Feb
27
2024
What Are the Different Types of Income?

What Are the Different Types of Income?

By | Financial Independence, Life & Career, money | Comments Off on What Are the Different Types of Income?

You may think of your income as being your paycheck or your freelance earnings, but there are actually many different types of income. If you have stocks that are generating dividends, that’s income, as is interest you earn on any savings accounts. Do you own a rental property that has rent payments flowing your way? That’s income, too.

Here, you’ll learn about seven common types of income and how they may affect your financial life.

Key Points

•   Income refers to money earned from labor, investments, or other sources, and can be categorized as earned, business, interest, dividend, rental, capital gains, or royalty income.

•   Earned income includes wages, salaries, tips, and bonuses, while business income is generated from products or services provided by a business.

•   Interest income is earned from interest-bearing financial vehicles like CDs or savings accounts, and dividend income comes from stock dividends.

•   Rental income is earned from property rentals, and capital gains are realized when selling assets for more than their purchase price.

•   Royalty income is earned from allowing others to use your property, such as patents or copyrighted work.

What Is Income?

Simply put, income is money that a person or business earns in return for labor, providing a product or service, or returns on investments. Individuals also often receive income from a pension, a government benefit, or a gift. Most income is taxable, but some is tax-exempt from federal or state taxes.

Another way to think about income types is whether it is active (or earned) or passive (or unearned).

•   Active or earned income is just what it sounds like: money that you work for, whether you are providing goods or a service.

•   Passive or unearned income is money you receive even though you are not actively doing anything to get it. For instance, if you have a certificate of deposit (CD) that earns you interest, that is passive income. Government benefits, capital gains, rental income, royalties, and more are also considered passive income. (We’ll go through these variations in more detail in a minute.)

People who are paid a salary may tend to think that their annual paycheck earnings are their income, but in truth, it’s common for many people to have multiple income streams. Granted, your salary may be by far the largest stream of income, but when considering your overall financial picture, don’t forget to think about the other ways that money comes to you.

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Different Types of Income

Now that you know the answer to “What is income?” question, here’s a look at the various kinds of Income. These are usually categorized as seven different types of income (though these may also be called income streams).

1. Earned Income

Earned income is the money you earn for work you do, either in a job or self-employed. Earned income includes wages, salaries, tips, and bonuses.

Earnings are taxed at varying rates by the federal and state governments. Taxes may be withheld by your employer. Self-employed workers often pay quarterly and annual taxes directly to the government. Low-income workers may be eligible for the earned income tax credit.

2. Business Income

Next up: What is business income? This is a term often used in tax reporting; you may sometimes also hear it referred to as profit income. It basically means income received for any products or services your business provides. It is usually considered ordinary income for tax purposes.

Expenses and losses associated with the business can be used to offset business income. Business income can be taxed under different rules, depending on what type of business structure is used, such as sole proprietorship, partnership, corporation, etc.

3. Interest Income

When you invest in various types of interest-bearing financial vehicles, the return is considered interest income. Retirees often rely on interest income to fund their retirement. You can earn interest from a variety of sources including:

•   Certificates of deposit (CDs)

•   Government bonds

•   Treasury bonds and notes

•   Treasury bills (T-bills)

•   Corporate bonds

•   Interest-bearing checking accounts

•   Savings accounts.

In most cases, interest income is taxed as ordinary income. Some types of interest are fully taxable, while other forms (such as interest from Treasury bonds) are sometimes partially taxable.

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4. Dividend Income

Some companies pay stockholders dividends as a way of sharing profits. These are usually regular cash payments that investors can take as income or reinvest in the stock. Dividend income is one of the most common ways investors can make money from stocks. (Worth noting: Money-market funds distributions may seem like interest, but they are usually considered dividends.)

Dividends from stocks held in a taxable brokerage account are considered taxable income. These funds will be taxed at your regular income-tax rate or as a long-term capital gain. By contrast, dividends that are paid from a stock held inside a tax-advantaged savings account such as an IRA or 401(k) are not taxed.

5. Rental Income

Just as it sounds, rental income is income earned from rental payments on property you own. This could be as straightforward as renting a room in your house or as complicated as owning a multi-unit building with several tenants.

Rental income can provide a steady stream of passive vs. active income. It may enhance your livelihood or even be your main income. When your rental property increases in value, you may also gain from that appreciation and increase in equity. In addition, rental income qualifies for several tax advantages, including taking depreciation and some expense write-offs.

But there are downsides. Owning a rental property isn’t for the faint of heart. Unreliable tenants, decreasing property values, the cost of maintaining and repairing properties, as well as fees for rental property managers can all take a bite out of your rental income stream.

6. Capital Gains

Another important income stream can come from capital gains. You incur a capital gain when you sell an asset for more than what you originally paid for it. For the purposes of capital gains, an asset usually means an investment security such as a stock or bond. But it can also encompass possessions such as real estate, vehicles, or boats. You calculate a capital gain by subtracting the price you paid from the sale price.

There is another key point to know on this topic: Two types of capital gains are possible — short-term and long-term.

•   Short-term capital gains are realized on assets you’ve held for one year or less.

•   Long-term capital gains are earned on assets held for more than a year.

The tax consequences are different for each type of capital gain. Short-term gains are taxed as ordinary income, while long-term capital gains are taxed at a lower rate depending on income. Taxpayers could typically pay 0%, 15%, or 20% on long-term capital gains, depending on their income.

Keep in mind, however, that capital losses can happen too. That’s when a capital asset is sold for less than the purchase price. While it’s never pleasant to experience losses, there can be a small silver lining in this case. Many times capital losses can be taken as a tax deduction against current and/or future capital gains.

7. Royalty Income

Royalty income comes from an agreement allowing someone to use your property. These payments can come from the use of patents, copyrighted work, franchises, and more. An example or two:

Inventors who sell their creations to a third party may receive royalties on the revenue their inventions generate. Celebrities often allow their name to be used to promote a product for royalty payments. Oil and gas companies pay landowners royalties to extract natural resources from their property. The market for music royalties has been particularly lucrative in recent years with the proliferation of music streaming services.
Royalty payments are often a percentage of the revenues earned from the other party using the property. Many things impact how much royalty is paid, including exclusivity, the competition, and market demand. How royalty payments are taxed can also vary, depending on the type of agreement.

Now that you’ve reviewed the seven different types of income, you may be wondering, “What about residual income?” That’s a term that doesn’t actually describe money that’s heading your way. Instead, think of that as the amount of your income left over after you’ve paid your financial obligations. It’s similar to discretionary income. Unfortunately, it’s not another way to enrich your bank account.

Recommended: 10 Personal Finance Basics

The Takeaway

Understanding the seven general income streams (such as earned, dividend, and rental income) can help you make the most of your financial planning. Earning income from any of these sources can add stability and help achieve long-term goals, such as saving for retirement. Because some types of income have unique tax implications, it can be important to check with your tax advisor about any tax consequences that may exist.

Aside from earned income, it’s likely that interest is the kind of income most people receive. And seeking out the best possible interest rate can be a solid way to enhance your money; looking for a high-yield bank account may be a good place to start.

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.


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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.


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.

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Feb
26
2024

Changing Student Loan Repayment Plans: Understanding Your Options

By | Fresh Out of School, Student Loans, student_loan | Comments Off on Changing Student Loan Repayment Plans: Understanding Your Options

Like many Americans, you likely are carrying some student loan debt. While in an ideal world, you’d pay that debt off quickly, we all know that the real world often brings unpleasant financial surprises, unemployment, and drops in disposable income.

If you’ve suffered financial setbacks and are struggling to pay your student loans, you might be exploring options to change your repayment plan, especially now that the suspension of payments that was offered during the pandemic is over.

Will interest rates go up on student loans in 2024? It’s anyone’s guess. But if they do, that could impact how much you pay for your student loan if you refinance or change the repayment plan.

Before you take action, let’s dive deeper into your student loan repayment plan options.

Student Loan Repayment Plan Options

The U.S. Department of Education has several repayment plans for student loan debt that are based on income and family size. If your financial situation has changed since you started paying your loan years ago, you might benefit from changing the repayment plan if you qualify for another type.This could help you have a smaller monthly bill for your student loan debt or pay less in interest over the life of the loan.

Types of student loan repayment plans include:

Standard Repayment Plan

The Standard Repayment Plan is the default plan you were given when you completed your studies and started paying on your loan. The student loan interest rates you’re paying may be fixed or variable, but the plan is set up so that you’ll pay your loans off within 10 years.

The amount you pay each month isn’t based on income or any other factors. If your income hasn’t dipped since you first started paying your loan, this might be your best repayment plan option.

Income-Based (IBR) Repayment Plan

If you have seen a drop in your income, you might be eligible for an income-based repayment plan. To qualify, you’ll need to meet income requirements based on your income and the number of people in your household.

If you qualify, your monthly payment will be 10% of your discretionary income if you’re a new borrower on or after July 1, 2014, and you’ll pay the loan over 20 years.

Income-Contingent (ICR) Repayment Plan

Though the income-contingent plan is similar to the IBR plan, there are differences. With the ICR plan, you will pay the lesser of either 20% of your discretionary income each month, or what you would pay on a repayment plan with a fixed payment over 12 years, adjusted to your income. The ICR plan lasts 25 years, and you must also meet criteria in your income and family size to qualify.

Pay As You Earn (PAYE)

With the Pay As You Earn plan, you will typically pay 10% of your discretionary income and never more than the 10-year Standard Repayment plan amount. This plan lasts 20 years.

Again, there are requirements about how much you can make to qualify.

Saving on a Valuable Education (SAVE) Repayment Plan

The Revised Pay As You Earn (REPAYE) repayment plan has been replaced by the Saving on a Valuable Education (SAVE) Plan. You’ll need to prove eligibility of your income and family size.

With this plan, you’d pay 10% of your discretionary income toward your student loan debt each month over 20 years if all the loans were for undergraduate study and 25 years if any of them were for graduate or professional study.

Recommended: What Student Loan Repayment Plan Should You Choose? Take the Quiz

Can You Change Your Student Loan Repayment Plan?

With rising student loan interest rates and a higher cost of living, you may find it difficult to continue paying your monthly student loan. If your income has dropped, you may be able to change your student loan repayment plan to one of the plans discussed above.


💡 Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.

How Often Can You Change Your Student Loan Repayment Plan?

There’s no cap on how many times you can change your student loan repayment plan. Be aware, though, that every time you do, the interest rate and amount you pay may change. This could be to your advantage if interest rates are low, but if they aren’t, you could end up paying more for your student loan if you change your repayment plan again and again.

Also, reducing your monthly payment may extend the number of years you pay on your loan, which means you’ll pay more in interest the longer you take to repay it. With a 10-year repayment plan, for example, you’d pay less in interest overall than you would with a 25-year plan.

How to Change Your Student Loan Repayment Plan

To change your student loan repayment plan, start by reviewing the income requirements for the repayment plans discussed above. You can also use the Department of Education’s Loan Simulator Tool to find the best repayment strategy.

Once you’ve determined which repayment plan you think is best, log into your student loan provider’s website. There should be information there to help you apply for the student loan repayment plan of your choice.
You may be required to provide proof of income, and you may need to recertify each year to continue with the plan once you’ve been approved.

Your application to change your repayment plan may take some time, so be prepared to continue to pay the previous monthly amount until it is approved. And remember: even if you have an income-based student loan repayment plan, you can always pay extra to pay off your debt faster.

Other Options for Lowering Your Student Loan Payment

There are a few drawbacks to trying to change your student loan repayment plan. The first is if you have private student loans, they won’t qualify for repayment plans offered by the U.S. Department of Education. Repayment plans are reserved for federal student loans only.

The second is if you make too much money, you may not be able to qualify for an income-based repayment plan based on your income and family size. You may still struggle to make those payments, and that could put your credit at risk if you miss a payment or two.

And finally, if you have more than one student loan, juggling multiple payments and paying several different interest rates can be stressful, and you may feel like you’ll never pay them all off.

If you identify with one of these scenarios, one option is to refinance your student loans. Whether you have private or public loans, refinancing them with one new loan helps you drop down to just one monthly payment and one interest rate. Ideally, you’ll pay less in interest overall and be able to pay off your student debt faster.

Keep in mind, though, that if you refinance federal student loans, you lose access to federal benefits, including income-based repayment plans and student loan forgiveness. Make sure you aren’t currently using or planning on using federal benefits before refinancing.


💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.

More Student Loan Refinancing Tips

Take control of your finances by choosing the best strategy to pay off your student loans faster. SoFi’s got refinancing options that can help you fast-track to paying off that debt in a flash.

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

FAQ

Can I change my repayment plan for student loans?

Yes, you can change your repayment plan for student loans by consolidating your loans, refinancing them, or choosing an income-based repayment plan if you qualify. Keep in mind that income-based repayment plans are reserved for federal student loans only.

Can you change your loan repayment plan at any time?

Yes, there’s no limit to how many times or when you can change your student loan repayment plan.

Can I switch IDR plans?

As long as you qualify for a different income-based student loan repayment plan, you are able to switch plans at any time.

Photo credit: iStock/AlexSecret

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.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).


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


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

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Feb
26
2024

Paying Off Student Loans as a Single Parent

By | Family Finances, Student Loans, student_loan | Comments Off on Paying Off Student Loans as a Single Parent
March 26, 2025: The SAVE Plan is no longer available after a federal court blocked its implementation in February 2025. However, applications for other income-driven repayment plans and for loan consolidation are available again. We will update this page as more information becomes available.

Almost one quarter of American children are being raised in a single-parent household, according to the US Census Bureau, Almost 80% are headed by single mothers.

As you might guess, single-parent households may have less financial resources than those with two parents. And if you’re trying to make ends meet for yourself and your child (or kids), it can be hard to stick to your student loan payment plan.

So how can you pay off your student loans as a single parent? This guide can help. You’ll learn about many of the options available. The information you’re about to read can help you make the best choice for handling student loans.

What Are Student Loans?

A student loan is money you borrow for educational expenses, which you must pay back with interest. Loans are unlike scholarships, which are “free money” that you don’t have to pay back.

There are two main types of student loans: federal and private loans.

•   Federal loans: Federal student loans are loans that you borrow from the federal government, or the Department of Education, to pay for college.

◦   Subsidized student loans are awarded on the basis of student need. The government absorbs some of the interest payments on the loan, making it a better deal for students. Typically, the borrower begins to pay these loans back after a six-month grace period post-graduation.

◦   Unsubsidized loans, on the other hand, don’t involve the government shouldering some of the interest payments, and interest can begin to accrue while the student is in school.

•   Private loans: Private loans come from private organizations, such as banks or credit unions. Interest rates are often determined by creditworthiness, which can make them more or less affordable than federal loans depending on your situation.


💡 Quick Tip: Often, the main goal of student loan refinancing is to lower the interest rate on your student loans — federal and/or private — by taking out one loan with a new rate to replace your existing loans. Refinancing makes sense if you qualify for a lower rate and you don’t plan to use federal repayment programs or protections.

Student Loan Solutions for Single Parents

The most important thing to remember is that you have several options as a single parent when deciding how to handle student loans. Below, you’ll get details on parent loan forgiveness, deferral and forbearance, increasing your income, public assistance, scholarships, and refinancing your student loans.

This advice can also be helpful if you’re thinking about paying student loans and starting a family at the same time.

1. Single Parent Loan Forgiveness

While there’s no program that exists explicitly called “single parent student loan forgiveness,” there are some income-driven repayment (IDR) plan options. You won’t have to pay your remaining balance under all four plans if your loans aren’t fully repaid at the end of the indicated repayment period.

There are four different IDR plans (only for federal loans) you can apply for give you a monthly payment based on your income and family size:

•   Saving on a Valuable Education (SAVE) Plan: The new SAVE Plan considers your income and family size to determine your monthly payment. Your payments may be based on a smaller portion of your adjusted gross income (AGI) and are typically designed so that no one with an undergraduate loan has to pay more than 5% of their discretionary income towards their student debt. The government may cover the interest accrued monthly and can keep your balance from growing. The plan typically lasts 20 years for loans received for undergraduate study and 25 years for loans received for graduate or professional study.

•   Pay As You Earn (PAYE) Repayment Plan: The PAYE Plan is a repayment plan with monthly payments about equal to 10% of your discretionary income, divided by 12. Typically, those who can use this plan will never pay more than the 10-year Standard Repayment amount. The term is usually 20 years with PAYE.

•   Income-Based Repayment (IBR) Plan: The IBR Plan is a repayment plan with monthly payments equal to about 15% or 10% (after July 1, 2014) of your discretionary income, divided by 12. With this plan, a student pays loans 20 years if they’re a new borrower on or after July 1, 2014, or 25 years if they’re not a new borrower on or after July 1, 2014.

•   Income-Contingent Repayment (ICR) Plan: You’ll pay for 25 years with the ICR Plan. The ICR Plan assigns monthly payments based on the lesser of:

◦   Your repayment plan payment with a fixed monthly payment over 12 years, adjusted based on your income, or

◦   Twenty percent of 20% of your discretionary income, divided by 12.

•   You may also take advantage of the Public Service Loan Forgiveness (PSLF) Program, which means that if you work for an eligible nonprofit or government organization, you may qualify the remaining balance on Direct Loans after 10 years — 120 monthly payments — under a repayment plan like the ones above for single mom student loan forgiveness.

On the topic of forgiveness, note that President Biden’s targeted student loan forgiveness plan was struck down by the US Supreme Court in June of 2023 and therefore does not offer an avenue to reduce student loan debt.

2. Student Loan Deferral and Forbearance

Single parents may consider applying for student loan forbearance or deferral, meaning that you temporarily qualify for a suspension of your loans. But what’s the difference between the two?

•   In deferment, interest doesn’t accrue on certain loans.

•   Interest does accrue on all loans during a forbearance.

It’s worth mentioning that forbearance changes went into effect in fall of 2023, after there had been a pause since March 2020, as the pandemic unfolded. Student loan interest accrual restarted on September 1, 2023, and payments were once again due starting on October 1, 2023.

In addition to economic hardship, single parents may be able to get a deferment for reasons related to:

•   Cancer treatment

•   Graduate fellowship programs or half-time school enrollment

•   Military service or post-active duty service

•   Parent PLUS borrower with a student enrolled in school

•   Rehabilitation training program

•   Unemployment.

Note that you can only apply deferral and forbearance toward federal student loans, not private student loans. Log in to the Federal Student Aid website to learn more about and apply for various plans under the Department of Education.

3. Increase Your Income

Single parents may consider adding to their income to help make student loan payments or to have extra income on hand. Beyond picking up extra hours at your current job or asking for a raise, you may want to consider picking up a side hustle, renting out an extra room in your house, going back to school to get a better job, or looking for a new job. There are myriad ways to increase your income, especially since you only have one income stream.

Also consider various ways to budget as a single parent.

4. Public Assistance

Public assistance may be one way to help you reserve a pool of money specifically to pay for necessities, including student loan payments.

Public assistance can come in many forms, including food benefits (SNAP, D-SNAP, and WIC for women, infants, and children), home benefits (rental, home buying, and home repair assistance programs), help with utility bills, Temporary Assistance for Needy Families (TANF), health insurance, and disability benefits.

Every state has specific rules about who can qualify for various benefits. Learn more about benefits from your
state social service agencies.

5. Scholarships

If you’re thinking about returning to school as a single parent to increase your income, consider applying for scholarships. This free source of money for college keeps you from having to borrow money for college.

Where do scholarships come from? They can come from the college or institution where you plan to attend, clubs and organizations, your employer, and other sources. Also consider asking your current employer whether they can help you pay for college through educational benefits, such as an employee tuition reimbursement program.

6. Refinance Your Student Loans

When you refinance your student loans, you “repackage” your private and/or federal student loans with a private lender with the goal of lowering the interest rate or accessing a lower monthly payment via an extended repayment term. (Note that if you do extend the term of the loan, you may pay more interest over the life of the loan.)

Also note that you cannot refinance your student loans under the federal student loan program. If you do refinance with a private loan, you will forfeit benefits and protections of federal loans, like IDR payments. To qualify for the best refinance rates, you’ll typically need to have a solid credit history and stable income.

If you currently have private student loans or are thinking of refinancing, shop around to see what offers best suit your situation and your needs.

Helping Pay Student Loans for Single Parents

Certain websites highlight ways single parents can pay for education, including grants and scholarships. For instance, the website SingleMothersGrants.org mentions such resources as:

•   Soroptimist International

•   The Amber Foundation

•   Kickass Single Mom Grant from Wealthy Single Mommy

•   Idea Cafe

•   Halstead Grant

•   Wal-Mart Foundation’s Community Grant Program

•   The Andy Warhol Foundation for the Visual Arts.

Be cautious that you don’t fall prey to fake scholarships; sadly, they do exist. You should never have to pay money to enter a scholarship competition, for example. Nobody intentionally wades into the financial mistakes parents make, so do be wary when looking into ways to finance educational expenses and avoid scammers.

Refinancing Student Loans With SoFi

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.

FAQ

Do single moms qualify for student loan forgiveness?

Yes, single moms can qualify for student loan forgiveness through two main programs: Public Service Loan Forgiveness (PSLF) and income-driven repayment programs. To find out if you qualify for either one of these programs, apply or contact your loan servicer directly for more information.

How do single moms pay off student loans?

If single moms can’t make their student loan payments, they can access various programs through the Federal Student Aid program for federal loans. They can also ask their private lender for more options available to them. Refinancing of both federal and existing student loans is also possible; just know that if you refinance a federal loan with a private loan, you forfeit federal benefits and protections. Also, if you extend the period of loan repayment when refinancing, you may pay more interest over the life of the loan.

Is paying off a student loan considered a gift?

If someone else pays off your student loans, yes, it is considered a gift. This type of gift would churn out a gift tax for any gift above $17,000, the gift exclusion cutoff for 2023. In other words, both parents can contribute $34,000 per calendar year toward a child’s student loans without getting charged a gift tax.

Photo credit: iStock/Drazen Zigic

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


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

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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

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Mindful Traveling: How to Keep Your CO2 Footprint Low While Traveling

By | credit card, Money & Life | Comments Off on Mindful Traveling: How to Keep Your CO2 Footprint Low While Traveling

Whether you’re looking to tour a foreign city, relax on a sandy beach, or hike in the wilderness — there are steps you can take to keep your carbon footprint low and still enjoy your vacation to the fullest.

But first, you’ll want to keep some key facts in mind: Tourism contributes to more than 5% of global greenhouse gas emissions, with transportation accounting for 90% of this. Tourism also puts pressure on local natural resources through over-consumption, often in places where resources are already limited. These effects can gradually destroy the environmental resources that tourism — and local economies —- depend on.

But there is some good news. By prioritizing mindful, sustainable travel, we can minimize the impact of our travels, and potentially even make travel beneficial for the climate and environment, as well as local communities and economies.

Here’s a look at some simple ways to become a more mindful traveler.

What Is Eco-Friendly Travel?

Being an eco-conscious traveler involves making travel choices that minimize negative impacts to the environment, both globally and locally.

It generally involves a little extra prep work, such as researching destinations that promote sustainable tourism, staying in hotels that have environmentally-conscious policies, and choosing more sustainable transportation, dining, and shopping practices.

Fortunately, a growing number of tourists are doing just that. According to a 2023 report from Booking.com, more than three-quarters of travelers want to travel more sustainably, and roughly the same amount want travel companies to offer more sustainable travel choices.

Recommended: Traveling the National Parks on a Budget

How To Reduce Your Carbon Footprint While Traveling

Here are some things you can do to minimize your carbon footprint and CO2 emissions on your next vacation.

Where You Go

Certain cities (like Barcelona and Paris) attract legions of tourists every year, leading to overcrowding — and not always the most authentic travel experience. Consider giving your tourist dollars to an area that is known for its green practices instead.

Ljubljana, Slovenia, for example, was recently voted the greenest city in the EU. You might also consider Palau, which requires visitors to make a sustainability pledge before entering the country, or Costa Rica, which is well regarded for its sustainable tourism.

Going off the beaten path can also mean a more affordable family vacation.

Where You Stay

Hotels and other lodging options generate emissions from energy use. For example, it takes energy to cool and heat rooms, provide warm water for showers and pools, and to keep the lights on. Indeed, hotels in the U.S. alone create 60 million tons of CO2, generate 1.9 billion pounds of waste, and use 219 billion gallons of water every single year.

To reduce your CO2 footprint when traveling, seek out hotels that have environmentally-friendly policies and review their eco credentials and practices before booking your stay. Also consider staying in a locally owned hotel, since they are more likely to source their supplies from the local area.

During your stay you can do your part by reusing towels, turning off lights and air conditioners when you aren’t there, and skipping single-use plastic items.

Recommended: Tips to Cut Costs When Traveling With Pets

Packing Light — and Right

Before you even start your travels, you can minimize your environmental impact. Packing light is not only good for your wallet (no additional checked bag fees) and arms (rolling around two large suitcases through a crowded airport is never fun), heavy suitcases can weigh down airplanes, as well as cars, and cause them to use more fuel.

What you put in the suitcase also matters. Bringing your own reusable water bottles allows you to avoid having to purchase throwaway plastic bottles. You can also choose luggage and other bags that are made from recycled materials to help reduce waste.

Recommended: International Travel Packing List

Getting There

Transportation is the biggests source of greenhouse gas emissions from tourism, so how you get to your vacation has a big impact.

Generally, planes and cars generate the most CO2 per passenger mile, with tour buses, ferries, and trains trialing well behind. Skipping the flight altogether, and opting for a closer destination that can be reached by train or requires a shorter driving distance, can help create a lower carbon footprint vacation.

But if you can’t avoid flying, you can make choices to lessen the environmental impact.

Choosing the most direct flights can not only save you time, but also fuel. Flying economy also lowers your C02 footprint, since flying business emits up to three times more carbon as it takes up more space. This can also lower your airfare.

Other eco-friendly flight moves: Fly during the day versus taking the redeye (there is a heat-trapping effect of contrails and cirrus clouds at night, resulting in a higher greenhouse effect) and book your ticket with an airline that offers a carbon offset program.

Recommended: Where to Keep Your Travel Fund

Getting Around

Once you’re at your vacation spot, you’ll want to walk, use public transportation, or rent bikes as much as possible. Not only are these eco-friendly transportation modes, they allow you to get more exercise and see more of the local area.

Choose Local

Small actions, like eating and shopping at places with locally-sourced food and products, can help lower your C02 footprint when you travel. Eating local cuisine also gives you a chance to experience a new culture through its food. Also consider booking tours with companies with environmental conservation policies that support the local community.

Volunteer to Plant Trees

As they grow, trees absorb carbon from the atmosphere, and can help offset your travel impact. Trees also reduce the amount of stormwater runoff, which limits erosion and pollution in local waterways, and may reduce the effects of flooding. Healthy forests also lead to habitat biodiversity.

To help offset your travel impact, consider volunteering to plant trees while you’re abroad (and also at home). This is a valuable service that benefits the environment, wildlife, and local communities.

Benefits of Reducing Your Carbon Footprint While Traveling

Tourism is responsible for a significant share of global greenhouse gas emissions, and that number is expected to rise. By 2030, CO2 emissions from tourism are expected to be 25% higher than they were in 2016.

But whether you are traveling solo or with your family, you can play a part in keeping that number down. Sustainable travel protects the environment to make sure wonders like coral reefs, rain forests, ancient ruins, and low-lying islands will continue to be around for local residents and future travelers. It also helps support local businesses, economies, and cultures throughout the world.

Examples of Mindful Traveling

There are many ways you can be an environmentally-friendly traveler. Examples of mindful travel include picking a destination that prioritizes sustainable tourism and/or choosing an area that is close to home to avoid air travel or an extensive drive.

You can also practice mindful travel once you arrive at your destination. Consider taking public transportation, walking, and renting bikes to get around and see the sites. If you can’t avoid renting a car, opt for an electric vehicle, if possible.

You can also reduce your CO2 travel footprint by staying in hotels that use renewable energy and have strong sustainability practices. You can do your part by recycling, eliminating food waste, and buying locally-sourced products.

Recommended: 6 Souvenirs You Won’t Regret Buying (and 5 You Might)

Mindful Traveling Tips

•   Do your research. Traveling more sustainably takes effort and planning. You may need to do some searching to find the most direct flights (if you have to fly) and to seek out lodging options that are energy-efficient, as well as affordable.

•   Be a responsible packer. You’ll want to pack light to avoid adding extra weight, and don’t forget refillable water bottles and toiletries.

•   Be a green explorer. Try to use public transportation, walk, or rent bikes to get around, and do your best to shop and eat at local businesses. Also consider staying in one location rather than moving around. This not only allows you to learn more about the culture, but also reduces carbon emissions from hopping from one place to another.

The Takeaway

You can still explore the world and minimize the impact travel has on the environment.

Being a sustainable traveler comes down to a little research. You can lower your carbon footprint by choosing trains and buses over planes and cars, finding lodging that has environmentally-friendly practices, and making eco-friendly decisions during the vacation on what you do and where you eat and shop.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

Wherever you’re going, get there with SoFi Travel.

FAQ

How do I become a mindful traveler?

Becoming a mindful traveler is simply a matter of understanding that all travel has an impact — to the environment as a whole, as well as the local ecosystems and communities.

You can become a more mindful traveler by choosing a destination that promotes sustainable tourism, being selective about your modes of transportation, staying in hotels with eco-friendly practices, and choosing more sustainable practices when it comes to food, shopping, and daily activities.

How do you stay mindful on vacation?

To stay mindful on vacation, you’ll want to be sure you are paying attention and savoring what’s happening in the moment, rather than thinking about work, what you did yesterday, or what you’re going to do tomorrow. Mindful travel also means being aware of, and trying to minimize, the impact your vacation has on the environment, both globally and locally,

Photo credit: iStock/SolStock

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.


Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.


Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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


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

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2024

10 Travel Destinations Inspired by Your Favorite TV Shows

By | credit card, Money & Life | Comments Off on 10 Travel Destinations Inspired by Your Favorite TV Shows

More than ever, travelers are taking inspiration from their favorite streaming and TV shows when choosing their next travel destination — a trend known as set-jetting.

According to recent research conducted by OnePoll for Expedia Brands, over half of travelers say they’ve researched or booked a trip to a destination after seeing it on a TV show or movie, and one in four state that TV shows and films are even more influential on their travel plans than they were before.

From channeling Heisenberg in Albuquerque to figuring out how to be one of the “Last of Us” in Boston, here’s a look at 10 top TV travel destinations across the U.S. and beyond.

10 Travel Destinations Inspired by TV Shows

To recreate the magic of your favorite television shows, consider visiting one of these must-see TV destination sites and cities.

1. Alberta, Canada: The Last of Us

When it debuted in January 15, 2023, The Last of Us took America’s TV-watching audiences by storm — and made for an excellent excuse to visit its filming locations in real life. While the storyline positions characters in American locales like Boston and Jackson Hole, in reality, much of the show was shot in Alberta, Canada. Filming was done both in the region’s major cities, like Calgary and Edmonton, as well as more rural areas that show the vast emptiness of what was left after the fungal brain infection devastated mankind.

Travel bonus: In some situations, you don’t need a passport to cross into Canada by land or sea from the U.S.

2. Albuquerque, New Mexico: Breaking Bad

Given that it first aired in 2008, Breaking Bad is officially an oldie, but still a goodie — and Albuquerque, New Mexico, along with the stunning scenery that surround it, continue to be hot destinations for fans. Within Albuquerque itself, die-hards can visit the Dog House, which is a real restaurant of the same name, as well as the Whites’ car wash, the storefront that served as Los Pollos Hermanos, and much more. In fact, there are guided tours to make the process that much easier for you!

Recommended: Tips For Finding The Top Travel Deals

3. New York City: Succession (and Friends, Seinfeld, Sex and the City, and more)

While New York’s most recent beloved television cameo may arguably be Succession, the town has been the setting of countless TV shows and movies — so no matter where you go in the Big Apple, you’re ripe for some déjà vu from the small screen. For Succession fans, specifically, downtown Manhattan is home to The Woolworth Building — i.e., Rava Roy’s home — as well as the Four Seasons Private Residences, just one of the homes of Kendall Roy. Battery Park, where the show’s famed closing sequence was shot, is also worth visiting even if you’ve never seen a single episode.

4. Okmulgee, Oklahoma: Reservation Dogs

While Okern, Oklahoma — the setting of Reservation Dogs — is fictional, Okmulgee, the town where most of the scenes are shot, is not. Just shy of two hours east of Oklahoma CIty, Okmulgee is indeed within the bounds of a Muscogee (Creek) Nation Reservation, and its name comes from a Muscogee word “okimulgee,” meaning “boiling waters.”

5. Goodwood, Ontario, Canada: Schitt’s Creek

Ew, David! — is fortunately not something you’re likely to say if you visit Goodwood, Ontario, the tiny town chosen to represent the titular setting of Schitt’s Creek. In reality, this middle-of-nowhere burg is located just an hour and a half outside of downtown Toronto, and generously welcomes tourist-fans hoping to step foot into their favorite fictional small town. (Several of the show’s filming locations are marked right on Google maps.) It’s a great example of travel destinations inspired by TV shows.

Recommended: How Families Can Afford to Travel on Vacation

6. London, England: Ted Lasso and Bridgerton

A trip to London puts you amidst tons of TV history, most recently Ted Lasso and Bridgerton. Searches for Richmond in London increased by 160% after season two of Ted Lasso aired, and they doubled after season three aired, according to the Expedia poll. If you’re missing everyone’s favorite coach, you can meander through the town of Richmond in southwest London, enjoy a pint in The Prince’s Head (the setting for the show’s favorite watering hole, The Crown & Anchor), walk Coach Lasso’s street (Paved Court), and kick a ball around Richmond Park.

If you’re on a streaming-inspired vacation, you might next jump on a train from Richmond to Hampton Court. Within an hour, you’ll arrive near Hampton Court Palace where Queen Charlotte: A Bridgerton Story was filmed.

7. Oahu, Hawaii: Lost

Looking for yet another reason to visit Hawaii? If you happen to be a Lost fan, you should know that most of the show was shot on the stunning island of Oahu. (That said, if you’re a serious Lost fan, chances are you do already know.)

Because so many of the show’s gorgeous, heartrending shots were taken in the wilds of the island, those who want the most bang for their buck might want to take a professional tour of Lost film locales. Bonus: These tour operators can also typically point out where other shows and movies, including Hawaii Five-0, Jumanji 2018, and Jurassic World, were shot.

Recommended: Where to Keep Your Travel Fund

8. Seattle, Washington: Grey’s Anatomy

With 19 seasons in existence and a 20th officially on the way in 2024, Grey’s Anatomy is one of the longest-running and best-loved medical dramas on TV — and it’s set in one of the most beautiful and interesting cities in the Pacific Northwest. Aside from just taking in the iconic skyline that regularly flashes across the screen during transitional scenes in the show (including both Mount Rainier and the Space Needle), Grey’s fans can stroll Seattle’s Queen Anne neighborhood (home to Meredith Grey’s “Intern House”), see Seattle Grace Hospital (actually not a hospital but KOMO Plaza), and take a ferry across Puget Sound (like Meredith and Derek often did).

9. Scranton, Pennsylvania: The Office

No self-respecting fan of The Office could ever forget where the series is set — but have you ever considered actually making a pilgrimage to see the town in person? Only about two and a half hours’ drive from either New York City or Philadelphia, Scranton offers fans the opportunity to visit legendary sites like Poor Richard’s Pub and Alfredo’s Pizza Cafe. The Lackawanna County Visitors Bureau has even produced a self-guided walking tour, complete with an illustrated map, for visitors.

10. Taormina, Sicily: The White Lotus

To enjoy the beauty — but hopefully not all the drama — of the second season of The White Lotus, head to Taormina in Sicily, a small island off Italy’s southern coast. While you may want to spend less on your hotel, you can still check out the one used in the show, the Four Seasons San Domenico Palace, which is a former monastery that dates back to the 1300s. From there, you can take in views of the Ionian Sea, an ancient amphitheater, and Mount Etna. You can also tour some of the small villages visited by Harper and Daphne, such as Taormina and Noto. To lie on the actual beach used in the show, you’ll need to take a jaunt to Cefalu on the other side of the island.

Popular Travel TV Shows

While it’s fun to travel to the sites of your favorite comedies and dramas, there are plenty of travel-focused TV shows that can also provide inspiration for your upcoming trip. For example, the late Anthony Bourdain’s Parts Unknown offers twelve full seasons of off-the-beaten-path destinations to explore (and eat your way through), and themed shows, like Booze Traveler, make it easy to sniff out the best cocktails from around the world. The world is literally your oyster — or your oyster shot!

You might also check out The Reluctant Traveler with Eugene Levy (of Schitt’s Creek fame), which follows the self-admitted non-adventurer while he ice floats in Finland, tackles his lifelong fear of heights on a suspension bridge over the Costa Rican jungle, and much more.

If you’re a fan of Rainn Wilson (Dwight Shrute from The Office), you might enjoy Rainn Wilson and the Geography of Bliss. The docuseries follows the actor, who has openly discussed his battles with depression and anxiety, as he travels the globe searching for the secrets to the happiest societies.

Benefits of Travel Destinations Inspired by TV Shows

Traveling is almost always a broadening experience, giving travelers the opportunity to step into other cultures and ways of living. And when you travel in a way that’s inspired by your favorite TV show, the experience is amplified all the more by your emotional connection to the characters on the show. The process can make you feel like you’re part of something bigger than yourself — and like you’re joining your favorite fictional characters in their own world.

Travel Destinations Inspired by TV Shows: Important Tips and Tricks

As much fun as it can be to travel to your favorite TV-inspired destinations, vacations generally don’t come cheap. Here are some of our best tips for how to travel in luxury on a budget, whether you’ll be touring internationally or domestically.

•   Travel with fellow fans. While traveling solo certainly has its pleasures, coordinating your trip with family or friends who share your love for a particular series can be an effective budget travel option. For example, as a group, you might rent a large Airbnb with a pool. Group travel also allows you to split the cost of food, gas, and accommodations for the trip. If your group is large enough, certain tours and attractions might also offer you a group discount.

•   Book travel in advance — but not too far in advance. When it comes to domestic travel, the best prices are usually available between about five to one months before your travel dates. (International fares, on the other hand, are usually cheaper if you plan out a little further.)

•   Redeem your rewards. Consider using your credit card miles or cash back to cover the cost of all — or part — of your trip. You may have racked up enough points to cover your airfare and/or hotel. If you’re part of a hotel reward program, now may be a good time to cash in on a free night. Maybe you have points from renting a car from the same agency every time. Working those freebies and discounts can really pay off.

•   Be flexible with travel dates. The dates you choose for your TV-inspired trip can significantly impact the total cost. If possible, consider traveling during the shoulder season or off season for that location. If you are heading to London (and Coach Lasso’s world), for example, November and February tend to be the most budget-friendly months.

The Takeaway

Looking to plan your next getaway in 2024? Consider traveling to one of the locales of your favorite TV shows to enhance your experience.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

Wherever you’re going, get there with SoFi Travel.

FAQ

What is the most trendy travel destination?

Top travel trends for 2024 include:

•   Rest and relaxation This year, it’s less about fitting as many international cities into a two-week trip as possible and more about slowing down. Travelers are increasingly looking to travel as a way to invest in their physical and mental health.

•   Backyard travel After a post-pandemic surge in international travel, people are now scaling back their travel ambitions and focusing more on their own backyards — meaning destinations within a reasonable driving distance. The high cost of travel is also a contributing factor.

•   Destination dupes A trend newly popularized on TikTok, travelers are looking to swap overly touristy and pricey places with less pressured, cheaper alternatives — aka “destination dupes.” Dreaming about the Greek isles? You might try Tarpon Springs, Florida. Longing to visit a quaint German town? Helen, Georgia may fit the bill.

Who is the biggest travel influencer?

In today’s hyper-online world, new influencers appear (and drop out) of the popular conversation every day. In 2024, some of the most popular travel influencers include Jack Morris (@doyoutravel), Chris Burkard (@chrisburkard), and Lauren Bullen (@gypsea_lust).

What is an example of a film tourism destination?

One of the most famous film tourism locations is Scotland, where countless Harry Potter fans make a pilgrimage each year to visit the filming locale of their favorite movies. From the craggy Highlands to the stone-lined streets of Edinburgh, fans will easily recognize many scenes from their favorite shots.

Photo credit: iStock/denisav

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.


Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.


Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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


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

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Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

✝ 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.

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