SoFi

Heading off to college is hands down one of the most thrilling times in a young person’s life. It’s the chance to get to know yourself and your passions, close the childhood chapter of your life, and prepare for the future ahead.

But, before you can do all that, you’re going to need to pack.

Not quite sure what to bring and what to leave behind? Don’t worry, we’re here to help with a college packing list that covers all the essentials from dorm room needs to toiletries and beyond.

What to Pack for Campus Life

Hang on — before we dive into this list, we need to discuss the all-important first step every student should take in their college essential checklist planning, and that’s to reach out to your new roommate.

Once you know who that is going to be, it’s a good idea to reach out and get a feel for their likes and dislikes, how you can work together on a decor theme for the room, and if you can split the cost for shared goods, like microwaves, mini-fridges, or any other items you may share along the way.

Once you know what your roommate is responsible for you can get on your way to make your own checklist.

Shower and Toiletry Needs

Packing up for college means compartmentalizing everything in your daily life. And, for most people, their days begin with a shower. Here are a few of the items needed to set students up for a hygienic semester ahead.

Shower caddy: This is a very important base. Because students will likely be sharing communal showers, they will need to cart their goods back and forth to the bathroom, so a sturdy caddy is key.

Bathrobe: On a related note, you’ll be traversing back and from the bathroom for showers. A bathrobe makes it easy to cover up.

Washcloths and towels: This isn’t an item students will want to share. Purchase a few matching sets in a unique color so students always know which color is theirs.

Flip-flops: Again, students will likely be sharing communal showers with many other students. Avoid any potential foot fungus with a simple pair of flip-flops.

Toiletries (Shampoo, Soap etc): Keep it clean from head to toe with shampoo and conditioner. For an added bonus, try a shampoo bar, which will dissipate when it’s done, leaving no plastic bottle pollution behind. Pick up your favorite scent before heading off to college so every time you open the bottle you are reminded of the sweet smell of home.

Toothbrush and toothpaste: It’s easy to pick up a simple toothbrush at any pharmacy, but students could also level-up with an electric brush, or even go for a subscription-based brush so they never have to remember when to replace the brush heads.

Deodorant: Students will be living in close proximity to one another, making it important to stay on top of hygiene and smelling nice. Look for a signature deodorant scent before leaving home.


💡 Quick Tip: SoFi offers low fixed- or variable-interest rates, so you can get a private student loan that fits your budget.

School and Office Supplies

While decorating a dorm room is fun, remember that the whole reason you’re there is to study. That being said, don’t forget these necessary school supplies to make your study life easier.

Headphones: Yes, headphones can be used for entertainment, but they can also be a valuable tool in a student’s office supply area too. That’s because, again, you will be sharing a small space with another person, so finding peace and quiet may be difficult for study and work time. But, it’s nothing a good pair of noise-canceling headphones can’t fix.

Memory cards or USB flash drives: Students will likely need to transport data files from home to printer, to class, or delivered straight to a professor. Have a few of these handy just in case.

Laptop: Though a typically expensive item, a laptop is critical for a college or university education. It’s how students can get their work done in the dorms, in class, or anywhere in between without having to head to the library for free computer use every time they need the internet. Some schools may have recommendations for laptops based on programs and the requirements for processing power or software.

School Supplies: Sure, the high-tech stuff above is great, but make sure to kick it old school too and purchase a few pens, pencils, highlighters, index cards, and notebooks so you can jot down notes, ideas, and more whenever you need to or if your computer runs out of battery.

Thinking about your current study habits can be a good place to start when evaluating what school supplies you’ll need as you head off to university. Don’t forget textbooks!

Surge protector and extension cords: Because there will likely be multiple students using up all the plugs in a dorm room, it’s a good idea to purchase a surge protector and a few extension cords to protect the electricity from overload.

Recommended: College Freshman Checklist for the Upcoming School Year

Kitchen Supplies

While you may have a meal plan or eat most of your meals out, having a few kitchen supplies can come in handy for when you don’t feel like cafeteria food or don’t have time to run out and grab something.

Microwave: A microwave can be a college student’s culinary best friend. Find a sturdy one that can handle reheating food and drinks, or even cook up entire meals.

Mini-fridge: Another college kitchen staple is the mini-fridge. Make sure it’s big enough for two roommates and all their in-room dining needs.

Dishes: College students need something to eat off of. Pack up a small collection of plates, cups, bowls, and cutlery before move-in day.

Food containers: Save any leftover goodies with some plastic food storage containers. Keep it simple with a few stackable options.

Coffee maker: College kids deserve to have coffee on tap, but the next best thing is remembering to pack a good coffee maker. Prefer tea? An electric kettle may be your new best friend. Review school policies on having electric appliances in a dorm room.

Room Needs

When packing for college, you’ll want to remember the dorm room essentials to make sure you’re comfortable and cozy while away at school.

Under-bed storage: College dorms can be tight. The average dorm room clocks in at just 180-square feet. With under-bed storage, you’ll be able to bring more items from home without taking up additional space.

Pillows: Take a few pillows to college — a few functional pillows for sleep and another couple of throw pillows for added flare.

Linens: Students should check with their college or university for their dorm room bed sizing, but odds are it’s a twin or twin XL. Get two sheet sets so students have one to wash and one to make the bed at all times.

Mattress pad: Dorm room beds aren’t exactly known for being the most comfortable things on earth. But, an easy way to upgrade student bedding is to purchase a mattress pad or feather bed.

Recommended: College Planning for High School Students

Cleaning Supplies

Going to college means students will now have to fend for themselves, and that goes for household chores too. Here are a few items all students need to get the job done right.

Laundry detergent: Find a favorite scent and stick with it. A good idea may be to find a detergent that works for both colors and whites to eliminate the need for multiple detergents.

Vacuum: Keeping a dorm room tidy is easy with a small vacuum. Even a dust buster will do.

Paper towels: Stock up on paper towels to clean up any accidents or to double as napkins when needed.

Wipes: Keep cleaning simple by purchasing a few canisters of wet wipes and use them regularly to disinfect surfaces.

Recommended: Using Student Loans for Living Expenses and Housing

Preparing to Pay for It All

Looking at this list, it’s clear that getting everything on your college packing list can get expensive. But, rather than stress about if you can afford cleaning supplies, linens, and office supplies, students can financially plan for what’s ahead by looking into all their college funding options, which may include savings, grants, scholarships, work-study, and federal subsidized and unsubsidized loans.

If you still have funding gaps, you may also want to consider applying for a private student loan. These are available from banks, credit unions, and online lenders. Students who have good credit (or cosigners who do) typically qualify for the best rates and terms. Just keep in mind that private student loans don’t offer the same protections, such as government-sponsored forgiveness programs, that come with federal loans.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

The Takeaway

Getting ready for college requires a lot of planning, packing, and organizing. To create your ultimate packing essentials list, think about your current day to day routine — what items do you use the most frequently?

It can be helpful to break the items on your packing list up into categories like school supplies, bedroom, kitchen, and bathroom so that you can compartmentalize and review smaller pieces at a time. With all your essentials in hand, you can shift your focus to choosing the right major or finding ways to pay for college.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What should you bring to a college visit?

For a college visit, bring a notebook and pen, comfortable walking shoes, a camera or smartphone for photos, a list of questions, and a map of the campus. Dress appropriately for the weather and wear something you feel confident in.

What should I get for a college dorm?

For a college dorm, get a comfortable pillow, a set of sheets, a desk lamp, a power strip, a mini fridge, a microwave, a laundry basket, a shower caddy, and some storage bins. Add a few personal items to make it feel like home.

What are the essentials to bring to college?

Essentials for college include a laptop, textbooks, comfortable bedding, a mini fridge, a microwave, toiletries, a first-aid kit, a planner, and comfortable clothing. Don’t forget a few sentimental items for a touch of home.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

SOISL-Q325-003

An income share agreement (ISA) is a type of college financing in which you repay the funds you receive using a fixed percentage of your future income. While ISAs can be useful for some students who lack other funding options, it’s important to fully understand how these agreements work, since you can potentially end up owing significantly more than you borrow.

Read on for a closer look at income share agreements, including their pros and cons, who might consider them, and how they compare to other types of college financing.

What Is an Income Share Agreement?

With an income share agreement (ISA), you receive money to pay for college and contractually agree to pay it back using a fixed percentage of your post-graduation income for a set period of time. ISAs are offered by some colleges and through several private lenders.

The income percentage and terms of an ISA will vary depending on the lender. Typically, the repayment percentage will range between 2% and 10% of the student’s future salary, and terms can be anywhere from two to 10 years.

Unlike other types of student loans, ISAs do not accrue interest. However, students commonly end up paying back more than the original amount that they borrowed.

How Income Share Agreements Work

Typically, you start repaying an ISA after you leave school and pass a specific income threshold, often $30,000 to $40,000 per year. If you earn less than the threshold in any month, you can waive your requirement payment that month. Some ISAs will count months in which you earn less than the minimum salary toward your repayment term, while others will extend the length of your loan.

You can typically exit your ISA at any time, provided you’re willing to pay the maximum repayment cap for your plan upfront.

With an ISA, your payment rises when your salary rises. However, the repayment term and total repayment amount are usually capped. The cap is the most you’ll have to repay under your ISA. With many plans, though, the cap can be as high as two (or more) times what you borrowed.

Income Share Agreement Example

To illustrate how an income share agreement might work, let’s say you sign an ISA agreement for $10,000 with the maximum number of monthly payments of 88, an income percentage of 4%, an income threshold of $30,000 (or $2,500 per month), and a payment cap of $23,000.

In this case, you would pay 4% of your income for any month you earn at least $2,500 and continue to do so until you make 88 payments or pay a total of $23,000 — whichever comes first. If you only earn the minimum, you will end up paying back $100 a month for 88 months for a total repayment of $8,800 (which is less than what you borrowed). However, if you make $55,000, you’ll pay $183 per month for 88 months, for a total repayment of $16,133, which is $6,000 more than you borrowed.

Keep in mind that the income percentages, terms, and repayment caps can vary considerably from one ISA provider to the next.

Recommended: How to Pay for College With No Money Saved

The Advantages of Income Share Agreements

Some of the pros of income share agreements include:

•   ISAs typically do not require a cosigner or good credit, so they can be easier to qualify for than other types of financing.

•   Payments won’t exceed a certain percentage of your monthly income.

•   Your ISA contract could expire years earlier than a traditional student loan.

•   Schools that offer ISA programs are incentivized to help you earn the highest paying jobs.

•   Depending on your future income, you may end up paying less than you would pay with a traditional student loan.

Potential Pitfalls of Income Share Agreements

There are also some significant cons to ISA loans that you’ll want to keep in mind:

•   In some cases, the ISA provider will cap payment more than twice the amount you receive.

•   Unlike other types of student loans, there’s uncertainty regarding how much your loan will cost.

•   In many cases, an ISA could cost more over the long run when compared to federal or private student loans.

•   Income-driven repayment plans are already an option with federal student loans, and federal loans also offer the potential for student loan forgiveness.

•   ISAs are not widely available and may be restricted to certain majors or programs.

Who Should Consider An ISA?

Income share agreements can end up being costly, especially if you enter a high-earning field and the ISA has a high payment cap. However, you might consider looking at ISA if:

•   You’ve maxed out federal loan options but are unable to qualify for private student loans.

•   You have a poor credit score and would receive high rates on private student loans.

•   Your school offers an ISA with reasonable terms and a low payment cap.

•   You’re planning to earn a degree in a field that doesn’t have steep salary growth potential.

If these scenarios don’t apply to you, you’re likely better off using federal student loans to pay for higher education, or even private student loans if you have good credit. Before signing up, you’ll want to compare your options side by side and run the numbers to see which is the better deal.

Recommended: Private Student Loans vs Federal Student Loans

Considering Private Loans

You generally want to exhaust all your federal financial aid options before considering other types of debt, but if you’re looking to fill gaps in your educational funding, it may be worth considering private student loans before signing an ISA.

Private student loans are only offered through private lenders, and come with either fixed or variable rates. For borrowers with excellent credit, rates may be relatively low. Unlike federal loans, however, undergraduate private student loans often require a cosigner. The cosigner is an adult who agrees to take full responsibility for your student loans if you default. Cosigners are almost always required by private lenders since undergraduates have not had much time to develop a credit history.

If you expect to have a high salary after graduation and/or can qualify for a low rate on a private student loan, you could end up paying less than you would for an ISA.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

An income share agreement, or ISA, is an agreement between the borrower and the school or a lender that states the borrower will receive funds to pay for college and then repay those funds based on a certain percentage of their future salary for a set amount of time.

While ISAs may sound like a different type of college funding, they are, essentially, loans. And in many cases, you will end up paying back significantly more than what you borrow.

Generally, you would only want to consider ISAs after exhausting any undergraduate federal student loans and aid available to you. It’s also a good idea to compare ISA offers with traditional private student loans before deciding on the best funding option for your situation.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is an income share agreement?

An income share agreement (ISA) is a financial contract where a student receives funding for education in exchange for a percentage of their future income for a set period. It’s an alternative to traditional student loans, offering flexible repayment based on earnings.

Are income share agreements worth it?

Income share agreements (ISAs) can be worth it for students who need funding and prefer flexible repayment terms based on future income. However, they may be more costly in the long run compared to traditional loans, so it’s important to compare options and understand the terms.

Are income share agreements tax deductible?

Income share agreements (ISAs) are generally not tax deductible. Unlike student loans, payments made under an ISA are considered a share of income rather than debt repayment, so they do not qualify for the same tax benefits. Always consult a tax professional for personalized advice.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

SOISL-Q325-004

As a parent, learning how to communicate with college students can be a challenge. Adjusting to college is an emotional transition for the whole family, but keep in mind that this is an important phase in a young adult’s life that helps to prepare them for the real world.

To help keep the lines of communication open, it can be a good idea to set up regular calls and do your best to support your child without nagging. If you maintain a strong connection without overdoing it, they might even divulge more of the good times, and you’ll be able to share in the full experience of their new adventure.

Here are some tips for parents on how to stay close with college students, even if they now live many miles away from home.

Tips for Communicating with College Kids

Be Their Ally

It’s tempting to want to make sure your kid is taking care of themselves: Are they eating enough vegetables? Are they making friends? Are they partying too much?

Your parental instincts are inevitable, but you’ll want to avoid nagging. Try to be their ally instead. Of course, it’s important to check in on them and make sure everything’s okay, but you’d be surprised to find that the more freedom you give them to make their own decisions, the more they may share with you.

Recommended: College Freshman Checklist for the Upcoming School Year

Let Them Know They Can Talk to You

Along with being their ally, it’s also important for them to feel comfortable talking to you about more serious things. College is a major transition and many incoming students struggle with the adjustment.

If they are unhappy at their new school, they may be considering the possibility of transferring schools. It can be a good idea to make sure your child knows that they can talk to you about anything. That’s what parents are for, after all.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Utilize Technology

Video chat is an incredible tool that wasn’t around back when parents were in college. These days, there are seemingly endless options to connect via video from FaceTime to Zoom to Google Hangouts and more. Video calls can be especially helpful for students who are far away from home.

If your child is not one to call you every day, you could set up a time once a week to catch up.

What to Talk About

Talking to your child will, of course, come naturally. However, it’s always nice to have some topics in your back pocket to refer to.

Academics

While it may be forgotten among all the exciting aspects of college, taking advantage of the incredible educational resources on campus, studying, and getting a solid education are some of the main reasons for attending university.

Without overwhelming your student, remind them that grades could have an impact on their plans after graduation.

Play to Your Strengths

While we’re on the topic of academics, you can also get involved in your child’s studies, if they ask for help. Aside from reminding them to focus, you can help them choose classes for their first semester, reread some Nietzsche or Aristotle along with them, or offer to be a second set of eyes for their papers. When they are choosing their major, you could help them realize what it is they’re passionate about.

Finances and Budgeting

There are some things you may want to periodically bring up with your student that they likely won’t enjoy talking about, which involves money management, including student loans and budgeting. While these might not be on anyone’s list of the best ways to communicate with college students, it’s your duty as the parent to remind them.

It can be a good idea to have an ongoing dialogue about student loans — including both federal student loans and private student loans — and educate them on how not to make their debt even higher.

This is a conversation that can begin in high school when making the decision on which college to attend and what the financial impact will be for them and for you in the years to come.

As for budgeting, know that many young adults make financial mistakes in their early twenties. It’s okay — mistakes allow students to learn and adjust their habits moving forward.

However, if you can teach your student good spending habits, especially if this is their first time with a credit card, they’ll be thankful to you in the long run.

Recommended: How Do Student Loans Work?

Future Plans

You may have a son or daughter who has dreamed of going to med school since they were little, but most students are unsure of what they want to do with their futures or what life after graduation will look like. This might be a common thread throughout their four years in college.

Find ways to make this conversation exciting and optimistic without asking the question they’ve heard a million times: “What do you want to do with your life?” The truth is, they might not know, even upon graduation, and that’s okay.

If they are considering graduate school, it could be useful to discuss what’s involved financially. Will they need additional student loans for grad school? Will you be able to help with any costs?

While these are just some guidelines on how to communicate with college students, ultimately, the best approach for you and your child depends on your relationship and your personality.

It’s recommended for a parent to find a healthy balance between staying involved and being overbearing. You can watch with pride from a healthy distance and still experience this exciting time in your child’s journey through young adulthood.

The Takeaway

The transition to college can be an overwhelming one for both students and their parents. While your student is building their new life at school, you may find it challenging to keep in touch with them. Try setting a time for a weekly catch-up session with your child. Be open and honest with them and make sure they know that they can come to you with any questions, concerns, or issues they may be facing at school.

In addition to providing advice and guidance, you may also be helping your child pay for school. If your financial aid package (which may include grants, work-study, and federal loans) isn’t enough to cover the costs, you might also consider private student loans. If your child hasn’t yet established much credit, you will likely need to be a cosigner. Or, you might consider a private parent student loan.

Just keep in mind that private loans don’t offer government-sponsored protections, like forgiveness or forbearance, that come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What are some ways I can maintain a relationship with my college-aged child?

To maintain a relationship with your child in college, stay connected through regular check-ins, use technology like video calls and messaging apps, be a supportive listener, encourage their independence, and respect their need for space and new experiences.

How often should you call your child in college?

You can aim to call your college-aged child once or twice a week to stay connected without being overbearing. This allows you to check in and offer support while respecting their newfound independence and busy schedule.

What is the best way to communicate with college students?

The best way to communicate with college students is through a mix of video calls, text messages, and emails. Use their preferred method, be flexible, and keep conversations brief and supportive to respect their busy schedule.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

SOISL-Q325-002

Going to college is an exciting adventure, but it can also be incredibly nerve wracking, especially as a college freshman. With so much new and unknown ahead of you, it’s easy to let the stress build.

Being prepared for what’s ahead could help alleviate some of the first-year worries. This checklist is filled with things that you can do to prepare for your freshman year, starting with things like filling out the FAFSA, getting your packing list and school supplies together, and preparing financially for your life on campus.

Checklist for Preparing for Freshman Year

Acclimating to life on campus can be a big transition. Fortunately, there are things you can do to smooth the way before you even arrive.

Registering for Classes

Registration will likely take place before you get to campus for the school year. Some schools have freshman register during orientation, which gives them the opportunity to connect with an on-campus advisor. Once enrolled, check out the syllabus for each class to help you gauge expectations and determine what books and supplies you’ll need.

Recommended: 5 Ways to Start Preparing For College

Order Books and Other Supplies

Once you’re registered for classes, you’ll likely have a good idea of the books and supplies you’ll need. Cut costs on college textbooks by ordering used copies or renting the book.

Touching Base With Your Roommate

If you’re going to be living with a roommate, it’s a good idea to reach out to them before you get to campus. Open the lines of communication so you can discuss things like who’ll bring what. This is someone you’ll probably be spending a lot of time with, so establishing a friendly relationship, setting roommate guidelines, and discussing how you’ll share expenses with your roommate are important.

Packing for College

Making your college feel like home may take some careful preparation. To create the ultimate college packing list, think of things you use regularly that you’ll need on-campus. This might include clothes, bedding for your mattress, towels, toiletries, and more. Some schools may have restrictions on certain items, such as candles, so read any guidelines provided by the residential life office at your school.

Don’t forget to pack the supplies you’ll need for classes — depending on your course of study, this may include things like books, a computer, a calculator, and lab safety equipment.

Preparing Important Documents

Make sure you have identification information like your driver’s license or passport. Make a copy of your health insurance card so you’re prepared in the event of any issues.

Filling Out the FAFSA

The Free Application for Federal Student Aid, better known as the FAFSA®, is the application students fill out each year to apply for federal financial aid, including grants, scholarships, work-study, and federal student loans. If you are a dependent student, the FAFSA will also generally require your parent’s financial information as well.

Some aid is awarded on a first-come-first-served basis, so it may be beneficial to submit your application as early as possible. Schools may use information from the FAFSA to determine awards for school-specific scholarships, too.

Understanding how much aid, and what types of aid you can expect, will be important as you craft a plan to pay for college. Some students may consider private student loans in the event that other funding streams, like savings, federal student loans, and scholarships aren’t enough to cover their tuition. While private student loans can help fill in any financial gaps, they don’t always offer the same borrower protections — like deferment or the option to pursue Public Service Loan Forgiveness — as federal student loans. As a result, they are generally only considered after all other sources of aid have been exhausted.

Recommended: How to Complete the FAFSA

Getting Your Finances in Order

As a college student, this may be one of your first steps toward financial independence. Here are a few tips to help you prepare for the financial responsibilities that await you on campus.

Opening a Checking Account

As a college student, you may be living away from home for the first time. Now that you’re starting to be independent, you may find the need to open a checking account of your own (if you don’t have one already).

Some colleges have banks on campus that make it easy and convenient for you to open a checking account. It’s worth comparing different banks and credit unions before you make your final decision. Look at fees, minimum balance requirements, ease of online or app use, and branch locations.

Tracking Your Spending

Creating a budget can help you stay on top of your spending. If you’ve never stuck to a budget before, there’s no time like the present. Begin by listing all your monthly income, whether it comes from a job, helpful parents, or both. Then list your expenses, like car insurance, a phone bill, or books for school.

Also include your “fun” money for things like dining out, shopping, or travel. If your expenses are more than your income, you’ll need to make adjustments. You can find budget spreadsheets online or convenient apps to keep track of your spending if you don’t want to start from scratch.

And remember, a budget isn’t set in stone. It’s a living document that is always changing based on your financial situation. Try your best and always look to improve it.

Looking Into Getting a Credit Card (and Handling It Responsibly)

Now that you’re on your way to adulthood, it may be worth starting to build your credit history. If you can be responsible with the credit card, having one in college is one way to help you establish a baseline for your credit history.

If you do open a credit card, it’s important to make an effort to pay your bills on time and in full every month. Once credit card debt starts to build, it can be difficult to get out from under it, so it’s wise to take steps to avoid it in the first place.

Responsibly using a credit card is one thing that can help you establish and build credit history. Whether it’s to buy a home or a new car, a better credit score could help potential borrowers secure more favorable loan terms.

When You Get to Campus

Hopefully, all your preparation will help streamline your college transition. These final few tips could help you find your footing at school.

Exploring Campus and the Surrounding Area

College is a whole new world. Take some time to walk around and explore the campus, and make sure to know where the dining halls and libraries are in relation to your dorm. As you explore the campus, map out where each of your classes are located. This may help mitigate some of your college nerves.

Venture off campus and check out the town. You may just find a cute cafe perfect for study sessions.

Connecting with Professors and Advisors

Your professors are there to teach and want you to succeed. Take a few minutes to get to know them and don’t shy away from office hours. Go often and early with any questions or concerns.

Finding Extracurriculars

Colleges usually have a variety of extracurricular activities and clubs for students to join. Visit any activity fairs and find the clubs that interest you. Maybe it’s working for the school TV or radio station, intramural soccer, or an acapella club. Getting involved on campus can be a great way to get to know new people and make friends.

Establishing a Routine

As a college student, you’re likely experiencing a ton of newfound freedom. While all this autonomy is exciting, establishing a routine that works for you is important. For example, if you find you are most productive in the morning, block that time for classes and any top priority assignments. Then a break for a quick workout or lunch, followed by some studying. In addition to studying and classwork, it’s important to create healthy habits and space for self-care.

Checking Your List and Following Your Needs

College is a time to get out of your comfort zone and challenge yourself. It’s a learning experience in every sense of the word. This college freshman checklist is just a starting point to help you get acclimated.

Don’t forget to check in on — and add to — your college checklist as you continue your education. It can be easy to get swept up in the excitement of college, but it’s important not to lose sight of your financial and professional goals. Committing to your financial health and literacy now will help you even after graduation. Skills like budgeting and networking will always be applicable.

The Takeaway

With these tips in mind, you can put together a personalized freshman year checklist. This may include things like filling out the FAFSA, registering for classes, connecting with your roommate, and packing for the move to college. Getting ready for freshman year might seem overwhelming at first, but breaking down to digestible action items may make it feel more manageable.

Part of preparing for freshman year is figuring out how you’re going to pay for college. Once you fill out your FAFSA and receive your award letter, you’ll know where you stand, and whether you need to seek out any additional sources of funding.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What should I pack for freshman year of college?

For freshman year, pack essentials like bedding, towels, toiletries, a laptop, textbooks, a planner, comfortable clothing, a first-aid kit, and basic kitchen supplies. Don’t forget a few sentimental items to make your dorm feel like home.

How many towels does a college freshman need?

A college freshman typically needs two to three towels: one for daily use, one for backup, and an extra for guests or emergencies.

How much should I budget for college freshman supplies?

Budget around $500 to $1,000 for college freshman supplies, including dorm essentials and personal items. This can vary based on your specific needs and the cost of living at your college.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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If you recently graduated from college or are about to, congratulations. Those closest to you will typically celebrate your achievement, and some gifts may come rolling in, often in the form of cash.

As you get ready to start the next chapter of your life, you may wonder what to do with any money you receive. Should you pay down debt, invest the funds, go shopping?

The answer will depend upon your personal finances and your goals, but here are 25 ideas to inspire you.

1. Jump-Starting an Emergency Fund

Establishing an emergency fund can be a great first step toward financial stability. Having this cushion can help you to handle a financial setback, such as a costly car repair, trip to the ER, or loss of income, without having to rely on high interest credit cards.

A good target is to have enough money set aside to cover three to six months of living expenses. It’s fine to start small, however, and build this fund up over time.

2. Paying Off Credit Card Debt

It’s not uncommon to accumulate credit card debt in college. Laptops and textbooks can be costly, and it can be hard to have time to work a significant number of hours. The sooner you pay off any balances you are carrying, however, the less you’ll pay in the long run and the easier it will be to handle new expenses, like rent and car payments.

3. Buying Interview Clothes

Whether you graduated from college early or just completed grad school, you may be job hunting. While the knowledge, skills and attitude you can bring to a company may be what’s most important, how you dress for the interview can also form a lasting impression on potential employers. Depending on your industry, that might mean a suit for men and a suit or dress for women.

4. Reducing Your Student Loan Debt

If you took out a student loan for college or graduate school, you may want to use some of your graduation money to start paying down your loan balance. The more you can knock down your loans, the less interest you’ll owe and the less you’ll pay overall.

If you make an extra payment, however, it can be a good idea to make sure that your loan officer applies the extra amount to the balance, rather than next month’s payment.

5. Saving up for an Apartment

If you’ll be moving into your own place after graduation, you’ll likely need to come up with your first and last month’s rent, plus a security deposit, in one fell swoop. You may also want to save up for furniture and household items, like dishes, cookware, and linens, to set up your new place.

6. Investing in Mutual Funds

While investing can sound intimidating, one easy way to get started is to invest in one of the different types of mutual funds. While these funds typically charge an annual fee and involve some risk, they are managed by professional investors who typically spread your money over a mix of securities, such as stocks and bonds. You can choose a mutual fund based on its past performance, how aggressive (or stock-heavy) it is, and the type of fees they charge.

7. Opening a High-Interest Savings Account

Traditional savings accounts typically offer very low interest. If you are saving your graduation money for a short-term goal, like buying a car or building an emergency fund, you may want to put it in an account that offers higher interest than a traditional savings account, but is still insured and allows easy access to your money. Some good options include: a high-yield savings account, money market account, online savings account, or checking and savings account.

8. Getting a Start on Retirement Saving

It’s never too early to start saving for retirement. Thanks to compounding returns (which is when the money you earn on your money also earns money), the earlier you start putting money aside for retirement, the easier it will be to meet your goal. If your employer offers a matching program for your 401(k), you may want to consider taking full advantage of it and contributing at least up to their match.

Recommended: The Average 401(K) Balance by Age

9. Going on a Trip

Before you jump into the working world, you may want to take some time off and explore some new destinations. Traveling is not only fun, it can also be a way to learn more about the world, gain insights into different cultures, and potentially even make some new connections.

The experience of traveling may also energize you and help you gain clarity about what you want your future to look like.

10. Saving up for Grad School

If you’re planning to pursue a higher degree, you may want to use your graduation money to jump start your grad school fund. In general, it can be better to pay for your education out of pocket rather than taking out student loans which, thanks to interest, make the cost of higher education even higher.

11. Putting Money Into Real Estate

You may not have enough money to purchase a home yet, but you could try investing money into a REIT (real estate investment trust). Modeled after mutual funds, REITs offer a lower-cost way to invest in the real estate market.

These trusts are also liquid, which means you can sell at any time. Like stocks, you can buy and sell REIT shares on an exchange. As with any investment, investing in a REIT involves some risk.

12. Buying a Car

If you’ll be needing a car to get around, it can be a good idea to start saving for a down payment or, even better, paying for the car in cash. Whether you buy a used or new vehicle, the more cash you can put down initially, the less you’ll have to finance, and the less you’ll end up paying for that car.

13. Joining AAA

Whether you already have a car or you’re planning to buy one, you may want to use a bit of your graduation money to join AAA. Having a AAA membership can provide peace of mind when you’re out on the road, and can end up paying for itself should you get a flat tire or two, or need a tow in the wee hours of the morning. AAA membership also gets you discounts on many hotels, rental cars, and other products and services.

14. Starting a Business

If you are planning to launch your own business straight out of college, you may want to funnel your graduation money right into your new venture. If you need additional cash for your start-up, you might also consider taking out a small business loan or crowdfunding your idea on a site like GoFundMe and Kickstarter.

15. Joining a Wholesale Club

As you transition from dining hall or parent-supported dining, you may want to look into joining a wholesale club like Costco, BJ’s, or Sam’s Club. These member-only stores can save you a lot of money when you buy in bulk, and could especially come in handy if you’re splitting costs with your roommates.

16. Donating to Charity

Donating some money to charity can be a solid option when you’re deciding what to do with graduation money. If you have a particular cause you’re passionate about, you can look for relevant charities on Charity Navigator.

If you give to a tax-exempt 501(c)(3) organization, you may be able to write the charity donation off on your taxes.

17. Taking Your Parents to Dinner

If your parents helped pay for your college education, you might want to show your gratitude by taking them out to dinner. It doesn’t have to be anything fancy; the idea is to let them know that you truly appreciate their love and support. This could apply to a grandparent, family member, or a friend who funded your education as well.

18. Saving for a Home

While owning a home might not be in your immediate future, you may want to use your graduation money to start saving up for a down payment.

To get a sense of how much you might need, you can start looking at real estate prices in the area where you would like to live. Ideally, you would want to put 20 percent of the purchase price down and avoid private mortgage insurance.

19. Saving for Your Wedding

Weddings can cost on average more than $35,000 for the ceremony and reception. Of course, there are ways to have a cheaper wedding, such as keeping it small or having it in your backyard, but wedding costs can still add up quickly. If you’re engaged or planning to be soon, you might want to use some of your graduation money to start a wedding fund.

20. Paying for Additional Classes or Certifications

Even though you graduated with a degree, you may find that you need some additional training to stand out in your field.

To be more competitive when it comes to the job market, you might want to use your graduation money to pay for additional classes or certifications. This could possibly lead to an increase in your salary as well.

21. Paying for Personal Care

When you go in for job interviews, you’ll want to look your best. Along with buying professional clothes for your interviews, you may also want to invest in other aspects of your personal appearance, such as getting your hair cut or styled, getting your nails done, or having your teeth whitened. Putting your best foot forward can help you feel more confident.

22. Moving to an Area with a Stronger Job Market

If your home town doesn’t have the best job market for your field, you may want to consider moving somewhere that offers more opportunities. You could put your graduation money towards moving expenses, such as renting a truck or professional movers.

23. Hiring a Career Coach

If you’re having trouble finding the job you want, you might consider using your graduation money to hire a professional career coach. These pros can help you revise your resume, improve your LinkedIn profile, build your network, and help you plan out your career. Typically, the best career coaches will have extensive experience in human resources and/or recruiting.

24. Getting Health Insurance

If you graduated from college later than your peers or you’re finishing up grad school, then you may no longer be on your parents’ health Insurance. You may want to start by looking for a health insurance policy on the government marketplace. As you compare policies, it can be a good idea to keep your medical needs, such as prescriptions and specialty doctors’ visits, in mind.

25. Paying Back Anyone You Owe

If you borrowed any money from family or friends during college, you may want to use graduation money to settle up. This shows that you are responsible and true to your word. If you end up in a bind again in the future and need to borrow, your family and friends will know that you can be trusted to pay them back.

The Takeaway

If you’re not sure whether to spend or save your graduation money, it can be helpful to look at both your short-term needs, such as paying off credit cards and buying a car. as well as your long-term goals, like creating a comfortable retirement nest egg.

The answer to how to use graduation money is different for everyone, but it can be a good idea to weigh all of the options before you make any major spending decisions.

Whether you’re saving for something specific or storing cash until you’re ready to invest, finding a bank account with low or no fees and a good interest rate can be a smart move.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What are you supposed to use graduation money for?

What you opt to do with your graduation money depends on your personal finances and goals. Some things you might choose to do with the money include using it to build an emergency fund, saving up for a car, using it to rent an apartment, or putting it toward your student loans.

What is the smartest thing to do with your graduation money?

One smart thing you could do with your graduation money is use it to pay off high-interest debt, such as credit card debt. You could also choose to save for your future, such as for retirement or a down payment on a house. Ultimately, however, what you choose to do with the money is up to you. Be sure to weigh all your options before making a decision.

Is $1,000 a good graduation gift?

Yes, $1,000 is typically considered a good graduation gift. The amount is generous and can be helpful in getting you started on your life after college. For example, you could use it to pay down debt, such as credit cards or your student loans, or put it toward creating an emergency fund.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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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.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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