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Finishing a master’s degree is a big deal and deserves a huge congratulations. Countless hours spent tackling reading lists, group projects, and thesis research have finally come to an end. And after all that, you’re probably wondering what comes next after getting your master’s degree.

On one hand, an end to tuition payments and assignments is a relief. On the other hand, figuring out what to do after grad school can be daunting. Compared to navigating life after college, master’s students may be faced with more debt and responsibilities than when they finished their undergraduate degree.

Whether starting a new and exciting role, embarking on the job hunt, or making plans for an alternative path, the transition may take time adjusting to.

To help you make the next step, check out these tips for what to do after grad school.

Utilize University Career Resources and Networking

Many graduate programs promote their job placement rates to attract future students and stay competitive in college rankings.

To help ensure master’s students have a plan for life after grad school, many universities offer career resources and services. Possible programs include career planning, interview and resume workshops, job fairs, and networking events with employers and alumni.

If you find your university’s career services to be limited or you’ve already graduated, you can reach out to your former professors for advice on entering the job market or pursuing a PhD.

Some universities may have official alumni groups or organizations to tap into. Connecting with alumni, professors, and classmates on LinkedIn is another way to broaden your network and find jobs in your desired field.

Entering the Workforce

A master’s degree can be an asset in the job market and for long-term career growth. In 2021, employed individuals with a master’s degree earned median weekly earnings of $1,574, compared to median weekly earnings of $1,334 for those with bachelor’s degrees.

Still, landing a job that reflects your credentials immediately after graduate school can be difficult. Sometimes, factors like geographic location or an economic recession could pose challenges to gainful employment.

If you have limited work experience or changed careers after graduate school, it may be helpful to cast a wider net with job applications in your desired sector.

Not everyone’s career is a straightforward path. Finding a position that balances passion and professional development can be a good place to start.

Recommended: How to Financially Manage a Job Transition

Continuing Education

Depending on your career goals, a doctorate degree (PhD) could be a way to develop specialized knowledge and stand out from the pack. As of 2021, the number of Americans whose highest degree was a master’s degree reached 24.1 million, compared to just 4.7 million for a PhD.

Besides working as a college professor, a PhD can be applicable for a variety of careers, such as researcher, scientist, psychologist, and high-level positions in government agencies.

Whereas completing a master’s degree generally takes one to three years, a PhD program can take between five and six years, possibly longer.

Given this considerable time commitment, it is worth considering the return on education for different doctoral programs. If you receive a tuition waiver and stipend for a PhD, this calculation should instead measure the ratio of foregone earnings from studying to the income a doctorate will help you receive upon graduation.

Recommended: The Highest Paying Jobs in Every State

Teach College Courses

After earning a master’s degree, there may be opportunities to stay involved in academia without pursuing a doctoral degree. Some graduates utilize their master’s credentials to teach college courses as a full-time or adjunct lecturer.

Many community colleges only require their instructors to have a master’s degree. Usually, these positions are geared towards instruction more than research and writing. Thus, preference may be given to candidates with previous college teaching experience and to those with master’s degrees.

Pay for lecturer positions varies between community colleges, four-year institutions, and graduate schools. The average salary of an adjunct professor, though, is currently $83,715 per year.

You may choose to teach college courses full-time at your local community college or university or teach classes part-time as your schedule allows. Either way, teaching college courses can be a fantastic way to utilize your master’s degree.

National Service

Are you interested in applying knowledge and skills from your master’s degree to make a difference? National service programs, such as the Peace Corps and Americorps, let you do just that.

Every year, Americorps enrolls more than 200,000 members to work with schools, nonprofits, community organizations, and government entities to address critical needs ranging from poverty reduction to natural disaster relief and youth empowerment.

Peace Corps operates in over 60 countries, with volunteers working on programs related to agriculture, environment, health, community and economic development, education, and youth development.

The bulk of Peace Corps assignments are for two-year durations, preceded by two or three months of language and cultural training. However, candidates with more experience and advanced degrees can apply to Peace Corps Response to serve in more specialized roles for 3-12 months.

Although both organizations refer to participants as volunteers, they do provide financial compensation and other benefits. Americorps provides a stipend and lump-sum education award structured according to the duration of service, which spans incrementally between 300 and 1,700 hours.

In the case of the Peace Corps, stipends are structured according to the host country’s cost of living. Other benefits include a $10,000 readjustment allowance, healthcare, federal student loan deferment, and non-competitive eligibility for federal jobs.

Taking Time to Travel

For many recent or soon-to-be master’s graduates, long-term recreational travel may not seem financially feasible for life after grad school. However, the transition from graduation to the workforce can be a good time to travel frugally before professional obligations and life’s responsibilities begin adding up.

To make the most of your travel budget, you can take advantage of free accommodation via couch surfing or work remotely part-time while you’re traveling to bring in some extra funds.

Recommended: How to Save for a Vacation: Creating a Travel Fund

Budgeting for Life After Grad School

Graduate students are no strangers to living on a shoestring budget. During the transition from student discounts and bargain hunting to full-time jobs and steady income, it can be easy to lose track of these money-conscious habits.
Maybe it’s not a bad idea to upgrade your diet from ramen noodles, but creating a budget can help keep you on track to save for things like retirement, a mortgage, and paying off student loans.

One way to possibly save money each month is to refinance your student loans into one loan with one monthly payment. If you have a strong credit profile and are bringing in a decent income each month, you may qualify for the lowest rates. A lower rate will lower your monthly payment if you keep the term the same. If you want to pay off your loan quicker, though, you can shorten your loan term and reduce the amount you pay in interest overall. Note: You may pay more interest over the life of the loan if you refinance with an extended term.

There are many advantages to refinancing student loans, but like anything, there are disadvantages, as well. If you plan on using federal benefits, such as student loan forgiveness or income-driven repayment plans, you will lose access to these if you refinance. Make sure you do not plan on taking advantage of federal benefits now or at any point in the future before deciding to refinance federal student loans.

The Takeaway

Your post-master’s degree path will vary depending on your career goals, industry, and personal interests. Options may include entering the workforce, continuing your education, teaching college courses, or taking time to travel. Whatever option you decide to pursue, you’ll need to do so with a budget in mind in order to make the most of your financial future.

If you are paying off student loans from your undergraduate and graduate degrees, you have options. Refinancing your student loans could give you more favorable loan terms with lower interest rates and flexible repayment plans.

As stated above, graduates refinancing federal student loans with a private lender will lose out on benefits like income-driven repayment and loan forgiveness.

If you’re interested in refinancing, consider SoFi. SoFi makes it easy to get pre-qualified online for student loan refinancing in just a few minutes. There’s no fee to apply, and SoFi members can take advantage of free career coaching and financial guidance.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Washington, D.C. is an amazing East Coast destination that seamlessly balances history and culture. Not only are there a lot of free things to do in the nation’s capital, but it’s a central hub for art and shopping, which means something is always happening in DC.

If a trip to Washington, D.C., is in your future, keep reading to explore the best and worst times to visit, how much you can expect to spend while you’re there, and some of the best things to do while exploring the city.

Best Times to Go to Washington, D.C.

As the nation’s capital, DC is never quiet., but certain times of the year are busier than others.

Like many tourist destinations, the mild months of fall and spring are the best times to visit DC. However, if you appreciate cherry blossoms, then you may want to plan your visit for mid-March or April. Each year, local horticulturists keep the internet up to date with when they expect the cherry blossoms to go into full bloom. Start reading predictions in February to narrow down your visit windows.

Remember that one of the top travel hacks is to book your stay well in advance. This not only helps you save money, but also gives you an idea of what’s going on when you arrive. If you plan to book during peak tourist season, book early so you’re still able to lodge and dine at your top picks.

Recommended: Financial Prep for Travel

Bad Times to Go to Washington, D.C.

For weather, consider that DC is known for both hot summers and cold winters. July and August are the hottest months, with temperatures in the high 80s and low 90s. December through February are the coldest, with temperatures typically in the mid 30s. February is when DC experiences the most snow, with an average monthly snowfall of 5.8 inches.

Considering all of these factors, you may try to avoid DC in January, February, May, June, July, and August.

Average Cost of a Washington, D.C. Vacation

The first step to creating a travel fund involves knowing what you are likely to spend in a new city. Budget Your Trip states that travelers spend, on average, around $30 a day on meals and $37 per day on traveling when visiting DC.

For lodging, the average price for a one night stay in a hotel is $181 a night, though you may be able to save money on hotels by joining the chain’s membership club or using other discounts, like AAA.

Therefore, for one week of traveling, you can expect to spend:

One Person:

•  $210 on meals

•  $259 on traveling

•  $1,267 on lodging

  Total: $1,736

Couple:

•  $420 on meals

•  $518 on traveling

•  $1,267 on lodging

  Total: $2,205

It’s worth noting, though, that you also need to get to DC for your trip. These costs don’t include plane tickets or gas money. If you are flying, you could use an airline travel card to get the most bang for your buck, or use online resources to get cheap flights.

You might also look into book now, pay later travel options when they are available, but be wary of winding up with too much credit card debt.

One last note: It may be wise to find out how credit card travel insurance works if your card issuer provides it. Otherwise, you might want to buy a premium to protect your plans and their cost.

Recommended: Where to Keep Your Travel Fund

10 Things You Must Do in Washington, D.C.

This list of top things to do in Washington DC was curated from savvy travelers, in-the-know locals, and highly-rated travel reviews. All of the locations listed below should provide a fun and unique experience as you tour our nation’s capital.

1. Visit the White House

If you’re wondering how families afford to travel, one of the main ways they do it is by researching free popular destinations. The White House is one of them. However, to visit the White House, you will have to make a tour request through your member of Congress (or your country’s embassy if you’re visiting from out of the country).

Tour requests must be made at least 21 days beforehand and no more than 90 days out. Because White House visits are very popular, you may not get to visit on the exact day you want.

2. Marvel at the Smithsonian Museum

One of the best fun things to do in Washington DC is to visit the Smithsonian Museum — which is actually a collection of multiple museums concentrated in one area. The museums are free to the public, but some exhibits may require special tickets.

These locations are packed with the very best of American history, natural history, contemporary art, and air and space. You can zoom in on what captures your interest, or break up the museums between multiple days to get the full experience. (This network also includes a few of the attractions listed separately below.) si.edu/visit

3. See the Animals at the National Zoo

The National Zoo is home to over 1,800 animals and 360 different species, and is located on over 163 acres. If you enjoy seeing the wonders of the natural world, consider visiting the National Zoo. Stroll the grounds, and see everything from the famous giant pandas to Panamanian golden frogs. It can easily fill a few hours, and is only a 10-minute taxi ride from the White House. si.edu/museums/national-zoo

4. Shop and Snack in Georgetown

If you appreciate Federal architecture, cobblestone streets, and collegiate atmospheres, one of the best things to do in Washington DC is to visit Georgetown. It is in one of the oldest neighborhoods in DC, and Georgetown University is home to historic architecture and beautifully landscaped grounds. Plus, there is a lot of shopping and dining in the area to enjoy. The streets are lined with boutiques, cafes, and more.

5. Stroll the National Mall

There are numerous free things to do in Washington DC, but if you’re on a fixed budget and are researching how to save money for a trip, then visiting the National Mall is a must. Not only is it free to the public, but it’s beautiful as well.

The National Mall is where you will find many of DC’s most iconic landmarks, which includes:

•  Lincoln Memorial

•  Reflecting Pool

•  WWII Memorial

•  United States Capitol

•  Vietnam Veterans Memorial.

If you also plan on visiting any of the Smithsonian exhibits, many of the galleries are at the National Mall.

6. Immerse Yourself in African History and Culture

You won’t need to make use of your credit card rewards to visit the National Museum of African History and Culture because admission is 100% free. However, you will need to schedule your visit, but this can easily be done online.

The National Museum of African History and Culture has a large array of exhibits that focus on African history, such as the Civil Rights Movement, the slave trade, music, pop culture, and much more. They also have a variety of workshops and live events throughout the year. si.edu/museums/african-american-museum

7. Enter the United States Capitol

So much history has been made at the United States Capitol. You can tour the Capitol free of charge and learn about the history of its halls. Tours typically run from 8:30 to 4:30, but they recommend making a reservation to ensure you get to visit on the day you want. They also have specialty tours that are around 45 minutes that focus on select topics pivotal to our nation’s history. visitthecapitol.gov/

8. Experience Washington National Cathedral

The National Cathedral has some of the best acoustics in the nation. Apart from tours and religious services, there are also a variety of cultural events at the Cathedral throughout the year that can allow you to enjoy music in this amazing setting. Check to see if there are any concerts while you’re visiting. You’ll be astounded by both the sound and the architecture. cathedral.org

9. Take a Walk in the Park

Also called Malcolm X Park, Meridian Hill is located in Columbia Heights. This park, located 1.5 miles north of the White House, is known for its cascading fountains, reflecting pool, statues, and scenic gardens. If you need some nature while visiting DC, put this one on your list. On Sunday afternoons, there’s usually a drum circle. Also: The park is dog-friendly, so if you’re traveling with a pet, this could be a great stop. nps.gov/places/meridian-hill-park.htm

10. Bask in Cherry Blossoms

Located in West Potomac Park, the Tidal Basin is home to the area’s cherry blossoms, which were gifted to the United States by Japan before WWII in 1912. People come from all over the world to admire them once they’re in full bloom, which usually happens in late March or early April. Even if you don’t normally appreciate such things, seeing thousands of these beautiful cherry blossoms is quite a sight.

The Takeaway

There are many things to do in Washington DC all year-round, but visiting in either the fall or summer can be wise to avoid weather peaks and congestion. Many of the locations you can visit in America’s capital are free, which is a bonus as you take in art and history.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

FAQ

Is there a dress code for White House Tours?

No, there is not a dress code for visiting the White House. You may choose to dress casually or formally. The choice is up to you.

Is DC a walkable city?

Yes, DC is a walkable city. It also has a healthy public transportation system. At wmata.com, you can view the rates for 1-, 3-, and 7-day unlimited passes.

Can you take photos within the White House?

Photos are permitted within the White House, but if you bring a camera the lens cannot be any longer than three inches. Pictures taken with your phone are also permitted.

Photo credit: iStock/SeanPavonePhoto

You probably are well aware that you can swipe or tap your credit card almost anywhere you shop, and you likely also know that many retailers offer their own store credit cards. These store credit cards can give additional perks and benefits specific to their store.

Store credit cards come in two different forms — open-loop and closed-loop. An open-loop store credit card will typically have the logo of a payment network on it (such as Visa or Mastercard), and it can be used anywhere those networks are accepted.

A closed-loop store credit card, on the other hand, can generally only be used at the store that issued it. While there may be added benefits and rewards with a closed-loop store credit card, that may be offset by the limited places where you can use it. Still, it can make sense to have a store credit card, especially if you frequently shop at a particular retailer.

Here’s a closer look at how store cards compare to major credit cards, what their pros and cons are, and how store cards can impact credit.

What Is a Store Card?

A store credit card or retail credit card is a card issued by a store or retailer. There are two main types of store cards — open-loop and closed-loop store credit cards.

•  An open-loop store credit card is likely a Visa or Mastercard that simply is co-branded with the retailer’s name and logo, but good to use anywhere those networks are accepted.

•  A closed-loop store card, also called a private label credit card, can only be used at the retailer that issues the card.

How Store Cards Works

Open-loop store credit cards are typically Mastercard or Visa credit cards, and they can be used anywhere those payment networks are accepted. While it may be marketed or branded with the retailer’s logo and name, an open-loop store card works the same way any other credit card works.

On the other hand, a closed-loop store card is only accepted at the store that issued the card. If you try to use a closed-loop store credit card at any other place, it will be declined.

With either kind of card, you’ll get a statement each month with the charges you’ve made. You’ll be charged interest on any outstanding balance, just like with a general-purpose credit card.

Recommended: Charge Card vs. Credit Card

Pros and Cons of Store Cards

One pro of store credit cards is that they often give perks and rewards that are specific to that particular store. If you frequently shop at a particular retailer, it can be lucrative to get their store credit card. You may also be able to get a signup bonus for applying and being approved for the card.

On the other hand, a store credit card can be limiting, especially if it is a closed-loop credit card that you can’t use anywhere else. Many store credit cards also come with higher-than-average interest rates, so it can be wise to pay off your balance in full each month so you can avoid paying any extra.

Store Card vs Credit Card Compared

While there are some important differences between store cards and general-purpose credit cards, they also share some similarities.

Similarities

•  You get a monthly statement with a list of all of your purchases.

•  You’ll be charged interest on any outstanding balance.

•  Payment history and balance information typically reported to the major credit bureaus.

•  Open-loop store credit cards and general-purpose credit cards can both be used anywhere the payment network (Visa, Mastercard) is accepted.

Differences

There are also some key differences between store cards and credit cards that you’ll want to be aware of:

•  A closed-loop store card can only be used by the issuing retailer.

•  You may pay a higher interest rate for a store card.

•  The rewards you get will likely only be usable at the retailer.

Here is how these features stack up in chart form:

Recommended: How Many Credit Cards Should You Have?

Is It Easier to Get Store Cards?

How easy it will be to get any kind of credit card depends on the specific card and your own financial situation. However, it is generally believed that on average it is easier to get a store credit card than it is to get many other major credit cards.

In fact, at some stores, you may even be able to get approved in the middle of your transaction as you check out.

Can Store Cards Impact Credit?

Yes, store cards can impact your credit, either positively or negatively, depending on how you use them. That’s true of all credit cards and is part of how they work.

Just like any credit card, your store card information is also reported to the major credit bureaus (Equifax, Experian, and TransUnion). That means that if you use your store card responsibly, you can help build your credit, while if you fall behind on payments and/or carry a balance, it might have a negative impact on your credit.

Which Is Right for You: Store Card or Credit Card?

Deciding whether a store card or regular credit card is right for you will depend on your own specific shopping habits and overall financial situation. If you frequently shop at a particular store or retailer, you may be able to take advantage of rewards, discounts, or other benefits that come with the store’s credit card.

However, general-purpose credit cards may offer better or more flexible rewards, in addition to having more flexibility in where you can use them.

The Takeaway

Store credit cards come in two different varieties — open-loop and closed-loop cards. An open-loop store card is one that may be branded or marketed as a store credit card, but can be used anywhere the card’s payment network (e.g. Visa or Mastercard) is accepted. A closed-loop store card can only be used at the store or retailer that issues it. While there can be good reasons to get a store credit card, you might be better off with a more flexible credit card that gives cash back or other flexible rewards.

If you’re in the market for a general-purpose credit card that gives outstanding cash-back rewards, you should consider the SoFi Credit Card. With the SoFi Credit Card, you can earn cash back with every eligible purchase, which you can then use for travel or to invest, save, or pay down eligible SoFi debt. You can also add an authorized user to your SoFi credit card as a possible way to earn additional rewards.

FAQ

Which is better: a credit card or store card?

There isn’t a single right answer as to whether a credit card or a store card is better. Instead, it will depend on your own specific situation. If you are a frequent shopper at a particular store or retailer, it may make sense to open its store credit card and get those rewards. However, if you’re not especially loyal to certain stores, you might prefer to get a general-purpose credit card and earn rewards that way.

Does a store card count as a credit card?

A store credit card can be considered a credit card since you can carry a balance and get charged interest. But keep in mind that only open-loop store credit cards can be used more widely like other major credit cards.

What are the disadvantages of a store card?

While it can make sense to apply for a store card, depending on your financial situation and shopping habits, store cards may come with some disadvantages. Many store credit cards have interest rates that are higher than average, so it can be best to pay off your balance in full each month to avoid those steep charges. Additionally, closed-loop store cards can only be used at the retailer that issues them, which makes them less flexible.

Photo credit: iStock/RgStudio

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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