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Big life changes can mean both excitement and nervousness. It’s normal to feel both happy and anxious about starting college. New experiences can introduce a lot of pressure. And it may be the first time that many students leave home and are surrounded by new people.

Not only is feeling nervous about college normal, it’s also manageable. For high school students still getting ready for college, here are five tips that may help ease the nerves.

1. Make a List and Pack Early

To lessen anxiety, preparation for college is key. For students who are planning to live on campus, packing can feel like a monumental task. It’s already stressful to imagine living away from home, and on top of that students don’t want to forget anything important.

One of the best ways to help ensure a smooth transition is to make a list early and start packing ahead of time. When dealing with a large task, it helps to break it down into smaller pieces that are easier to tackle.

For example, students who are nervous for college could break up their packing list into sections like clothing, school supplies, and living essentials. Even just taking the small step of making the lists could ease some of the worries.

Some schools will provide guidelines for packing and lists of items that are prohibited on campus, so it can be worth checking the website or contacting a rep from Residential Life, a program that helps students with on- and off-campus housing. Once students know what they’ll need to purchase, they can go through the items they already have and make a list of which of these are coming with them, and which items are staying behind with Mom and Dad.

Depending on the weather where students are moving to, they can start by packing the clothing they know they won’t need to wear for the next few weeks. If it’s currently warm, start packing up those winter clothes!

This is one task that high school students not ready for college can tackle early on to build some confidence and feelings of preparedness.

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

2. Learn About Independent Living

Students who are planning to go away for college should spend time before they go learning what they can about living independently. This can cover a wide range of tasks, such as learning how to cook, how to make a doctor’s appointment, and how to use public transportation. It can help students to work with their parents to make a list of tasks that the students need to get familiar with.

Some ways to get ready for college and living on their own can include:

•   Gathering a list of important phone numbers and addresses and entering them into their phones (doctor’s office, school counselor, roommate, etc.).

•   Making a few simple meals so they feel confident in the kitchen.

•   Practicing household chores like doing laundry and dishes if they don’t already.

If students are nervous about finding their way around campus, it may be helpful to explore the campus before classes start and find their classes.

For students who will be attending online classes, they will need to develop extra self-discipline and get familiar with online programs like Zoom. Doing this ahead of time can help minimize the stress of trying to log on the first time.

Recommended: 11 Strategies for Paying for College and Other Expenses

3. Develop Coping Skills

Students who are feeling nervous or anxious about beginning college can take the time before classes start to develop coping skills that will help them manage those feelings. Setting up a self-care routine that includes taking care of physical and mental health can help students manage the stress of college more easily.

Parents can also get involved in this process by sharing the coping skills that work for them and providing emotional support. Teens who know their parents are supportive are more likely to open up and actually use that support.

Recommended: College Planning Guide for Parents of High School Students

4. Ask Questions

Sometimes, not knowing what to expect can contribute to feelings of anxiety, but this can be minimized by asking questions. Students who have family members that went to college or are currently in college may want to set aside time to chat with them about their experiences.

High school guidance counselors can also be helpful in preparing students for college and easing their nerves.

There may also be an opportunity to go on a campus tour and ask questions there. High school students nervous about college may also benefit from attending their college’s orientation, so they show up on their first week prepared. Asking questions from others who’ve been to college will take away some of the scary mystery of the experience and may increase feelings of preparedness for high schoolers.

5. Focus on the Positives

Is college going to be tough? Of course! The classes will be more intense than high school level classes, and there will certainly be an adjustment period. In addition to these things, though, there are also numerous positives. College will give students opportunities to meet new people, learn about themselves, and have fun!

Some students may be overwhelmed at first at the prospect of making friends on a large campus, but there are many clubs and organizations that students can join. Getting involved in extracurricular activities can help students to form friendships and build a support system that may make their college experience more positive.

It may be a challenging four years, with adjusting to adult life and tackling finals every semester, but college can also be fun. High schoolers can help ease their nerves by embracing this aspect of college as well. Having a more realistic and balanced view of the experience may help them enter into it with less apprehension.

💡 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.

Paying For College

Another source of anxiety when it comes to preparing for college is the finances. College can be expensive, and figuring out how to pay for tuition, books, and living expenses is a confusing process. Luckily, there are multiple options that students can utilize to help cover the cost of their education.

The Free Application for Federal Student Aid (FAFSA) allows students to apply for federal student aid. This aid can come in the form of scholarships, grants, work-study, or federal student loans. Grants from the government usually do not need to be repaid, whereas loans do need to be repaid.

Students who are eligible to take out federal loans may benefit from doing so before looking into private student loans. Federal loans come with certain benefits, such as deferment and income-based repayment plans, that private loans may not.

If students are not eligible for federal aid or the aid isn’t enough to cover their costs, applying for additional scholarships is one option. Scholarships are widely available and the eligibility criteria varies for each scholarship. Some scholarships are need-based, whereas some are merit-based. Scholarships are offered by schools, private corporations, community organizations, religious groups, and more.

Taking out private student loans is another option for helping to fund a college education. The eligibility for private loans will usually depend on a student’s (or cosigner’s) credit history and income. When considering private student loans, students should remember that each institution will have its own terms for the loans.

The Takeaway

It’s normal to be nervous about attending college. To help settle your nerves, you can make a list of all the essentials you’ll need, learn about living independently, develop coping skills, ask questions, and focus on the positive aspects of attending college.

If finances are stressing you out, you have options, too. You can work a part-time job to help cover expenses, apply for grants and scholarships, and rely on federal and private student loans. It’s recommended to take out federal loans first, as they come with borrower protections that private student loans do not.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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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.


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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It’s not a secret that the cost of attending college is more expensive than most people can afford to pay for in cash. Many students turn to federal student loans to help pay for college. But what can someone do if they’ve already tapped out their federal student loan resources or don’t want to take on any federal loans?

Thankfully, there are a variety of resources available to help students pay for their education. From scholarships to savings, continue reading for 14 ways to make college tuition more affordable. It may even be possible to figure out how to pay for college without loans.

14 Ways to Make College Tuition More Affordable

The key to figuring out how to pay for college without loans or financial aid is to make the overall cost of college a lot less expensive. Here are a few ways someone can make the cost of college more affordable.

1. Apply for FAFSA

It’s always a good idea to apply for federal financial aid — even if you don’t think you’ll qualify. That’s because the Free Application for Federal Student Aid (FAFSA®), is absolutely free to fill out. This form helps determine the type and amount of aid a student qualifies for. While it’s not a guarantee that students will get financial aid granted to them, it’s worth applying to try to lower the overall cost of pursuing higher education.

Federal financial aid includes both need-based aid, like Direct Subsidized Loans or Pell Grants and non-need based aid, like Direct Unsubsidized Loans. After submitting the FAFSA, schools will use the information to determine your financial aid package. This will detail the aid you qualify to receive for the school year. The FAFSA must be completed annually.

Sometimes, federal financial aid isn’t enough to allow a student to pay for the full cost of college. Keep reading for ways to lower the costs of attending college in the event you don’t receive enough financial aid to make it easy to pay for school.

2. Qualify for Merit Scholarships

Because scholarship funds don’t need to be paid back, they can be a valuable tool to help pay for school. While there are need-based scholarship opportunities, there are also merit-based scholarships that focus on giving money to students that meet or exceed certain standards set by the person or organization issuing the scholarship. These can include such factors as academic excellence, musical talent, or athletic ability.

Merit scholarships may be available from your college or university. Contact your school’s financial aid office for information on scholarships available at your academic institution.

3. Apply for Private Scholarships

While colleges often offer scholarship opportunities, so do private companies, nonprofits, and other organizations such as religious groups. Both school-based and private scholarship opportunities are worth looking into. You can find information on private scholarships from both your school’s financial aid office and by searching online databases, like Scholarships.com, that aggregate information on available scholarships.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

4. Apply for ROTC Scholarships

If someone is considering joining the military, they may be able to receive up to 100% in tuition assistance if they do so. College’s may have ROTC (Reserve Officers’ Training Corps) programs that make it possible to qualify for scholarships before joining the military — unlike the GI Bill which gives education money to those already enrolled in the military.

5. Attend a Community College

Attending a community college before transferring to a four-year university is another option to cut tuition costs. Some community colleges even offer tuition-free programs. Not to mention, when attending a local community college, it may be easier to remain living at home with mom and dad which can cut down living expenses massively.

6. Earn College Credit in High School for Free

Some community colleges partner with local school districts to give high school students the opportunity to take college classes for free which allows them to earn college credits in high school. Taking advantage of free college classes while in high school can make the cost of attending college later cheaper — especially if the student can graduate early as a result. Advanced placement (AP) classes in high school can have a similar benefit.

7. Ask for Family Donations

While there’s no guarantee that a family will be able or willing to help pay for someone to go to college, it can be worth asking grandparents and other close family members for assistance (in addition to parents, as you might assume). Together, their contributions may help lighten the overall load of attending college.

8. Consider Private Student Loans

If someone wants to take out loans but didn’t receive enough federal student loans to fully cover their education and living expenses while in college, they can apply for private student loans to help make up the difference. Unlike federal student loans which are awarded based on the FAFSA, private student loans are awarded from individual lenders and require their own application.

Because private student loans can be more expensive than federal loans, it may be a good idea to exhaust any potential federal options before applying for private student loans. In addition, it’s important to recognize that private student loans don’t offer the benefits that federal student loans can, such as forgiveness. In addition, with loans, a longer term loan can mean paying more in interest over the life of the loan.

9. Choose an Affordable School

Usually, attending an in-state public school is more affordable than attending an out-of-state public school. Additionally, private universities tend to cost more to attend than public universities. If a student can go to an in-state public university, that is likely the most affordable route they can pursue. Especially if they attend community college first to get some general education classes out of the way.

While public schools are generally more affordable than private institutions, financial aid packages can potentially even the playing field. When evaluating colleges, be sure to factor in the actual costs after any scholarships or grants and other aid.

10. Work During School

It can be challenging, but if a student can work part-time while enrolled in college, they can pay some if not all of their way as they go. If they took out loans, they may be able to use their earnings to start paying them down early so they can avoid paying interest after they graduate.

11. Budget for College With Parent’s 529 Plan

If a student’s parents set up a 529 plan (which is a tax-advantaged investment account that can be used to pay for qualifying educational costs), they can budget out those savings to see how much of their education they can pay for; a budgeting app could help with this.

Some students may not have the benefit of parents who can support their education in this way. Students figuring out how to pay for college without their parents’ help may want to focus on finding an affordable school, filling out the FAFSA, applying for private scholarships, working while in college, and using student loans wisely.

12. Complete College Earlier Than Four Years

If a student hustles, even shaving off one semester of college can save them a decent chunk of change in tuition, fees, and room and board. If they can take an extra class each semester, they may be able to graduate early and save a lot of money. Another path is to try to complete college credit-worthy classes in high school, as noted above.

13. Live Off Campus and Commute

As convenient as living on a college campus is, it can also be expensive. The cheapest living option is to live at home with parents if that’s possible and commute to school. If a student does need to live on their own, renting an apartment or a room in a house off campus may still be more affordable than living on campus. Price the different options to see which is most affordable and in line with your budget.

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14. Opt for a Payment Plan

Some colleges offer tuition payment plans that distribute costs over several months. These don’t necessarily reduce expenses but can make it easier to pay for tuition by spreading payments out instead of expecting one upfront lump sum payment. This can be an especially good option for students working to pay for school.

The Takeaway

Paying for college is a big endeavor, but one that can be made easier if a student takes certain steps to reduce the overall costs of college. Figuring out how to pay for college without loans is challenging, but starting by applying for scholarships and financial aid can help.

To make it easier to reach major financial goals, including paying for college, SoFi can help you budget well.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What can I do if my parents won’t pay for college?

Students can apply for financial aid by filling out the Free Application for Federal Student Aid (FAFSA), look for scholarships, take out federal or private student loans, or work their way through school. It may be challenging, but students do have options outside of their parents for financing higher education.

How can I pay for college by myself?

If someone needs to pay for college on their own, they’ll want to fill out the FAFSA each year to see how much financial aid they qualify for and how much federal student loan coverage they can get. If they need more money to pay for school, they may consider applying for private student loans and/or scholarships, as well as working part-time during college.

Is Sallie Mae a federal loan?

Sallie Mae student loans are no longer federal student loans. They are a kind of private student loan.

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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.


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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People who are introverts can succeed in almost any job that interests them. Contrary to what many people might think, introverts aren’t necessarily shy, but they do like working independently or in small groups. They typically are drawn to inner thoughts and ideas versus focusing on external matters. In addition, they may prefer having some quiet time to reflect and recharge instead of a job that requires nonstop meetings.

Thankfully, there are plenty of jobs that can suit this personality type and offer a challenging and fulfilling career path. Read on to learn more about this topic.

What Makes the Ideal Job for an Introvert?

According to conventional psychology, introverts prefer to spend time with just one or two people, rather than larger groups or crowds. They’re not necessarily loners; in fact, many introverts have highly developed social skills. However, introverts tend to gravitate toward situations and environments where they feel less pressure to react or respond quickly or to engage with multiple people (say, constantly leading major team meetings).

An ideal job for an introvert may allow them to:

•   Work independently

•   Work alone or in quiet spaces that allow them to think and deploy their analytical and decision-making skills

•   Focus on one task at a time

•   Engage one-on-one (or “one on a few”) instead of in large groups

•   Leverage their empathy and creativity

What Kind of Work Does Not Fit an Introvert

As noted above, jobs that require a lot of collaboration with or presentations to large groups of people may not be a great fit for introverted people. Introverts are likely to be less comfortable with jobs that involve loads of group brainstorm sessions or that require them to regularly verbalize their thoughts and feelings to multiple people at once.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

30 Jobs for Introverts Without a Degree

Finding a rewarding job as an introvert means finding a career that suits your interests and caters to your inner-directed personality type, as described above.

Here are 30 jobs that can be a great match for introverts, with salary information from the Bureau of Labor Statistics:

1. Web Developer or Digital Designer

•   2023 Median Salary: $92,750

•   Primary Duties: This career is all about the design, coding, and development of websites for optimal performance and user experience. This could be a job where an introvert works solo all day, or it might involve small team collaborations. With its union of creativity and analytical insights, web development can be a great option for introverts.

2. Farmer or Rancher

•   2023 Median Salary: $83,770

•   Primary Duties: The image of farmers and ranchers working solo in wide open spaces is iconic. While that can be true, this career may involve some interaction with others on a work team. Primary duties are overseeing the production of crops, livestock, and dairy products.

3. Psychologist

•   2023 Median Salary: $92,740

•   Primary Duties: Psychologists can work in a variety of settings, from a medical center to private practice, but the field involves assessing and supporting cognitive and emotional wellness. This can be a very rewarding career for introverts who want to channel their empathy and social skills.

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4. Plumber, Pipefitter, or Steamfitter

•   2023 Median Salary: $61,550

•   Primary Duties: This career is all about installing and repairing pipe fixtures. There aren’t many meetings, nor lots of large-group interactions. Introverts can enjoy the focus and problem-solving this job demands.

5. Postal Service Worker

•   2023 Median Salary: $56,510

•   Primary Duties: Typically, this work involves collecting, sorting, and delivering mail to businesses and private residences or else helping post office customers. It can give introverts the opportunity to work alone or have small-scale interactions.

6. Social Worker

•   2023 Median Salary: $58,380

•   Primary Duties: Social workers help people resolve problems in their lives. Introverts who are empathetic listeners, enjoy helping others, and find lots of one-on-one interaction satisfying will likely enjoy social work.

7. HVAC Technician

•   2023 Median Salary: $57,300

•   Primary Duties: This job requires workers to assemble and repair heating, cooling, and ventilation systems. It can suit the mechanically inclined and those who like to be immersed in hands-on problem solving.

8. Environmental Scientist

•   2023 Median Salary: $78,980

•   Primary Duties: In this job, a person uses their knowledge of nature to improve the environment and human health. It can involve time in the outdoors and the lab, with opportunities to focus on and interpret research data.

9. Delivery Truck Driver

•   2023 Median Salary: $39,950

•   Primary Duties: For those who like lots of solo time and the feeling of being on the open road, being a delivery truck driver can be a dream job. Duties involve the pickup, transport, and delivery of packages or goods from one location to another.

10. Writer or Author

•   2023 Median Salary: $73,690

•   Primary Duties: Writing is a diverse career, ranging from writing fiction books to completing technical writing for manufacturers. It can allow an introvert to explore a particular passion of theirs in print and often involves a good amount of independent work.

11. Librarian

•   2023 Median Salary: $64,370

•   Primary Duties: This can be a fulfilling career for introverts; most interactions involve collaborating with individuals seeking help with research. Plus, it taps both creativity and problem-solving skills and usually has a not too frenetic pace. Bonus: Librarians tend to work in very quiet environments.

12. Physician

•   2023 Median Salary: $236,000

•   Primary Duties: This demanding career requires a high level of training. With a salary well into the six figures, this is one of the highest paying jobs on our list. It offers the rewarding work of interacting one-on-one with patients and other members of a medical team to help people achieve optimal health and to treat illnesses.

13. Roofer

•   2023 Median Salary: $50,030

•   Primary Duties: For introverts who value independence and enjoy problem solving, being a roofer can be a good fit. Most of the workday is spent replacing, repairing, and installing roofs on buildings and houses. Working remotely is not an option.

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14. Surveying and Mapping Technician

•   2023 Median Salary: $48,940

•   Primary Duties: Collecting data and taking land measurements in order to create maps of the Earth’s surface is a unique job, melding creative and analytical pursuits. It’s unlikely to involve many large meetings and can give introverts the “think time” they love.

15. Mechanic

•   2023 Median Salary: $51,940

•   Primary Duties: This job can be a good fit for those who like to work with their hands and problem-solve with a small team as they troubleshoot and repair automobiles and other forms of transportation.

16. Bookkeeper

•   2023 Median Salary: $47,440

•   Primary Duties: Love a good spreadsheet and balancing finances? Being a bookkeeper can provide satisfying work for those who enjoy working with numbers. The role also has potential as a work-at-home job for retirees.

17. Interpreter or Translator

•   2023 Median Salary: $57,090

•   Primary Duties: Provided one has deep knowledge of a foreign language, this can be a solid job for introverts, collaborating one-on-one or in small groups to convert one language into another. Some jobs may strictly involve texts versus in-person interaction.

18. Software Quality Assurance Analyst or Tester

•   2023 Median Salary: $101,800

•   Primary Duties: Techies, this one is for you: This path typically involves testing software to identify and debug problems or to learn how the software works. This can offer plenty of focused work time.

19. Marketing Manager

•   2023 Median Salary: $156,580

•   Primary Duties: This potentially high-earning career focuses on managing outreach to build a business or a brand. This can tap an introvert’s creativity and analytical skills. Small team meetings and travel to meet with clients may be part of the job.

20. Photographer

•   2023 Median Salary: $40,760

•   Primary Duties: Photographers produce, shoot, and potentially edit (hello, Photoshop!) images for personal or professional use. It’s a highly creative pursuit that may suit an introvert’s personality type.

21. Proofreader

•   2023 Median Salary: $48,790

•   Primary Duties: This can be a satisfying job, tapping an introvert’s analytical abilities and giving them space to think as they read content and correct spelling, punctuation, and grammatical errors. Proofreading is usually a quiet, somewhat solitary profession.

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22. Landscaper

•   2023 Median Salary: $37,360

•   Primary Duties: There’s not too much large group interaction if you’re a landscaper. Workdays are spent maintaining outdoor grounds by mowing, trimming, planting, watering, fertilizing, raking, and other methods.

23. Physician Assistant (PA)

•   2023 Median Salary: $130,020

•   Primary Duties: Assisting both physicians and patients can put an introvert’s empathy and technical know-how to good use. It does require specialized training: A PA is one step below doctor and a step above nurse — similar to a nurse practitioner.

24. Animal Trainer

•   2023 Median Salary: $44,910

•   Primary Duties: Dog, horse, and other animal lovers may find this to be an ideal career, with time spent teaching animals obedience and staying calm, and assisting people.

25. Medical Transcriptionist

•   2023 Median Salary: $37,060

•   Primary Duties: Medical transcriptionists, as the name indicates, transcribe voice recordings from physicians and nurses and convert them into written reports. This can provide a career with plenty of “quiet time” for detail-oriented introverts.

26. Floral Designer

•   2023 Median Salary: $34,690

•   Primary Duties: A floral designer can spend their days arranging decorative displays using live, dried, or silk flowers, which can be a creative endeavor without too many big meetings.

27. Data Scientist

•   2023 Median Salary: $108,020

•   Primary Duties: Data scientists deploy analytical tools and techniques to pull valuable insights from data. This is a growing field in today’s digitized world.

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28. Teacher

•   2023 Median Salary: $64,390

•   Primary Duties: Teachers and instructors are responsible for helping students of different ages learn various topics and skills. The job may tap an introvert’s empathy, and it may involve small meetings with students or their parents. Bonus: Teaching can be one of those jobs that pay off student loans through the Public Student Loan Forgiveness (PSLF) program.

29. Hand Sewer

•   2023 Media Salary: $32,240

•   Primary Duties: Technically speaking, this job is about sewing and finishing items with needle and thread. It can suit craft-oriented, creative, and independent workers who like the mental space it provides.

30. Accountant

•   2023 Mean Salary: $79,880

•   Primary Duties: An accountant prepares or reviews financial records, tapping their analytical skills. This career can incorporate interactions with individual clients or businesses, which may suit introverts well.

Recommended: 25 Best Jobs for Extroverts That Pay Well

The Takeaway

There are many challenging and satisfying jobs that can suit introverts, from writer to data scientist to physician. In fact, many high-paying and rewarding jobs are well-suited to the personality traits of an introverted person.
Introvert or not, everyone can benefit from better budget planning and tools that give you back control of your finances.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What are good jobs for introverts?

There are many jobs that suit introverts well and leverage their empathy, creativity, and analytical skills. These can include being a research librarian, physician, or landscaper, among other careers.

Is self-employment good for introverts with anxiety?

Self-employment can be a good fit for introverts who experience anxiety working with large teams or with multiple people. However, self-employment can also create stress if it requires you to find your own clients or manage a large workload on your own.

What is a good job for someone with introverted qualities?

Jobs that allow you to work independently and in quiet environments at least some of the time are generally better for introverts, as are those that involve one-on-one interaction versus large group meetings.

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SORL-Q224-1921098-V1

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A demand deposit account (DDA) is a type of bank account that is payable on demand. In other words, you can withdraw funds whenever you like. The most recognizable type of demand deposit account is a checking account. That’s right: You probably already have a demand deposit account and didn’t even know it.

While some personal finance sites and experts may conversationally refer to savings accounts as demand deposit accounts, there are key differences that actually keep savings accounts from qualifying as a DDA.

What Is a Demand Deposit Account?

The Federal Reserve categorizes demand deposit accounts as those that “are payable on demand, or a deposit issued with an original maturity or required notice period of less than seven days, or a deposit representing funds for which the depository institution does not reserve the right to require at least seven days’ written notice of intended withdrawal.”

To break it down more simply, demand deposit accounts:

•   Don’t have a maturity period.

•   Allow you to access your funds without notice (or less than seven days’ notice).

•   Can earn interest, like a high-yield checking account, depending on the financial institution.

•   Cannot limit the number of withdrawals or transfers you can make.

Because checking accounts do not mature and give you immediate access to your funds (for example, through check writing, debit cards, and ATM withdrawals), these qualify as demand deposit accounts.

What Isn’t a Demand Deposit Account?

Checking accounts are a common type of DDA, but what about other types of bank accounts, like savings accounts, money market accounts, and certificates of deposit?

Savings Deposits

Some people consider savings accounts to be DDAs, but there’s a difference to note. The Federal Reserve’s Regulation D (Reg D) previously limited savings account withdrawals to six per month. In response to COVID-19, the Federal Reserve removed this requirement.

Even though the Federal Reserve has eliminated the six withdrawal limit requirement, savings accounts still do not technically qualify as a demand deposit. Because banks have the right to require at least seven days’ written notice for withdrawals on funds in savings accounts, the government instead classifies savings accounts (and money market accounts) as savings deposits.

However, consumers can typically access their savings funds without a required waiting period, so they can often utilize their savings accounts as if they were demand deposit accounts. A bonus is that savings accounts are usually interest-bearing accounts.

Just note that many banks still impose a monthly withdrawal limit, despite Federal Reserve changes, so you may wind up getting hit with fees if you make frequent withdrawals.

Time Deposits

Certificates of Deposit (CDs), which have pre-set dates of maturity, are even less like demand deposits. A CD is a time deposit (sometimes called term deposit). They have set maturity dates and are subject to early withdrawal fees, meaning the funds are less liquid than a checking or savings account. Time deposits can be transferable or nontransferable and negotiable or nonnegotiable. In addition to CDs, time deposits can include club accounts (like Christmas and vacation club accounts).

A bit more on how CDs work: Essentially, you, the account holder, commit to having your funds on deposit with a bank for a set period of time. Break that agreement, and you may pay penalties.

How Demand Deposits Work

Demand deposit accounts are designed for on-demand access to your funds. Thus, you should be able to withdraw money to cover purchases at any time.

If your demand deposit account is a traditional checking account, you can spend your money with a debit card, checkbook, transfers, or even peer-to-peer payment apps. Each bank will have its own terms and conditions, but some accounts may pay interest, some may charge fees, and some may grant you fee-free access at certain ATMs, so you can grab your money on the go. Research various accounts carefully before selecting a bank or credit union. This involves reading the fine print, but it’s important as it can help you avoid misunderstandings and various fees.

Types of Demand Deposit Accounts

Checking accounts may be the most obvious type of demand deposit account. Some savings accounts can be accessed on demand these days, as outlined above, but many still have restrictions regarding how often you can make withdrawals.

Money market accounts occupy a kind of middle ground: Some specialists classify them as demand deposit accounts, but others do not.

How to Open a Demand Deposit Account

Opening a demand deposit account is equivalent to opening a checking account. Each financial institution will have its own processes for opening a bank account. Typically, you will need a government-issued photo ID, proof of your current residence (a utility bill, for instance), and often an opening deposit to initiate the account. Many banks allow you to complete this process quickly and easily online.

Advantages of Demand Deposit Accounts

Demand deposit accounts offer multiple benefits to consumers:

•   Easy and immediate access to funds: Whether through check writing, an ATM, or the swipe of a debit card, a demand deposit account enables consumers to spend their money as they see fit.

•   FDIC and NCUA insurance: Demand deposit accounts at banks are typically insured by the FDIC for up to $250,000; those held at credit unions are usually insured by the NCUA for the same amount. FDIC and NCUA insurance makes demand deposits safer than cash in your wallet or under the mattress.

•   Interest: Demand deposit accounts can be interest-bearing. The national average APY for checking accounts, according to the FDIC, is currently 0.08%. You can shop around for better returns (over 3.00% APY on some high-yield checking accounts, for instance), largely at online banks. Because these don’t have the expense of bricks-and-mortar locations, they can pass those savings onto their clients.

Disadvantages of Demand Deposit Accounts

Consumers may find some drawbacks to demand deposit accounts as well:

•   Low earnings: Demand deposit accounts are not required to pay interest. While consumers have easy access to their funds, they may be trading away higher earning opportunities they might find with a high-interest savings account, time deposits, or even investments in stocks and bonds.

•   Fees: Some demand deposits accounts charge fees, including monthly maintenance fees. Others require minimum balances that some consumers might not want to keep in the account.

The Takeaway

Demand deposit accounts are a type of bank account that give you immediate access to your funds. Checking accounts are the most common type of DDA. With these, you can withdraw money at will, by check, debit card, ATM, bank transfer, or P2P platforms. Demand deposit accounts are often the foundation of an individual’s financial life, allowing them to spend and manage their money seamlessly.

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Is a DDA number the same as an account number?

A DDA (or demand deposit account) number is typically the same as your checking account number.

What is a personal DDA deposit?

You can fund your DDA directly with transfers from other accounts, check deposits (mobile, in-person, or ATM), or cash deposits. These are all types of personal DDA deposits.

Is a DDA account a checking account?

In most cases, a DDA account is a checking account. There is some debate about whether other types of accounts, such as a money market account, also qualify as a DDA.

What does DDA mean on a bank statement?

DDA stands for demand deposit account, which indicates that funds in the account are immediately available to the account holder.

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

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

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

3.80% APY
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

*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.

SOBK-Q224-1927527-V1

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