, for losses arising in tax years after December 31, 2020, the NOL deduction is limited to 80% of the excess of the business’s taxable income. To calculate net operating loss deductions for your business, you first have to omit items that could limit your loss, including:

•   Capital losses that exceed capital gains

•   Nonbusiness deductions that exceed nonbusiness income

•   Qualified business income deductions

•   The net operating loss deduction itself

These losses can be carried forward indefinitely at the federal level.

Note, however, that the rules for NOL carryforwards at the state level vary widely. Some states follow federal regulations, but others do not.

How Long Can Losses Be Carried Forward?

According to IRS tax loss carryforward rules, capital and net operating losses can be carried forward indefinitely. Note that the loss retains its short- or long-term characterization when carried forward.

It’s important to remember that capital loss carryforward rules don’t allow you to roll over losses without corresponding gains. IRS rules state that you must use capital losses to offset capital gains in the year they occur. You can only carry capital losses forward when and if they exceed your capital gains for the year.

As noted above, the IRS also requires you to use an apples-to-apples approach when applying capital losses against capital gains.

For example, you’d need to use short-term capital losses to offset short-term capital gains. You couldn’t use a short-term capital loss to balance out a long-term capital gain or a long-term capital loss to offset a short-term capital gain.

Example of Tax Loss Carryforward

Assume that you purchase 100 shares of XYZ stock at $50 each for a total of $5,000. Thirteen months after buying the shares, their value has doubled to $100 each, so you decide to sell, collecting a capital gain of $5,000.

Suppose you also hold 100 shares of ABC stock, which have decreased in value from $70 per share to $10 per share over that same period. If you decide to sell ABC stock, your capital losses will total $6,000 – the difference between the $7,000 you paid for the shares and the $1,000 you sold them for.

You could use $5,000 of the loss of ABC stock to offset the $5,000 gain associated with selling your shares in XYZ to reduce your capital gains tax. Per IRS rules, you could also apply the additional $1,000 loss to reduce your ordinary income for the year.

Now, say you also have another stock you sold for a $6,000 loss. Because you already have a $1,000 loss and there is a $3,000 limit on deductions, you could apply up to $2,000 to offset ordinary income in the current tax year, then carry the remaining $4,000 loss forward to a future tax year, per IRS rules.

This is an example of tax loss carryforward. All of this assumes that you don’t violate the wash-sale rule when timing the sale of losing stocks.

Recommended: What to Know about Paying Taxes on Stocks

The Takeaway

If you’re investing in a taxable brokerage account, it’s wise to include tax planning as part of your strategy. Selling stocks to realize capital gains could result in a larger tax bill if you’re not deducting capital losses at the same time.

With tax-loss harvesting, assuming you don’t violate the wash sale rule, it’s possible to carry forward investment losses to help reduce the tax impact of gains over time. This applies to personal as well as business gains and losses. Thus, understanding the tax loss carryforward provision may help reduce your personal and investment taxes.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



Photo credit: iStock/bymuratdeniz

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
For a full listing of the fees associated with Sofi Invest please view our fee schedule.


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

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
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.

Claw Promotion: Customer must fund their Active Invest account with at least $50 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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