As you’re starting your home-buying journey, you may come across a style referred to as a split-level house. Popular in the 1950s through the 1970s, split-level homes appear to be making a comeback.
What is a split-level house? Keep reading for the answer and whether it’s the right style for you.
Key Points
• Split-level houses feature staggered floor levels connected by half-flights of stairs.
• Advantages include affordability, privacy, and efficient use of space on a smaller lot.
• Disadvantages involve frequent stair use for those living in the home, potential resale challenges, and limitations to remodeling.
• Split-level homes differ from raised ranch houses. They have more levels that are connected by half-flights of stairs.
• When considering a split-level home, weigh the benefits of privacy and space against the necessity to climb stairs and challenges that may come when it’s time to sell.
Characteristics of a Split-Level House
Often seen as a starter home, a split-level house differs from other traditional homes due to its layout. A cousin of the ranch home, also a popular midcentury style, this type of house commonly has two or three levels that are connected by half-flights of stairs.
The most prominent designs feature the living room, kitchen, and dining room on the main level. A half-stairway may lead up to the bedrooms, and a second half-stairway leads down to a den, basement, and sometimes garage. The garage may be at grade level, with the bedrooms above it.
A split-level home with three floors can be referred to as a trilevel home, though this style can also have a fourth or fifth floor. A split-level home may have a low-pitched roof, a large picture window, overhanging eaves, and an asymmetrical facade.
First-time homebuyers can
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Consider the following advantages and drawbacks of a split-level home.
Pros
• May be more affordable: Split-level homes are generally more outdated — or just feel that way — so you could find these homes at a bargain. (Try this mortgage calculator to get a feel for the numbers.)
• Nostalgia is in: Sometimes it’s hip to be square. Young buyers may be drawn to the old-school feel of a split-level house.
• Ability to qualify for home financing: If you can find a home at an affordable price, it might be easier to qualify for a mortgage.
• More privacy: Split-level homes tend to offer more privacy because of the staggered levels. Upstairs or down, you might be able to set up a quiet home office.
• May feel bigger: Split-level homes offer more square footage than many ranch-style homes, and they keep the rooms you use most frequently together.
Cons
• Those stairs: People who aren’t very mobile or are afraid of climbing stairs as they get older may not be the best fit for split-level homes. Homeowners will need to use the stairs frequently, although they’re half-flights.
• Could be hard to sell: When homebuyers are looking at the different types of houses, they may view split-level homes as awkward-looking or dated, so it could be hard to sell if you’re ready to move.
• Remodeling can be challenging: The layout isn’t conducive to making any dramatic changes. Each level is meant to have a distinct purpose.
• Subterranean space may not be valued: Thanks to the basement, a split-level home may not appraise as high as a one-level home.
Difference Between a Split-Level House and a Raised Ranch
Although some people use the term split-level to describe a raised ranch style, a true raised ranch has two levels, while a split-level home has three or more.
A raised ranch house is basically a ranch house that sits atop a basement or a first floor that contains a finished room and a garage. The story underneath the main floor of the home is meant to provide additional living space.
The building materials may be different: In most cases the basement or first floor is made of brick, with the upper level using aluminum or wood siding. There may also be more decorative details such as nonfunctional shutters.
Finding a Split-Level House
You’ll find split-level homes all across the U.S., often in suburban areas outside of cities. They are very common in the Midwest.
Since these types of homes have basements, you’ll need to live in an area where that’s typical. Some parts of the country near the ocean or large bodies or water have poor soil types and won’t usually have homes with basements.
Those who are the best fit for a split-level house are buyers who are willing to climb stairs daily, families that value privacy, and those who see the value of maximum living space on a smaller lot.
Some people will find a one-level house, condo, or townhouse more their style. This home loan help center can be of use if you’re shopping for a home and a mortgage.
The Takeaway
If you value privacy and space and don’t mind stairs and a boomer aura, a split-level house could be just the ticket. Split-level homes can be a good value.
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.
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FAQ
Are split-level homes hard to resell?
Split-level homes may not be for all homebuyers, though that doesn’t necessarily mean you can’t sell this kind of home. The key to encouraging buyers to make an offer is to shine a positive light on the home. That could mean staging it, adding curb appeal, and making upgrades as small as paint and new fixtures.
Can you build up on a split-level house?
Yes. You may be able to add a level to the top, or put an addition on the side or back.
Are split-level houses expensive to build?
Because the home can be built on a smaller lot, it may be more affordable than other designs. The cost to build any home depends on the locale, materials, size, and contractor. If you’re considering building your own, shop multiple builders to see what you can get.
Can you get a loan to build a split-level house?
You may be able to get a construction loan to build a split-level house. It’s typically harder to get a construction loan than a mortgage, and construction loan rates tend to be higher than conventional mortgage rates.
Why are split-level homes cheaper?
Split-level homes tend to cost less than other types of comparable homes because of when they were built. Many homebuyers find the style unfashionable.
What are the disadvantages of split-level houses?
The main disadvantage of split-level homes is that they require homeowners to walk up and down stairs often to access different areas of the home. While it may not be a dealbreaker to some, those who are less mobile or are afraid of how they’ll age in the home may not find split-levels a good fit.
Are split-level homes a good investment?
Maybe. An investor who updates a split-level home while keeping some of its retro charm is likely to find takers.
Photo credit: iStock/davelogan
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Student loans can be used to cover more than tuition and fees. They can pay for lodging, food, commuting, a computer, and study abroad (but not spring break!).
Most qualified education loans can be used to cover the entire cost of attendance — an estimate of total costs for an academic year at a college, as determined by each campus financial aid office — minus any aid you receive.
Let’s take a closer look at what student loans can cover, what they should not, and alternative ways to pay for living expenses.
Key Points
• Student loans can be utilized for essential expenses like tuition, room and board, transportation, books, and personal supplies, as long as the student is enrolled at least half-time.
• Nonessential expenses, such as vacations, car purchases, or entertainment, should not be covered by student loans, as these could lead to financial consequences.
• Utilizing student loan funds for nonqualified expenses may not be actively monitored, but it’s important to remember that this money must be repaid with interest.
• Alternative ways to cover living expenses include part-time jobs, work-study programs, scholarships, summer employment, and selling unwanted items for extra cash.
• Borrowers should exhaust federal student aid options before considering private loans, as they generally lack the borrower protections provided by federal loans.
Can You Take Out a Student Loan for Living Expenses?
Yes, you can take out a student loan to cover living expenses while in school. Federal and private student loans typically include funds for not only tuition and fees, but also necessities like housing, food, transportation, and personal expenses.
When applying for federal student loans, schools determine your cost of attendance (COA), which includes these expenses, and financial aid is disbursed accordingly. However, borrowing should be done wisely, as any money used for living expenses will need to be repaid with interest.
Private student loans can also cover living expenses, but eligibility and terms vary by lender. These loans often require a credit check or cosigner, and interest rates may be higher than federal options.
How to Use Student Loans for Living Expenses Off-Campus
Using student loans for off-campus living expenses requires careful budgeting and adherence to loan guidelines. Once your school disburses the loan funds, any remaining balance after tuition and fees is typically refunded to you. These funds can cover rent, utilities, groceries, and other essential costs. However, it’s important to prioritize necessary expenses and avoid using loan money for noneducational purchases, as this debt must be repaid with interest.
Federal Student Loans vs. Private Student Loans for Housing Expenses
When covering housing expenses with student loans, federal student loans are often the better option due to their lower interest rates, flexible repayment plans, and borrower protections. Federal loans do not require a credit check (except for PLUS loans), making them more accessible to students. Additionally, repayment options like income-driven plans and deferment help borrowers manage their financial obligations after graduation.
Private student loans, on the other hand, may offer higher borrowing limits but typically come with stricter credit requirements and fewer repayment protections. Interest rates vary based on creditworthiness, and repayment terms are often less flexible than federal loans. While private loans can help bridge financial gaps, they should be considered after maximizing federal aid and other funding sources like scholarships and grants.
Living Off Student Loans: Do’s and Don’ts
As long as a student is enrolled at least half-time, student loans can cover a range of expenses at a qualified institution of higher education or at a hospital or health care facility that provides postgraduate internship and residency training programs.
Do
• Tuition and mandatory fees. The first thing student loans should be used to cover is tuition and fees, as these are necessary expenses for getting a degree.
• Room and board. Whether it’s a dorm or an apartment off-campus, the expense can be covered. Board means a campus meal plan or groceries.
• Transportation. Loan money can pay for maintaining, insuring, and fueling your car or for public transportation fares.
• Books and supplies. New, used, or rented textbooks are covered, as are supplies ranging from software to notebooks.
• A personal computer. You can buy or rent a computer with student loan money.
• Dependent care. Child care expenses are covered.
• Study-abroad costs. The Federal Student Aid office lists international schools that participate in the federal student loan program and describes the process.
• Personal expenses. These include cell phone bills, laundry costs, bed linens, towels, a microwave oven, and anything else you normally spend money on.
The use of student loans for nonqualified expenses could be reported to the Office of Inspector General as fraud, or a lender could call the loan balance due immediately. But in general, no one is tracking how you spend loan money.
Both federal and private student loans are disbursed to your school, which takes out tuition and fees, and if you live on campus, room and board. Any remaining money goes to you, so it would be hard for lenders to tell if you’re using the remainder as intended.
It can be tempting to go on a spending spree with your student loan refund, but remember that you will pay, or are paying, interest on that borrowed money.
Federal student loans have annual and aggregate limits that may seem generous, especially for graduate and professional students.
Private student loans can help fill gaps in need. These loans are not backed by the federal government and therefore not subject to its qualification rules. They may also lack the borrower protections available to federal loans, such as deferment. It’s a good idea to obtain a private student loan only after maxing out federal student aid. A cosigner can often help a student qualify.
Aside from using student loans, there are several ways to pay for living expenses while in school. Here are some ideas.
Part-Time Job
Getting a part-time job can help students make extra money to cover costs. Generally, these side hustles offer flexible hours so students can more easily juggle work and class. Some students may also be able to find a job that’s related to their major or career of choice.
Federal work-study may be offered as part of a student’s federal aid package and is based on financial need. Work-study programs are available to undergraduate, graduate, and professional students, regardless of whether you are a full-time or part-time student.
Becoming a Resident Assistant
A resident assistant (RA) is usually assigned to a particular floor or wing of a dormitory to oversee dorm residents. RAs might lead mandatory floor meetings, organize monthly social gatherings, and referee the occasional roommate disagreement. Not only do you typically get a better room than others on your dorm floor, you also get free housing.
Scholarships
Merit scholarships are often awarded to a student based on their skill or ability for a certain speciality. They’re offered through private companies, nonprofit organizations, colleges and universities, and professional and social organizations. As you’re researching scholarships that you might be eligible for, pay attention to any requirements. Some awards have certain conditions, such as requiring that the money be used only for tuition, while others allow you to use the funds for whatever you want.
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student loan.
Summer Job
As an alternative (or addition) to a part-time job, you might want to consider a summer job or paid internship. During the summer, students may have more free time to work more hours and rack up cash to help cover their housing and living expenses for the following year.
Selling Unwanted Items
Cleaning out your closet? Selling castoffs on buy-and-sell apps and websites can be a quick way to earn money.
The Takeaway
Student loans can be used to cover housing, food, transportation, supplies, and other college essentials. Funds shouldn’t be used for “nonessential” expenses, like vacations, new clothes, pricey meals, or other debt. In general, no one tracks how you spend loan money. But remember, this is borrowed money that will have to be repaid, with interest. A part-time job, work-study program, and scholarships are different ways to earn extra money for expenses.
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.
FAQ
Which living expenses are most often paid for with student loans?
Student loans commonly cover essential living expenses such as housing (rent or dorm fees), utilities, groceries, transportation, and personal expenses. They may also help pay for school-related costs like books, supplies, and technology. Federal and private loans can be used for these necessities but should be borrowed responsibly.
Do you have to tell the lender if you change housing?
Yes, you should inform your lender if you change housing, especially if it affects your residency status or financial situation. Keeping your contact information updated ensures you receive important loan-related communications, including billing statements and repayment details, helping you avoid missed payments or potential issues with your loan.
Can you take out more funds if your living expenses increase?
If your living expenses increase, you may be able to request additional student loan funds by appealing to your school’s financial aid office. They may adjust your cost of attendance, allowing you to borrow more. However, federal and private loan limits still apply, so additional funding isn’t always guaranteed.
Can you use student loan money on monthly car payments?
No, student loans are meant for education-related expenses, including tuition, housing, and supplies. While transportation costs like gas or public transit may be covered, using student loan money for monthly car payments is generally not allowed.
Can you use student loans to pay for a gym membership?
Student loans shouldn’t be used to cover membership to a gym. Many schools have a gym or fitness center on campus that’s available to students and included in the cost of tuition.
What should you do with leftover student loan money?
It’s a good idea to return the excess money to the lender — it lowers the total cost of the loan. You could also use the funds to pay for qualified educational expenses, like tuition, housing, child care, or transportation.
Can you use a student loan to pay a tuition bill that is past due?
In some cases, you can use a student loan to pay a past-due tuition bill, but it depends on the lender and school policies. Federal and private loans typically apply to current or future expenses. Some schools may offer emergency loans or payment plans for overdue tuition balances.
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).
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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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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There is no one-size-fits-all answer to how many bank accounts you should have. The answer will likely be, “It depends”. Your personal and financial situation and goals will impact whether you have just one or two accounts or several of them with different purposes. For example, a recent college grad who is just entering the workforce will likely need fewer accounts than a self-employed person who is saving for a down payment on a house and their toddler’s future education.
There can indeed be advantages to holding multiple checking accounts or savings accounts, but having more than one or two will definitely require more of your time in terms of money management.
Key Points
• Multiple bank accounts can be beneficial for managing diverse financial needs and goals.
• Having just one checking and one savings account simplifies finances and reduces fees.
• Specific savings goals might require separate accounts to track progress effectively.
• Business owners and freelancers benefit from separate accounts to manage expenses and taxes.
• Multiple accounts can aid in budgeting by allocating funds to different spending categories.
How Many Bank Accounts Do Most People Have?
When it comes to managing your money, many adults have, at a minimum, one checking account and one savings account at the same bank. In the journal Consumer Affairs, one landmark study found that the average American had 5.3 accounts.
That said, for most individuals, especially those who are unmarried, opening just one checking account and one savings account usually covers their basic banking needs.
With just one checking account and one savings account, you eliminate confusion and can simplify your finances. If all of your paycheck goes into your checking account using direct deposit, you can set up recurring automatic transfers into savings for the date after your payment hits.
If you automate your finances in this way, money moves into your savings account and leaves what you know you’ll need in checking until your next paycheck.
It’s also wise to keep in mind that some banks, especially the larger traditional banks vs. online banks, may charge monthly fees for checking accounts or require a minimum deposit. If you bank at one of these bricks-and-mortar financial institutions, having only two accounts can reduce the fees you’ll need to pay.
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7 Reasons to Open Multiple Bank Accounts
Although two bank accounts may suit some people just fine, there are many people who may prefer or even need to open additional accounts. Among them may be those who are married or starting a family, those who are planning extended foreign travel, military personnel, freelancers, and/or business owners. For these individuals, there may be benefits to having multiple savings accounts or checking accounts for different financial needs.
1. Large Transactions
While couples do not necessarily need to share all of their finances, there are certain benefits to having a joint account for your household and family. This can be helpful, even if you still have a personal account for your own discretionary spending.
For one thing, this pooled account can help cover large monthly payments such as a mortgage, rent, or other household expenses equally.
Plus, rather than individual savings, you might want a shared savings account for emergencies, like a surprise medical bill or car trouble. Each partner might put a small amount into that fund every month, with a goal of having at least three to six months’ worth of basic living expenses covered. (You can use an online emergency fund calculator to determine what your goal amount should be.)
2. Specific Savings Goals
Having dedicated savings accounts (especially high-yield savings accounts) can also be a smart tactic to encourage you to put away money for future goals, whether that’s travel or saving up for a wedding or baby.
Some couples even prefer a shared account for debt payments (such as student loan debt or credit card debt). However, helping to pay off your partner’s debt is an important financial conversation to have before you start a new bank account for that purpose.
3. Saving for College
Saving for college is another reason parents might open an additional bank account. Can you have more than one bank account for this purpose? Of course, especially if you have more than one child.
Also, even an individual who is currently paying for school might see the benefits in having a separate checking account to manage and keep track of spending on books or other school-related costs. This would be distinct from a checking account for spending on food, clothes, and other everyday expenses.
4. Charity Donations or Family Healthcare
Other reasons people might consider opening additional bank accounts would be for charity donations or offering financial assistance to another family member, such as paying for eldercare. While there’s probably no reason why those monthly expenses can’t also be accounted for in your regular checking or savings account, keeping such things separate can improve some people’s money management.
5. Separating Finances
In some situations, partners may want to open additional accounts to keep some of their finances separate. For instance, in a married couple, you might both agree to put the majority of your paycheck into a joint checking account. However, you could each direct some of your earnings to a separate checking account for discretionary spending. For some couples, this can help keep the peace, since there’s no need to explain how much you chose to spend on new shoes or the latest cell phone model.
Or you might decide to open up different types of savings accounts to put some money into for an upcoming friends’ getaway or a similar goal.
What’s more, if one of you is starting a business (say, selling prints of your travel photos online), it would make sense to open a dedicated account for that, to keep your earnings and work-related expense payments in one place.
If you have a child you’d like to gain financial literacy, opening an additional account with them can be a wise idea. You can open a shared account and begin teaching your kid how to put money in the bank, withdraw funds saved, and see how interest is earned.
Since those under age 18 typically can’t have their own account, this can be a good way to instill good financial habits at a young age.
7. Budgeting Is Easier
Deciding which budget is right for you can take some trial and error, and some people find that keeping track of their finances is easier with multiple accounts. For instance, if you follow the 50/30/20 budget rule, you are likely putting 50% of your take-home pay towards the “musts” of life, 30% towards the “wants,” and 20% towards savings.
In this situation, you might find it clearer and more convenient to have two checking accounts from which you pay those two types of bills. You might even name one “musts” and one “wants,” if you like.
If you’re thinking about whether to have multiple bank accounts, keep this in mind: There’s no single right or wrong answer. While there is no need to open five new savings accounts to plan for your next five vacations, how many bank accounts you should have can depend on your ability to organize your finances.
Some individuals might find they prefer having at least one or two extra savings accounts for savings goals. These savings goals could be anything from an emergency fund, travel fund, or saving up for a car.
That emergency savings account can be critical to have, by the way, to be prepared for whatever may come your way. Whether you want this account to be a separate fund in a different bank account or part of your overall main savings account, however, is really up to you.
Potential Downsides to Having Multiple Bank Accounts
Before you start opening up additional checking and savings accounts, consider these cons:
• You risk incurring more bank fees. Some banks will charge you account fees for each and every account you open, which can take a bite out of your funds.
• You will have to keep track of account rules. In some cases, there are minimum balance requirements, limits on the number of withdrawals, and other guidelines that can take up brain space, not to mention involve potential charges.
• There can be an increased chance of overdrafting. No one is perfect, and the more accounts you have, the more opportunity there is to forget about some autopayments you had set up and wind up with a negative balance. This in turn can trigger overdraft and NSF (non-sufficient funds) fees.
Why Freelancers and Business Owners May Need Separate Bank Accounts
While large businesses inevitably need their own bank accounts, sometimes smaller enterprises or even individuals with side hustles overlook creating a separate business bank account.
Some banks offer small business accounts, which can be used by freelancers, side hustlers, or small business owners. Basically, you want to make it easy on yourself to track personal and business expenses separately, and having different bank accounts helps take care of a lot of the legwork.
An additional account makes it easy to track business expenses and deductions, like shipping costs for your Etsy account or treats purchased for your dog-walking gig. Plus, with all of your business expenses in one place, you are more prepared for an audit and have a better bookkeeping record, rather than sorting through every transaction and trying to remember if that coffee you had six months ago was for a work meeting or not.
A great benefit of having another savings account for your business or freelance work is that you can set aside money specifically for taxes.
Of course, as a business owner or freelancer, it’s also important to save for tax season, which is why opening a separate business savings account can also come into play. A great benefit of having another savings account for your business or freelance work is that you can set aside money specifically for taxes.
Whether you are looking to open a new checking and savings account with a new bank or taking a broader look at what works best for your financial needs, there are a number of reasons to consider making a change.
A new account could offer you better rates or features, lower fees, or greater interest earnings.
Here, some options:
• Credit unions are banks that are run as financial co-ops, meaning each member has a small stake in the business. Banking with a credit union usually allows more flexibility and lower fees. As nonprofits, they are designed to serve their members, often paying higher interest rates on deposits as well.
• Online banks typically offer lower (or no) fees than traditional banks because they don’t have to support physical locations. They often have higher annual percentage yields (APYs) on deposits, too.
The Takeaway
There is no one answer to how many bank accounts you have. Typically, having checking and savings accounts is a wise and convenient move, but many people find they have multiple accounts. This might be to separate different income streams, save for various goals, and to differentiate personal from joint finances when, say, getting married.
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.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.
FAQ
Is it a good idea to have multiple bank accounts?
Whether it’s a good idea to have multiple bank accounts depends upon an individual’s personal and financial situation. A single person with a full-time job may do fine with one checking and one savings account. A married person with a day job and a side hustle, who is saving for a house and putting money aside for a child’s education, may prefer having multiple accounts to help them stay organized.
Is 3 bank accounts too many?
Three bank accounts is not necessarily too many, though it depends on a person’s situation. Having a checking account, a savings account for a down payment on a home, and a savings account for an emergency fund can be a good thing. However, if that number of accounts winds up charging too many fees or risking overdraft for the account holder, then it is possibly too many.
Do too many bank accounts hurt your credit?
Multiple bank accounts should not impact your credit. When you open a bank account, you are not requesting a line of credit, so it should not be reflected on your credit report nor should it lower your credit score.
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.
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/.
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.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Want to squeeze in a couple of classes this summer but not sure how to pay for them? You have several options, including federal and private student loans. The summer loan application process is generally the same as it is for the regular academic year. But the federal government limits how much you can borrow, so it’s important to consider your choice carefully.
Here’s what you need to know about paying for summer classes.
Key Points
• Students can utilize federal loans like Direct Subsidized, Direct Unsubsidized, and Direct PLUS Loans to finance summer courses.
• Completing the Free Application for Federal Student Aid (FAFSA) is essential, as it determines eligibility for federal aid applicable to summer sessions.
• If federal aid doesn’t cover all expenses, private loans are an option, typically allowing borrowing up to the school’s certified cost of attendance.
• Private student loans usually cover only one academic year, so a separate application may be necessary for summer term funding.
• Student loans can be used not only for tuition and fees but also for living expenses during the summer term.
Costs of Going to School in the Summer
Tuition is one of the biggest costs associated with going to school in the summer. That said, some colleges offer summer courses at a reduced cost, or you may be able to take classes at a community college for a lower price and transfer the credits to your school. If you don’t plan on living at home, you’ll also need to budget for housing, food, transportation, and other personal expenses.
The short-term cost of going to school during the summer may be worth it in the long run, though. Taking extra classes can help you finish your degree — and start drawing income from a full-time job — faster.
Ways You Can Find and Get Money for Summer Classes
Just like during the fall or spring terms, financial aid is available during the summer. Let’s take a look at some common types of assistance.
Grants
Grants can help offset the cost of summer courses and typically don’t need to be repaid. One popular type of grant is the Pell Grant, which is awarded by the federal government and based on financial need. Qualifying students can receive Pell Grants for 12 semesters, and in certain circumstances, they may be eligible to receive additional funds for the summer term.
Some schools offer grants to students who are enrolling in summer classes. Contact the financial aid office to see if your school offers this option. Your state may also provide grants to help students cover the cost of summer classes. Visit the website of your state’s department of education to find out if this option is available to you.
Scholarships
Like grants, scholarships usually do not need to be repaid, and in general, you’re free to use the funds for a summer term. There are thousands of available scholarships based on financial need or merit offered by a variety of sources. Searching scholarship databases can help you narrow your options.
Federal Work-Study gives students with financial need part-time employment to help them earn extra money to pay for education expenses. Check with your college’s financial aid office to find out if the school participates in the program.
Student Loans
The loans you apply for to pay for the regular school year can also be used to cover summer courses. There are different types of federal student loans to explore: Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.
Once you’ve exhausted federal aid options, you may consider private loans to pay for summer classes. Generally, lenders allow you to borrow up to the school-certified cost of attendance.
Federal vs Private Student Loans: How They Compare
Federal student loans are funded by the federal government and offer borrowers protections such as deferment, forbearance, and the option to pursue Public Service Loan Forgiveness. Most federal student loans do not require a credit check, and interest rates are fixed for the life of the loan. Students must fill out the FAFSA annually and be enrolled at least part-time to qualify for aid.
The federal government limits the amount of money students can borrow per academic year and in total, and this includes any aid you receive for summer classes. The limit is based on your dependency status and how long you’ve been in school. For example, in the 2024-25 academic year, a first-year dependent undergraduate may qualify for up to $5,500 in student loans, with a limit of $3,500 on what can be subsidized. An independent first-year undergraduate student may qualify for up to $9,500 in student loans, with a limit of $3,500 on what can be subsidized.
Private Loans
Private loans are offered by private lenders, such as banks, credit unions, and online lenders. Interest rates may be fixed or variable and are determined by the lender based on criteria including an applicant’s financial history and credit score. Many lenders require students to be enrolled in school at least part time.
Depending on the loan terms, borrowers may be required to make payments while they are enrolled in school, and they may or may not provide a grace period. Private student loans also lack the borrower protections afforded to federal student loans.
Students who take out the maximum amount of federal aid may consider private loans as an option to pay for summer classes. Generally, private lenders allow you to borrow up to the school-certified cost of attendance.
FAFSA applications for the following academic year are typically due around the end of June. The application requires borrowers to check the school year in which the funds will be used. If you’re submitting a FAFSA for the summer term, ask your school which year to check on the form and if any other forms are required. The sooner you submit the application, the more likely you are to receive funding, since many sources of aid are offered on a first-come, first-served basis.
What You’ll Need to Apply
To help the FAFSA application process go smoothly, it helps to have some information and a few documents on hand. This includes your Social Security number (or Alien Registration number if you’re an eligible noncitizen); your federal income tax returns, W-2s, and other records of income; bank statements and any record of investments; records of untaxed income, if applicable; and your FSA ID. Dependent students will need most of that information for their parents.
If you’re applying for a private student loan, you’ll apply directly with the lender. Applicants typically need to have a solid credit history, proof of income, be at least 18, and be a U.S. resident. Adding a cosigner to the loan may be an option that can help potential borrowers strengthen their application.
When we say no required fees we mean it.
No late fees, &
insufficient fund fees when you take
out a student loan with SoFi.
Understand Your Loan Options
When considering student loans for summer classes, it’s important to explore all available options. Federal student loans, such as Direct Subsidized and Unsubsidized Loans, may be available if you meet eligibility requirements and have remaining aid from the academic year.
If federal aid isn’t enough, private student loans can help fill the gap, offering flexible borrowing limits based on your school’s cost of attendance. However, private loans typically require a credit check and may have higher interest rates than federal options.
Comparing loan terms, interest rates, and repayment options will help you choose the best financial solution for your summer coursework.
How to Pay for Summer Classes
There are several ways to finance your summer coursework, depending on your financial situation and eligibility. Consider the following options to cover tuition and related expenses:
• Federal student aid: Use remaining federal loans or apply for a Pell Grant if eligible.
• Private student loans: Borrow from private lenders if federal aid isn’t sufficient.
• Scholarships and grants: Search for summer-specific funding opportunities that don’t require repayment.
• Work-study programs: Earn money through on-campus or part-time jobs while taking classes.
• Personal savings or payment plans: Use savings or set up a tuition payment plan with your school.
Evaluating these options carefully can help you find the most cost-effective way to pay for your summer courses.
The Takeaway
If you’re considering enrolling in summer classes, financial aid can help you cover the bill. Grants, scholarships, work-study, internships, and part-time jobs are all options to explore, as are federal 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.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
Can federal student loans be used to pay for summer classes?
Yes, federal student loans, including Direct Subsidized, Direct Unsubsidized, and Direct PLUS Loans, can be applied toward summer courses. To determine eligibility, students should complete the Free Application for Federal Student Aid (FAFSA).
What should students do if federal aid isn’t sufficient to cover summer class expenses?
If federal aid doesn’t fully cover summer class costs, students might consider private student loans. Private lenders typically allow borrowing up to the school’s certified cost of attendance. It’s important to note that private loans usually cover only one academic year at a time, so a separate application may be necessary for summer term funding.
Are student loans applicable to expenses beyond tuition during the summer term?
Yes, student loans can be used to cover not only tuition and fees but also living expenses during the summer term. This includes costs such as housing, food, transportation, and other related expenses.
Photo credit: iStock/Prostock-Studio
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).
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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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Round-ups are an automatic savings tool that rounds up purchase prices to the nearest dollar. The difference between that somewhat higher figure and the actual price then gets deposited into a savings or investment account.
One of the key benefits of this savings technique is that it’s effortless. The money accrues without your doing any calculations or transfers. It’s akin to the saving technique in which people pay cash for purchases using bills and accumulate change in a jar that they eventually bring to the bank and deposit. Round-ups accomplishes the same goal, but there’s no lugging coin jars involved.
If this round-ups concept sounds interesting, read on to learn more, including:
• How does round-up savings work?
• Do banks offer round-up savings?
• What are round-up savings apps?
• What are the pros and cons of round-ups?
Key Points
• Round-up savings rounds purchases to the nearest dollar, depositing the difference into a savings or investment account.
• This method of saving is automatic, requiring no manual effort or calculations.
• Seeing visible progress towards your savings goals can be motivating.
• Small savings can accumulate over time, potentially earning interest.
• Some round-up apps may charge fees, which can eat into your savings.
How Does Round-Up Savings Work?
Need a real-world example of how round-up savings works? Let’s say your bank account offers round-ups and you opt in to the service. You then stop at your local coffee shop for a latte to go. You pay $4.65 with your debit card. The price would be rounded up to $5, with $4.65 going to the merchant and 35 cents to the account you have designated.
Now, 35 cents might not sound like much, but think of how many times you swipe or tap that card. It’s not uncommon for people to make 30 transactions per week and save more than $10 per week with round-ups. That would be in excess of $520 a year, not including the power of compound interest which can boost the amount higher still.
With some providers, these small amounts of change accrue and then are deposited into the user’s account in a lump sum once they hit a certain dollar-amount threshold or a specific time period has passed. With others, the funds may be deposited as soon as the transaction settles.
Do Banks Offer Round-Up Savings?
Some bank accounts offer round-up savings for transactions. However, not all do, so if the notion sounds like the right tactic to help you save, consider investigating whether the feature is offered before deciding where to open an account.
It can be a good perk that helps add to your savings, whether your goal is accruing the money you need for an emergency fund or getting enough moolah together for next summer’s vacation.
How does a round-up savings account work? Typically, you will have linked checking and savings accounts at a bank. The debit card for the checking account can be activated to round up the price of purchases. The difference between the actual cost and the rounded-up price is then transferred to the checking account.
Round-Up Savings Apps
There are also standalone round-up apps, which users can typically connect to a credit card, debit card, or checking account. The app then monitors transactions and either transfers the proceeds of round-ups in batches or allows users to transfer money on demand.
Some standalone round-up apps may charge a monthly user fee. In such cases, consider the monthly volume of transactions to make sure the cost is significantly less than the amount of money round-ups will help to accrue for savings. The point here, of course, is to grow your wealth, not nibble away at your money.
Increase your savings with a limited-time APY boost.*
*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.
Round-Up Savings Can Add Up
While saving 23 or 85 cents here and there may not sound like much, any coin jar saver who ever went to the bank with $100 in change can attest that putting away small amounts can add up fast. Consider the following:
• Saving just five extra dollars a week in round-ups adds up to $260 over the course of the year. This may not sound like a lot to save in a year in total, but it can provide a nice boost to augment a more intentional savings strategy.
• Just like other savings or investments, round-ups have the potential to earn a good interest rate. If the proceeds of round-up purchases are deposited into a high-yield savings account on a regular basis, for example, that spare change would grow — and could continue growing — each time interest compounds. For round-up investing, those small savings can, over time, help in the purchase of additional shares which may also grow in value.
For round-up investing, those small savings can, over time, help in the purchase of additional shares which may also grow in value.
Pros and Cons of Round-Up Savings
It’s a fact that many Americans have trouble saving money. For example, about one-quarter of U.S. adults age 50 and older have no retirement savings at all, according to a January 2024 survey by the AARP.
While saving via round-ups won’t be enough to reach a lofty savings goal like retirement, it can help augment your savings. It can also help you get into the savings habit.
If you’re wondering whether setting up round-ups is worth the effort, it can be helpful to consider the pros and cons.
Pros of Round-Up Savings
Here’s a look at some of the main benefits of using round-ups as a saving tool.
• Round-ups are a positive step in financial selfcare. One reason round-ups can be a useful savings tool is they help someone pay themselves with each transaction. Kind of like tipping oneself, round-ups pay the saver a little something extra on their purchases, making everyday spending a little more rewarding.
• Round-ups are automatic. Part of why saving can feel painful is that it requires the saver to make difficult decisions on a regular basis. Once round-ups are set up, no conscious sacrifices are required. You don’t have to engage in any potentially painful decisions about, say, how to save money on streaming services or your utility bill.
Automating personal finances can be a helpful tactic to encourage healthy habits, and round-ups can be a valuable part of this seamless approach to money management.
• Round-ups show visible progress on your savings goals. For those who are already putting money into savings on a regular basis, taking advantage of round-up features can help to grow that money more rapidly, putting savings goals within even closer reach. For those who aren’t currently saving, seeing round-ups grow as you swipe or tap your debit card can be an encouraging experience.
• Round-ups may help counter savings procrastination. While some people save early and often, others may put it off. There are lots of reasons for procrastinating on starting a savings plan and surely many other tempting ways to spend your cash. Round-ups can help motivate savings procrastinators by demonstrating the effects of putting money away on a regular basis.
Cons of Round-Up Savings
While round-ups work well for many people, there are some downsides to consider as well.
• Round-ups may come with fees. When opting into a round-up service, review the fees. Saving $5 a week seems great, but if fees are going to cost you $2, is that worth it?
• Round-ups could throw off a careful budget. If you are on a very tight budget, rounding up could tip things out of balance. Also, people who often have a low balance in their checking account could overdraw their account due to the automatic round-ups fee being debited. That, in turn, can lead to overdraft or NSF (non-sufficient funds) fees. Review program requirements for round-ups and your bank accounts’ guidelines before opting into anything.
The Takeaway
Saving money can be hard work but using round-ups can automate savings and eliminate some of the pain of growing your finances. If you’re interested in setting up this incremental approach to saving, you might sign up for a round-up app, then connect your debit or credit card to the service. Or, you can look for a banking partner that offers this feature as a perk to their account holders.
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.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.
FAQ
Do round-up savings work?
Round-up savings can work by increasing the price you pay on transactions to the next higher dollar amount and depositing the difference in a savings or other account. However, be aware that some round-up apps may charge a fee, which may diminish the amount you save.
What is a round-up savings account?
A round-up savings account is one in which your debit card transactions from a linked checking account are rounded up to the next dollar amount. The rounded-up amount (the difference between the actual price of the goods or service and the price you paid as a round-up) then goes into your savings account where interest can help it grow.
Do banks offer round-up savings?
Some banks offer round-up savings. How it works: When you use the debit card linked to your checking account at the bank, the cost of a purchase will be rounded up to the nearest dollar. The extra money then gets deposited into your linked savings account where it can grow.
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/.
