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Just like having your home in order can make life easier and less stressful, having your financial house in order can save you time and worry. It can also help you spend less, save more, and work more effectively towards your financial goals.

Your “financial house” refers to all the aspects that go into your financial wellness, including the information found on your financial statements, any debt you have, your budget, and your retirement planning and accounts.

Getting your financial house in order typically involves taking stock of what you have, getting rid of things (or accounts) you don’t need, creating a budget, and setting up a few systems to make it easy to achieve your financial goals.

Below is a simple step-by-step for doing a financial clean-up.

1. Taking Stock

You can’t organize what you have if you don’t fully know what you have, so a good first step is to track down all of your financial statements and accounts, or access them online. If the password or log-in is long forgotten, you can reset your accounts or call customer service lines to get access.

You can then make a master list organized by category. This might include:

•   Assets: This includes traditional bank accounts, online bank accounts, retirement savings, and any brokerage accounts.

•   Liabilities: These are loans, such as mortgages, credit card debt, student loans, or other forms of personal debt.

•   Income: This would include all sources of income, such as salary, investments, and alimony.

•   Fixed expenses: expenses These are bills you pay every month, such as rent, mortgage, and utilities.

This step can help you discover any unpaid bills, as well as savings accounts or retirement accounts you may have forgotten about.

Recommended: How to Find Lost Bank Accounts

2. Clearing Out Clutter

Electing to go paperless on bills and bank statements is not only good for the planet, but can help you keep organized by creating less physical mess. Getting bills in the mail and seeing them pile up can also evoke a sense of dread. In addition, some banks offer benefits to customers who sign up for paperless billing.

When you go paperless, you can designate a day for tackling monthly expenses. Then, on that day only, you can open those emails and review/pay them. If you prefer a paper trail, you can print out your statements and payment receipts and file them away.

3. Consolidating Accounts

Having abandoned 401(k) accounts or multiple saving accounts across different banks can be confusing and hard to keep track of. If this is the case, it might be time to consolidate and simplify.

You can move old savings into more frequently used accounts by transferring money from one account or bank to another. You may also be able to roll over your 401(k) from a former employer into a new employer’s retirement plan.

While this step isn’t necessary, tidying up accounts can save you the hassle of dealing with statements and notifications from several different financial institutions.

4. Tackling Debt

Once you’ve taken stock of your overall financial picture, you will likely have a better sense of how much money you owe. This can feel overwhelming, but also empowering. Once you know the numbers, you can deal with them head on, and come up with a debt reduction plan.

You may want to first determine “good” debt, such as student loans and mortgages vs. “bad” debt, like high-interest credit card debt and personal loans. When paying off debt, it can be a good idea to prioritize bad debt first.

There are a number of different ways to make paying off debt feel manageable, such as the snowball method or avalanche method. The key is to find an approach you feel you can stick with and to simply get started.

As you knock off debts, you’ll have fewer minimum payments to juggle. What’s more, you’ll be able to funnel the money you once spent on interest towards your financial goals.

5. Creating a Budget

After you’ve taken stock of all of your accounts and bills, you may want to go one step further and make a monthly budget.

To do this, it can be helpful to pull out the last three months or so of your bank statements. You can then use them to figure out how much is coming in each month (your average monthly income after taxes are taken out) and how much is going out each month (your average monthly spending).

If the numbers are tight (meaning there’s little or nothing left over to put into savings), or you see you are actually going backwards, you may next want to create a plan to cut your spending.

This might include getting rid of certain monthly bills, such as streaming services you no longer really care about or quitting the gym and working out at home.

You may also want to set monthly spending targets, such as how much you will spend on non-essential categories, such as clothing, eating out, and entertainment, each month.

6. Setting Goals

Setting some financial goals can help motivate you to stick to your budget and put money into savings each month.

If you’re saving up for something fun (like, say, a vacation), you might be more inclined to cook at home instead of ordering in. Money goals can function like a compass that guides the direction of spending.

Not sure of a goal? Here are some common financial goals you may want to consider working toward:

•   Creating an emergency fund.

•   Paying down debt.

•   Increasing retirement savings.

•   Saving for a downpayment on a home.

•   Putting money towards something fun, like a vacation or new wardrobe.

Goals won’t always look the same person to person, but having one (or two) can help guide your financial plan, making it easier to spend and save with confidence.

7. Automating

Saving, spending, and paying bills doesn’t have to mean reinventing the wheel every month. You can significantly reduce the amount of work involved in money management simply by relying more on automation.

One of the benefits of automating your finances is always paying your bills on time. This can save you money by avoiding late fees. Having a history of on-time payments can also have a positive impact on your credit.

In addition to setting up autopay for your regular bills, you may also want to automate savings. This means having a portion of your paycheck (and it’s fine to start small) automatically transferred from your checking account into your savings account after you get paid.

This ensures that saving will happen each and every month, since the money will be taken out before you have a chance to see it — or spend it.

Automation won’t take all the work out of keeping your financial house in order, but it can eliminate many of the chores — and many of the choices — you have to deal with each month.

The Takeaway

Getting your financial house in order isn’t as complicated or time-consuming as many people assume. And you don’t have to do it all at once. You may want to set aside an hour or so one day a week to focus on financial house-cleaning, and just take it one step at a time.

You also don’t have to go it alone. The right banking partner can be a valuable asset in organizing your finances and achieving your financial 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 does it mean to get your finances in order?

Getting your finances in order means organizing your money and creating a plan to manage it wisely. This includes creating a budget, tracking expenses, paying off debt, building an emergency fund, and planning for the future. It ensures you have a clear understanding of your financial situation and can make informed decisions to improve your financial health.

Who can help me get my finances in order?

A financial advisor, accountant, or credit counselor can help you get your finances in order. They offer professional guidance on budgeting, debt management, and investment strategies. Friends or family members who are financially savvy can also provide valuable advice. In addition, there are online resources and budgeting apps that can assist with tracking expenses and setting goals.

What is the 50-30-20 rule in your financial plan?

The 50-30-20 rule is a budgeting guideline that suggests dividing your income into three categories: 50% for essential expenses (like housing and groceries), 30% for discretionary spending (like entertainment and hobbies), and 20% for savings and debt repayment. This rule helps ensure you cover your basic needs, enjoy life, and build financial security. It’s also a flexible guideline that can be adjusted to fit different needs, expenses, and goals.

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.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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/.
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-Q225-079

If you’re expecting a baby or just beginning to think about expanding your family, it’s an exciting time for you and your partner. It’s also a crucial period to start preparing and budgeting for the new responsibilities and expenses that come with parenthood. From medical bills and diapers to toys and childcare, the costs can add up quickly. Fortunately, there are practical steps you can take to ensure you’re financially ready. Below, we’ll share five top tips to help you save money and manage the expenses of welcoming a new addition to your family.

The Costs of Having a Baby

The exact cost of having a baby varies depending on health insurance, local cost of living, level of prenatal care, and a number of other factors. But according to the most recent data, the average cost to give birth in the U.S. is around $18,865. If you have health insurance, however, your out-of-pocket costs can run around $2,854. On top of that major expense, you’ll also need to have plenty of cash available to buy baby gear and supplies, along with clothes, toys, and (potentially) childcare after the baby is born.

For couples who conceived naturally, without the added costs of fertility treatments or adoption, that first expense might include a trip to the pharmacy for a pregnancy test. From there, they grow to include prenatal care for mom and baby and an ever-expanding checklist of purchases, to-dos, and decisions—all within the next nine months or so.

Here’s a look at some of the common expenses that can crop up, from pregnancy through baby’s first birthday.

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

Before Birth

Parents-to-be may find that some of the biggest costs of having a baby happen before the baby is born. Prenatal care, for example, can begin within weeks of conception. It can bring associated diagnostic tests. Regardless of health insurance, extra services like 3D ultrasounds may not be covered.

A typical parent-to-be might also have a shopping list that includes a car seat, stroller, crib, diapers and wipes, a changing table, clothes, toys, a baby monitor, bottles, and more.

Depending on mom’s preference for breastfeeding or formula feeding, the list might also include a breast pump and related supplies or formula (or sometimes both).

During Birth

As mentioned above, the average hospital bill for having a baby is around $18,865, and $2,854 after insurance. But that number can vary depending on the type of delivery. Vaginal births are usually the most affordable, with costs increasing alongside complications or procedures like c-sections, and actual costs swing widely by state.

After Birth

Once mom and baby leave the hospital, there are ongoing medical expenses. For mom, it can include postpartum doctor visits to monitor healing or remove stitches, and for baby it can include regular, frequent checkups, starting within three to five days of birth.

If both parents decide at some point to return to work, the cost of daycare might be the next large, recurring expense. Combined with spending on groceries, bills, and other aspects of pre-baby life that still go on, the thought of managing it all might feel overwhelming.

Here are some ways it’s possible to cut corners, get creative, and save money.

Finding Extra Money for Baby

More and more employers are offering paid maternity (and paternity) leave, but beyond 12 weeks of unpaid leave offered by the Family and Medical Leave Act (FMLA), receiving pay while caring for a newborn isn’t guaranteed. For many Americans, that means saving up for a baby is more important than ever.

Facing a heap of new expenses while at the same time losing income may be a scary thought, and getting through it could require a heart-to-heart between partners and a lot of teamwork. But here are some strategies that may help budget for a baby.

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

1. Starting a Stockpile ASAP

One way to save early and often is to think of those nine months between the start of a pregnancy and the due date as time to stock up and save. Consider the financial difference between adding one box of diapers or wipes to a regular grocery trip vs. waiting until the baby arrives.

Adding items to your inventory a bit at a time — especially when they’re on sale — could be a lot easier on the wallet than an emergency trip when they’re needed ASAP. The same strategy could be used for cash, too. Every day, week, or month, you may want to set aside extra money in a high-yield savings account. Having a specific account dedicated to baby’s needs could mean that the regular budget for paying bills and other grown-up expenses isn’t as heavily affected.

2. Cutting Extra Costs

If a new, baby-friendly budget is in the works, parents might want to consider ways to cut costs — starting with areas that are the least painful. A good way to do this is to scan the last few months of financial statements, make a list of your regular non-essential expenses, then look for places where it may be easy to cut back on spending. For example, you might decide to cook at home more often and spend less on take-out, get rid of a streaming service you rarely watch, or ditch a gym membership you rarely use. You can also look for cheaper ways to shop. Consignment and second-hand stores are often filled with gently used baby items, from outgrown clothes to books, which can yield savings.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

3. Opening a Health Savings Account

A health savings account (HSA) is usually offered alongside a high-deductible health plan (HDHP), and can provide new parents some significant perks: Money that’s placed into the account is pre-tax (and can include employer contributions), and it can be used to cover out-of-pocket medical expenses, such as office copays. If the HSA provider issues funds via debit card, it’s one easy way to keep health expenses entirely separate from the day-to-day budget.

But it’s not just doctor’s visits that are covered by HSA funds. Depending on individual plans, some can also be used to pay for health memberships, chiropractic treatments, breast pumps, and other items not covered by regular health insurance.

And while HSAs are traditionally offered through employer health plans, freelancers and other self-employed workers may be eligible to open an account, too.

4. Getting Creative

A newborn’s essentials list may be significantly shorter than mom’s and dad’s: They need diapers, clothes, food, a safe place to travel and sleep, and parent cuddles — that’s about it. The rest? The fancy diaper bag, the 100-in-1 stroller, the matching outfits, even shoes before the baby leans to walk, can be more like nice-to-haves.

To save money on needs vs. wants, parents could consider putting “gift” items on a baby shower registry — if they’re purchased, great! No unnecessary strain on the budget. It’s also worth asking friends and family who are out of the baby stage for hand-me-downs that are still in good condition.

5. Putting Your Savings to Work

One way to afford a baby is to make your money work harder. For instance, pay attention to where you keep your savings. When comparing traditional vs. online banks, you may see that online ones can offer a better deal. Since these institutions don’t have brick-and-mortar locations to staff and maintain, their operating budget may be lower. They can pass those savings on to their clients in the form of higher annual percentage yields (APYs) and lower or no fees.

The Takeaway

The cost of having a baby can run over $2,800, even if you have decent health insurance. And that number doesn’t include expenses involved in outfitting the nursery and caring for your child once they come home.

To make sure you manage the financial side of parenthood, it’s a good idea to consider what expenses lie ahead, come up with a budget, and see where you can economize. Having the right banking partner can also help you manage your money well as your family grows.

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

How much money should you have saved before having a baby?

The amount you should save before having a child depends on your insurance coverage, location, and personal circumstances. As a general rule of thumb, some financial advisors recommend having at least $20,000 to $25,000 in savings before having a baby. This can cover the average pregnancy/delivery costs and essential baby items, plus offers a cushion for unexpected medical expenses or disruptions in income.

How do I invest $1,000 for my child?

To invest $1000 for your child, consider opening a custodial account or a 529 college savings plan. Custodial accounts offer flexibility, allowing you to invest in stocks, bonds, or mutual funds, while 529 plans provide tax advantages for education expenses. Research low-fee, diversified options and consult a financial advisor to align the investment with your child’s future needs and your tolerance for risk.

What is the best way to start saving money for a child?

The best way to start saving for a child is by setting up a dedicated savings account or a 529 college savings plan. Create a budget to identify areas where you can cut expenses and redirect funds into the new account. You might also automate monthly contributions to make saving consistent and effortless. Consider high-yield savings accounts or low-fee investment options to grow your savings over time. Regularly review and adjust your savings plan to stay on track.

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.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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

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

SOBNK-Q225-077

Paying for medical school can be a significant financial challenge, with tuition, fees, and living expenses adding up quickly. Fortunately, there are several options available to help future doctors finance their education.

Keep reading for more insight into how to pay for medical school.

What Is Medical School?

Medical school is typically a four-year educational program that leads to graduating students receiving an M.D., D.O., or N.D. degree. After medical school, graduates will generally continue onto a medical residency in the specialty of their choice.

Different Types of Medical School

There are three main types of medical school: allopathic, osteopathic, and naturopathic. All of these programs prepare students for careers as doctors, but they have different academic credentials. Let’s take a closer look at each of these programs.

Allopathic Medical School

Allopathic medicine is also known as conventional or traditional medicine. Allopathic medical schools provide students with a traditional curriculum and approach to medicine. Allopathic doctors rely on traditional methods such as x-rays, prescription medications, and surgery to treat and diagnose an illness or medical issue. If a student graduates from an allopathic program, they’ll receive a Doctor of Medicine (M.D.) degree.

Osteopathic Medical School

Osteopathic schools also cover standard medical sciences and practices but supplement those lessons with training on providing touch-based diagnosis and treatment of different health problems. Osteopathic doctors often take a more holistic approach to patient wellness and treatment. Students who attend an osteopathic medical school will end up with a Doctor of Osteopathic Medicine (D.O.) degree.

Naturopathic Medicine School

Naturopathic medicine school is a graduate-level program that trains students to become naturopathic doctors (NDs). These schools focus on natural and holistic approaches to health and healing, combining traditional medical sciences with therapies such as herbal medicine, nutrition, acupuncture, homeopathy, and lifestyle counseling. The curriculum typically includes both classroom instruction and clinical training, and it usually takes four years to complete after earning a bachelor’s degree.

Recommended: Average Cost of Medical School

Financing Medical School

The cost of medical school is on the rise and finding a way to finance medical school can be a daunting task. There are quite a few options for medical students to get help doing so. From taking out student loans for medical school to gift aid, students have options.

Scholarships & Grants

Scholarships and grants are considered a form of gift aid because they typically do not need to be repaid. Students can apply for need-based grants and merit scholarships through their medical school or outside sources. Their school’s financial aid office can walk them through their options.

Medical associations and nonprofit organizations also tend to have financial aid, grants, and scholarships that medical students can apply for. Again, a school’s financial aid office can help point medical students in the right direction, but they won’t know of every gift aid opportunity available outside of their school, so students may want to do their own research.

The following associations generally offer scholarships and grants for medical students.

•   American Medical Association. This professional group provides financial support through scholarship opportunities, as well as general support for medical students looking to learn more about how to pay for medical school and to prepare for residency.

•   American Medical Women’s Association. Medical students can peruse this association’s list of more than a dozen different scholarships, awards, and grants that they may be eligible to apply to.

•   American Podiatric Medical Association. Every year, the American Podiatric Medical Association gives out more than $200,000 worth of grants and scholarships.

Federal Student Loans

Medical students can apply for federal financial aid, including federal student loans, by completing the Free Application for Federal Student Aid (FAFSA®). Medical students may qualify for three types of federal loans after they complete the FAFSA. The FAFSA may also qualify students for financial aid such as scholarships and grants from their state or school (if available).

•   Federal Direct Unsubsidized Loans. Also known as Stafford Loans, Federal Direct Unsubsidized Loans allow students to borrow money unsubsidized. When a loan is unsubsidized, this means that the borrower is responsible for paying all of the interest on the loan.

•   Federal Direct Graduate PLUS Loans. If a student still needs help financing medical school after taking out a Federal Direct Unsubsidized Loan, they can take out a Federal Direct Graduate PLUS Loan, which is also unsubsidized. These loans tend to have a higher interest rate than Federal Direct Unsubsidized Loans do and are credit-based.

•   Health Resources and Services Administration (HRSA) Primary Care Loan. Medical students with financial need, and who can demonstrate it, may qualify for this school-based program that offers a few different types of loans for medical students. Not all medical schools participate in this program, but students can check with their school’s financial aid office to see if their school does take part in it.

Recommended: Types of Federal Student Loans

Private Student Loans

After applying for federal student loans, students may be interested in supplementing their federal support with private medical school loans. Generally, private student loans for medical school are available through banks or credit unions. How much a student will pay in interest for a private student loan will depend on what their credit history is, amongst other factors. There are private student loans available at fixed and variable interest rates.

While private student loans can be a helpful option for borrowers, they don’t always offer the same borrower protections as federal student loans — such as income-driven repayment plans or the opportunity to pursue Public Service Loan Forgiveness. Because of this, students generally resort to private student loans only after depleting all other financing resources.

Recommended: Private Students Loans vs Federal Student Loans 

The Takeaway

Between scholarships, grants, and medical school student loans, medical students have some decent options at their disposal for financing medical school. While there’s no denying that medical school can be a stressful time in a person’s life, hopefully all of the hard work and sacrifices will lead to a fulfilling and rewarding career.

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 is the best way to pay for medical school?

If a student can secure scholarships and grants, that’s the best way to pay for medical school. Unlike student loans which must be paid back, gift aid is free money that medical students won’t have to pay back after graduation.

How do you get medical school paid for?

Medical students can apply for scholarships and grants to help cover the cost of medical school. After applying gift aid, students can take out federal or private student loans to cover the remaining costs of attending medical school. Paying in cash is also an option, but one that is understandably not within reach for many people.

Is it hard to get loans for medical school?

There are both federal and private student loans available to medical students, so they generally have plenty of options that make it possible to get a loan for medical school.

About the author

Jacqueline DeMarco

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

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State student loan programs are financial aid options offered at the state level to help residents afford the cost of higher education. These programs often provide low-interest loans, grants, or scholarships specifically for in-state students attending eligible colleges or universities.

Unlike federal loans, state loans may come with unique eligibility requirements, benefits, and repayment terms that vary by state. Understanding what your state offers can be an important part of building a well-rounded college financing plan.

State Student Loan Programs, Explained

State student loans are offered by state government agencies. They generally have similar requirements and benefits to federal loans: low, fixed interest rates and flexible repayment plans. Some even offer subsidized (interest-free) loans and a deferred repayment plan. Though some states may waive a credit check, other lenders do require it. Students without a solid credit history may need to consider applying with a cosigner.

State student loans agencies are also unique because they are run not-for-profit and benefit the local community. As a local entity, they tend to be more mission-minded and offer more personable customer service.

These programs may offer a strong alternative for students who have exhausted financial aid and federal student loans.

What Are State Student Loan Programs?

State student loan programs vary in scope by state and not all states offer this option. Typically, a state’s department of postsecondary education is responsible for managing the loan program.

Also, terms and eligibility requirements differ from state to state. For instance, Georgia state offers the “Student Access Loan” through the Georgia Student Finance Authority. It’s a 1% fixed rate loan offered exclusively to Georgia residents.

Eligibility is strict, however. Prospective or current students must be enrolled in an institution from one of three university systems in Georgia (University System of Georgia, Technical College System of Georgia, or private postsecondary institutions). A maximum of $8,000 can be awarded per year, and up to $36,000 in a college career.

Applying for State Student Loan Programs

Many state student loans’ first step is filling out a Free Application for Federal Student Aid (FAFSA®). According to the U.S. Department of Education, some programs are first-come, first-serve — so it may help to apply early.

To get started, find your state’s department of postsecondary education. The U.S. Department of Education maintains a list of each state’s agency. These departments will be your direct sources of information on loan programs, eligibility, and how to apply. They can direct you to state student loan programs, if any are available.

It’s best to contact your department first for the latest programs, but the Education Finance Council has a comprehensive list of all participating state agencies. It may also be helpful to connect with your financial aid office, as they may have insight into state and college-specific aid opportunities.

If your state does not offer student loans — consider out-of-state agencies that accept out-of-state students like the Massachusetts Educational Financing Authority (MEFA). Massachusetts’ state legislature created MEFA in 1982 to provide low-cost finance alternatives for families and students. They offer undergraduate loans with fixed rates from 5.75% to 8.95% APR, as of May 2025.

What Can State Student Loan Programs Be Used For?

Borrowers use state student loans for college programs, whether professional, undergraduate, or graduate.

Your “cost of attendance” (COA) is a federal term that defines expenses from your higher ed programs. They can include tuition, room, food, books, and supplies.

State student loans should not be used for sorority and fraternity dues, vacation travel, or non-discretionary dining. Generally, it’s wise to use the minimum required to pay for educational needs in order to pay lower interest fees after graduation.

Tuition

College Tuition is the price of the actual education. It covers the cost of your classes and varies by the amount of credits required in your major. Charges will also vary depending on whether the school is public or private, or if students are in-state.

Room & Board

Room and board refers to housing and meals provided on a college campus. Types of housing include dorms or university-owned apartments.

Some students cut substantial costs by living at home and commuting to school. If living at home is not an option, off-campus rentals can also be covered by state student loans. This option may be cheaper, especially if roommates split the rent.

Recommended: Using Student Loans for Living Expenses and Housing

School Supplies & Equipment

Books, laptops, and other educational equipment are also part of the cost of attendance. It can cover general school items, such as pens and notebooks, and degree-specific equipment, such as Adobe software for graphic design majors or cameras for photography students.

Consider buying second-hand books or renting e-books. E-books in general are cheaper than physical textbooks.

Recommended: Ways to Cut Costs on College Textbooks

Transportation

If your classes are not walking distance — COA covers all local transportation costs such as car, taxi, and public transit. Examples are monthly train passes or gas for your car. Loans cannot be used to purchase a vehicle.

Personal Expenses

These expenses cover daily needs such as toiletries, groceries, laundry, haircuts, and other personal matters while a college student. They can also cover your phone and internet bill.

Dependent Care Expenses

Childcare is included in COA. This includes daycare or babysitters. Determine your aid amount by the number and age of dependents, as well as hours of care needed.

Other Costs Associated with Schooling

Miscellaneous expenses are covered, too. Examples might include study abroad programs and special needs equipment. COA also covers general campus fees, such as orientation fees, student social activity fees, health insurance fees, and more.

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

State Loan Programs vs Private Student Loans

More Competitive Rates

Benefits to state student loans may include a more competitive interest rate or a deferred payment plan. Private lenders, on the other hand, typically have higher interest rates that are generally determined based on the applicant’s credit history and income, among other factors. Also, private loans may not have deferred repayment plans.

Maximum Borrowering Amounts

State loan programs usually have a maximum borrowing amount for students. For instance, Georgia’s program awards a maximum of $8,000 per year. Private lenders will typically award up to the cost of attendance, minus any other financial aid received.

Stricter Eligibility Requirements

State college loan programs have more strict eligibility requirements for borrowers. The above-mentioned state agency in Georgia lends only to in-state residents. Georgia has even stricter policies: the schools must be in-state. Alaska’s program, however, allows Alaskan residents to use funds for out of state tuition.

Lastly, state student loan programs are not available in every state — whereas there are several private lenders to choose from nationally.

The Takeaway

State student loan programs offer valuable financial aid opportunities for students seeking to manage the costs of higher education. These programs, administered by individual states, often provide low-interest loans, grants, or scholarships tailored to residents attending in-state institutions.

Other ways to pay for college include cash savings, scholarships, grants, federal student loans, and 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 are state student loans?

State student loans are non-federal funds offered via U.S. state higher education offices. They generally offer lower interest rates and various benefits to residents. Some state agencies lend nationally.

Are state student loans offered through the government?

State student loans are offered through state-level government agencies — not national (federal) agencies.

What are the benefits of choosing a state student loan over a private loan?

State student loans often come with benefits such as lower, fixed interest rates, deferred repayment options, and standardized rates regardless of credit score. They may also offer more personalized customer service due to their community-focused nature. In contrast, private loans typically have variable rates based on credit history and may lack certain borrower protections.

Photo credit: iStock/Nelson_A_Ishikawa

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.

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Here comes another school year, and that can mean it’s time to get shopping for some nice new pencils, notebooks, backpacks, and cool clothes. But don’t expect it to come cheap: In 2024, parents of K-12 kids spent an estimated $586 per student on back-to-school shopping.

Chances are, you don’t want to go into credit card debt to get your kid outfitted for the first day of school, so here’s help. Below, you’ll find 31 back-to-school shopping tips that can save you money while getting your kids prepped for a great year ahead.

1. Check the Circulars

You might receive weekly circulars in the mail that include coupons to local stores that can help you save money on school supplies. If you don’t receive any circulars or you want more, using a deals website like Flipp can give you access to digital circulars and coupons you can use at the store.

2. Download Honey

The Honey browser extension can be helpful when it comes to back-to-school savings. Installing Honey on your web browser will enable the extension to automatically search for coupon codes and deals when you check out online, saving you both time and money.

💡 Quick Tip: Help your money earn more money! Opening a high-yield bank account online often gets you higher-than-average rates.

3. Use Online Coupons

Some websites, such as Coupons.com, RetailMeNot, and Savings.com, offer online coupons. Browsing these sites may lead to savings on school supplies you need.

4. Join Target Circle

Target typically offers good deals on school supplies, including special Target Circle offers and $1 school finds. Using the Target Circle Card will get you an additional 5% off all of your back-to-school shopping. You might also investigate joining Target Circle 360 (which requires paying a monthly or annual membership fee) for more deals and perks.

5. Use Cash Back Credit Cards

Making school supply purchases with a cash back credit card is another option to save some money. Then, you can put your savings towards future purchases or use the cash back to pay a portion of your credit card bill.

6. Get Cash Back for Shopping

On sites like Rakuten and Swagbucks you can earn cash back when you shop at your favorite stores. Check these sites for cash back offers before heading out for back-to-school shopping.

7. Sign Up for Store Emails

If there are a few stores you know you’re going to be shopping at this year, then sign up for their email list ahead of time to receive coupons and find out when they are running sales. Some stores offer a percent-off coupon or a dollar amount discount for signing up for their emails or texts.

Recommended: 15 Creative Ways to Save Money

8. Download Store Apps

Along with signing up for emails, you can also download store apps to receive exclusive savings and deal alerts. You may receive a one-time coupon at the beginning and then additional deals after that.

9. Ask Friends for Their Old Supplies

If you have friends who aren’t using their old supplies anymore, they may be willing to give them to you so they don’t go to waste. This could save you a lot of money, especially when it comes to paying for college textbooks.

10. Join Parent Groups

Consider joining local parent groups on Facebook or other social media platforms to see if anyone is giving away supplies or selling them at a steep discount. Connecting with other parents before the first day of school can also be a good way to form friendships and trade back-to-school shopping tips.

11. Look on Used Goods Marketplaces

You may also be able to find the supplies you need on used goods marketplaces such as Facebook Marketplace or Craigslist. Keep safety precautions in mind when meeting strangers to complete a transaction: Consider meeting at a police station, bring someone with you, and trust your instincts if you feel the situation is unsafe.

12. Wait to Make Some of Your Purchases

Your children likely aren’t going to need all of their school supplies on the first day, or perhaps even in the first month of school. Instead, you can ask your children’s teachers what they will need right away and then wait to shop for the rest of the supplies when retailers start marking down their inventory, which typically happens in September or October.

13. Create a Budget

Before setting foot into a store, come up with a back-to-school spending budget so you know exactly how much you can spend and avoid impulse purchases. Without a plan, it can be easy to spend too much and get caught off guard when you get your credit card statement in the mail.

14. Take Inventory of What You Already Have

You may already have what you need for back to school in your home. Look around for extra pencils, art supplies, books, and other items that you thought you needed to purchase but may already own.

15. Pay With Cash

One of the old tricks for sticking to a budget and saving money is to pay with cash instead of a debit or credit card. Paying with cash may make you more mindful of your purchases because you see the cash disappear when you spend it. You might not be tempted to spend as much if you opt for good, old-fashioned dollar bills and coins.

Recommended: The Envelope Budgeting Method: What You Need to Know

16. Negotiating on a Cash Purchase

Cash is also helpful for negotiating. Though you may not be able to negotiate prices at a big box store, you might be able to at a local shop, flea market, or yard sale if that’s where you’re headed for school supplies. Let the merchant know how much you’re willing to pay, and they may just be willing to cut a deal with you.

17. Look for Price Matching

Some stores will match another store’s price if you show them that their competitor is offering a better price on the same product. Prior to going to the store, take a few minutes to compare prices online, and bring proof of the lower price when you shop. Price matching policies vary from store to store and can usually be found on a store’s website.

18. Buy in Bulk

When it comes to how to save on school supplies, you may be able to save big if you buy in bulk from wholesale clubs like Costco or Sam’s Club. Some of the best things to buy in bulk for back-to-school include pens and pencils, folders, and notebooks. Bulk purchases of things like paper towels, toilet paper, and shampoo might also make good financial sense. Joining other parents to split costs on bulk purchases might just result in a new, like-minded friend group.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

19. Buy Refurbished Electronics

If you need to pick up electronics like laptops, tablets, or phones, consider buying a refurbished version instead of a new device. Certified used models are often available directly from the manufacturer or from reputable online sellers.

20. Head to the Dollar Store

While the dollar store isn’t the ideal place for all your back-to-school shopping needs, you can find a number of inexpensive items there to save money on. These items include pencils, pens, crayons, folders, and clipboards.

21. Shop on Tax-Free Days

Some states hold annual tax-free days, usually in July or August, which can be perfect for back-to-school shopping. Check online to see if and when your state offers this money-saving option.

22. Use Your Student Discount

College students may be able to use their college ID or student email address to score discounts on electronics and other items. Check out stores around your college that offer deals to students.

23. Buy Used Textbooks

Another way to score some back-to-school savings is to purchase used textbooks. BookFinder.com searches all the bookseller websites to find the best deals on your textbooks.

24. Keep Your Receipts

If you keep your receipts and find out that items you purchased have been discounted further, then you may be able to get a price adjustment or a partial refund to make up for the price difference. Policies vary by retailer, but it doesn’t hurt to check sales after you’ve made a purchase and ask the store if they offer price adjustments.

25. Buying From Thrift Stores

Thrift stores like Goodwill or Salvation Army often have back-to-school essentials like clothing and backpacks. Plus, buying used items can be environmentally friendly. Families who are facing financial difficulty affording school supplies may qualify for assistance through various charitable organizations, such as The Salvation Army or even their local school districts.

26. Find Brand Giveaways

By following brands on social media or contacting them directly, you may get free samples or promo codes to get discounts on goods.

27. Turn in Those Rebates

Sometimes, you won’t be able to access back-to-school savings at the time of purchase. Instead, you’ll need to send in rebates. Look for products that offer rebates and remember to keep your receipts and anything else required for the savings.

28. Invest in Quality Purchases

While you may want to buy everything at discount stores, poor quality items may not even last an entire school year. For items that get a lot of use, such as a backpack, consider paying a bit more so they last. For example, you may be able to use the same high-quality, well-made backpack for several years before it wears out.

29. Use Alternatives for Your Kids’ Favorite Characters

Your child might really want a backpack with a specific character on it, but next year’s favorite character will probably be different. Buying your child a plain backpack and then adding some keychains or stickers that feature their favorite character is an inexpensive compromise that will keep your kids happy and save you big bucks.

30. Buy Reusable Items

While plastic and paper bags may be convenient, you’ll save money (and be kinder to the environment) if you buy a reusable lunch bag and containers instead. Find a lunch bag that’s easy to clean to save time as well.

31. Hold a Clothing Swap

Kids quickly grow out of clothes, so it’s not budget-friendly to buy a lot of expensive new garments. You can invite over some friends and neighbors who have kids and swap used clothing instead. Or you might try Nextdoor and see if people in your community want to see about a trade or offloading some outgrown clothes.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

The Takeaway

To save on back-to-school shopping, start by creating a budget and checking what supplies you already have at home. Other smart ways to cut costs include using coupons and cash back apps, comparing prices online before purchasing, buying in bulk, hitting up the dollar store, swapping with friends/neighbors, and waiting for some items to go on sale.
Whether you’re shopping for school supplies or something more expensive (like a new appliance or a car), it’s a good idea to estimate the cost and start saving up in advance. This can help you stay on budget and avoid credit card debt. You might even set up a separate savings account earmarked for back-to-school shopping (or any other savings goals), then automate transfers into that account to help you reach your target faster.

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

How much money should I spend on school supplies?

The amount to spend on school supplies varies by grade and needs. According to the National Retail Federation, families with children in elementary through high school spent an average of $875 on clothing, shoes, school supplies, and electronics in 2024 (for all children in the household combined). To save money, prioritize essential items and look for sales, discounts, and secondhand items. Creating a detailed list and sticking to it can help you stay within budget and avoid overspending.

What is the 30 day rule to save money?

The 30-day rule is a budgeting strategy that can help you avoid impulse purchases. How it works: If you’re considering a nonessential purchase, put it on a mental hold for 30 days. During that time, research alternative options, compare prices, and evaluate if it’s truly a need or a want. If at the end of the waiting period, you still want the item and can afford it, go ahead and buy it. You may well decide to forgo it.

What to do if you can’t afford school supplies?

If you can’t afford school supplies, explore free or low-cost options. You might start by checking with your school for assistance programs or community resources. Also look for back-to-school sales and discounts, and consider buying used or secondhand supplies from online marketplaces or local groups. Many organizations and charities also offer school supply drives and giveaways. Friends and family may also be willing to help. Don’t hesitate to reach out for support.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

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.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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/.
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