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Saving money is a common goal. Who doesn’t want more cash available to cushion their budget, pay off debt, or save for a future dream like a trip to Italy or an early retirement?

Saving money is important for many reasons. It can allow you to pay for things outright rather than running up high-interest credit card debt. It can offer peace of mind, when you know you have enough put away to navigate rough times. And having more money can give you more options.

Saving money doesn’t have to mean living so frugally that there’s never a fancy coffee or weekend getaway in your foreseeable future. In truth, saving money can be fairly painless if you’re smart about it.

Read on to learn some clever, simple strategies for how to save money each month.

1. Tracking Your Weekly Spending

Looking at your spending on a weekly basis can feel more manageable than trying to keep track of a month’s worth of spending at a time.

That’s not to say that you shouldn’t budget on a monthly basis, but breaking your timeline into smaller segments can simplify the process.

You can track spending (including every cash/debit/credit card transaction and every bill you pay) by using an app, jotting down every purchase, or collecting all of your receipts and writing it all down later.

You might then set a certain day to look over the week’s spending. This can be an enlightening exercise. Because spending can be so frictionless these days, many of us don’t have a real sense of how much we are actually shelling out on a day-to-day basis.

Just seeing it all laid out in black and white can immediately make you think twice before you buy something nonessential and inspire you to become more intentional with every dollar.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

2. Creating a Simple Budget

Once you’ve mastered tracking your cash flow, and have a good idea as to your spending habits, you may want to take it one step further and set up a simple budget.

A budget is nothing more than setting limits for spending in different categories. To get started, you’ll want to list all of your monthly expenses, grouping them into categories, such as groceries, rent, utilities, clothing, etc.

If your goal is to save some money every month, you’re going to want to set a budget for yourself that includes an allocation to saving.

Next, tally up all of the income you’re taking home each month (after taxes), and see how your monthly spending and monthly income compare.

If spending (including putting some money towards savings) exceeds income, the next step is to look at all your expenses, find places where you can cut back on spending, and then give yourself some spending parameters to stick to each week.

3. Automating Savings

If you do nothing else to get yourself on the savings path, consider doing this.

Automating savings is a great way to remove a huge barrier to saving — forgetting to put that money aside, then ultimately spending it.

The reality is, we all live busy lives, and while we may have every intention of stashing away cash, there are many reasons why it’s hard to save money. Saving often doesn’t happen without a plan.

Automating is an easy way to save money without ever having to think about it.

The idea is to have money moved from a checking account and into a savings account on the same day each month, perhaps soon after your paycheck is deposited.

This way, the money is whisked from the checking account before it can be spent elsewhere.

If you are new to automating or have an irregular income, it’s okay to start with smaller dollar amounts. Likely, you won’t even notice that the money is gone from your account, and you’ll be able to increase the amount of money over time.

You can set up automatic transfers to your savings, retirement, and other investing accounts.

4. Planning Your Groceries

Here’s another easy way to save money: Spend less on groceries by making a meal plan and a shopping list before you go to the store.

Without a list, you may be tempted to buy things that look good but that you don’t need or can’t use. Plus, you may end up having to go back to the store later, where you may be tempted to buy more things.

You don’t have to be a pro at meal-planning. It can be as simple as picking a few recipes that you want to make throughout the week (making large enough portions to provide for leftovers is another way to save).

You can then write a list of the ingredients that you’ll need, making sure to check your cabinets and use what you have first. Doing so is a life skill that can save you money.

You may also want to list exactly what snacks and/or desserts you plan to buy, so you’re not overly tempted once you get to the chips or cookies aisle.

Another way to save money on groceries is to cut back on pricier items, such as meat and alcohol, and to go with store or generic brands whenever possible. With tactics like these, you could be saving money daily.

5. Negotiating Your Bills

Some of those recurring bills (such as cable, car insurance, and cell phone) aren’t carved in stone.

Sometimes you can get a lower rate just by calling up and asking, particularly if the provider is in a competitive market.

Before calling, you may want to do a little research and know exactly what you are getting, how much you are paying, and what the competition is charging. You may also want to get competing quotes.

Even a small reduction in a monthly bill can save significant cash by the end of the year.

If you are experiencing hardship, you may also be able to negotiate down your electric and/or other utility bills by calling and explaining your circumstances. It never hurts to ask. The same holds true with doctor’s charges: You may be able to negotiate medical bills as well.

6. Actively Paying Down Credit Cards

This might sound more like spending than saving, but if you’re currently only paying the minimum on your credit cards, a big chunk of your payment is likely going towards interest. Chipping away at the principal can feel like a tall mountain to climb.

If possible, consider putting more than the minimum payment towards your bill each month. The faster those credit cards are paid off, the faster you can reallocate money that was going to interest into savings.

Can’t seem to make a dent in your credit card debt? You might want to look into a zero-interest balance transfer offer, using a lower-interest personal loan to pay off the debt, or finding a debt reduction plan.

7. Canceling Subscriptions

It can be all-too easy for money to leak out of your account due to sneaky subscriptions.

From unused gym memberships to shopping subscription programs, subscription bills (even small ones) can rack up quickly because they come every single month without fail.

The first step is to cancel any subscriptions that no longer serve you. Try to be honest with yourself: Are you likely to start going to the gym? Could you work out at home instead?

If you’re looking to save money faster, you might consider making a sacrifice on a subscription that you do enjoy. For example, maybe you pay for Netflix, Hulu, and Disney+. Is it possible to use just one or two, instead of three? That could be a good way to save on streaming services.

8. Renewing Your Library Card

If you’re a reader and love books, one creative way to save money is to dig out your library card, or if you don’t have one, stop in to apply for a card.

The library can be a great resource for more than books. For example, you can often access magazines, newspapers, DVDs, music, as well as free passes to local museums.

These days, you can typically get many of the benefits of being a cardholder without ever actually going to a branch. You can often get audio books and e-books, as well as access to online publications and online entertainment all from your computer or phone. Cost: Zero.

9. Shopping for Quality

Buying well-made, durable items instead of cheap, trendy, or single-use items may mean spending a little more up front.

But this can be a shrewd money move that can save you a bundle over the long run because you won’t have to repeatedly make the same purchases.

Buying a few classic, well-made pieces of clothing you will wear for a few years, for example, can end up costing less than picking up eight or 10 cheaper, trendier items that you’ll end up replacing next year.

It may also pay off to spend a little more for appliances that are known for being reliable and lasting a long time and have great customer reviews, than buying the cheapest option.

Shopping for quality takes some education and practice, but it can be a worthwhile skill that your wallet will appreciate.

10. Pressing Pause on Big Purchases

Making impulse purchases can wreck a budget. That’s why if you’re tempted to buy an expensive item that is more of a “want” than a “need,” you may want to give yourself some breathing room, and allow the initial rush to wear off.

For example, you might tell yourself that you’ll wait 30 days and if, after the waiting period is over, you still want the item, you can get it then.

During that time you may lose interest in the item. If, however, you still want it in a month, that’s a good sign that this purchase will add substantial value to your life, and isn’t just a fleeting desire. If you can make room for purchase in your budget, then go for it.

This helps you make spending decisions from a slower, more thoughtful place, and can be a huge help in learning to budget and save money.

11. Round up Purchases

A painless and fun way to save money can be by rounding up purchases. You can do this in one of two ways.

•   The old-fashioned way is to pay for things with cash and keep the change in a jar. Then, at the end of a week or a month, deposit that change into your savings account.

•   Today, there are a variety of apps that allow you to round up purchases. That extra money can then be put into savings or invested. Check with your bank; they may offer a program like this making for a seamless experience.

12. Look into Refinancing Your Loans

Interest rates go up and down, and there may be an advantage to refinancing your loans if you can find a lower rate and/or a shorter term. Doing so could save you considerable money in interest over the life of the loan, whether that’s a mortgage, car payment, or student loan.

13. Bundle Your Insurance Policies

You may be able to whittle down your bills by combining your insurance policies (typically home and auto) with one company. Generally, when you do so, you can reap a solid amount of savings.

14. Gamify Savings

Many people find it helpful to give themselves monthly challenges to save money. It can make the pursuit of spending less more fun and can get your competitive spirit going.

For example, one month, you could vow not to get any takeout coffee and put the savings in the bank. The next month, you could vow to not use any rideshares and instead walk or take public transportation. Again, you’d put the cash saved in the bank.

15. Go Fee-Free

It can be wise to take a look at your financial institution and see how much you are paying in bank fees. There can be everything from overdraft charges to out-of-network fees to foreign transaction costs. In addition, your account might be hit with monthly maintenance or minimum balance fees. All of that can add up.

You might want to shop around for a new banking partner if you’re getting assessed a number of these charges.

Why Saving Money Is Important

Why go to the trouble of pinching pennies like this? Saving money is important for several reasons.

•   It can help you build wealth.

•   It can give you security.

•   It can reduce money stress.

•   It can help you achieve short- and long-term financial goals.

•   It can allow you to navigate bumpy times (such as job loss).

•   It can give you breathing room to splurge at times on the fun stuff of life.

Finding a Good Place to Grow Your Savings

Even if you’re only putting a small amount of money into savings each month, over time, that account will grow.
One way to help it grow faster is to park the money in a place where you won’t accidentally spend it and where it can earn more interest than a typical savings account.

You might consider opening up a high-yield savings account, money market account, online savings account, or a cash management account.

You may find that separating your savings, and watching it grow, keeps you motivated to save.
In some cases, you may be able to create “buckets” within your account, and even give them fun names, such as “Sushi Tour in Japan” or “My Dream House” that can help keep you motivated.

The Takeaway

Saving may not seem nearly as fun as spending, but it can give you the things you ultimately want, whether that’s a posh vacation, a down payment on a new home, or a comfortable retirement.

And, there are plenty of ways to save money that don’t require sacrifice. You can use a mix of short-term strategies (like spending less every time you go to the supermarket) and long-term moves (like paying down debt and buying higher quality goods) to achieve your goals.

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

What is the 50/30/20 rule?

The 50/30/20 budget rule says that, of your take-home pay, 50% should be allocated to needs, or basic living expenses and minimum debt payment; 30% should be for wants, or discretionary spending; and 20% should go into savings.

What is the 30 day rule?

The 30-day rule is a way of avoiding impulse purchases and helping you take control of your money. If you find yourself about to make a significant impulse purchase, agree to wait 30 days. Write down the item, its cost, and where you saw it in your calendar for 30 days in the future. If that date rolls around and you still feel you must have it, you can reevaluate buying it, but there is a good chance the sense of “gotta have it” will have passed.

How much should you save a month?

Many financial professionals advise saving 20% of your take-home pay, but of course the exact amount will vary depending on such factors as your income, your debt, your household (how many dependents, for instance), and your cost of living.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

*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.

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

SOBNK-Q325-052

A personal loan can be a useful tool for consolidating debt, funding home repairs, or covering unexpected expenses. Taking out a personal loan can also help you build credit over time, provided you use it responsibly. Like any credit product, a personal loan has the potential to either strengthen or weaken your credit profile, depending on how you manage it.

Understanding how personal loans interact with the components of your credit score can help you make smarter borrowing decisions. Let’s explore when a personal loan contributes positively to your credit — and when it doesn’t.

When Does a Personal Loan Help You Build Credit?

Taking out a personal loan can help you build credit under the right circumstances. Here’s how it can positively impact various aspects of your credit profile.

Your Payment History

Payment history is typically the most significant factor in your credit scores, accounting for approximately 35% of your FICO® Score. When you make on-time monthly payments on your personal loan, you’re showing lenders that you’re reliable and responsible.

Each successful payment helps build a positive payment history. Over time, this consistency can have a favorable impact on your credit file, especially if you previously lacked installment loan accounts or had missed payments in your past. A single missed or late payment, on the other hand, can stay on your credit report for up to seven years, so timely payments are crucial.

Your Credit Utilization Ratio

Your credit utilization rate is the percentage of available credit that you’re using on your credit cards and other lines of credit, and is another important factor in your credit scores. While credit utilization typically applies to revolving credit like credit cards, a personal loan can still indirectly improve your utilization ratio. If you use a personal loan to pay off high-interest credit card debt, known as credit card consolidation, your credit card balances will go down, reducing your utilization.

For example, if you owe $4,000 on a card with a $5,000 limit, your utilization is 80%, which is high. But if you use a personal loan to pay off that balance, your credit utilization on that card drops to 0%, which can have a positive impact on your credit file. Keeping your utilization below 30% is generally recommended for maintaining good credit health.

Recommended: Personal Loan Calculator

Your Credit Mix

Your credit mix — meaning the different types of credit you have — accounts for about 10% of your FICO score. Lenders generally like to see that you can manage multiple kinds of credit, such as credit cards (revolving credit) and personal loans (installment credit).

If your credit history includes only revolving accounts, taking out a personal loan can diversify your credit mix, which could positively impact your profile. This diversity shows you’re capable of managing various types of debt responsibly.

Recommended: What Is a Credit-Builder Loan?

When Doesn’t a Personal Loan Help You Build Credit?

While a personal loan can build credit, it’s not a guaranteed outcome. Missteps in how you use or repay the loan can do more harm than good.

Late Payments

As mentioned, late payments can do serious harm to your credit file. If you’re more than 30 days late, lenders may report the delinquency to the credit bureaus. Even a single missed payment can cause your credit score to drop — exactly how much will depend on how late the payment is, your current credit score, and your overall credit history.

Consistently late or missed payments can turn a credit-building opportunity into a long-term financial setback.

Short-Term Loan

Personal loans with very short repayment periods — especially payday loans or high-fee cash advances — typically don’t do anything to positively impact your credit file. In many cases, these loans aren’t reported to the credit bureaus. Even if they are, they may not help you build credit because they don’t show a long-term payment history.

What’s more, frequent borrowing of short-term loans could be a red flag to lenders that you’re struggling to manage your finances.

High Debt-to-Income Ratio

While your debt-to-income (DTI) ratio isn’t part of your credit score, it plays an important role when applying for new credit. DTI ratio is of interest to lenders because it shows what portion of your income is already allocated to debt repayment. If your DTI ratio is relatively high and you add a personal loan, lenders may see you as overextended. This could make it harder to get approved for a mortgage, car loan, or credit card in the future.

Generally, you want to aim for a DTI ratio of 36% or less. This suggests you have a healthy amount of income to afford monthly payments for a new loan or line of credit.

To calculate your current DTI ratio, add up all your monthly debt payments, divide that total by your gross monthly income, and multiply the result by 100. This will give you your DTI ratio as a percentage.

Tips to Maximize the Credit-Building Potential of a Personal Loan

If you’re considering a personal loan as a way to build credit, these strategies can help you use the loan wisely.

Choose a Reasonable Loan Amount

It’s important to only borrow what you can reasonably afford to repay. Before signing the loan agreement, calculate your monthly payments and make sure they fit comfortably within your budget. Stretching your finances to take out a large loan can increase your risk of missing payments — and damage your credit.

Remember, the goal is to build credit, not add financial stress.

Set Up Automatic Payments

To avoid late payments, consider setting up automatic payments through your bank or lender. “Setting up autopay is one way to make sure payments are made regularly and on time,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi.

Most lenders offer autopay options that draft your monthly payment directly from your checking account on the due date. Some even offer a small interest rate discount for using autopay. This strategy helps ensure you never miss a payment and allows you to establish a consistent payment history.

Monitor Your Credit Reports

Regularly checking your credit reports allows you to track the impact of your personal loan and spot any errors or inaccuracies. You’re entitled to a free credit report every week from each of the three major credit bureaus — Equifax®, Experian®, and TransUnion® — at AnnualCreditReport.com.

As you scan your reports, you’ll want to make sure your loan is being reported accurately and that your on-time payments are being recorded. If you notice any mistakes, dispute them with the appropriate bureau promptly.

The Takeaway

So, can a personal loan build credit? Yes — if managed properly, a personal loan can have a positive impact on your credit profile over time. It can do this by adding positive information to your payment history and diversifying your credit mix. If you use a personal loan to pay down credit cards, it can also reduce your credit utilization, which is also factored into your credit scores.

However, the opposite is also true. Late payments and taking on more debt than you can handle can hurt your credit profile instead of helping it.

Ultimately, a personal loan isn’t a quick fix for bad credit, but it can be a strategic part of your long-term credit-building plan. By borrowing responsibly and staying on top of your debt, you can use a personal loan to work towards a stronger financial future.

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.

FAQ

Do personal loans raise credit scores?

If managed responsibly, a personal loan can have a positive impact on your credit file. When you make on-time payments, it adds positive payment history to your credit reports, which is a major factor in your score. In addition, a personal loan can improve your credit mix if you mostly have revolving credit like credit cards. However, if you miss payments or take on too much debt, it could negatively affect your profile and make it harder to qualify for credit with attractive terms in the future.

How long does it take to build credit with a personal loan?

How long it will take to start seeing credit impacts from a personal loan will depend on your current financial situation. At the earliest, adding positive information to your credit reports may be factored into your scores a month or two later. However, it can a few more months for any positive measures to make a noticeable impact. If you already have negative information on your reports, it could take a year or more to turn things around.

Is taking out a personal loan bad for credit?

Taking out a personal loan isn’t inherently bad for your credit. In fact, if you manage it wisely, it could positively impact your credit file over time.

When you first apply for any type of credit, you may experience a small drop in your scores due to the hard credit inquiry. However, this effect is only temporary. Ultimately, repayment behavior has the largest influence over scores. If you take out a personal loan and make regular, on-time payments, it could have a favorable impact your credit profile. Late or missed payments, on the other hand, can have a negative impact.

The key factor is how you manage repayment of the loan.

Which types of personal loans typically help build credit?

Any personal loan that reports to the major credit bureaus — Equifax®, Experian®, and TransUnion® — can help build credit. This includes traditional unsecured personal loans from banks, credit unions, or reputable online lenders.

If you’re starting with little to no credit history, you might look into a credit-builder loan. With this type of personal loan, you don’t receive funds up front. Instead, the lender puts your monthly payments into a savings account. When all payments are made, you can access the account. The lender will report your payment activity to one or multiple credit bureaus, which can help you build a healthy credit history.

How can I avoid hurting my credit with a personal loan?

To avoid damaging your credit with a personal loan, only borrow what you can afford to repay and be sure to pay on time every month (payment history is the biggest factor in your credit scores). Also try to avoid applying for multiple loans and credit cards in a short period of time, as it can lead to several hard inquiries.

When managed responsibly, a personal loan can actually have a positive impact on your credit profile over time.

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.

SOPL-Q325-015

Home siding replacement costs currently average $11,533, according to the home improvement site Angi, though that’s just a ballpark figure. The amount you could pay will depend on factors such as home size, materials, location, and project timing.

While house siding replacement isn’t a cheap solution, it can transform the look and value of your home. Before you dive headfirst into this exciting project, it’s important to understand house siding replacement costs so you can proceed with confidence.

What Impacts House Siding Replacement Costs?

Numerous factors influence the cost of replacing house siding, including the size and shape of your house. Here are some important ones to keep in mind.

Home Size

Your home size impacts the cost of your project because a larger house requires more siding. The following is an estimate of potential siding costs for different square footage. Remember, if you live in a two-story home, you’ll add 15% to 30% of the total cost. The additional floor means more hours and materials are needed to finish the job.

House Shape

A home with a traditional or simple shape tends to incur lower siding costs. For example, a conventional, square house will likely be less expensive than an H-shaped home when installing siding.

Type of Materials

The material you select for your siding is crucial, and each type has its pros and cons. For example, although bricks cost more than vinyl, they are more durable. So, the higher upfront cost means longevity, while vinyl siding means you could face another siding repair job in several years.

Home Design

Whether your home has multiple stories or gables, for example, the overall design could impact how much you pay to replace the siding. That’s because any differences from a conventional home build could require more time and modified cuts of siding.

Removal of Old Siding

Removing old siding is a possibility when installing new siding. For example, your contractor may want to eliminate pests or rotting material underneath the original siding. On the other hand, if the current siding is in decent condition and you want to cut costs, you may decide to install the new material over the old material.

Condition of Old Siding

Your old siding can increase the project cost if it requires more work to remove. On the other hand, uncomplicated siding removal will help streamline the project.

Time of Year

Generally, homeowners hire contractors during warmer weather. However, some contractors might have deals for homeowners who want work done outside the high season. So, timing your project wisely could save you hundreds or thousands of dollars.

Location

As with other exterior home remodeling projects, location plays a role in how expensive it is to replace your house siding. For instance, this list demonstrates the differences across the country:

Siding Installation Cost: Labor

Labor is an unavoidable cost when replacing house siding. The materials, complexity of the job, and your region will affect labor costs. Typically, you’ll pay between $1 and $15 per square foot, with $4 per square foot being the most common rate. So, siding installation costs for labor for a 1,500-square-foot house will likely cost about $6,000.

Permit Costs

Your municipality may also require you to obtain a permit from your county and/or state before you begin work on replacing your house siding. Building permits cost between $150 and $1,500, depending on your location and project scope. However, in some regions, permits aren’t mandatory for minor projects, so ask your county or a contractor before applying for one.

Siding Costs by Type

The type of siding is another major influence on your total project cost. Here’s a breakdown of common materials and their average price:

Vinyl

Replacing house siding with vinyl costs $3 to $12 per square foot. Plus, it isn’t challenging to install, and provides dozens of color options. However, it may dent easily and is more susceptible to weather damage than other types. For example, storms and extreme temperatures can make vinyl deteriorate quickly. You can expect vinyl siding to last between 20 and 40 years.

Wood

Wood costs $1 to $15 per square foot, making it an affordable siding option. While it’s vulnerable to pests, water, and rot, its unique aesthetic can be desirable to homeowners. Plus, certain types of wood, such as cedar, can have a higher resistance to damage. Remember, wood siding requires paint jobs and chemical treatments every five years or so to prevent degradation. Wood siding that’s been well cared for can last 20 to 40 years.

Engineered Wood

Costing between $1 and $6 per square foot, engineered wood can be an attractive choice for those on a budget. As the name implies, the manufacturer pretreats the wood to enhance its durability. Mass production methods drive down the cost, and engineered wood needs paint less frequently than conventional wood.

In addition, DIYers often use this material because of its straightforward installation. However, faulty installation can result in moisture damage, so it may be best to hire a contractor. With the right installation technique and proper care, engineered wood lasts between 20 and 40 years.

Aluminum

Another low-cost option, aluminum siding costs $3 to $6 per square foot. This material helps with temperature control and is resistant to temperature changes, rust, and pests. However, it can produce loud sounds during storms and can develop scrapes and discoloration. As with the previous options, aluminum siding lasts 20 to 40 years.

Fiber Cement

Although you could mistake this material’s appearance for wood, fiber cement tends to stand up better to insects and the elements. It needs less care and painting than wood as well. However, because it is made of cement bound by cellulose fibers, its weight can be a drawback. The siding’s price ranges from $5 to $14 per square foot and will last about 50 years.

>Brick

When you change the siding on a house to brick siding, it costs $10 to $20 per square foot and provides a solid, traditional look. While heavier than other materials, brick is touted for its resilience and longevity. Brick siding will last 100 years or more.

Stone

Usually the most expensive option, stone siding costs $7 to $30 per square foot. It provides a dignified, stately aesthetic and ultimate sturdiness. Unlike wood or vinyl, stone is extremely slow to deteriorate and is impervious to rot and pests. Stone siding lasts at least 100 years.

Stone Veneer

If you like stone but not its cost, stone veneer may offer you the happy medium. It costs $5 to $11 per square foot and looks like natural stone, although it’s a mix of cement, aggregates (like gravel or concrete), and iron molecules for coloring. Stone veneer is an excellent insulating material and lasts between 20 and 75 years.

DIY Home Siding Replacement Cost

Installing new siding by yourself may not be the most suitable DIY endeavor. For starters, there’s the safety of you and your home to consider. Plus, the weight and cumbersome nature of siding make it challenging to handle. And improper installation can result in substantial water damage, insulation problems, or pest infestations.

That said, if you have the expertise, installing siding is feasible, with vinyl being the most doable. Having the necessary tools and securing a construction permit without a contractor’s help can reduce labor costs.

Professional House Siding Replacement Cost

A professional house siding replacement job can cost $1 to $4 per square foot, or $40 to $75 per hour depending on the materials and the other factors listed above. However, a skilled contractor can provide peace of mind through quality work, not to mention saving you hours sweating in the sun while you install material.

How to Reduce the Cost of Home Siding Replacement

Going with a professional for a house siding replacement project doesn’t have to mean burying yourself in debt. Here’s how to decrease the costs of your project without sacrificing quality:

Research and Compare Quotes from Multiple Contractors

A price comparison between contractors can help you get the best deal. When you’re searching for contractors for your project, referrals are an excellent place to begin. Ask neighbors, family, and friends who recently had siding repairs or replacements for their recommendations. There’s a good chance you’ll find plenty of siding installers in your area, and referrals will help you narrow down your choices.

As you research contractors, it’s wise to reach out to at least three different companies to gather price estimates. Then, request a detailed quote to gauge the pricing options available in your area. When comparing prices, remember that not all contractors solely focus on siding. Some general contractors and handypersons offer siding installation as part of their broader range of services.

To ensure a fair comparison, contact at least two companies specializing in siding and one general contractor. Keep in mind that while a general contractor may be versatile, they may not have the same level of expertise and experience as a dedicated siding professional.

Negotiate with Contractors

You can haggle with contractors to get a discount. For example, you might decide to delay your project until late autumn, when contractors have more gaps in their schedules. Likewise, you can ask for lower prices for tearing off the existing siding yourself or getting the required permit on your own. These tactics could help you shave hundreds off your final bill.

Consider Financing Options

If affordability is keeping you from replacing siding, financing the project can help you get started sooner instead of later. For example, a personal loan is a straightforward option that can get the necessary money in your account within a few days. You may see these marketed as home improvement and renovation loans.

In addition, you could leverage your home equity to obtain a home equity loan or home equity line of credit (HELOC). These options turn your equity into cash, meaning they’re helpful for homeowners who have paid off a significant amount of their mortgage. Remember, financing means paying the loan plus interest every month, so it’s best to ensure your budget has the space before you borrow.

Recommended: Personal Loan Calculator

What to Consider Prior to Replacing House Siding

Because changing the siding on the house is an investment, you must consider a few things before starting your project. Here’s what to keep top of mind before shopping for siding materials or ripping off the old siding.

HOA Rules

Read your HOA covenants, conditions, and restrictions (CC&Rs) to ensure you’re correctly following guidelines on allowed siding materials, colors, and more. In addition, you may need to apply for preapproval from your HOA board before starting the project.

Likewise, your HOA may require you to hire a licensed and insured contractor to perform the work. Remember, not every contractor has the same licensure, insurance, and certifications, so it’s best to shop around. Plus, you’ll need to communicate your HOA’s rules and standards to the contractor so they understand the project’s parameters. It’s also crucial to obtain permits from your municipality. Your HOA might also require notification when the project is finished.

Siding Quality

Various siding materials have different durability and appearance, so it’s best to ask yourself what kind of siding you want. Siding quality will also affect pricing and maintenance.

Siding Colors

Next, it’s time for the fun part: choosing a color. While you may have an initial preference, it’s beneficial to follow these tips and steps:

•  Determine your siding type. Different types of siding may have limitations on color options. For example, brick and wood sidings offer fewer choices, whereas vinyl sidings offer endless possibilities.

•  Consider your home’s style. Your home’s architectural style can guide you in selecting the most suitable siding colors. For instance, white, gray, and subtle colors complement colonial homes, while bold colors and textures work well with Victorian-style homes.

•  Evaluate the front door, windows, and roof. Choose a siding color that harmonizes with other exterior elements. You can contrast a dark front door or roof with lighter-colored siding. And remember that you can always replace your front door affordably to match your new siding.

•  Explore neighboring homes. Walk around your neighborhood to gather inspiration and ideas from other homes. Look for houses that you admire and share a similar style and construction. Additionally, if homes are for sale nearby, check their values online to see if the siding color has contributed to a higher resale value.

Maintenance

To ensure the longevity of your new siding and prevent potential damage to your home, be sure to provide proper care and maintenance. Regular cleaning and inspections will help you identify any areas that require attention.

Remember, various siding types have specific maintenance and cleaning requirements. Therefore, becoming an expert in the siding type of your choice can add years to its life. Simple tasks like caulking and painting can make a significant difference in high-moisture climates. By addressing these maintenance tasks proactively, you can save hundreds of dollars in costly structural repairs.

Energy Efficiency

Siding guards your home against adverse weather, such as strong winds and extreme heat, can influence your home’s energy usage. In addition, energy-efficient siding offers superior insulation to traditional siding, reducing energy consumption for temperature control. It does so by including insulation (like spray foam or foam board) beneath your chosen siding material. In contrast, traditional siding often lacks this feature.

While uninsulated siding may be more affordable initially, the long-term savings on monthly utility bills through insulation can offset the project cost. Additionally, opting for energy-efficient siding increases your home’s value if you sell it.

To gauge the return on investment (ROI) for energy-efficient siding, consult a siding contractor and inquire about the typical energy bill savings experienced by homeowners in your area after installing insulated siding.

Recommended: How to Apply for a Personal Loan

The Takeaway

Currently, the average cost to replace siding is $11,533, but several factors influence the price, including the size and shape of the house, the type of siding materials chosen, the condition of the old siding, and the house’s location. Other factors, such as the time of year and the need for permits, may also affect the expenses. Researching and comparing quotes from multiple contractors, negotiating with contractors, and considering financing options can help you as you work to improve the look and value of your home.

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.

FAQ

How long does it take to replace the siding on a house?

The time it takes to replace siding on a house usually takes about 10 to 14 days. However, the exact time depends on various factors, such as the home’s size and the siding material.

What are the benefits of replacing siding on a house?

Replacing house siding can improve insulation and temperature control, protect against pests, and beautify the house’s appearance. As a result, replacing siding can often increase a home’s value.

Can I replace the siding on my house myself, or do I need a professional?

A DIY siding replacement project eliminates labor fees. However, DIY can be challenging if you lack experience. Hiring a professional siding contractor ensures the job is done correctly, efficiently, and with access to better material prices, along with their expertise and knowledge of potential risks.

How do I choose the right type of siding for my home?

It’s best to choose siding for your home according to your priorities. For example, your budget, preferred materials, and insulation concerns will influence the type of siding for your project.

Are there any tax credits or incentives for replacing house siding?

Installing energy-efficient insulation with your siding can make you eligible for the Energy Efficient Home Improvement Credit. The credit is up to 30% of the project cost.

About the author

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.

SOPL-Q325-037

One way to ease costs of graduate school is to get a graduate assistantship. A graduate assistantship is a salaried employment opportunity for graduate students. Graduate assistants work a set number of hours per week and, in return, receive a tuition waiver and/or a monthly living stipend.

Securing a graduate assistantship can buoy finances and boost connections. Read on to learn how graduate assistantships work and how to find one.

What Is a Graduate Assistant?

Graduate assistants are students enrolled in graduate or professional schools who assist departments or professors in a teaching, research, or administrative capacity. A graduate assistant might be paired with a professor who is actively engaged in research or work that might complement their career goals or current focus.

Graduate assistantships often benefit both the university and the student. The university is able to fill positions that might be more costly if filled by a traditional employee. The student typically receives a tuition waiver, monthly stipend, and/or a fixed sum of money to help them pay for graduate school. Some programs may also offer class credit for these jobs.


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

Things to Consider

Overall, graduate assistant programs are meant to offer value to potential students, and to defray at least a portion of the costs associated with pursuing a graduate degree.

When combined with scholarships, grants, and other financial awards, becoming a graduate assistant can make the costs of grad school more manageable. Some schools also offer tuition waivers — for some or all of the tuition — for qualifying graduate assistants.

Compensation packages vary depending on the school, but tuition waivers are more commonly offered to graduate assistants who are employed by the school already, have financial or other hardships, or are veterans (or the spouse or dependent of a veteran).

Graduate assistantships that offer tuition waivers are often competitive, so it can be a good idea to explore the assistantship options offered by your college or department and apply as early as possible.

Another thing to keep in mind: A stipend typically counts as taxable income, though it isn’t considered wages (which means you won’t pay Medicare or Social Security taxes on it). So while assistantships do bring in some extra money, Uncle Sam will collect a portion of it.

As for tuition waivers, graduate assistants can exclude up to $5,250 worth of educational assistance benefits from their income each year, according to the IRS.

Also keep in mind that many universities prefer it if graduate assistants don’t seek additional, outside employment. It’s a common policy intended to protect a graduate student’s limited bandwidth — being a full-time student with an assistantship can feel like having two full-time jobs. Adding an additional part-time job on top of that could become too much of a strain.

Recommended: Finding & Applying to Scholarships for Grad School

Tips on How to Become a Graduate Assistant

How you go about becoming a graduate assistant will depend on the program and school. Acceptance letters often include at least some initial information pointing students toward any financial aid or assistantship the program might be offering.

You can also explore graduate assistantship opportunities by looking at the school’s or department’s website, as well as websites of professors. In addition, you can check the school’s job boards and social media sites, and even just do an online search using the name of your intended school and the phrase “graduate assistant.”

What if You Need More Funding?

Stipends and/or tuition waivers that come with graduate assistantships can make graduate school more affordable. However, if you still have gaps in funding, you may want to explore scholarships, grants, and federal or private student loans.

Graduate and professional students can apply for Federal Direct PLUS Loans. Eligibility is not based on financial need, but a credit check is required.

Graduate and professional students may also apply for Direct Unsubsidized Loans; again, eligibility is not based on financial need.

To apply for federal loans for graduate school, you simply need to complete the Free Application for Federal Student Aid, or FAFSA®.

Because graduate students face some of the highest federal student loan interest rates and loan origination fees, you may also want to look into private graduate school loans and compare offers. Just keep in mind that private student loans don’t come with the same protections, such as forbearance and forgiveness programs, offered by federal student loans.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

The Takeaway

Getting a graduate assistantship position can help cover the often high cost of graduate school. These positions can involve being a teaching, administrative, or research assistant. Compensation may be in the form of a monthly stipend and/or a tuition waiver.

If you aren’t able to get a graduate assistantship, or you have secured one but it isn’t enough to fully cover your costs, you may want to look into other sources of graduate school funding, including grants, scholarships, and federal or private student loans.

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

What do you need to be a graduate assistant?

To be a graduate assistant, you usually need to be enrolled in a graduate program, maintain a good academic standing, and have relevant skills or experience. Positions often require assisting with teaching, research, or administrative tasks. Check your university’s specific requirements and application process.

What are the benefits of being a graduate assistant?

Being a graduate assistant offers financial support, such as a stipend or tuition waiver. It also provides valuable experience, professional development, and networking opportunities. Graduate assistants often gain teaching, research, and administrative skills that enhance their resumes and prepare them for future careers.

What are the downsides of being a graduate assistant?

Being a graduate assistant can be time-consuming, leaving less time for coursework and personal activities. It may also come with stress and pressure to perform well in both assistant duties and academic pursuits. Additionally, the stipend might not cover all living expenses, and the workload can vary significantly.

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., 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 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.

SOISL-Q325-042

For many students, financial aid is the only reason they can afford to go to college. Unfortunately, getting approved for aid (which may include scholarships and federal loans), isn’t a guarantee that you will have it throughout all your years in college. Schools can suspend — or even cut off — financial aid for a number of different reasons, including poor academic performance.

Fortunately, a financial aid suspension typically doesn’t disqualify you from getting aid in the future. You will, however, need to take some steps to appeal the suspension and get your aid reinstated.

Read on to learn why federal financial aid can get suspended and what you can do to get it back.

What Is Financial Aid Suspension?

Financial aid suspension occurs when the federal financial assistance you qualified for stops coming in.

Financial aid can come in the form of scholarships, loans, grants, and work-study programs. When you fill out the Free Application for Federal Student Aid (FAFSA®), you are applying for federal student aid.

After your application is reviewed, you will generally receive information on what aid you are eligible for, if any. When financial aid is being suspended, you will be notified as well, generally by the financial aid office at the school where you are enrolled.

Recommended: How to Complete the FAFSA Step by Step

Common Reasons for Financial Aid Suspension

Financial aid suspensions can occur for a variety of reasons. Here’s a closer look at why a student may find there are issues with their aid.

Not Making Satisfactory Academic Progress

In order to be eligible for certain financial aid, you need to be making Satisfactory Academic Progress (SAP).

This means you must be enrolled in a certain number of credit hours and be earning grades that are considered good enough to be working towards completing a degree or certificate in a certain time period.

SAP policies will often vary by school. Typically, SAP rules require students to maintain at least a 2.0 GPA on a 4.0 scale, which is a “C” average in classes.

If students receive scholarships, they may have to maintain a higher GPA than 2.0. To find out the SAP policy at a specific school, take a look at their website or contact the financial aid office.

Taking Too Long to Complete Degree

A student may experience financial aid suspension if they’ve been in school for too long. Federal financial aid is generally restricted to a time limit that is based on the length of the program the student is enrolled in.

This information is generally listed in a school’s catalog. For example, federal aid is generally limited to six years for a bachelor’s degree and three years for an associate degree.

Not Applying for Aid Each Year

You must apply for federal student aid by submitting a FAFSA each year that you are enrolled in school. Failing to submit the FAFSA means you may not receive federal aid for that year.

Also keep in mind that when you fill out the FAFSA annually, you might not receive the same amount or type of aid you received previously if your family’s financial situation has changed.

Making a Change to Your Course of Study

You could also lose federal aid if you switched majors and the aid was tied to your original major. Other changes that can lead to loss of financial aid include switching schools, not taking enough credits to qualify for the aid, and defaulting on other student loans.

Not Meeting General Eligibility Requirements

In order to continue receiving federal aid, you need to continue meeting the general eligibility requirements set by the Department of Education.

For example, if a student is not a U.S. citizen and their eligible noncitizen status expired or was revoked, then they would need to reinstate their status to keep receiving aid.

A student could also potentially lose federal financial aid if they were convicted for a drug offense or became incarcerated.

If it comes to light that a student’s high school diploma is not valid, or they have property subject to a judgment lien, that could also cause financial aid suspension.

Even though it can be frustrating and worrisome to lose financial aid, there are steps that students can take to hopefully get it back.


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

Appealing a Financial Aid Decision

Contact Your School’s Financial Aid Office

One of the first things you can do after being notified that your financial aid is being suspended is to call or visit your school’s financial aid office. The office can likely tell you more about why you are losing financial aid and if there is anything you can do about it, like file an appeal.

Write an Appeal Letter

The appeals process can vary based on the school. In general, you can fill out a form and write an appeal letter to your college. In the appeals letter, you may consider sharing details about the circumstances surrounding your financial aid suspension.

For example, if you lost a loved one that semester, you might have become upset and unable to concentrate on your grades. Sometimes, students experience tough circumstances that have nothing to do with school, but their grades suffer. Schools understand that this happens and they may be willing to work with students who show they are still dedicated to their studies.

Bring Your Grades Up

You may be able to study harder and bring your grades up, or you might enroll in more classes and get back on track to graduate in a certain amount of time. Bringing your grades up is a great way for a school to consider reinstating your financial aid.

Look for Additional Financial Aid

If you switched majors, you could look into other forms of financial aid for your new course of study. There are many ways to go about it — asking your financial office for guidance can provide insight to help you get back on track.

In some scenarios, you might lose financial aid for the year and then be able to reapply through FAFSA the next year. If you still don’t receive aid, you may need to look into alternative options to pay for your education.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

Avoiding Financial Mistakes in College

If you went through financial aid suspension and couldn’t appeal the decision, you’ll need to figure out ways in which you can pay for school without hurting your financial future.

For instance, you may want to reconsider staying in the dorms and on an expensive college meal plan if you can’t afford it. If you do continue to live and eat on campus, you could run up a huge bill that in and of itself could take years to pay off.

While it may be tempting to put extra expenses on a credit card, debt can add up quickly. If you use a credit card but are unable to pay off your balance every month, you could end up graduating with student loan debt and credit card debt. Credit card debt can have relatively high interest rates which can make it difficult to pay off.

Also keep in mind that, while going to an expensive private school may seem more prestigious, state schools can also be solid options, offering rigorous programs as well.

I Lost My Financial Aid — How Do I Pay For School?

There are many students wondering how to pay for school if they no longer have financial aid — and thankfully, there are a number of ways to cover the cost of college.

Pick a Different School

One option is to consider transferring to a school that offers a lower tuition or where you can qualify for a more competitive aid package or scholarship.

If you aren’t able to transfer, or already go to a less expensive school, you might try to find a job on or off campus and start earning money to pay for your education.

Recommended: What Is the Average Cost of College Tuition?

Budget and Cut Costs

You might also consider budgeting and cutting costs as needed. A few options to cut expenses might include opting to use public transportation instead of driving, moving to cheaper housing off-campus, cooking meals at home instead of eating out, or limiting how much you spend on entertainment.

Ask Family for Help

You might also consider turning to family members for help. If your parents are able to help pay for your tuition or take out loans to pay for it, this could be a solution.

Take Out a Private Student Loan

Another option you might consider is taking out a private student loan. Before applying for a private student loan, however, it’s important to compare different lenders, loan rates, and terms. Each lender will also have their own eligibility requirements, so it’s worth looking around at different options.

Unlike federal student loans, private student loans generally require a credit check. If you don’t have much (or any) credit history, you will typically need a cosigner, such as a parent or other adult who has strong credit. Just keep in mind that private student loans don’t offer the same protections, like forbearance and income-driven repayment plans, that come with federal student loans.

The Takeaway

While receiving a financial aid suspension can be unsettling, it’s not necessarily the end of your support — many students regain eligibility through proactive steps. By understanding the most common causes — such as not meeting Satisfactory Academic Progress (SAP), exceeding program time limits, or failing to reapply via FAFSA — you can navigate the path forward.

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 get financial aid back after suspension?

Yes, you can often get financial aid back after suspension by appealing the decision, improving your academic performance, and meeting specific requirements set by your school. It’s important to communicate with the financial aid office and follow their guidelines closely.

What does financial aid suspension mean in college?

Financial aid suspension in college means that your eligibility for financial assistance has been temporarily revoked due to not meeting the school’s academic progress standards. This can happen if your grades fall below a certain threshold or if you fail to complete required coursework on time.

Does financial aid suspension follow you to another school?

Financial aid suspension may follow you to another school if you failed to meet Satisfactory Academic Progress (SAP). However, the new school may have its own standards and could require you to meet certain conditions before granting financial aid. Always check with the financial aid office at your new institution.

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., 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 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.

SOISL-Q325-041