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Having a steady job with secure income makes it easier to pay the bills. But if you’re between jobs or simply aren’t making enough at your current gig, you might want to look for quick ways to make money in a single day.

We’ve compiled a list of 11 ways to make quick money online — and 11 more to make fast money out in the real world.

How to Make Quick Money in One Day

It’s possible to make quick money in a single day, as long as you’re willing to roll up your sleeves and get to work. Just keep in mind, you might not get paid that same day.

Looking to bring home money the day you do the work? Here are 19 jobs that pay you daily.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

11 Ways to Make Money Online

The internet and smartphones have unlocked so many unique ways to make money from home.

Wondering how to make quick money online in one day? We’ve rounded up 11 easy methods:

1. Perform User Testing on a Website

When businesses create new websites, they often look for feedback on usability and design before launching them to the public. That’s where you come in.

From the comfort of your couch, bed, or local cafe, you can navigate websites, share your perspective, and get paid to do it. Two legitimate user-testing sites that pay decent money include UserTesting and UserPeek.

2. Take Online Surveys

Similarly, brands need consumer opinions to inform future products, services, and processes. One way they collect this data is through online surveys.

You won’t make much money completing online surveys, but it’s something you can do from home while binging Netflix. It’s so easy that it’s almost passive income.

Legitimate online survey sites include Swagbucks, Survey Junkie, and Prolific.

Recommended: Active vs. Passive Income

3. License Your Photos

Fancy yourself an amateur photographer? If you have stunning photos from a recent vacation or just everyday life, you can upload them to sites like Shutterstock and Alamy.
Individuals and businesses alike often need stock imagery for blogs and websites, and they’ll pay to use your photos.

4. Tutor Students Online

If you have a background in science, math, the arts, music, etc., your knowledge is in demand. Help students who are struggling in your area of expertise by tutoring them online. Hourly rates vary widely from $11 to $60 and up.

5. Try the Freelance Life

If you like the idea of being your own boss, consider launching a freelance business. Writers, photographers, graphic designers, website designers, editors, SEO analysts, business consultants, and proofreaders can all find paying work on sites such as Upwork, Freelancer.com, FlexJobs, and Fiverr.

With a little research, you can learn the basics of managing your money as a freelancer.

6. Become a Voiceover Actor

Have a unique voice? You might be able to earn income by recording audiobooks, video games, and more. Sites like Upwork and Fiverr are a good place to start.

7. Open a High-Yield Bank Account

Are you still earning 0.01% APY on your savings? Switch to a high-yield bank account that pays you more for your money. For instance, the SoFi Checking and Savings account pays out 4.30% APY on all savings deposits.

Plus, banks like SoFi often pay out new account bonuses. That’s free cash just for opening an account and meeting some basic criteria.

8. Test Video Games

Love playing video games? Now imagine getting paid to do it all day.

You can download several reputable apps to test out new games on your smartphone, including Mistplay and Cash Giraffe. PC gamers can earn rewards like Steam codes and gift cards through Gamehag.

9. Review Music

Music lovers can turn their passion into payments. Sites like Playlist Push and SliceThePie pay you to listen to music and leave reviews.

Let these 13 songs about money inspire you to get started.

10. Start a Blog or YouTube Channel

The beauty of content creation is that, when it’s done well, it can become a passive income stream. If you’ve got something to say, start a blog or YouTube channel. Monetize it once you’ve got a following, and let the money roll in.

11. Become an Influencer

Have a substantial following on social media platforms like Instagram and TikTok? You might have what it takes to be an influencer.

If your followers regularly engage with your content, brands may pay you to promote their products. To get started, choose a niche, get to know your audience, and start creating regular posts that people want to share.


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

11 Ways to Make Money Offline

We’ve covered how to make quick money in one day on your phone, but what if you actually want to leave the house and experience the world?

There are plenty of ways to make quick money without going online:

1. Rent Out Storage Space

If you have a garage or shed that you don’t use (at least, not entirely), you may be able to find people willing to pay you for storage space.

You can list the space online and use a basic contract to arrange for a rental. Apps like Neighbor can make it easier to find people who want your space.

2. Rent Out a Parking Spot

Similarly, if you have a parking spot or driveway space that you don’t use — and parking is hard to come by near you — people may be willing to pay you for a parking space. Neighbor is a good app for this as well, but other options include SpotHero and JustPark.

Recommended: How to Make Extra Income From Home

3. Rent Out a Room or Your Yard

There’s even more you can rent out! If you’re comfortable with it, rent out a spare room on Airbnb or VRBO.

You can even rent out your backyard to campers if you live somewhere cool enough that people are interested in roughing it in your green space. It’s a weird way to make money, but totally legit.

4. Use Your Car to Earn Cash

Rideshare apps like Uber and Lyft have normalized driving strangers for cash. But those aren’t your only options. Nowadays, you can deliver food through apps like Uber Eats and DoorDash, and you can even pick up and deliver complete grocery orders.

5. Sell Your Stuff

Spend the day cleaning your garage, attic, closet, or basement, and see what you’re willing to part ways with. You could have a garage sale, sell your belongings to a consignment shop, or even list the stuff on sites like eBay or Facebook Marketplace.

Don’t want to give up your belongings? Here are some ways to make money online without selling anything.

6. Be an Extra

Ever dream of being a movie star? You might not reach Tom Hanks or Meryl Streep status, but you can pull in some cash for being a film or TV extra during a day of shooting — and you don’t have to live in a big city to do it.

Use sites like Central Casting and Backstage to find open casting calls for extras in your area.

7. Join a Focus Group

You’ve got opinions, and companies want to hear them. On average, you can make $50 to $200 for participating in a study. (Some focus groups may even be online!)

8. Join a Clinical Trial

Make money and do your part to further medical research. The National Institutes of Health offers an easy way to find paid clinical trials near you. Just remember, there are risks involved.

Recommended: How to Make Money With No Job

9. Sell Plasma

You can donate blood out of the kindness of your heart, but when it comes to plasma, you can attach a dollar amount to it. You can potentially make hundreds of dollars per month by selling plasma twice a week.

10. Become a Dog Walker or Pet Sitter

Turn your love of animals into a steady side hustle. You can market your services as a dog walker or pet sitter, or you can use apps like Rover and Wag.

11. Become a Secret Shopper

You can make good money from mystery shopping. After signing up through apps like Market Force or Mobee, you’ll head to local retailers and provide feedback about the experience.

Tips on Making Extra Money

How can you make extra money quickly? We’ve put together a few tips:

•   Be willing to do jobs no one else wants to do: Shoveling snow after a blizzard, driving an Uber during the Super Bowl, and joining a clinical trial may not be fun — but fewer people are willing to do these things, so there’s more earning potential.

•   Find passive income streams: Passive income streams, such as renting out storage space or creating a high-traffic blog, may require some upfront work. But after everything is established, you can mostly set it on autopilot and let the money roll in.

•   Watch out for money-making scams: Unfortunately, there are bad people who will take advantage of hard workers trying to earn an extra buck. Guard yourself against common money scams, like pyramid schemes, investment scams, and fake check scams. Read reviews of websites and apps before participating in any work. And if a job sounds too good to be true, it probably is.

The Takeaway

Earning quick money can be relatively straightforward if you know where to look. It’s possible to make some cash without ever leaving the house, as long as you’re willing to give up some free time and put in some work to set up your side business.

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.

SoFi can help you take control of your finances.

FAQ

How can I make 200 dollars a day?

You can make $200 a day by becoming a rideshare driver, delivering food, participating in a focus group, or renting out storage space in your garage or shed. There are ample ways to make money online and in person, as long as you’re willing to do the work.

How to make $100 a day?

Making $100 a day can be easy, even from home. Try doing user testing online or reviewing video games and music. If you have in-demand skills, you can become a freelance writer or designer and make $100 or more in a day. You can also sell your belongings at a consignment store or garage sale, mow your neighbors’ lawns, or donate plasma.

How can I make immediate money?

Making money fast can be challenging, as some apps and businesses may have delayed payments. Some jobs may pay you more instantly, like if you mow lawns for your neighbor, become a rideshare driver, or become a pet or babysitter.

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Photo credit: iStock/pixdeluxe

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

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

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

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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Have you heard the term “piggyback mortgage” and wondered what it is? At its most basic, a piggyback mortgage can be considered a second mortgage. These are usually either a home equity loan or home equity line of credit (HELOC).

Piggyback mortgage loans can sometimes also be a wise option for homebuyers looking to finance a home without putting down a significant down payment. In this situation, they are taken out at the same time as the main mortgage. A benefit is that they may help you pay less over the life of the loan because you don’t need to pay for private mortgage insurance (PMI).

Read on to learn more about what a piggyback loan is and how it works.

What Is a Piggyback Mortgage Loan?

Homebuyers can use a piggyback mortgage loan to fund the purchase of a property. Essentially, they take out a primary loan and then a second loan, “the piggyback loan,” to fund the rest of the purchase.

Using the strategy helps homebuyers reduce their mortgage costs, such as by not needing a 20% down payment to qualify. It also helps them avoid the need for private mortgage insurance, which is usually required for those who don’t have a 20% down payment.

Recommended: How to Qualify for a Mortgage

How Do Piggyback Loans Work?

When appropriate for a homebuyer’s unique situation, a piggyback mortgage might potentially save the borrower in monthly costs and reduce the total amount of a down payment.

Here’s an example to consider of how they work:

Jerry is buying a home for $400,000. He doesn’t want to put down more than $40,000 for the down payment. This eliminates several mortgage types. He works with his lender through the prequalification and preapproval process to secure a first mortgage for $320,000, then with a piggyback mortgage lender to secure a piggyback mortgage of $40,000, and finishes the financing process with his down payment of $40,000.

Piggyback home loans were a popular option for homebuyers and lenders during the housing boom of the early 2000s. But when the housing market crashed in the late 2000s, piggyback loans became less popular, as a lack of equity proved homeowners more vulnerable to loan defaults.

Fast forward to today’s housing market. With the cost of living by state rising in certain areas, piggybacks are starting to become a viable and acceptable option again.

Recommended: First-Time Homebuyer Guide

Types of Piggyback Loans

Here are some of the types of piggyback loans to consider:

A 80/10/10 Piggyback Loan

There are different piggyback mortgage arrangements, but an 80/10/10 loan tends to be the most common. In this scenario, a first mortgage represents 80% of the home’s value, while a home equity loan or HELOC makes up another 10%. The down payment covers the remaining 10%.

In addition to avoiding PMI, homebuyers may use this piggyback home loan to avoid the mortgage limits standard in their area.


💡 Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.

A 75/15/10 Piggyback Loan

A loan with a 75/15/10 split is another popular piggyback loan option. In this case, a first mortgage represents 75% of the home’s value, while a home equity loan accounts for another 15%. And like the 80/10/10 split, the remaining 10% is the down payment.

For example, a $300,000 75/15/10 loan would break down like this:

Main loan (75%): $225,000
Second loan (15%): $45,000
Down payment (10%): $30,000

See how these options stack up in chart form:

	80/10/10 Piggyback Loan	75/15/10 Piggyback Loan
Structure:	80% primary loan 10% HELOC 10% down payment	75% primary loan 15% HELOC 10% down payment
Typical use:	Commonly used to avoid PMI and stay under jumbo loan limits	Commonly used when purchasing a condo to avoid higher mortgage rates

Average Piggyback Mortgage Rate

A piggyback loan usually has a higher interest rate than the primary mortgage, and the rate can be variable, which means it can increase over time. Let’s say your primary mortgage rate is 6.75%. The rate on the second mortgage might be 7.5%. If you borrowed $35,000 with this piggyback mortgage, your monthly payment for that loan would be $416. Of course, the exact rates you are able to secure from a piggyback mortgage lender would be based on how much you borrow, your credit score, current interest rates, and other variables.

Benefits and Disadvantages of a Piggyback Mortgage

A piggyback mortgage may help homebuyers avoid monthly PMI payments and reduce their down payment. But that’s not to say an 80/10/10 loan doesn’t come with its own potentially negative costs.

There are pros and cons of piggyback mortgages to be aware of before deciding on a mortgage type.

Piggyback Mortgage Benefits

Allows you to keep some cash on hand. Some lenders request a downpayment of 20% of the home’s purchase price. With the average American home price of $346,270 as of mid-2023, this can be a difficult sum of money to save, and paying the full 20% might wipe out a buyer’s cash reserves. A piggyback mortgage may help homebuyers secure their real estate dreams but still keep cash in reserve.

Possibly no PMI required. In what may be the largest motivator in securing a piggyback mortgage, homebuyers may not be required to pay PMI, or private mortgage insurance, when taking out two loans. PMI is required until 20% of a home’s value is paid, either with a down payment or by paying down the loan’s principal over the life of the loan.

PMI payments can add a substantial amount to a monthly payment and, just like interest, it’s money that won’t be recouped by the homeowner when it’s time to sell. With an 80/10/10 loan, both loans meet the requirements to forgo PMI.

Potential tax deductions. Purchasing a home provides homeowners with potential tax deductions. Not only is there potential for the interest on the main mortgage loan to be tax deductible, the interest on a qualified second mortgage may also be deductible.

Potential Downsides of Piggyback Mortgages

Not everyone qualifies. Piggyback mortgage lenders take on extra risk. Without PMI, there is an increased risk of a financial loss. This is why they’re typically only granted to applicants with superb credit. Even if it’s the best option, there’s no guarantee that a lender will agree to a piggyback loan scenario. You’ll see whether the cards are stacked in your favor by going through the process of getting preapproved for your home loan.

Additional closing costs and fees. One major downfall of a piggyback loan is that there are always two loans involved. This means a homebuyer will have to pay closing costs and fees on two loans at closing. While the down payment may be smaller, the additional expenses might outweigh the initial savings.

Savings could end up being minimal or lost. Before deciding on a piggyback loan arrangement, a homebuyer may want to estimate the potential savings. While this type of loan has the potential to save money in the beginning, homeowners could end up paying more as the years and payments go on, especially because second mortgages tend to have higher interest rates.

To quickly make an assessment, make sure the monthly payment of the second mortgage is less than the applicable PMI would have been on a different type of loan.

Here are the pros and cons of piggyback loans in chart form to help you decide if this kind of mortgage arrangement is right for you.

Pros of Piggyback Loans	Cons of Piggyback Loans
Secure a home purchase with less cash	Only applicants with excellent credit may qualify
Possible elimination of PMI requirements	Extra closing costs and fees may apply
Could qualify for additional tax deductions	A second mortgage could cost more money over the entire loan term

How to Qualify for a Piggyback Mortgage

It’s essential to keep in mind that you’re applying for two mortgages simultaneously when you apply for a piggyback home loan. While every lender may have a different set of requirements to qualify, you usually need to meet the following criteria for approval:

•   Your debt-to-income (DTI) ratio should not exceed 36%. Lenders look at your DTI ratio — the total of your monthly debt payments divided by your gross monthly income — to ensure you can make your mortgage payments. Therefore, both loan payments and all of your other debt payments shouldn’t equal more than 36% of your income, although some lenders may go higher.

•   Your credit score should be close to excellent. Because you are taking out two separate loans, your risk of default increases. To account for this increase, lenders require a strong credit score, usually over 700 (though some lenders may accept 680), to qualify. A higher credit score means you’re more creditworthy and less likely to default on your payments.

Before you apply for a piggyback loan, make sure you understand all of the requirements to qualify.

Refinancing a Piggyback Mortgage Loan

Sometimes homeowners will seek to refinance their mortgage when they have built up enough equity in their home. Mortgage refinancing can help homeowners save money on their loans if they receive a lower interest rate or better terms.

If you have a piggyback mortgage, however, refinancing could pose a challenge. It’s often tricky to refinance a piggyback loan because both lenders have to approve. In addition, if your home has dropped in value, your lenders may even be less enticed to approve your refinance.

On the other hand, if you’re taking out a big enough loan to cover both mortgages, it may help your chances of approval.

Recommended: How Much Does It Cost to Refinance a Mortgage?

Is a Piggyback Mortgage a Good Option?

Not sure if a piggyback mortgage is the best option? It may be worth considering in the following scenarios:

If you have minimal down payment resources: Saving up for a down payment can take years, but a piggyback mortgage may mean the homebuyer can sign a contract years sooner than any other type of mortgage.

If you need more space for less cash: Piggyback loans often allow homeowners to buy larger, recently updated, or more ideally located homes than with a conventional mortgage loan. This advantage can make for a smart financial move if the home is expected to quickly build equity.

If your credit is a match: It’s traditionally more difficult to qualify for a piggyback loan than other types of mortgages. For many lenders, you will need to have your down payment, stable income and employment history, and acceptable DTI lined up.

Piggyback Mortgage Alternatives

A piggyback mortgage certainly isn’t the only type offered to hopeful homebuyers. There are other types of mortgage loans homebuyers may also want to consider.

Conventional or Fixed-Rate Mortgage

This type of loan typically still requires PMI if the down payment is less than 20% of the home’s purchase price, but it is the most common type of mortgage loan by far. They’re often preferred because of their consistent monthly principal and interest payments.

Conventional loans are available in various terms, though 15-year and 30-year options are among the most popular.


💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.

Adjustable-Rate Mortgage

Also known as an ARM, an adjustable-rate mortgage may help homebuyers save on interest rates over the life of their loan. However, the interest rate will only remain the same for a certain period of time, typically for one year up to just a few years.

After the initial term, rate adjustments reflect changes in the index (a benchmark interest rate) the lender uses and the margin (a number of percentage points) added by the lender.

Interest-Only Mortgage

For some homebuyers, an interest-only mortgage can provide a path to homeownership that other types of mortgages might not. During the first five years (some lenders allow up to 10 years), homeowners are only required to pay the interest portion of their monthly payments and put off paying the principal portion until their finances more easily allow for that.

FHA Loan

Guaranteed by the Federal Housing Administration, FHA loans include built-in mortgage insurance, which makes these loans less of a risk to the lender. So while it’s not possible to save on monthly insurance payments, homebuyers may still want to consider this type of loan due to the low down payment requirements.

Other Options to Consider

Some other alternatives to a piggyback mortgage might include:

•   Speaking to a lender about PMI-free options

•   Quickly paying down a loan balance until 20% of a home’s value is paid off and PMI is no longer required

•   Refinancing (if a home’s value has significantly increased) and allowing the loan to fall under the percentage requirements for PMI

•   Saving for a larger down payment and reducing the need for PMI

The Takeaway

Before signing on for a piggyback mortgage, it’s always recommended that a homebuyer fully understand all of their mortgage options. While a second mortgage might be the best option for one homebuyer, it could be the worst option for another. If a piggyback mortgage is selected, understanding its benefits and potential setbacks may help avoid financial surprises down the line. The home loan help center can help you make decisions.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

What is a piggyback fixed-rate second mortgage?

A piggyback fixed-rate second mortgage is a home equity loan or home equity line of credit (HELOC) that is obtained at the same time as the primary mortgage on a home purchase. Because its rate is fixed, the interest rate does not change over the life of the loan.

Is it hard to get a piggyback loan?

Because piggyback borrowers typically don’t pay for private mortgage insurance, the requirements to obtain this type of loan can be more strict. You may need a credit score of 680-700 or more and a debt-to-income ratio less than 36%.

What is the advantage of a piggyback loan?

A piggyback loan can help you avoid having to pay for private mortgage insurance (PMI) if you are making a low down payment on a home purchase. However, you’ll want to compare the costs of the second mortgage (including its closing costs) against the costs of PMI before making a decision.

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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.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

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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High school students don’t get enough credit for the many balls they have to juggle when preparing to apply for college. Alongside going to school and doing homework, they may spend time studying for standardized tests, participating in extracurriculars, and volunteering in their community, with the hopes of standing out in their college applications.

On top of all that work, high school students also have to manage the many deadlines that are a major part of the college application process. A bit stressful right? Especially when you consider the fact that applying to college costs money.

In order to make the whole experience a bit more seamless, we’ve rounded up important college application deadlines that are helpful for students to track. That way, instead of worrying about missed deadlines, you can jot these dates down and get back to hitting the books.

SAT Deadlines

While the SAT is not the only college entrance exam that students take, it is the one that is more commonly utilized by universities and colleges during the admissions process. This exam is administered by the College Board and is intended to measure the student’s readiness for college.

Typically, high school students will take the SAT starting in the spring of their Junior year and ending in the fall of their junior year. Some students choose to take the test multiple times throughout this time period. The SATs are available to take each year in the months of March, May, June, August, October, November, and December.

While the official testing dates will vary on a year-to-year basis, these are the anticipated dates for registration and testing for the 2023-2024 school year. SAT subject tests are not necessarily available to take on all of these dates.

SAT Test Date	Registration Deadline	Deadline for Regular Cancellation
August 26, 2023	July 28, 2023	August 15, 2023
October 7, 2023	September 8, 2023	September 26, 2023
November 4, 2023	October 6, 2023	October 24, 2023
December 2, 2023	November 3, 2023	November 21, 2023
March 9, 2024	February 23, 2024	February 27, 2024
May 4, 2024	April 19, 2024	April 23, 2024
June 1, 2024	May 17, 2024	May 21, 2024

When it comes time for students to provide their scores to colleges, they will do so when they submit their complete application. Application deadlines will vary by school, but there are some common deadlines worth considering.

For regular decision applications (not early decision), the most common deadline is January 1st. Many schools also have a January 15th deadline. The main exception to these January deadlines is the University of California system which has a much earlier deadline of November 30th for all schools in their system.
Some schools offer later deadlines in February, March, or April, but this is less common.


💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

ACT Deadlines

Similar to the SAT, the ACT is a college entrance exam that colleges and universities use during the admission decision process. Also like the SAT, the ACT is designed to evaluate how ready a high school student is for college. ACT test scores are taken into consideration during the admission process by the colleges that require them.

Students take this exam during the same time period as the SAT, from the spring of their junior year to the fall of their senior year. Students can choose to take this test multiple times in the hope of improving their score before they submit their college applications.

Each year, the ACT is offered in the months of February, April, June, July, September, October, and December. The one exception being that there are no tests scheduled in July or February in New York, or in the month of July in California.

The official testing dates vary each year, but the following dates are available for registration and testing for the 2023-2024 school year.

Test Date	Registration Deadline	Late Registration Deadline	Photo Upload & Standby Deadline
September 9, 2023	August 4	August 18	September 1
October 28, 2023	September 22	October 6	October 20
December 9, 2023	November 3	November 17	December 1
February 10, 2024	January 5	January 19	February 2
April 13, 2024	March 8	March 22	April 5
June 8, 2024	May 3	May 17	May 31
July 13, 2024	June 7	June 21	July 5

Just like with their SAT scores, students will submit their ACT when they complete their college applications. The ACT automatically sends the students scores from the ACT test directly to the schools of their choice.

Recommended: Ultimate College Application Checklist

The Common Application Deadlines

The Common Application is a highly convenient option for many students applying to more than one college. With just one application, students can apply to more than 900 schools in the U.S. and internationally. The Common App even helps students manage the many application deadlines they may be facing.

In each student’s “Dashboard” through The Common App, they will be alerted of their application deadlines. To meet an application deadline, the student must submit their application materials by 11:59 pm in their local time zone on the deadline date. The Common App recommends submitting the application well before 11:59 pm in case there are any last minute complications caused by a technical barrier such as loss of internet connection.

FAFSA Deadlines

When students complete the Free Application for Federal Student Aid (FAFSA), they will be considered for federal student aid. Many states and colleges also use the FAFSA to determine their own financial aid awards for students such as scholarships, grants, and loans. The amount of aid is limited, so meeting the FAFSA deadlines is super important.

The following deadlines are worth remembering:

Federal Deadlines

To be considered for federal student aid for the 2023–2042 award year, you can complete a FAFSA form between October 1, 2022, and 11:59 p.m. Central Time on June 30, 2024. Any FAFSA corrections or updates must be submitted by 11:59 p.m. Central Time on September 14, 2024.

College Deadlines

Each college a student is accepted at may have a different deadline for submitting the FAFSA to their particular financial aid department. Students should double check this deadline for any schools they want to potentially attend.

State Deadlines

Each state has a unique deadline which students can review on the Federal Student Aid website .


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Early Decision Deadlines

When applying for an early decision, the traditional deadline is in November, typically falling on the 1st or the 15th. However, some schools now offer what is called Early Decision II, which offers students a chance to apply for an early decision but at a later date, typically in January. Each school’s dates vary, so it’s a good idea for students to confirm these dates with the schools they are interested in.

Early Action Deadlines

Students applying for early action can expect a deadline of November 1st or November 15th for the most part. As they are applying early, they generally receive an admissions decision early as well. This usually happens in mid-December.

Rolling Admissions Deadlines

Some schools offer more flexibility on their admissions deadlines by offering what is called “rolling admissions.” The difference between a rolling admission process and a deadline based admission process is that colleges with rolling admissions evaluate students’ applications as they are submitted instead of waiting until the official deadline to evaluate all applications at once. These schools evaluate applications as they receive them until they have filled all of their incoming class slots.

A rolling admissions decision essentially allows a student to apply anytime they would like and they have until the school’s decision deadline to choose if they will attend. Typically schools with rolling admissions deadlines have longer admission windows, which gives students time to apply to other schools.

College Decision Day Deadlines

While not all schools set their acceptance deadlines for the College Decision Day date, many schools do. Each year on May 1st is National College Decision Day and on this day students have to make an official decision about which college they will be attending (they can also choose to make their final decision before this date). They have to sign a letter of intent to enroll and typically need to submit a deposit to hold their spot in the incoming class.

College Education Financing Options

Once the college application deadlines for high school seniors pass and the acceptance letters begin to roll in, students and their families may begin to think about how they’ll finance a college education. After reviewing the financial aid package offered by their school, the student will have a better idea of how much they may need to take out in student loans in order to cover the costs of tuition and room and board.

There are two types of student loans: federal and private. Federal student loans can be obtained from the United States government and their terms are set by law. As mentioned, students can apply for federal student aid by filling out the FAFSA annually. Federal loans offer fixed income rates and certain protections, such as income-driven repayment plans.

Private loans, on the other hand, come from private lenders such as credit unions, banks, and online lenders. Terms for private student loans are generally based on the applicant’s (or cosigner’s) credit history, among other factors. Unlike federal loans, private loans don’t come with government-based protections.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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If you’re leaving a job, you may hear the term “rollover IRA.” But exactly what is a rollover IRA? Employees have the option of moving their retirement savings from their employer-sponsored 401(k) plan to an individual retirement account, or IRA, at another financial institution when they leave a job. This IRA, where they transfer their 401(k) savings to, is called a rollover IRA. If the 401(k) plan was not a Roth 401(k), you’ll likely want to open what’s called a traditional IRA.

In this scenario, a rollover IRA is also a traditional IRA. But they aren’t always the same. You can have a traditional IRA that is not a rollover IRA. Read on for the differences worth noting between a rollover IRA and a traditional IRA.

Is There a Difference Between a Rollover IRA and a Traditional IRA?

When it comes to a rollover IRA vs. traditional IRA, the only real difference is that the money in a rollover IRA was rolled over from an employer-sponsored retirement plan. Otherwise, the accounts share the same tax rules on withdrawals, required minimum distributions, and conversions to Roth IRAs.

💡 Recommended: Here’s a complete list of retirement plans to compare.

What Is a Rollover IRA?

A rollover IRA is an individual retirement account created with money that’s being rolled over from a qualified retirement plan. Generally, rollover IRAs happen when someone leaves a job with an employer-sponsored plan, such as a 401(k) or 403(b), and they roll the assets from that plan into a rollover IRA.

In a rollover IRA, like a traditional IRA, your savings grow tax-free until you withdraw the money in retirement. There are several advantages to rolling your employer-sponsored retirement plan into an IRA, vs. into a 401(k) with a new employer:

•   IRAs may charge lower fees than 401(k) providers.

•   IRAs may offer more investment options than an employer-sponsored retirement account.

•   You may be able to consolidate several retirement accounts into one rollover IRA, simplifying management of your investments.

•   IRAs offer the ability to withdraw money early for certain eligible expenses, such as purchasing your first home or paying for higher education. In these cases, while you’ll pay income taxes on the money you withdraw, you won’t owe any early withdrawal penalty.

There are also some rollover IRA rules that may feel like disadvantages to putting your money into an IRA instead of leaving it in an employer-sponsored plan:

•   While you can borrow money from your 401(k) and pay it back over time, you cannot take a loan from an IRA account.

•   Certain investments that were offered in your 401(k) plan may not be available in the IRA account.

•   There may be negative tax implications to rolling over company stock.

•   An IRA requires that you start taking Required Minimum Distributions (RMDs) from the account at age 73, even if you’re still working, whereas you may be able to delay your RMDs from an employer-sponsored account if you’re still working.

•   The money in an employer plan is protected from creditors and judgments, whereas the money in an IRA may not be, depending on your state.

Recommended: This guide can help you financially prepare for retirement.

What Is a Traditional IRA?

Now that you know the answer to the question of what is a rollover IRA?, you’ll want to familiarize yourself with a traditional IRA. To understand the difference between a rollover IRA vs. traditional IRA, it helps to know some IRA basics.

From the moment you open a traditional IRA, your contributions to the account are typically tax deductible, so your savings will grow tax-free until you make withdrawals in retirement.

This is advantageous to some retirees: Upon retirement, it’s likely one might be in a lower income tax bracket than when they were employed. Given that, the money they withdraw will be taxed at a lower rate than it would have when they contributed.

A Side-by-Side Comparison of Rollover IRA vs Traditional IRA

	Rollover IRA	Traditional IRA
Source of contributions	Created by “rolling over” money from another account, most typically an employer-sponsored retirement plan, such as 401(k) or 403(b). For the rollover amount, annual contribution limits do not apply.	Created by regular contributions to the account, not in excess of the annual contribution limit, although rolled-over money can also be contributed to a traditional IRA.
Contribution limits	There is no limit on the funds you roll over from another account. If you’re contributing outside of a rollover, the limit is $6,500 for tax year 2023, plus an additional $1,000 if you’re 50 or older.	Up to $6,500 for tax year 2023, plus an additional $1,000 if you’re 50 or older.
Withdrawal rules	Withdrawals before age 59 ½ are subject to both income taxes and an early withdrawal penalty (with certain exceptions , like for higher education expenses or the purchase of a first home).	Withdrawals before age 59 ½ are subject to both income taxes and an early withdrawal penalty (with certain exceptions , like for higher education expenses or the purchase of a first home).
Required minimum distributions (RMDs)	You’re required to withdraw a certain amount of money from this account each year once you reach age 73 (thanks to the SECURE 2.0 Act of 2022).	You’re required to withdraw a certain amount of money from this account each year once you reach age 73 (again, thanks to the SECURE 2.0 Act).
Taxes	Since contributions are from a pre-tax account, all withdrawals from this account in retirement will be taxed at ordinary income rates.	If contributions are tax deductible, all withdrawals from this account in retirement will be taxed at ordinary income rates. (If contributions were non-deductible, you’ll pay taxes on only the earnings in retirement.)
Convertible to a Roth IRA	Yes	Yes

Can You Contribute to a Rollover IRA?

By now you’re probably wondering, can I contribute to a rollover IRA?, and the answer is yes. You can make contributions to a rollover IRA, up to IRA contribution limits. For tax year 2023, individuals can contribute up to $6,500 (with an additional catch-up contribution of $1,000 if you’re 50 or older). If you do add money to your rollover IRA, however, you may not be able to roll the account into another employer’s retirement plan at a later date.

Can You Combine a Traditional IRA With a Rollover IRA?

A rollover IRA is essentially a traditional IRA that was created when money was rolled into it. Hence, you can combine two IRAs by having a direct transfer done from one account to another, or by rolling money from one IRA to the other IRA.

There’s one important aspect of the transfer or rollover process that will help prevent the money from counting as an early withdrawal or distribution to you—and that’s being timely with any transfers. With an indirect rollover, you typically have 60 days to deposit the money from the now-closed fund into the new one.

A few other key points to remember: As mentioned above, if you add non-rollover money to a rollover account, you may lose the ability to roll funds into a future employer’s retirement plan. Also keep in mind that there’s a limit of one rollover between IRAs in any 12-month period. This is strictly an IRA-to-IRA limit and does not apply to rollovers from a retirement plan to an IRA.

How to Open a Traditional or Rollover IRA Account

Opening a traditional IRA and a rollover IRA are identical processes — the only difference is the funding. Open a traditional or rollover IRA by doing the following:

•   Decide where to open your IRA. For instance, you can choose an online brokerage firm where you can choose your own investments, or you can select a robo-advisor that will offer automated suggestions based on your answers to a few basic investing questions. (There’s a small fee associated with most robo-advisors.)

•   Open an account. From the provider’s website, select the type of IRA you’d like to open — traditional or rollover, in this case — and provide a few pieces of personal information. You’ll likely need to supply your date of birth, Social Security number, and contact and employment information.

•   Fund the account. You can fund the account with a direct contribution via check or a transfer from your bank account, transferring money from another IRA, or rolling over the money from an employer-sponsored retirement plan. Contact your company plan administrator for information on how to do the latter.

The Takeaway

Both a rollover IRA and a traditional IRA allow investors to put money away for retirement in a tax-advantaged way, with very little difference between the two accounts.

One of the primary questions anyone considering a rollover IRA should consider is, will you keep contributing to it? If so, that would prevent you from rolling the rollover IRA back into an employer-sponsored retirement account in the future.

Whether it’s a rollover IRA you’ve created by rolling over an employer-sponsored retirement account or a traditional IRA you’ve opened with regular contributions, either account can play a key role in your retirement game plan.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Easily manage your retirement savings with a SoFi IRA.

FAQ

Can you take money out of a rollover IRA?

You can, but if you take money from a rollover IRA (or a traditional IRA for that matter) before age 59½, those withdrawals are subject to income tax and an early withdrawal penalty of 10%. There are certain exceptions, however. If you withdraw the money for certain higher education expenses or to buy your first home, for example, the penalty may not apply.

Why would you rollover an IRA?

A rollover is when you move money between two different types of retirement plans. Typically, you might roll over an IRA if you leave a job with an employer-sponsored plan, such as a 401(k) or 403(b). You would roll the assets from that plan into a rollover IRA where your savings grow tax-free until you withdraw the money in retirement. You could instead choose to leave the money in your former employer’s plan, if that’s allowed, or roll it over into your new employer’s 401(k) or 403(b) plan, if they have one. However, a rollover IRA may offer you more investment choices and lower fees and costs than an employer-sponsored plan.

Can I roll over assets into my traditional IRA?

Yes, rolled over money can be contributed to a traditional IRA. It’s also worth noting that you can also combine a traditional IRA and a rollover IRA. You can do this with a direct transfer from one account to another, or by rolling money from one IRA to another, for instance. Just keep in mind that there is a limit of one rollover between IRAs in any 12-month period.

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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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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