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Nov

2023

What Is a Hybrid Account?

By Janet Siroto | Budgeting & Goals, Financial Independence, money | No Comments

About 95% of Americans have a bank account, and many people have both a checking and a savings account. Sometimes, though, there may be advantages to what is considered a hybrid account, offering the best of both worlds (or at least some of the benefits of each).

For instance, you might have the ease of access that you get with a checking account: Hello, debit card! And you might also earn a higher interest rate, the way you might with some savings accounts vs. checking.

Financial institutions may offer different versions of hybrid accounts. Read on to learn about some of the most common features so you can decide if a hybrid bank account is right for you.

Defining the Hybrid Account

There are a variety of bank accounts available to consumers. And the type of accounts people are drawn to will depend on their financial goals, situation, and how they choose to organize their finances.

A hybrid account can merge the features of both checking and savings accounts. Here’s a bit more about hybrid accounts:

• A hybrid account is one that combines the perks of a checking account with features of an interest-bearing savings account. Instead of linking your checking and savings account, they’re basically functioning as one cohesive account.

• A hybrid account allows access to your money on a day-to-day basis, like a checking account would. That can mean that you may get a debit card to use with it.

• On the flip side, it allows your money to grow the way it might in a savings account.

Of course, every financial institution is different, and each might have a different approach to crafting a hybrid bank account. But the main gist of a hybrid account is that it’s a bank account that bears some resemblance to a day-to-day checking account and a long-term savings account.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.00% APY, with no minimum balance required.

Different Types of Accounts

To understand what can make a hybrid account a useful tool, it’s helpful to first understand the features and pros and cons related to traditional checking and savings accounts and then compare.

Checking Accounts

Checking accounts usually allow you to deposit money, write checks, or use a debit card to pay for goods and services. There are typically no withdrawal limits, and you can often link a checking account to other accounts and credit cards. It might be the account you use to pay recurring bills each month, like a car loan or student loan payment.

Banks may pay you interest on the money that sits in your checking account. However, regular checking account interest rates are typically low, with an average rate of 0.06%.

These rates don’t always catch up with the national inflation rate, which is currently about 3.7%. That means your money is actually depreciating in value while it sits in the account. In the long term, this may not make checking accounts a particularly good place to park a lot of cash.

Checking accounts may also charge fees for the services they offer, such as monthly maintenance fees.

Savings Accounts

Savings accounts are another type of deposit account that you can open with your financial institution of choice. They usually earn some interest, with the current standard savings account earning about 0.46%.

However, high-yield savings accounts are an alternative to traditional accounts; they may sometimes offer interest rates of 4% or more. Higher-interest savings accounts can help you beat inflation so your money doesn’t lose value by growing at a slower rate than inflation. You may find these accounts offered at online banks vs. traditional ones.

Savings accounts are generally appealing because they are a separate place to store money you don’t necessarily want to use on day-to-day expenses. For example, it could be a good place to keep your emergency fund or even to save for a vacation or a move across the country.

However, there are some downsides to savings accounts, too. A few to note, which may or may not apply to only the high-interest variety:

• They sometimes don’t allow consumers to use them for direct payments.

• There may be restrictions on the number of savings account transactions you initiate every month.

• There may be restrictions such as a balance cap that sets a limit on the amount of money on which you can earn a high rate.

• There could be a minimum opening deposit and ongoing balance requirements to earn the higher interest rate. Or, if you fail to meet the amount, you might be assessed a minimum balance fee, which could offset the extra interest you’re earning.

If you’re considering this as an option, you may want to look closely at the fine print when choosing your savings account.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Hybrid Accounts: the Details

Hybrid bank accounts will often take benefits from checking and savings accounts and combine them into one account. A hybrid account may allow you to use checks or a debit card for day-to-day transactions, while still offering the interest rates typically associated with a savings account. Hybrid bank accounts are often more likely to be offered by online vs. traditional banks.

Traditional brick-and-mortar banks must pay for their storefront locations, the people who staff them, and ATMs. They may do so by charging more and/or higher fees and paying lower interest rates, while online banks can often afford to drop fees and pay higher rates.

You may hear the term money market account (or MMA) used by some financial institutions when describing their hybrid accounts. Keep in mind that this is different from a money market fund, which is a type of investment.

Introducing SoFi Checking and Savings

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 up to 4.00% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

SOBK1023015

Nov

2023

What Are Variation Margins? How Do They Work?

By Rebecca Lake | Growing Wealth, invest, Investing | Comments Off

Margin variation is money needed to maintain margin level in a margin account. Variation margins serve as collateral or security against potential losses. Another way to think of it is as unrealized profit or loss in open derivative positions.

When a margin account balance drops below the brokerage’s specified limits, the brokerage can extend a margin call to request a futures variation margin payment. If a trader does not have the funds to meet the margin call, the brokerage may sell securities in their account to make up the difference.

What Is Variation Margin?

Variation margin is a collateral payment made by one party to a counterparty to cover any change in value of underlying assets used in futures contracts.

Traders may make these payments on a day-to-day or intraday basis as directed by the clearing house. Variation margin serves as a risk management tool for the clearing house. By collecting these payments, the clearing house can sustain its targeted risk level while allowing traders to have margin debt in their accounts.

💡 Quick Tip: Are self-directed brokerage accounts cost efficient? They can be, because they offer the convenience of being able to buy stocks online without using a traditional full-service broker (and the typical broker fees).

Margin Trading Basics

To understand variation margins, it’s helpful to review some of the basics of margin trading. When an investor trades on margin, it essentially means they’re trading using borrowed money. So, for example, an investor who wants to purchase futures contracts may invest 50% of their own money and borrow the remaining 50% from their brokerage.

In exchange, the brokerage requires investors to maintain an initial margin, maintenance margin, and variation margin amount in liquid funds. Each one represents a different balance threshold. Margin accounts require investors to meet the minimum requirements.

Recommended: How Does a Margin Account Work?

How Do Variation Margins Work?

Variation margin works by filling gaps in margin account balance levels. When trading futures, variation margin allows clearing houses to continue facilitating trades while managing risk. Understanding stock volatility can help with understanding how variation margin works.

Equity prices fluctuate as volatility ebbs and flows in the markets. Changing prices can directly affect investor profits or losses, and trading equity derivatives on margin can amplify those profits and losses.

Variation margins work by accounting for changes in the prices of financial securities being traded. Traders make these payments, typically in cash, from the party who lost value to the party that’s gained value in a margin transaction. The amount due depends on the type of security being traded, expected price movements for that security and overall market conditions. That’s why it’s called variation margin, as the amount may vary from transaction to transaction.

Variation Margin Example

Here’s a simple example of how variation margin works. Assume an investor purchases 100 shares of stock for $30 each. The initial margin for the purchase is set at 50%. This would mean the broker would need to have $1,500 in their account at all times in order to make trades (50% of 100 x $30). Meanwhile, the maintenance margin is $1,000.

If the stock’s share price were to fall to $20, then the brokerages would deduct $1,000 in losses from the initial margin balance. Now the initial margin balance is $500. The new initial margin amount required becomes $1,000 (50% of 100 shares x $20 per share). So the investor would have to add $500 to their account as a variation margin payment to meet the new initial margin requirement.

Increase your buying power with a margin loan from SoFi.

Borrow against your current investments at just 11%* and start margin trading.

*For full margin details, see terms.

Variation Margin Calculation

Calculating variation margin depends on the type of security being traded and its price movements. So it’s something that must be done on a transaction-by-transaction basis, since every security is different.

But there is a simple variation margin formula that can be used for calculations:

VM = Initial margin – Margin balance

So to calculate variation margin, an investor needs to know three things:

• Initial margin requirement

• Maintenance margin requirement

• Current price of the underlying security

Finding variation margin means doing some math to determine how much the new initial margin requirement works out to when the price of the underlying security drops. But as the previous variation example illustrates, it’s not overly complicated.

Initial Margin vs Variation Margin

Initial margin and variation margin are often mentioned together when discussing margin trading but they’re not the same thing. Initial margin refers to the amount of money an investor can borrow inside a margin account.

Regulation T of the Federal Reserve Board allows investors to borrow up to 50% of the purchase price of securities being traded on margin. Though some brokerages may require a larger deposit to satisfy initial margin requirements.

Initial Margin	Variation Margin
Money that must be paid upfront to purchase securities on margin	Money that’s paid when a security being traded on margin loses value
Paid in cash prior to purchasing securities	Paid daily or intraday, typically in cash
Federal regulations set at initial margin at a minimum of 50% of the security’s price, though brokerages may set the amount higher	Amounts due for variation margin can depend on the type of security, its price movements, and market conditions.

Variation Margin and Maintenance Margin

Maintenance margin is another term often used in discussions of margin trading and it’s often used synonymously with variation margin. The maintenance margin represents the minimum amount of equity a trader must maintain in a margin account at all times. Equity is the difference between the value of securities held in the account and any amounts owed to the brokerage.

Under Financial Industry Regulatory Authority (FINRA) rules, maintenance margin must be at least 25% of the total market value of margin securities being held. Brokerage firms set the bar higher, however, requiring investors to meet a 30% or 40% margin maintenance requirement.

The maintenance margin is not the same thing as minimum margin. Minimum margin is the minimum amount required to open a margin account. FINRA requires this amount to be $2,000 or 100% of the purchase price of margin securities, whichever is less.

💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.

The Takeaway

To recap, variation margin is a collateral payment made by one party to a counterparty to cover any change in value of underlying assets when discussing futures contracts. It’s a fairly high-level concept, and many investors may not need to worry much about it, or even encounter it if they stick to a relatively simple investment strategy.

With that said, margin trading can potentially yield significant returns for investors, though it has more risks than traditional trading. Understanding variation margin and margin requirements can help traders manage that risk.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Is variation margin a derivative?

Variation margin is not a derivative, but is a factor in derivatives markets. It’s one of the chief types of collateral that is required to protect investors or other parties in the market.

Is variation margin the same as mark to market?

Variation margin is a type of collateral, and is determined, in part, but the size of a party’s exposure in a trade – that, too, depends on mark-to-market value of the derivatives at play. As such, the two are not the same.

Can variation margin be negative?

It is possible for variation margin to be negative, and in that case, it would mean that there’s been a loss.

Is variation margin collateral?

Variation margin is a type of collateral, and is payment made by one party to a counterparty to cover any change in value of underlying assets used in futures contracts.

Why is variation margin important?

For investors or traders, variation margin is important as it informs them of the amount of funds that they need to solidify margin levels in order to trade.

Photo credit: iStock/Prostock-Studio

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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.

Claw Promotion: Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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Nov

2023

What Is a Margin Loan? Definition & Examples

Margin Loans: Definition, Examples, Pros & Cons

By Samuel Becker | Growing Wealth, invest, Investing | Comments Off

Margin loans are a type of loan that an investor takes out from a brokerage to buy investments. An investor typically borrows from a brokerage if they don’t have the cash balance in their trading account to cover the cost of a trade or investment – so, they use credit from their brokerage to cover the costs.

While there are risks associated with using margin and margin loans, they can also increase an investor’s purchasing power and bolster potential returns.

What Is a Margin Loan?

A margin loan is a loan from your brokerage to pay for securities that you can’t cover with cash. Similar to any other loan, you must apply for the account and be approved before you can borrow funds; and your brokerage will charge interest on any funds you borrow.

Having a margin account by definition enables you to take out a margin loan (the two are synonymous in many ways). Having the flexibility to buy securities on margin gives many traders the ability to take positions they might not have been able to afford otherwise. In fact, margin loans are a cornerstone to putting together effective day trading strategies, for advanced investors.

💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.

Understanding Margin Loans

Understanding margin trading can be tricky, but for the average investor, all you really need to know is that a margin loan is essentially a short-term financing solution. If you want to buy securities, but don’t have the cash in your account, your brokerage may allow you to buy those securities using credit. It’s similar to a line of credit, in that way.

So, that’s what margin debt is: The result of a margin loan, in which a trader borrows money to buy securities.

How Margin Loans Work

While we’ve mostly been discussing margin loans in terms of trading and investing, they could be used for any purpose. But almost always, a margin loan is used to buy securities.

As for the process of how they actually work: A margin loan is more or less like any other loan. To get one, you’ll need to apply and qualify for margin on your brokerage account (typically called a “margin account”).

Margin Accounts and How They Work

Like other forms of lending, margin loans have strict criteria. In addition, these accounts are governed by industry regulations as well as the policies of individual institutions, so be sure to understand how your desired margin account works. Each brokerage has different rules and eligibility requirements, and FINRA, for example, also requires you to deposit a minimum of $2,000 or 100% of the security’s purchase price, whichever is less. This is the “minimum margin.” Some firms may require you to deposit more than $2,000.

If you’re approved for a margin account, you’re able to trade using a margin loan — up to a certain amount. According to Regulation T of the Federal Reserve Board, you may borrow up to 50% of the purchase price of securities that can be purchased on margin.

This is known as the “initial margin.” Some firms require you to deposit more than 50 percent of the purchase price. (Also be aware that not all securities can be purchased on margin. Only those deemed “marginable” can be traded on margin.)

If you have $5,000 in your brokerage account, and you want to buy Stock X, which is valued at $50 per share, with a 50% margin you could buy 50% more than your cash balance: 200 shares instead of 100. But half of those (100 shares) would’ve been purchased on margin — so, you’d need to settle up your account at some point, if or when you decide to sell your shares (hopefully for a profit).

Increase your buying power with a margin loan from SoFi.

Borrow against your current investments at just 11%* and start margin trading.

*For full margin details, see terms.

How Margin Interest Works

The other important thing to remember about margin loans is that they are, like pretty much all loans, subject to interest charges. Your brokerage is going to charge you for the money you borrow.

Margin interest is a big topic unto itself, but the key takeaway is to know that you’ll be on the hook for paying your brokerage back for the money you borrow, plus interest charges.

You’re probably thinking: “Can I avoid paying margin interest?” The answer is that it depends on how fast you can pay your margin balance back. Most brokerages will charge interest by the day and add the charges to your account monthly. So, if you have cash or can sell securities and pay your balance off before interest accrues, it’s possible.

💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.

Margin Loan Pros and Cons

Marginal loans can be highly useful for traders and investors. But like almost any financial instrument, margin loans have their pros and cons.

The biggest upside of margin is that it can open up a new swath of investing choices for traders. That means increasing their buying power, and allowing them to buy securities that may have otherwise been too expensive. This can increase potential profitability, too.

Conversely, traders who aren’t careful can’t quickly find themselves in debt if one of their trades backfires.

There are also interest charges to consider, as discussed. And if things really go sideways, some traders may experience a “margin call,” which is when your brokerage sells your assets without warning to settle up or get your account balance back within its requirements.

Here’s a quick rundown:

Margin Loans: Pros & Cons

Pros	Cons
Increased trading capacity	Traders can accumulate debt
Traders can buy pricier securities	Interest charges
Increased potential gains	Potential margin calls

Typical Margin Loan Rates

Margin loan rates, or, the interest rate charged by a brokerage for using margin, vary. Brokerages make the information available to traders and investors, so finding what types of margin loan rates you’re subjected to usually just requires a little research (or a call to your broker).

As mentioned, a brokerage will probably charge different interest rates depending on your overall margin balance, and how much you’ve borrowed. Lower balances are typically charged higher interest rates.

Here are some hypothetical examples: Let’s say Brokerage ABC’s margin interest rates vary between 4% and 8%, depending on the trader’s balance. Traders using up to $24,999 in margin will be subject to the highest interest rate (8%), whereas traders with more than $1 million in margin debit are subject to the 4% rate.

Brokerage B, however, has a different scale, with traders in margin debt up to $24,999 subject to 8.5% interest, and those with balances between $500,000 and $999,999 subject to 6.5%.

So, while brokerages do vary in what they charge for margin loan rates, they tend to be similar. To know your exact rate, contact your brokerage, or look up the current rate schedule on the company’s website.

The Takeaway

Margin loans are similar to any other type of loan, but are typically used for the purpose of buying stocks or other securities. Once you’ve applied for and been approved for a margin account, which is akin to adding a line of credit to your existing brokerage account, you’ll have the flexibility to buy more investments than if you were relying only on cash.

That said, you’re on the hook for repaying the money you’ve borrowed, with interest. If you’ve made a profitable investment, this shouldn’t be a problem. But if you invest in Stock X on margin, say, and the price drops, you would still owe the full amount you’d borrowed to buy the stock, plus interest.

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Can you withdraw a margin loan?

Yes, it’s possible to withdraw a margin loan, although the specifics will depend on an individual brokerage, as will any applicable interest charges.

Are margin loans a good idea?

Margin loans can be useful for many investors and traders, and whether or not they’re a good idea will depend on the specific individual considering taking one out. They do have risks, but upsides, too.

How do I pay back my margin loan?

The simplest ways to pay back margin loans are to either deposit cash into your brokerage account to get the balance back to zero, or to sell holdings that will result in a positive or neutral balance.

How much collateral is required for a margin loan?

The collateral required to take out a margin loan depends on a specific brokerage, but it’s not uncommon for brokerages to require somewhere between 30%, 40%, or 50%.

What happens if you can’t pay back a margin loan?

If you can’t pay back a margin loan, the brokerage will likely reach out to see what can be done, or lock you out of your account. Further, it could end up liquidating securities in your portfolio in order to cover the debt.

Photo credit: iStock/Sergey Nazarov

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SOIN1023012

Nov

2023

Understanding the Parent Plus Loan Forgiveness Program

Understanding Parent Plus Loan Forgiveness

By LeeMarie Kennedy | Fresh Out of School, Going to College, Student Loans, student_loan | Comments Off

Parent PLUS loan forgiveness provides financial relief to parents who borrowed money to cover the cost of their children’s college or career school. It isn’t always a quick fix, but there are certain federal and private programs that might offer the financial assistance needed to help them get on track.

Keep reading to learn more about what the available student loan forgiveness possibilities are for Parent PLUS loans.

Are Parent Plus Loans Eligible for Student Loan Forgiveness?

Parent PLUS loans are eligible for several of the same student loan forgiveness programs as federal student loans for students, including:

• Borrower Defense Loan Discharge

• Total and Permanent Disability (TPD) Discharge

• Public Service Loan Forgiveness (PSLF)

That said, Parent PLUS loans generally have fewer repayment options. The Parent PLUS loans do not qualify for the SAVE program or other income-driven plans. And guidelines are strict for the few programs that parent loans are eligible for.

Refinancing is another option for Parent PLUS loan borrowers — applying for a new private student loan with an, ideally, lower interest rate. That said, some lenders offer less flexibility for repayment and the fine print can be lengthy, so there’s an inherent risk associated with refinancing Parent PLUS loans.

It’s worth noting that refinancing a PLUS loan will eliminate it from any federal repayment plans and benefits.

💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.

Parent Student Loan Forgiveness Program

Parents who are on the hook for student loan debt can also qualify for student loan forgiveness. A Parent PLUS loan may be eligible for Parent Student Loan Forgiveness through federal programs that include Income-Contingent Repayment and Public Service Loan Forgiveness. Other forgiveness options may also be available through the state.

Income-Contingent Repayment (ICR)

An Income-Contingent Repayment plan, or ICR plan, is the only income-driven repayment plan that’s available for Parent PLUS borrowers. In order to qualify, parent borrowers must first consolidate their loans into a Direct Consolidation Loan, then repay that loan under the ICR plan.

Bear in mind:

• A Parent PLUS loan that’s included in a Direct Consolidation Loan could be eligible for Income-Contingent Repayment.

• A Parent PLUS loan that’s included in the Federal Direct Loan Program or the Federal Family Education Loan Program (FFELP) is also eligible for ICR if it’s included in the Federal Direct Consolidation Loan.

The ICR plan is a repayment plan for Direct loans. Monthly payments are the lesser of (1) what you would pay on a repayment plan with a fixed monthly payment over 12 years, adjusted based on your income, or (2) 20% of your discretionary income.

Typically, the IRS considers canceled debt a form of taxable income, but the American Rescue Plan Act of 2021 made all student loan forgiveness tax-free through 2025 on federal returns. Some states will tax student loan forgiveness amounts; check with your accountant to be sure.

Public Service Loan Forgiveness (PSLF)

Borrowers with Parent PLUS loans may be eligible for the Public Service Loan Forgiveness Program. In order to pursue that option, they must first consolidate the Parent PLUS loan into a Direct Consolidation Loan.

Then, after they’ve made 120 qualifying payments (10 years’ worth), borrowers become eligible for the PSLF. The parent borrower (not the student) must be employed full-time in a qualifying public service job. PSLF also has strict requirements such as certifying employment, so it’s important to follow instructions closely if pursuing this option.

Student Loan Forgiveness for Death of Parent

Federal student loans qualify for loan “discharge” when the borrower dies. In the case of Parent PLUS loans, they are also discharged if the student who received the borrowed funds dies.

In order to qualify for federal loan discharge due to death, borrowers must provide a copy of a death certificate to either the U.S. Department of Education or the loan servicer.

Some, but not all, private lenders discharge student loans after the student or loan holder dies.

Recommended: Can Student Loans Be Discharged?

State Parent PLUS Student Loan Forgiveness Programs

Many individual states offer some sort of student loan repayment assistance or student loan forgiveness programs for Parent PLUS loan borrowers.

For an overview of options available in different states, you can take a look at The College Investor’s State-by-State Guide to Student Loan Forgiveness . For information on student loan and aid available take a look at the SoFi guide on state-by-state student aid available for borrowers.

Disability

In the event of the borrower becoming totally and permanently disabled, a Parent PLUS loan may be discharged. To qualify for a Total and Permanent Disability (TPD) discharge , borrowers must complete and submit a TPD discharge application, as well as documentation showing that they meet the requirements for being considered totally and permanently disabled.

Note that in order to qualify for TPD, the parent borrower must be considered disabled. This type of forgiveness does not apply to Parent PLUS loans in the event that the student becomes disabled.

Bankruptcy

If a borrower can demonstrate undue financial hardship upon repaying the student loan, they might be able to discharge their Parent PLUS loan. Note: Having student loans discharged in bankruptcy is uncommon. Proving “undue hardship” varies depending on the court that’s granting it, but most rulings abide by the Brunner test, which requires the debtor to meet all three of these criteria in order to discharge the student loan:

• Poverty. Maintaining a minimal standard of living for the borrower and their dependents is deemed impossible if they’re forced to repay their student loans.

• Persistence. The borrower’s current financial situation will likely continue for the majority of the repayment period.

• Good faith. The borrower has made a “good faith” effort to repay their student loans.

Closed School Discharge

For parent borrowers whose children attended a school that closed while they were enrolled or who withdrew from the school during a “lookback period” of 120 days before its closure, a Closed School Discharge is another available form of student loan forgiveness.

If your child’s school closes on or after July 1, 2023, and you meet the eligibility requirements for a closed school discharge of your loans obtained to attend the closed school, you will generally receive an automatic closed school discharge one year after the date the DOE establishes as the school’s official closure date. This discharge will be initiated by DOE, and you will be notified by your loan servicer.

Although this closed school loan discharge is granted automatically after one year has passed since the school’s closure, you can always apply for and receive a closed school discharge as soon as the school’s official closure date is confirmed by the U.S. Department of Education. If your child 1) attended a school that closed less than one year ago, 2) meet the eligibility requirements for a closed school discharge, and 3) want your loans discharged, contact your loan servicer about applying for a closed school discharge now instead of waiting for one year to receive an automatic closed school discharge.

Borrower Defense

Borrower Defense Loan Discharge is available to Parent PLUS borrowers whose children were misled by their college or university or whose college or university engaged in certain forms of misconduct or violation of state laws.

To make a case for borrower defense, the Parent PLUS borrower must be able to demonstrate that their school violated a state law directly related to their federal student loan.

💡 Quick Tip: Federal parent PLUS loans might be a good candidate for refinancing to a lower rate.

Alternatives to Parent Plus Student Loan Forgiveness

When it comes to Parent PLUS loans, there are a few ways to get out of student loan debt legally, including the scenarios outlined below.

Refinance Parent Plus Loans

Refinancing a Parent PLUS loan is another option that could provide some financial relief. In doing so, you’ll lose the government benefits associated with your federal loans, as briefly mentioned above, such as:

• Forbearance options or options to defer your student loans

• Choice of repayment options

• Student loan forgiveness

Refinancing a Parent PLUS loan into the dependent’s name is another option, which some borrowers opt for once their child has graduated and started working. Not all loan servicers are willing to offer this type of refinancing option, though.

Transfer Parent Plus Student Loan to Student

Transferring Parent PLUS loans to a student can be complicated. There isn’t a federal loan program available that will conduct this exchange, and, as mentioned above, some private lenders won’t offer this option.

Some private lenders, like SoFi, allow dependents to take out a refinanced student loan and use it to pay off the PLUS loan of their parent.

Explore Private Student Loan Options for Parents

Banks, credit unions, state loan agencies and other lenders typically offer private student loans for parents who want to help their children pay for college and refinancing options for parents and students.

Refinancing options will vary by lenders and some may be willing to refinance a Parent PLUS loan into a private refinanced loan in the student’s name. In addition to competitive interest rates and member benefits, SoFi does allow students to take over their parent’s loan during the refinancing process. Interest rates and terms may vary based on individual criteria such as income, credit score, and history.

The Takeaway

Parent PLUS Loan forgiveness offers financial relief to parents who borrowed money to help their child pay for college. To receive federal relief for Parent PLUS loans, parent borrowers can enroll in an Income-Contingent Repayment plan, pursue Public Service Loan Forgiveness, transfer their student loan to another student, take advantage of a state Parent PLUS student loan forgiveness program, or opt for private student loan assistance or refinancing.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

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.

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.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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.

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 .

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.

Photo credit: iStock/DragonImages
SOSL1023010

Nov

2023

Pets and the Holidays: How America Spends

By SoFi Editors | Budgeting & Goals, Family Finances, money | Comments Off

It’s not your imagination: America is pet-crazy. Two out of three households have a pet, and as the holidays roll in, these furbabies are increasingly part of the planning.

Perhaps they occupy the center of the holiday card (wearing a cute Xmas sweater… or an ugly one), travel with their pet parent to Grandma’s house, or receive a pile of presents.

Consider these pet spending statistics: Last year, consumers spent almost $137 billion year-round on their animals, an increase of 11% year over year. Could this spending soar still higher as the winter holidays unfold?

To learn more about this trend, SoFi surveyed 1,200 pet-owning adults from coast to coast in October 2023. Here, you’ll learn more about how animals are making the season more magical and memorable… and how they are being gifted with holiday goodies.

For starters, did you know the following pet spending statistics?

• 70% of people typically buy their pets gifts. Of those, more than a quarter (27%) spend more than $100 on gifts.

• 89% plan to dip into their wallet in some way to maximize their pets’ holiday joy.

Read on to learn the full story on pet owners’ habits and their holiday spending statistics. You may be surprised!

Holiday Joy: Pets Play a Major Role

The holidays are all about togetherness, whether that means watching a game, baking holiday treats, or watching “A Charlie Brown Christmas” on heavy repeat. But SoFi’s survey revealed that people love sharing the season with their pets.

In fact, more than one in four respondents (27%) say they can’t stand the idea of spending the holiday season without their pet by their side. If they can’t take their four-legged friend with them, over the river and through the woods, they might even wish they could just stay home!

So, how do pet owners celebrate the holidays with their pets? Besides getting them gifts, including pets in holiday photos is a popular choice for many (58%), as is putting up decorations, such as stockings, personalized for their pet (47%).

“Why include pets in holiday traditions? It’s simple — these traditions create bonding moments,” says Chris Allen, founder of Oodle Life, a pet blog . “One year, Max actually unwrapped his own gift, a squeaky toy, and the joy on his face was priceless. It not only made our day but also made us feel more connected as a family, furbaby included.”

How Pet Owners Include Their Pets in Their Holiday Celebrations

Here’s are respondents’ favorite ways to include pets in their holiday celebrations:

• 70% get holiday pet gifts.

• 58% include pets in their holiday photos.

• 47% have personalized holiday decor for their pet (such as a stocking or ornament).

• 45% make a special holiday meal for their pet.

• 40% dress up their pets in holiday attire (such as sweaters and hats).

• 40% let their pet be a taste-tester when cooking or baking holiday meals.

• 30% take their pets to holiday events.

• 28% bake holiday treats for their pets.

It just may be that the pet owners who forgo gifts for their critters are taking the extra time to bake holiday biscuits for them.

Including pets can help bond a family. “Our furry friends are integral family members, and holidays just aren’t complete without their spirited participation,” says Dr. Mollie Newton, DVM, founder of pet care resource site, PetMeTwice, “My own whiskered sidekick has his own stocking, which hangs proudly beside the family’s every December.”

Pets Dress the Part for the Holidays

Is there anything cuter than a grumpy cat in a Santa hat? Or a pooch dressed up to look like Max from “How the Grinch Stole Christmas?” Not really! And when pet people party, you can bet most will deck their pet out in special garb: 68% dress up their pet for holiday celebrations.

So let’s take a closer look at exactly how pet people like to deck out their dogs, felines, and other beloved pets for the holidays.

Pet Owners Go Big for Holiday Gifts

The vast majority of pet owners will likely go holiday gift shopping for their furry companion, and we wouldn’t be surprised if they wrapped the present and put it under the tree. After all, owners want pets’ holidays to be jolly and joyful, too.

Pet Holiday Wish Lists

About those presents: Many of these aren’t just random impulse purchases. Nearly half of pet owners (46%) say their pet has a holiday wish list. And almost one in five (18%) say their pet’s list is longer than their own!

The SoFi survey revealed that 70% of people typically buy their pets gifts. Wondering how much people spend on their pets? Consider this: Of those who dip into their wallets, more than a quarter (27%) spend more than $100. Talk about pampered pets! This year, 75% of pet owners plan to buy their pets gifts, so the numbers appear to be growing.

Overall, two key factors are likely to impact how much people spend on pets: their earning power and whether or not they have kids.

Household Income Plays a Bigger Role in Pet Gifting

According to SoFi’s research, the more financial means a person has, the more likely they are to go big on gifts for their pets. Perhaps if they are used to buying themselves more luxurious items, they may be more inclined to do the same for their animal. There are designer dog clothes, for instance, costing hundreds of dollars per garment.

Who Spends More Than $100 on Gifts for Their Pets?

In short, as income rises, so too does spending on gifts for our furry friends:

• 42% of respondents with a household income of $100,000 and up spend more than $100 on pet gifts.

• Only 12% of respondents with a household income under $100,000 spend more than $100 on pet gifts.

39% of Dual-Income Families With Kids Plunk Down $100+ on Pet Presents

Among pet owners, you might think that dual income families who don’t have kids would spend the most, overall, on holiday gifts for their pets. Think again. The SoFi survey uncovered surprising stats on pet gifting:

Dual-income families with kids actually spend more on pet gifts than those families with no kids.

• 39% of dual-income families with kids spend more than $100 on pet gifts.

• 21% of dual-income families with no kids (DINKs) spend more than $100 on pet gifts.

Perhaps seeing how much joy pets bring kids has an impact: It might encourage parents to dip into their wallets more deeply.

Overall, Families With Kids Spend More on Their Pets

Nearly everyone aims to celebrate the holidays affordably, but a much-loved pet may encourage people to spend more freely during the festive season.

More than eight out of 10 (82%) pet owners spend at least $25 more than usual on their pets during the holidays. Some spend still more freely, with 34% of SoFi survey respondents doling out at least $100 more than their norm.

Families With Kids Spend More on Their Pets

Just as kids inspire families to splurge on pet gifts, they also appear to inspire holiday pet spending overall.

Pet owners with kids tend to spend more on their pets during the holidays:

• 46% of dual-income families with kids spend at least $100 more.

• 35% of single-income families with kids spend at least $100 more.

• 30% of dual-income, no kids households (DINKS) spend at least $100 more.

• 23% of single-income, no kids households spend at least $100 more.

While 43% of pet owners say: “My pet is spoiled so I splurge on them during the holidays,” it probably comes as no surprise that those with kids say this most often:

• 78% of families with kids agree with this statement.

• 22% of families with no kids relate to this statement.

Nearly Half Budget Ahead of Time for Holiday Pet Spending

When the holidays approach, many pet parents assess how much they have to spend for the holidays. Whatever type of budget they use, there’s a good chance it includes funds to make the season special for their animals.

Interestingly, nearly half know how much they will spend on their pets for the holidays and sock that money away in advance — that’s good financial planning in action. Here are the details:

• 49% say “Yes, I know how much I’ll spend on my pets and put that money aside for holiday spending.”

• 51% say “No, I don’t plan for how much I’ll spend on my pet during the holidays.”

Note: No word on how much pets are planning to spend on their parents….

Generally, pet parents take a number of different pet-related costs into consideration during the holidays. It’s not just about squeaky toys and catnip, after all. It’s about photos with, say, Molly, the beloved guinea pig, front and center. Yes, nearly half of our respondents budget for holiday photos with their pet. And more than one out of three pet owners account for the cost of getting their pet groomed for the season. Got to look sleek for those pictures, right?

What Holiday Expenses Do Pet Owners Budget For?

Take a closer look at where the dollars go. Aside from holiday gifts, pet owners told SoFi that they plan for the following costs:

• 45% budget for taking holiday photos.

• 38% budget for getting their pet groomed for the holidays.

• 38% budget for seasonal veterinary needs.

• 35% budget for bringing their pets along when they travel for the holidays.

• 33% budget for buying holiday attire for their pet(s).

• 26% budget for boarding or care for pets because they’re booking holiday travel without their animal.

How to Spoil Your Pet… Without the Debt

Just because many SoFi survey respondents may spend lavishly on their pets over the holidays (as many Americans do), that doesn’t mean they abandon their financial savvy and become bad with money. They apply the same money-smart tactics for their pet purchases as they do for their own gear. Coupon clipping? Check. Signing up for emails that might bring rewards? You bet.

How Pet Owners Save on Pet Holiday Spending

Here’s how they make the most of their cash during the holidays:

• 62% say they use coupons to help save money on holiday spending for their pets.

• 48% say they subscribe to pet company marketing emails to scan for deals.

• 40% get money-saving tips from friends and family.

• 24% say they follow influencer recommendations (yes, petfluencers can really have pull).

Sometimes Naughty, Always Loved

Much as people adore their kitties, rabbits, and dogs, let’s face it: The answer to “Who’s a good boy?” is not always “You are!” Pets can be rascals — chewing shoes, shredding upholstery to ribbons, and leaving muddy pawprints.

Indeed, while many pet parents will be rewarding their good boys (and girls) this season, not all critters may deserve their gifts.

In fact, 22% of pet owners surveyed by SoFi say they’d put their pet on the naughty list.

What Pet Owners Dread the Most During the Holidays

What’s more, the holiday season gives animals ample occasion to run wild. You know the drill: cats deciding to climb the Christmas tree, or a dog dragging lovingly prepared food off the table (Remember how “A Christmas Story” ended?).

Here’s what the SoFi survey respondents had to say on this aspect of the holidays with pets.

What do pet owners dread most during the holidays?

• 37% of respondents say it’s their pet knocking over the Christmas tree or knocking ornaments off the tree.

• 27% say it’s their pet tearing open gifts early.

• 26% say it’s their pet stealing food from the table or counter.

• 24% say it’s their pet misbehaving around family and friends at gatherings.

• 17% say it’s untangling their pet from holiday lights.

Holiday Pet Safety Also a Concern

Amid all the revelry, pet parents are also focused on keeping their animals safe. After all, most people know facts like poinsettia being mildly toxic to dogs. Here’s how SoFi survey respondents feel about protecting their critters, because happy holiday pets are healthy holiday pets.

Almost one in four (23%) worry about needing to use pet-safe holiday decorations. The same percentage fear their pooch might get sick because friends and family overfeed them or slip them slices of forbidden foods just because, hey, it’s the holidays.

Here’s another source of anxiety for pet parents: being separated from their animal companion during the season. Nearly one-third of them worry about having to travel without their pet. They want to make sure wherever they are over the holidays, they have their furbaby right by their side… or in their lap.

“Involving our pets in our holiday celebrations helps us all feel a little more connected during the holiday seasons,” says Devin Stagg, Marketing Manager at dog-training provider, Pupford. “While I think they enjoy the treats and toys, I believe the greatest benefit is to the pup parent!”

Pets Inspire the Spirit of Giving

If anyone needs further proof that pets are really and truly part of the family, take note. Pets have a way of inspiring gift giving across the generations. Few can resist giving them a little treat, whether that’s a fancy organic dog biscuit or a cat teaser.

61% say their kids give gifts to their pets far the holidays

According to SoFi’s survey, among families with children, 61% say their kids give gifts to the pet. And grandparents love their grand-furbabies, with almost one in three putting a pet present under the tree.

Pets themselves are often a favorite gift, too: 39% of pet owners say they’ve given someone else a pet as a holiday gift. Of those, 36% say they spent more than $100 on the pet, and 5% say they spent more than $1,000.

Takeaway

It’s no secret that Americans love their pets, and so when the holidays roll around, those animals get lavished with love, gifts, and special treatment. SoFi’s survey of 1,200 pet owners in October 2023 uncovered just how much people splurge on their furbabies, what they buy, why, and how pets can leave their imprint (or pawprint) on the holiday season.

When budgeting for the holidays — whether shopping for people, pets, or any other seasonal expense — having the right banking partner can make a difference. A solid financial institution can help give you the tools to make the most of your money.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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Alternatives to Parent Plus Student Loan Forgiveness

Refinance Parent Plus Loans

Transfer Parent Plus Student Loan to Student

Explore Private Student Loan Options for Parents

The Takeaway

Pets and the Holidays: How America Spends

Holiday Joy: Pets Play a Major Role

Pets Dress the Part for the Holidays

Pet Owners Go Big for Holiday Gifts

Household Income Plays a Bigger Role in Pet Gifting

39% of Dual-Income Families With Kids Plunk Down $100+ on Pet Presents

Overall, Families With Kids Spend More on Their Pets

Nearly Half Budget Ahead of Time for Holiday Pet Spending

How to Spoil Your Pet… Without the Debt

Sometimes Naughty, Always Loved

Holiday Pet Safety Also a Concern

Pets Inspire the Spirit of Giving

Takeaway

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