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The high cost of graduate school can make the dream of getting a master’s or a doctorate feel like a financial impossibility for many people. One way to help with tuition is by applying for a graduate fellowship, a merit-based award given by the university you’re attending or from an outside organization.

As with other scholarships and grants, there can be steep competition for these awards. Here’s a guide to graduate fellowships and how to go about applying for one.

What Is a Graduate Fellowship?

Fellowships are awards given to qualified graduate students based on academic merit. The purpose of a graduate fellowship is to give financial support while graduate students pursue their coursework, conduct research, and do intensive study into their particular field area.

Unlike a graduate assistant, who commits to working as a teaching or a research assistant in exchange for pay, fellowships do not typically come with any associated work requirements.

Besides helping you cover the cost of tuition, a fellowship may offer an additional cost-of-living stipend and health insurance, and cover related expenses such as attending an academic conference. Fellowships are awarded for a specific amount of time, ranging from a few months to several years.

Perhaps the biggest benefit is, unlike a student loan, you don’t have to pay any money back.

Internal vs External Graduate School Fellowships

There are two main sources of fellowships that can fund your tuition: internal and external. The latter is sometimes referred to as a portable fellowship. Internal funding comes from the university, while external financial support is provided by non-university outlets. (Of course, there are other ways to pay for grad school too.)

Here’s a breakdown on how they differ:

Types of Graduate School Fellowships

Graduate fellowships vary in duration and purpose, and whether you’re a graduate, doctorate, or postdoctoral student. Here are the two main kinds of fellowships:

•   Graduate or Predoctoral Fellowship. This is for students who are pursuing a master’s or doctorate degree. Funding can come from the institution the student plans to attend or from an external source such as a philanthropic foundation or nonprofit organization.

•   Postdoctoral Fellowship. After a student completes their doctorate program, they can apply for a postdoctoral fellowship. These awards are geared toward people who want additional time to devote to study and research.

Applying for a Graduate Fellowship Program

Expect a long to-do list when applying for a graduate fellowship program. These tips can help you prepare your application:

•   Identify fellowships that are the right fit. There are a lot of fellowships out there, so do your due diligence to see which one might best meet your goals. Will this opportunity enhance you both personally and professionally? Because the application process can be intense and time-consuming, be sure you’re pursuing just the right opportunity.

•   Check eligibility requirements. Research the different internal and external fellowship opportunities to see what each requires. Some fellowships may be for U.S. citizens only, have an upper age limit, want students who intend to be or are enrolled in a graduate program, or have never accepted a graduate fellowship before. If you’ve been awarded grad school scholarships, make sure your fellowship is aware of them too.

•   Start early. An application may call for prerequisite paperwork, personal statements, project or research proposals, transcripts, and letters of recommendation, so you’ll want to give yourself enough time to gather these materials. You don’t want to be scrambling to get everything together at the last minute.

•   Proofread your application carefully. You’ve got one shot to impress people, so don’t submit an application that hasn’t been reviewed and re-reviewed. Be sure to check for spelling and grammar mistakes, and ask a trusted advisor or friend to read it as well. Applications that are polished and absent mistakes can create a more favorable impression.

What You Need To Know About Fellowships for Graduate Students

If you’re thinking about going for a graduate fellowship, you’ll want to be aware of how they work. Read on for all the ins and outs:

Applying for a Graduate Fellowship Program

There are lots of moving parts when it comes to applying for a graduate fellowship. And because these awards are in high demand, you’ll want to get ahead of the crowd of other applicants by submitting your paperwork as soon as possible.

Early Deadlines

Internal and external graduate fellowship deadlines typically fall between the months of October and February. Funds are designated for the next academic year. This means you need to apply to them at the same time you’re also applying to grad school.

If you make the mistake of looking into funding opportunities after you’ve sent out your graduate school applications, it’s too late. Begin your research and applications for graduate school fellowships early so you don’t miss these important deadlines.

Funding Duration

As mentioned earlier, funding for graduate fellowships comes from either the university you’re attending (internal) or from outside organizations (external). When searching for graduate fellowships, keep duration in mind. Financial support varies depending on the fellowship: Some can fund you for a year while others might cover as many as three years.

If you’re in a two-year master’s program and the fellowship only covers a year, you could find yourself worrying about how to pay for that additional year. Working toward a PhD can take up to 8 years, so if you’re pursuing a doctorate, you’ll definitely want to aim for a multi-year fellowship.

Competition

When it comes to easing the burden of graduate school costs, fellowships are a popular option — which means they can be highly competitive. Fellowship programs look for highly qualified people who are also high achievers.

External graduate fellowship opportunities cast a wider net, so you have more options. But if you’re applying for an external fellowship, you’re up against a bigger pool of applicants from all over the country and even internationally. With an internal fellowship, you’ll find yourself competing with far fewer candidates.

Reserved Assistantships

Graduate assistantships are very much like work-study programs. However, instead of getting paid to do something totally unrelated to your field, like washing dishes in the cafeteria, these part-time teaching, research, and service administrative positions within the university exist to give you more focus in your chosen field.

Teaching and research positions are typically geared toward a student’s area of study, while an administrative position can be in any university department, such as the library service, residence hall, or university office.

Compensation can be in the form of hourly pay, a monthly stipend, or a tuition waiver. You may even be able to find an assistantship that pays your tuition and gives a stipend. Some schools also offer their assistants student health insurance.

These positions not only offer financial support, but are often highly convenient for students who already spend the majority of their time on campus. In one central location, you can attend classes, study your discipline, network, and earn money.

As with other internal graduate fellowships, application procedures vary by school. Check with the specific institution for deadline and application information.

Recommended: College Tuition Payment Plans

Part-Time and Online Graduate Programs

Not all graduate students can attend school full-time or be onsite. Though many fellowships (internal and external) do require a student to be full-time, some accept part-time students. Fellowships for online students exist as well, but might also be more geared to full-time students. You will probably have the most options for part-time or online degree programs with externally funded fellowships.

By the way, if you’re counting on student loan deferment for graduate students, make sure that part-time and online students are eligible.

Internal Funding Sources

Colleges and universities that award graduate fellowships get the money to fund them from several sources. Where a school gets its money can depend on whether it’s a private or public college, for-profit or non-profit. Funding for fellowships can come from student tuition and fees, federal and state governments, and endowments, which are funds donated by individuals or an organization.

Postdoc Fellowships

These fellowships are awarded to people who have earned their doctorate degree. A postdoc fellowship allows the PhD holder to acquire additional academic knowledge and research training. Areas a postdoc fellow might undertake include teaching, grant writing, presenting findings to others, and leading projects and other team members.

Postdoctoral fellows are typically paid in the form of a stipend. Both internal and external sources can fund a postdoc fellowship.

Long-term Career Prospects

Fellowships can bolster your resume and get the attention of prospective employers. As a graduate fellow, you’ve shown you’re motivated, disciplined, and serious about your focus of study. You’ve also shown you’re highly qualified and stood out from a pool of other candidates.

Education pays off when it comes to employment. According to the U.S. Bureau of Labor Statistics, people with higher levels of education and advanced degrees typically earn more money and have lower rates of unemployment compared with people who have less education and lesser degrees.

Graduate and postdoctoral fellows can go on to have long-lasting careers as researchers, university professors, expert scholars, writers, and authors. They can also work in their specialty for a corporation, government agency, or at a nonprofit organization.

Recommended: The 14 Best Jobs for MBA Graduates

The Takeaway

A graduate fellowship can help fund your postsecondary education, easing stress and averting debt. You can find fellowship opportunities through your college or university of choice, or through external sources such as foundations and non-profit organizations. The competition for fellowships is steep, but applying early on can increase the chances you’ll be rewarded with one.

3 Student Loan Tips

1. Can’t cover your school bills? If you’ve exhausted all federal aid options, private student loans for graduate students can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.
2. 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.
3. Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

FAQ

Can I have more than one fellowship?

Yes you can, but it may not always be beneficial. Before applying to any external opportunities, check your school’s policy regarding additional fellowships. Some colleges will allow you to have more than one, but they will also look at your whole financial package as well. Schools have the ability to decrease your fellowship amount if you’ve also been awarded another one.

Is a fellowship prestigious?

Quite. Fellowships are merit-based academic awards given to outstanding students that fellowship committees believe will make an important and long-lasting contribution to their field of study. Since there is a lot of competition for these awards, recipients have submitted applications with impressive faculty recommendations, a project or research proposal, and well-written personal statement.

How do you find fellowships for graduate school?

First, check with your specific school to see what fellowships they offer. You can find external fellowships on websites of professional organizations related to your discipline and through databases on sites such as Profellow.com and Bigfuture.collegeboard.org.

Photo credit: iStock/AntonioSolano

SoFi Private Student Loans
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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.

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

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

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.

SOIS1122003

A performing arts college curriculum aims to give students the knowledge, tools, and training to be working artists. Performing arts majors get to study all aspects of their craft and gain practical experience. A degree in the performing arts can give grads a leg up on the competition, through more polished skills and valuable connections in the business.

A wide variety of job options are available within the arts sector. Here, we’ll explain the main types of performing arts degrees, and the kind of jobs available to grads as performers and behind-the-scenes pros.

What Are the Performing Arts?

In the performing arts, an artist uses their body, voice, or a musical instrument to express a story or feelings. Art forms include theater, film, vocal and instrumental music, opera, comedy, dance, puppetry, spoken word, and even magic and circus acts.

The performing arts differ from the visual arts, in which artists express themselves through means such as photography, painting, drawing, and sculpting.

What Are the 4 Main Types of Performing Arts?

Performing arts degrees are typically geared toward one or more of these areas.

1. Drama

Drama includes not just acting, but also speech, stage movement, voice work, theater history, and dramatic literature. Other specialties in the drama category include directing, stage management, playwriting, musical theater, and scene design. Students learn all the elements that go into a theatrical production.

Recommended: What To Expect from Your College Acceptance Letter

2. Dance

Dance aims to communicate emotion, story, and character through the use of movement. Jazz, ballet, tap, and hip-hop are just a few types of dance included in a performing arts program. Dance performances often have musical accompaniment, and the emotions stirred up by the music frequently come through in a dancers’ body language.

3. Music

Music majors are exposed to all facets of music, from playing an instrument to composing and musical directing. In some college programs, singing is also included. All types of music are covered, such as classical, jazz, opera, pop, and folk. Music can be vocal or entirely instrumental.

4. Singing

Singing is defined as the activity of making musical sounds with your voice. Singing is a form of creative expression, merging words and music, that requires talent and training. Singers can perform solo or as part of a group, as in a choir, band, or musical theater. As mentioned above, voice can be part of a music specialty in a performing arts degree program, or fall under the drama category, for musical theater majors.

What Is a Performing Arts Degree?

A performing arts degree is a diploma earned through completing classwork in various disciplines like dance, music, and drama. Curriculums typically combine concentrated theoretical and historical study with performance practice.

Along with the designated coursework, most performing arts programs require students to gain real-world experience under the supervision of a trained professional. This might come in the form of a paid or unpaid internship, such as working as an assistant to a director or to a sound engineer in a recording studio.

Earning a degree in the performing arts shows you’re serious about your craft and dedicated to learning it. It means you’ve studied intensively and are prepared to pursue your talent in a professional way.

What Can You Do With a Degree in Performing Arts?

The world of performing arts offers a wide array of career choices, either in front of an audience or backstage. One of the most common choices is teaching or private coaching. You can do this through a professional school, community organization, after-school program for kids, or on your own.

•   Actors can find work as voice-over artists, stand-ins for principal actors on a film or television production, understudies, stand-up comedians, podcasters, or hosts of live or recorded programs. Actors can also demo products at corporate conferences, become tour guides, or serve as master of ceremonies for events or comedy shows.

   Other possible career paths include becoming a drama therapist, public speaking coach, talent agent, casting director, director, producer, theater or film critic, playwright, screenwriter, dramaturg, stage manager, or arts administrator.

•   Singers can work in musical theater, cabaret, or as a professional member of a chorus or choir. They may aspire to become lead singer of a band or a backup performer for other artists, in live performances or in a recording studio. Singers can also find jobs singing on cruise ships, in lounges and nightclubs, teaching voice, or as songwriters.

•   Musicians can pursue a number of careers, including musical director or conductor, composer, arranger, sound engineer, or music software programmer. There are even music ministers, who work for a religious organization on musical arrangements used in weekly services, weddings, and funerals.

   Jobs for musicians are similar to those open to singers. Options include working as a band or orchestra member, part of a jazz trio, or backup musician during recording sessions. Some musicians find success working behind the scenes, as a talent agent or a tour manager.

•   Dancers can find work as an artistic director for a dance company, a choreographer, or a dance teacher. With additional training, dancers can become movement or fitness specialists, such as physical therapists, personal trainers, or Pilates instructors.

With additional training, a performing artist can become a drama, music, or dance therapist. These professionals help people improve their mental health and well-being by incorporating techniques and exercises in their specialty. For example, a drama therapist might use storytelling or role-playing to help work through behavioral problems and emotional challenges. Other options are included in our list of the best jobs for extroverts.

Can I Get a Performing Arts Degree Online?

Yes, you can, though the opportunities aren’t as plentiful. Because you need hands-on experience to train in the performing arts, learning online is not ideal or beneficial to mastering your craft. For instance, if you’re taking an acting class, learning how to move around a stage, project your voice properly in a theater, and connect with a live audience is much more difficult, if not impossible, to do online.

Some effective online courses are designed for virtual students. Introductory classes offering an overview of the theatrical arts, playwriting, costume design, or music theory can easily be taken online. Enrolling in some online courses can help students get prerequisites out of the way. But there will most likely be courses requiring you to appear in person for practical experience.

Typical Performing Arts Degree Courses

The performing arts courses you’ll take will depend on the speciality you’ve chosen: drama, music, dance, or an interdisciplinary degree that combines elements of two or more specialties. Courses will differ depending on the school you attend and your degree level.

Usually, a performing arts degree curriculum will begin with general education classes. Academic lectures will deal with the theory and history of the performing arts. Practice-based classes focus on technique and craft. Finally, field-based, experiential learning is key.

While pursuing your degree in performing arts, you’ll most likely be able to take elective courses that fall outside your department, such as psychology or political science.

Common Performing Arts Degree Requirements

When it comes to academic requirements, some schools or courses will be more specific than others. Bachelor’s degrees typically take four years to complete if you’re a full-time student. An accelerated performing arts program may require less time.

Most schools require students to complete a mix of classes specifically related to their chosen major. Other foundational courses such as theory, stagecraft, performing arts history, and literature are needed to fulfill the degree requirements.

What Is the Highest Degree in Performing Arts?

As with many other college majors, performing arts degrees range from an associate’s degree to a Ph.D. However, the most common performing arts degree earned in the field is a Bachelor of Arts (BA) or a Bachelor of Fine Arts (BFA). Although less common, some schools award a Bachelor of Performing Arts (BPA).

There is a practical distinction between a BA and BFA in performing arts. A BA program requires more liberal arts coursework (such as English, math, and science). A BFA program primarily consists of courses in creative disciplines, with the ratio strongly favoring creative classes.

Performing arts master’s degrees can benefit individuals who want to advance their expertise or teach at the college level. Ph.D. programs in the performing arts are geared to those with plans to become researchers or tenure-track professors.

Performing Arts Degree Jobs

There are countless occupations within the realm of performing arts. Here are some of the more popular and in-demand jobs:

•   Producer. A producer acts as a behind-the-scenes executive decision maker. Projects include stage, film, and television productions. Duties of a producer include securing funding for the production, managing the budget, making business decisions, and collaborating with the director on hiring talent and crew.

•   Director. These professionals guide a theatrical production from start to finish. Directors are responsible for auditioning and casting actors, instructing the actors during rehearsals, assembling a production team, and supplying a vision for the project and a unique understanding of the text. They may also work with producers to ensure the project proceeds on budget and on schedule.

•   Writer. If you have a talent for writing and take writing courses while pursuing your performing arts degree, you can parlay your skills into playwriting, screenwriting, or reviewing for a media outlet. Writers may start out as a writer’s assistant on a television show and work their way up to becoming a showrunner, the person who oversees all aspects of a series and is often the head-writer. Or, if you focus on drama or music in school, a lyricist can be a satisfying career path.

•   Teacher. There’s always a need for educators in the performing arts. You can become a drama, dance, or music teacher in a school, conservatory, or community setting. If you achieve an MA or MFA, you can be a professor at the undergraduate or graduate level, create your own class, or work as a private coach. Sometimes, experience honed in the field as a working performing artist is more than enough to teach what you know to others, without requiring anything more than a bachelor’s degree.

•   Musician. The world of music offers myriad jobs. As mentioned earlier, if you sing or play an instrument, you can perform in a band, as part of an orchestra, or as a session musician, backing up another artist in a recording studio. Other sought-after jobs in the music industry include making music for video games, guitar technician, piano tuner, or staff musician who performs on cruise ships, at theme parks, and for music production houses that create music for specific clients.

Recommended: Jobs That Pay For Your College Degree

Ways to Pay for a Performing Arts Degree

Paying for a performing arts degree isn’t any different from paying for other college degrees. You can use both federal and private student loans to finance your performing arts education, along with scholarships and grants.

The first place to start is by applying for federal student aid. With the ever increasing cost of college tuition, even middle class students are encouraged to apply for financial aid. The Free Application for Federal Student Aid form (FAFSA®) will help you line up federal scholarships, grants, federal student loans, and work-study programs.

You can find additional grant and scholarship listings at sites such as collegegrant.net, collegescholarships.com or scholarships.com. SoFi also offers a helpful scholarship search tool.

If your federal student aid offer doesn’t cover your cost of attendance, private student loans are also available. Unlike federal student loans whose terms and interest rates are set by the government, private loan terms and interest rates are set by the lender, based on the borrower’s credit history. Private student loan interest rates are usually higher than the rates on federal student loans.

The Takeaway

A degree in the performing arts provides you with the knowledge and skills you need to embark on an artistic career. The four main areas of study are drama, dance, music, and singing, though students may combine courses from different specialties. There is a wide variety of occupations in the artistic arena that can keep you employed while you live a creatively expressive life. Some popular careers include producer, director, screenwriter, teacher, arts administrator, and stage manager. And of course, you may also aspire to become an actor, musician, dancer, or other performer.

3 Student Loan Tips

1. Can’t cover your school bills? If you’ve exhausted all federal aid options, compare private student loans. Private loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.
2. Would-be borrowers will want to understand the different types of student loans peppering the landscape: private student loans, federal Direct subsidized and unsubsidized loans, Direct PLUS loans, and more.
3. Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

FAQ

What are the advantages of earning a degree in the performing arts?

A degree in performing arts can help set you apart in experience and skill level from other artists who don’t have a performing arts degree. Immersing yourself in your chosen major gives you the tools and confidence you’ll need later on. You’ll also be studying under faculty members who are not only valuable mentors but professional connections.

What skills do I need to get a job in the performing arts?

Besides having talent and training, certain attributes increase the likelihood you’ll be successful in your career. Employers in the performing arts sector look for people who are flexible, collaborative, cooperative, disciplined, and resilient. Other important skills include the ability to take direction, being a quick learner, and the ability to manage your time efficiently.

Is a degree in performing arts worth it?

It definitely can be. Extensive study helps lay the foundation for your training early on and lets you build on your natural abilities with practical experience. Working toward a performing arts degree allows you the opportunities to flex your muscles by performing in college productions and working internships outside of school.

These are achievements you can put on your resume that show you’ve already gotten hands-on experience. Graduating with a performing arts degree shows you’re serious about your intentions and have done the intense work to perfect your craft.

Photo credit: iStock/blanaru

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.

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.

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

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

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.

SOPS0622007

As 2023 kicks into gear, now’s the perfect time to refresh your finances, particularly in light of recession and inflation fears that continue to plague us. Hence, we’ve put together this top-of-year financial checklist. Now, admittedly this isn’t an activity that most of us look forward to, but rest assured that completing this checklist will ultimately leave you in a better frame of mind and quite likely a better financial position. Of course, all of our economic situations are unique, so some of these items may be more important than others, and most importantly, it’s best to speak to a trusted financial advisor or money coach about how to ensure you’re well-situated financially. So, without further ado, let’s start this year’s financial planning!

1. Your Budget: Time to Review & Revise

Life is expensive, and given recent inflation trends, it’s only getting more so. To know exactly how much you’re spending (as frightening as that might sound for some), preparing a budget is vital. But it doesn’t end there. It’s also important to track how your actual spending will compare to whatever you’ve budgeted, and when necessary, make adjustments. The start of the year can be a great time to evaluate and determine your desired spending habits, and you can use this guide to various budgeting methods to help you complete the process.

2. Debt: Reviewing Progress & Setting New Goals

If you’re sitting on a lot of debt — credit card debt, in particular — you’re not alone. Year-over-year, credit card balances are up fifteen percent to $930 billion. There is also mortgage debt, personal loans, student loans and auto loans to name a few. Itemize all of them, along with their respective interest rates and minimum monthly payment amounts. You may be able to consolidate some of your debts, though interest rates are on the rise so be sure to examine the terms closely and always read the fine print.

3. Savings: Reviewing Progress & Setting New Goals

The reality is that with so many Americans living paycheck to paycheck , having savings can be a luxury. Nevertheless, it’s important to remember that every little bit counts (especially, thanks to the miracle of compounding interest), and having enough savings on hand can help keep surprise expenses from derailing your financial goals. Any financial adviser will tell you, it’s a good idea to have at least six months of living expenses set aside, just in case, but beyond emergency funds, the impact of long term savings can be pretty profound. As a compound interest calculator will show you, if you were to put away $100 a month starting at age 25, at 6% interest, you’d have nearly $185K in the bank by your 65th birthday. And just doubling that contribution would net you over $370K.

4. Tax Review and 2023 Tax Withholding

It’s a good idea to start collecting and reviewing your statements as tax season approaches, particularly if you experienced any big life changes this year such as marriage, divorce, children, etc. Though taxes aren’t due until April 15, getting an early start on reviewing your documents will give you time to find and address any issues or discrepancies well before the tax deadline. You can do this with your tax advisor or on your own with the help of this tax preparation guide. Furthermore, remember to adjust your tax withholdings according to your changing financial priorities and life events for 2023, and submit an updated W-4 to your employer.

5. Insurance Policies

There are so many different types of insurance these days — health insurance, homeowners insurance, renters insurance, life insurance, disability insurance, auto insurance and many, many more. It’s easy to simply forget about them and just pay the premiums, but you’d be wise to take a look at each and make sure you’ve got the right coverage for the year, particularly if you’ve made any meaningful changes that should be accounted for in the policy — such as changes to your home or expensive items that should be reflected in your homeowners policy, for example.

6. Credit Score & Credit Reports

Americans typically each have three credit reports from three different credit bureaus (Equifax, Experian and Transunion), which document our credit account balances, whether we pay bills on time or miss payments entirely. These reports are used to calculate our credit scores, which in turn are used by financial institutions when determining whether we will qualify for loans and what our interest rates will be. Generally we’re allowed a copy of each of those reports once a year, however the bureaus have allowed consumers to freely pull their reports once a week through December of 2023. It’s important to review the documents at least once a year to ensure that the information on them is accurate, and doing so at the top of the year can give you a clear view of where you stand and how to structure your financial goals for the year. If you do find mistakes, you can dispute credit report errors directly with the credit bureaus. Remember, though these reports may look similar, they don’t all necessarily contain the same information, so be sure to review each one carefully.

7. Your Financial Plan

Last but not least, it’s important to review your long term financial plan at least once a year, and if you don’t have one, there’s no time like the present to get started. A financial planner can help you put this together and it will encompass most if not all of the items we’ve already covered on this checklist. Financial plans help you prepare for life’s big financial moments — both good and bad. We’re talking about student loans, weddings, buying a house, losing a job, writing a will and choosing beneficiaries, and, of course, retirement. All of these goals and challenges can seem insurmountable when we think about them, which is why it’s important to get them out of your head and down on paper. We’ve put together this guide to creating a financial plan to help you get started.

The Takeaway

Staying on top of your budget can be stressful, especially when costs keep increasing. However, there are several money moves you can make to ensure you keep up with your bills and stay on track with your retirement savings. In fact, the top of the year is the perfect time to take stock of your financial situation and reevaluate your budgets and money goals.

If you need a tighter grip on your funds, opening a SoFi Checking and Savings account could be part of your end-of-year financial checklist. Automatic savings features and zero account fees make money management a breeze. Plus, SoFi members get access to free one-on-one career services to help with career transitions.

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SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member
FINRA / SIPC . SoFi Securities LLC is an affiliate of SoFi Bank, N.A. SoFi Money Debit Card issued by The Bancorp Bank.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
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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