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When considering higher education, you have options. Some might include applying to a four-year college or considering community college. Everyone’s path is different, just know that you can chart your own course.

If you’re wondering, “Should I go to community college?”, let’s take a look at some important factors to think about first.

What is Community College?

Community colleges typically offer two-year degrees known as an associate’s degree. Students often attend community colleges for two years before transferring to a four-year university to gain their bachelor’s degree.

Working with a counselor can help you solidify your academic goals and work towards them, from choosing a major to earning the right credits that can be transferred to your bachelor’s degree.

This can be an exciting time in your life, but also an overwhelming one. Let’s take a look at the pros and cons of attending community college, in addition to other factors you should consider when choosing a college.

Pros and Cons of Community College

Attending community college can have some upsides, but like anything, it may not be the right option for everyone. Just remember — your own experience is going to be unique and what might be best for you might not be the same case for your classmates or friends. No need to feel pressured by what might be the “right” or “wrong” path.

Read on for more pros and cons of community college.

Pros of Going to Community College

Some benefits of attending a community college include affordability, increased flexibility in classes, and the opportunity to stay local.

Affordability

Because community college can be less expensive than their four-year counterparts, attending a community college before a university could help you cut tuition costs significantly. According to Education Data Initiative, the average cost of tuition at a two-year college in 2023 was $3,501, as compared to $9,678 at a four-year public institution with in-state tuition.

Students attending community college may also be able to live at home, which can cut down on living expenses, too. Living at home while taking community college classes can also offer you some transitional time to get accustomed to a new schedule and new academic expectations before committing to a four-year university.

Easier Admissions Requirements

It’s also relatively easy to gain admission into community college. Some community colleges even have open admission policies, which generally means that there are limited academic requirements needed for admission, so most students who apply are accepted.

Note that even if a community college has an open admission policy, certain more competitive programs, like a nursing program, might have more stringent academic requirements.

Flexibility with Classes

Another major benefit of community college is that students have flexibility with classes and the opportunity to explore a variety of academic interests before committing to a major at a four-year university. Class times also may be more suitable for students that work full-time or have other commitments outside of school.

In addition, community colleges can offer you the chance to experience smaller class sizes (instead of large lecture hall classes that can be common at universities).

Recommended: Financial Benefits of Community College

Cons of Going to Community College

While there are many pros to attending a community college before transferring to a four-year university, there are some cons to consider, as well.

Possible Limited Academic Offerings

While community college can offer the opportunity to explore courses, the academic offerings may be more limited at a community college than at a four-year institution. Consider finding out which classes are available at each community college you are interested in so you can make sure they have exactly what you need. Not all community colleges might include the classes you are interested in taking.

Generally, community colleges are limited to associate degrees, so if you are interested in obtaining a bachelor’s, you’ll need to eventually transfer to another institution. It can be helpful to talk to a counselor at the community college about what classes you might choose so that you don’t end up earning too many credits that can’t be transferred.

Missing Out on Social Benefits

Another potential downside to attending community college is that students may miss out on some of the social benefits of attending a four-year college, including friendships, extracurriculars, and enjoying campus life. While you can experience all of these things if you transfer, it can be challenging to make friends as a transfer student.

Choosing Which College to Go To

If you know for sure that you want to attend community college, now it’s time to see what options are available near you. According to The Princeton Review, 90% of the U.S. population is within commuting distance of a community college.

Due to one life situation or another, many students attend colleges as commuter students, trading a fully on-campus experience for greater flexibility. As a commuter student, you can choose to live somewhere more affordable and create a schedule that works with your work hours.

Commuter student life can also include a mix of on-campus classes and online work. Some community colleges offer a variety of online classes. Taking advantage of these resources can help if you find yourself with a complicated schedule, or if you just want more flexibility.

Other Factors to Consider When Choosing a College

Your academic goals will guide which college you choose. As you evaluate colleges, take a look at which colleges offer the major you want to pursue. If you are in the process of choosing your major, see if you can find out more about the programs that the community college near you offers. You could talk to current students or professors and evaluate whether it seems like a good school for your interests.

If you are applying for a mix of community colleges and public universities, creating a list of all your potential applications can be helpful.

You can organize this list by “match,” “reach,” and “safety” schools in order to help you consider all your options.

Thinking About the Cost of Community College

While the cost of community college is less than a four-year university, it’s still an expense that should not be taken lightly. You might consider a combination of scholarships, grants, and loans to help offset the total costs of college.

To start, students can fill out the Free Application for Federal Student Aid (FAFSA®) each year. This application is used to determine aid including work-study, federal student loans, scholarships, and grants.

Once you start tackling the process of paying for community college, keep in mind that the financial aid offices can be a great resource if you have any questions about finding aid for college. You can find more information on whether or not the college offers its own scholarships and how to apply.

There may also be state-specific financial aid available, and it’s recommended to use a scholarship search tool to find scholarships you may qualify for.

If these resources aren’t enough, it is possible to borrow private student loans for community college. While private loans can be helpful, they’re generally considered after other options have been exhausted. That’s because they don’t have to offer the same benefits to borrowers as federal student loans do — things like income-driven repayment plans and student loan forgiveness.

Financing Your Education

Whether you decide to attend a community college first or head straight to a four-year institution, you’ll need to find a way to pay for your education. A few options may include federal student loans, scholarships, and grants.

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

Is going to community college worth it?

Going to community college can be a worthwhile experience, offering students an opportunity to take college-level coursework at an affordable price. Other benefits include increased flexibility in scheduling and the possibility to live at home while taking classes. Students also have the opportunity to transfer to a four-year college.

Does community college look bad on a resume?

Including your time at community college does not look bad on a resume. If you earned a professional certificate or other degree at the community college, feel free to include it.

Is it hard to get a job after community college?

The ease of finding employment after community college may be influenced by the field you studied. For example, students graduating with a certificate in a high-demand field such as nursing or dental hygiene may find it is relatively easy to secure employment.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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

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

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

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If you have an 810 credit score, congratulations. The score is considered excellent and could help you qualify for loans with more favorable terms or premium rewards credit cards.

Let’s take a closer look at what an 810 credit score means and some different strategies that could help boost your credit score.

What Is a Credit Score?

A credit score is a three-digit number that reflects a consumer’s creditworthiness, or ability to pay back loans in a timely manner. Scores range from 300 to 850. Generally speaking, the higher the credit score, the better you tend to appear to a potential lender.

The two most popular credit scoring models are FICO and VantageScore. To calculate your score, both use credit history information provided by the three major credit bureaus: Experian, TransUnion, and Equifax.


💡 Quick Tip: Your credit score updates every 30-45 days. Free credit monitoring can help you learn about your score’s normal ups and downs — and when a dip is cause for concern.

Reasons to Care About Credit Scores

There are several reasons why a good credit score is essential to your financial health. Here are three to keep in mind.

It can increase your chances of being approved for a loan

The higher your credit score, the more likely lenders will approve loan or credit card applications. Whether it’s to purchase a house, buy a car or private student loans, having access to loans can help you achieve some big financial goals. Note that some banks may also run credit checks before issuing you an account.

You may have access to better loan rates and terms

Lenders are more likely to offer consumers with better credit scores lower interest rates and more favorable terms because they’ve proven they pay back their loans on time. A higher credit score may also get you access to other types of products such as premium rewards credit cards.

You could save money

When you move into a new home, the utility company or your landlord may check your credit score to determine how much of a security deposit you’ll need to put down. Typically, the lower your score, the higher your deposit. Though the money is often refundable, it’s usually held in a third-party account that you won’t have access to. Potential employers may also run a credit check before you’re offered a job.

Is an 810 Credit Score Considered Good or Bad?

An 810 credit score is considered very good. In fact, just 21% of consumers in the U.S. have a credit score of 800 or higher, according to Experian. By comparison, the national average credit score is 715.

What Does an 810 Credit Score Mean?

Having an 810 credit score means you’ve proven through your credit behavior that you are likely to pay back loans on time. As mentioned above, a score of 800 or above places you in the top tier of consumers.

You are also considered to be in the “exceptional” range for your FICO score and “superprime” for your VantageScore. This means lenders are more likely to approve you for loans and offer you access to products such as loans with lower interest rates and premium credit cards. Landlords and utility companies may also ask for a lower security deposit amount (if at all).

How to Build Credit

Looking to build your credit? You have several avenues to explore. Below are a few to consider. Note that there’s no one-size-fits-all solution, so it’s a good idea to research all the options available to you.

Use a Credit Card

Even if you’re just starting out in your career or only have fair credit, you may still be able to be approved for a credit card. For instance, you can open a credit card that’s specifically for college students. Or you may want to consider a secured credit card, where you pay a refundable security deposit that acts as your credit line.

Whatever purchases and payments you make on the card are reported to the three major credit bureaus. This in turn helps to establish your credit history.

Become an Authorized User

An authorized user means that your name will be put on someone else’s credit card account. You can use the credit card much like the primary cardholder can, though this person is ultimately responsible for ensuring the minimum payments are paid on time.

If the primary cardholder has a good credit score, then their positive credit history may be added to yours.

Add Monthly Bills to Your Credit Report

Some free credit monitoring services will report your utility and rent payments to your credit report. Doing so can help build your credit history. Even if there is a small fee involved, it may be worth using for a few months, depending on your financial situation.

Take Out a Credit Builder Loan

Credit builder loans are designed to help borrowers who are looking to build their credit. They’re similar to a personal loan, except you don’t initially receive the loan proceeds. Instead, the money will be held in a separate savings account until you pay off the loan. Meanwhile, your payment activity will be reported to the credit bureaus.

How Long Does It Take to Build Credit?

It can take several months for you to establish and build credit. This is because credit scoring models need enough information from your credit history in order to assess your creditworthiness.

As you work on building your credit, do your best to practice good financial habits, such as making on-time payments.

Credit Score Tips

Even if you have an excellent credit score, it’s a good idea to keep up good credit behavior. This includes:

•   Consistently making on-time payments

•   Keeping your credit utilization, or the percentage of the available limit you’re using on revolving credit accounts, as low as possible

•   Avoiding applying for too many new loan or credit accounts at once

•   Keeping your longest credit card or loan account open

•   Regularly monitoring your credit score

•   Checking your credit history and immediately disputing any errors you find

How to Check Your Credit Score

Wondering how to find out your credit score for free? You have several options. The first is your credit card statement. Many credit card issuers provide customers with a complimentary look at their score. To find it, you may need to log into your account or check your monthly credit card statement.

Another option is to use credit score monitoring tools; some are free, others require a payment. Before opening an account, compare each tool to see which one best serves your needs.


💡 Quick Tip: One way to raise your credit score? Pay your bills on time. Setting up autopay can help you keep your account in good standing.

The Takeaway

It’s good news if you have an 810 credit score and a sign that you have a track record of paying back your loans. A good score may help improve your access to loans with better terms or premium or luxury credit cards. If you want to improve your score — or just maintain it — you can try practicing good financial habits, like consistently making on-time payments, keeping tabs on your credit score, and disputing any errors.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is a decent credit score for a 23-year-old?

Chances are, at 23 you’re probably still building your credit. According to Experian data, the average credit score for people aged 18 to 25 is 679. If yours is higher, then it’s considered above average.

What is the highest credit score possible in 2024?

The highest credit score you can achieve is 850 for both FICO and VantageScore scoring models.

Is a credit score of 800 good at age 23?

Whether you’re 23 or not, an 800 credit score is considered excellent.

Photo credit: iStock/Makhbubakhon Ismatova

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

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.

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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Are you a little obsessed with planning your next big trip? We hear you! The excitement of seeing new places — whether that means a faraway tropical island or a neighboring state — is a powerful lure. But there’s one thing that may get in the way: Money.

Let’s be real, travel can be expensive. Even if you’re hopping in the car for a short weekend road trip, the cost of gas, food, entertainment, accommodations, and more can get a bit overwhelming. Fortunately, with a little bit of planning, you can make your travel dreams a reality. And it can all begin by creating a travel fund.

What Is a Travel Fund?

A travel fund is exactly what it sounds like — a fund exclusively used for gallivanting around the world. It’s a place to stash some cash that you don’t use for rent, bills, repaying student loans, or any other monthly financial obligations. This fund is just for your passion in life. And your passion is clearly traveling.

How to Fund Traveling

Unfortunately, a travel savings account will not grow by magic. If only! You’ll need to find ways to funnel some cash towards your travel plans. There are a variety of ways to do this. Perhaps you got a raise recently (nice!) and can put that amount directly towards travel. Or, maybe you can automatically whisk $25 or $50 per paycheck into your savings. Or, you might give up concert tickets or takeout food for a while to allow some wiggle room in your budget that goes towards paying for your next getaway. There are many options — some of which we’ll explore below.

Recommended: 15 Easy Ways to Save Money

Setting Up a Dedicated Travel Savings Account

There are a few options for where to keep your travel fund. Yes, you could keep your vacation fund in the same account as your day-to-day savings, but separating the fund could provide even more clarity.

Keeping your travel fund in a separate account can make it easy to see how close you are to reaching your travel goal. It allows you to see exactly how much money you’ve saved for the cause with ease. Having the money in a separate account also allows you to set up automatic contributions, just as you might already be doing with your other accounts.

Automating your savings towards travel means you can eliminate another task from your to-do list. You’ll be making progress toward your dream of cruising down the Nile without even having to think about it. And since it’s stashed separately, you don’t need to worry that you’ll use it on, say, entertainment or new shoes without realizing it.

Tips on Selecting an Account to Use

When it comes to setting up a dedicated travel fund, the first order of business is usually to pick an account type. There are a variety of options to choose from. Part of what will likely influence your decision is how long you plan on saving. If you want to take a trip in just a few months, a savings account may be a good vehicle. You can easily contribute to it, and you’ll earn some interest.

To help your travel fund grow faster, you may want to go with a high yield savings account. These accounts typically pay a much higher annual percentage yield (APY) than traditional savings accounts, giving you the ability to earn more on your money while still enjoying the security of a federally insured account. These days, many high-yield savings accounts offer APYs of up to 5% or more — many times more than the average national rate of 0.46%.

Some of these accounts may come with certain restrictions, like a limited number of withdrawals a month or maintaining a minimum balance, so be sure to read the fine print on each account you might be considering.

Another is a certificate of deposit (CD), which locks up your money for a particular term, typically from six months to a few years. This type of account can sometimes offer a more competitive interest rate than a traditional savings account but comes with withdrawal restrictions. If you choose to withdraw the money before the term ends, you’ll likely have to pay a penalty or fee.

Yet another option is to use a cash management account with a brokerage firm. These accounts are meant as an option for your uninvested money. They can also be great for putting away some extra money to save, but again — do read the fine print. Fees may be involved, plus commissions if a broker steps in to help you with your investments. Make sure that these won’t cut into your savings.

All of these options will allow you to keep your vacation fund separate from your checking account, emergency savings, or regular savings account. You may even be able to give it a unique name like “travel fund” or even more specific like “Tahiti fund.” It’s much more exciting to watch “dream trip to Bali fund” grow than just “account: 3283052.”

Growing Your Travel Fund

After you’ve created your unique travel fund, it’s time to put in some savings work. And that begins with your budget. If you already have a budget, that’s great. All you need to do is add in “travel fund” as a new line item and shift as much money as you feel comfortable moving to this new account each month.

But, if you’re starting from scratch, that’s OK too. Trying to save for the trip of a lifetime is just as good an excuse as any to start budgeting.

To build a budget, you’ll want to start by figuring out your average monthly take-home income (what you earn after taxes are taken out). Next, it’s good to create a list of all your monthly expenses. You’ll want to include all the basics like rent or mortgage, car payments, student loans, credit card statements, food, gas, insurance, gym memberships, streaming accounts, and any money you currently put towards saving and investing. Make sure to get as granular as possible about your spending.

Next, subtract your average monthly expenses from your average monthly income to see how much you have leftover. If it’s more than $0, that’s excellent news! You can put the excess towards your travel fund. If not, you’ll need to find some places to cut back on spending.

Recommended: How to Make a Budget in 5 Steps

Finding Extra Cash for Your Travel Account

If you’d like that leftover number in your budget to be higher, maybe it’s time to take a look at both your spending and your current income level. Perhaps you can see where changes can be made.

One of the potentially easiest ways to create more cash for your travel fund is to look deeply at your monthly spending. Are you still subscribing to that streaming service you never (or rarely) watch? Are you signed up for the premium version of that social media platform you haven’t been on in months?

What about that gym membership? How’s that going for you? Go ahead and get rid of things that aren’t bringing you joy or are dispensable. Then, refocus those funds in your travel fund.

If there’s no room for cuts, then it might be time to increase your income. Of course, you could always ask for a raise at work, but if that doesn’t come through, explore some other options — like a side hustle. A side hustle is a gig you take on outside your normal work to make some extra money. If you can, pick something you really enjoy doing so it feels less like “work.” For example, if you love dogs but aren’t ready to own one, maybe walking dogs before work would be fun for you.

If you are a handy person who likes to fix things, creating a listing on a site like Thumbtack or TaskRabbit may be a good idea. If you have other talents like photography, writing, or graphic design, you might do some networking to see if you can drum up some freelance work. That way, you can get paid for what you love to do and save for what you love too.

Recommended: How Families Can Afford to Travel on Vacation

SoFi: Your Partner in Creating a Travel Fund

By now, you’ve committed to adjusting your budget and setting aside cash in a new fund. The only thing left to do is find the best place to stash your cash.

When choosing where to put your travel fund, you’ll want to find an account that pays a competitive yield, keeps your money safe, and allows you to easily access your funds when it’s time to set off for your next adventure.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

FAQ

How much should I keep in my travel fund?

To come up with a travel savings goal, you’ll want to determine how much you’ll need for your trip and when you want to take it. From there, you can determine how much you’ll need to transfer into your travel fund each month to reach your goal. For example, if your trip will cost $2,500 and you plan to travel in six months, you’ll need to set aside around $33 a month.

How do I set up a travel fund?

Setting up a travel fund can take only a matter of minutes. It can be as easy as opening a savings account online and then directing money towards it. You can also go into a brick-and-mortar bank to set up an account.

How can I save money on a travel fund?

To save money on a travel fund, look for a savings account that doesn’t charge monthly fees and offers a competitive interest rate. These two factors will help boost your savings and get you on your dream vacation as quickly as possible.

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.