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Finding & Applying to Scholarships for Grad School

Scholarships can be a helpful resource to pay for grad school and are available through many different avenues, including states, organizations, nonprofits, companies, and more.

Grants and scholarships are similar in that they’re both gift aid you don’t typically have to repay after graduation. The main difference is that scholarships are typically merit-based, while grants are need-based.

Let’s look at some common scholarships and grants for prospective graduate students.

Key Points

•   You can find graduate school scholarships at the state level, the federal level, through your university, through your community, and through your employer.

•   Customize each master degree scholarship application to match the specific criteria of the scholarship, such as academic achievements, leadership skills, or field of study.

•   Keep track of deadlines and submit applications well in advance. Late submissions are often disqualified automatically.

•   Work with academic advisors or mentors to identify the best scholarship opportunities and ensure applications are complete and compelling.

•   In addition to graduate scholarships, students can pay for graduate school with cash savings, grants, federal student loans, and private student loans.

State Scholarships & Grants

To find scholarships and grants at the state level, you can try contacting your state’s Department of Education for assistance and resources. Scholarships and grants vary state by state, but here are 10 options you may want to consider:

Graduate Tuition Assistance Grant (Colorado)

Provides financial support to graduate students enrolled at participating Colorado public universities. Awards are need-based and subject to fund availability.

Kansas Comprehensive Grant (Kansas)

Offers need-based grants to Kansas residents attending state universities, private colleges, or community colleges for graduate programs.

Massachusetts Gilbert Matching Student Grant (Massachusetts)

Supports financially needy graduate students attending participating colleges in Massachusetts.

Texas Public Education Grant (TPEG) (Texas)

Available to graduate students with demonstrated financial need attending Texas public colleges or universities.

Florida Student Assistance Grant (Florida)

Offers need-based aid to graduate students enrolled in eligible Florida postsecondary institutions.

New York State TAP for Graduate Studies (New York)

Provides financial aid for eligible New York residents pursuing graduate degrees at participating institutions within the state.

Oregon Chafee Education and Training Grant (Oregon)

Supports former foster youth pursuing graduate studies in Oregon with financial need.

North Carolina Education Lottery Scholarship (North Carolina)

Available to graduate students who demonstrate financial need and meet residency requirements.

Georgia Tuition Equalization Grant (Georgia)

Offers financial assistance to graduate students attending private colleges in Georgia, encouraging participation in higher education.

Maine State Grant Program for Graduate Students (Maine)

Provides financial aid to graduate students with financial need attending eligible institutions in or out of Maine.

Recommended: The Differences Between Grants, Scholarships, and Loans

Federal Scholarships & Grants

To apply for federal grants and scholarships, students will need to fill out the Free Application for Federal Student Aid, or FAFSA®, each year. There are several types of federal grants available, including:

Teacher Education Assistance for College and Higher Education (TEACH) Grants

Iraq and Afghanistan Service Grants

This federal grant is for graduate students with a parent who died serving in Iraq or Afghanistan. The grant amount is the same as the maximum amount of a Federal Pell Grant award for that year, which is $7,395 for the 2024-2025 school year. You can apply via the FAFSA.

Fulbright Grants

The U.S. Department of Education provides Fullbright Grants for graduate students to study and research in designated countries abroad.

When you visit the Fulbright website, click on your country of interest to view the details. For example, in Germany, there are 70 study/research grants available, the program lasts for 10 months, and its recommended participants speak German at the beginner level. In Iceland, there are only seven grants available, the program lasts nine months, and there is no foreign language requirement.

Finding Additional Federal Grants

To find additional federal grants for graduate school, take a look through Grants.gov or the U.S. Department of Labor’s database. On these sites, students can specify their search by things like their program, field of study, or other qualifiers.

Private Graduate Scholarships & Grants

When it comes to finding money for grad school, there are plenty of organizations, companies, and nonprofits that offer scholarship opportunities. The scholarships could be merit-based, need-based, or simply granted based on your affiliation or application.
Some scholarships are on the smaller side, others much larger, but any amount of aid can help. You may want to consider these elements while you’re on the hunt for private scholarships for graduate school:

Your College or University

Your school might offer merit-based scholarships or grants. To see what your school offers, connect with the office of financial aid to see if you qualify for any scholarships from the school and what additional steps you may need to take to apply.

Your Course of Study

You may be able to find scholarships related to your field of study. To find scholarships in your area of study, search national foundations or companies that might provide a scholarship. This might be especially helpful in STEM fields and other careers where there’s a high need for employees in the workforce.

Recommended: Scholarships for STEM Students

Your Neighborhood

Another way to find scholarships as a grad student is to see if your religious organization, local civic group, or other community organizations you belong to offer scholarships. You could reach out to see what may be available and perhaps complete the necessary applications.

Your Background

Based on your ethnicity or cultural heritage, you may be able to qualify for several scholarships or grants. Reach out to national foundations or local community groups to see what they offer.

Some specific private scholarships and grants include:

Greek Life Scholarships

Contrary to what society may think, enrolling in a fraternity, sorority, or other Greek organization has more benefits than the wild parties. Many Greek organizations reward their high-achieving members and alumni who pursue master’s degrees.

For example, members of Alpha Chi Rho could receive up to $3,500 for their graduate studies.

The Harry S. Truman Scholarship

The Truman Scholarship is for students who want to make a difference in society. If you’re pursuing a degree, such as Master of Public Administration, Master of Education, or Master of Social Work, and you have significant community service experience, you could qualify for the Truman Scholarship.

To apply, you must be pursuing any major that could lead to a career in public service and interested in a graduate degree. Between 55 and 65 students receive the Truman Scholarship per year, each receiving $30,000.

Government Finance Officers Association (GFOA) Scholarships

GFOA Scholarships are for graduate students intending to pursue a career in state or local finance. The association offers 11 scholarships ranging from $5,000 to $30,000.
The four kinds of graduate school scholarships are as follows:

•  The Goldberg-Miller Public Finance Scholarship for full-time students. Award amount is $30,000.

•  The Frank L. Greathouse Government Accounting Scholarship for full-time accounting students. Award amount is $10,000.

•  The Clark Burrus Public Service Academic Scholarship for minority students studying for a career in state or local government finance. Award amount is $10,000.

•  The Betty Jo Harker Professional Development Scholarship for part-time graduate students. Award amount is $10,000.

NCAA Postgraduate Scholarship

The NCAA Postgraduate Scholarship is for athletes who have attended an NCAA member institution for their undergraduate studies. Students must be in their final year of undergraduate athletics to apply.

The distribution of graduate school scholarships is unique. Three times per year (autumn, winter, spring), the NCAA gives scholarships to 21 men and 21 women per each sports season, for a total of 126 scholarships per year. This timeline splits up candidates based on the sport they play. Each scholarship is $10,000.

American Association of University Women

This is an example of a grant offered by a private organization rather than the federal government. The grant is specifically for women, and you must have received your most recent degree before June 30, 2017, to qualify.

The Career Development Grant recipients will receive between $8,000 and $20,000 for graduate school.

The Geological Society of America Grant

If you’re going into geological research, joining the Geological Society of America (GSA) and applying for their Graduate Student Research Grant may open up some opportunities. The GSA awarded 302 students money in 2023, with roughly 57% of students receiving aid. The average grant amount was $2,235.

These are only a few avenues to consider when looking for private graduate school scholarships. Databases and search engines can help, but don’t be afraid to get creative.

Fellowships

Unlike a grant or scholarship, graduate fellowships are money typically tied to an opportunity. Those who get a fellowship likely have to meet requirements to study, research, or work in a field for a short period. Not only will fellowships help students pay for graduate school, but they can also be a valuable opportunity to gain relevant experience.

Finding a fellowship will be specific to your field of study. One place to start your search process is by talking to your academic department for assistance or finding a nonprofit institution specializing in your field of study. Applicants should be aware that fellowships typically require a fairly rigorous application process.

How to Qualify for Graduate School Scholarships

Qualifying for graduate school scholarships involves careful planning and preparation. Below are tips to help you qualify:

•  Start by researching scholarships specific to your field of study, location, or demographics.

•  Maintain a strong academic record, as many scholarships prioritize academic excellence.

•  Demonstrate leadership, community involvement, and unique skills, which can set you apart from other applicants.

•  Craft a compelling personal statement that highlights your achievements, goals, and passion for your field.

•  Submit all required materials, such as transcripts, letters of recommendation, and essays, by the deadlines.

•  Make sure to apply for multiple scholarships to increase your chances of success, ensuring you meet the specific eligibility criteria for each opportunity.

Where to Find Scholarships for Graduate Students

When looking for scholarships for grad school, filling out the FAFSA is the first step. Just like undergraduates, the FAFSA is required for graduate students interested in federal student aid, including scholarships, grants, and student loans. Some schools may also use the FAFSA to determine aid awards.

From there, you can check in with your school’s financial aid office. They may have more information on the scholarship opportunities and requirements available at your school.

Community organizations can be another source of scholarships. Some career or professional organizations may also offer scholarships.

When to Apply for Graduate School Scholarships

Fill out the FAFSA as early as possible. Some aid may be awarded on a first come, first served basis, so completing the application early could potentially improve your chances of qualifying for some aid.

For private scholarships, be sure to track all relevant deadlines. Each scholarship may have its own deadline, so it may help to put together a spreadsheet so you can see a high level overview of important deadlines and application requirements.

Recommended: FAFSA Guide

Factors to Consider When Applying for Graduate School Scholarships

Applying for scholarships is a time commitment, but it may be time well spent if you can secure money to help pay for your graduate school program. Consider the following factors when applying to graduate school scholarships:

Eligibility Requirements

Review eligibility requirements closely. Do you need to be enrolled in a specific school or program of study? Be sure you understand and meet the eligibility requirements so you don’t waste time applying for grad school scholarships you aren’t actually eligible for.

Application Requirements

Some applications may require an essay and letters of recommendation. Think carefully about who you want to ask to write a letter of recommendation on your behalf. Be mindful of deadlines and ask with enough advance notice to give them enough time to write a letter.

Deadlines

Each scholarship may have its own deadlines. Track these closely. Many scholarships won’t accept late submissions.

Some scholarships may go unclaimed when the school year starts. Consider checking in with your financial aid office to see if there are any unclaimed scholarship funds available. For more information on appealing for these awards, take a look at SoFi’s guide to unclaimed scholarships.

Using Student Loans to Cover Grad School

Scholarships and grants aren’t the only options for paying for graduate school. You may also choose to take out graduate student loans.

After you receive grants and scholarships, it’s possible to fill in the gaps with financial aid for graduate school. Consider focusing on scholarships and grants before student loans, as those don’t need to be repaid. Student loans, on the other hand, will have to be paid back. If you’re applying for graduate federal or private loans, it’s worth noting that the process is different from applying for undergraduate loans. You can borrow more as a graduate student, but you might be looking at higher interest rates.

As a graduate student, you may qualify for a Direct PLUS Loan through the U.S. Department of Education. To qualify, you must be enrolled at least half-time and not have an adverse credit history.

If you don’t receive enough financial aid through a Direct PLUS Loan, you can consider private student loans. Rather than being provided by the government, these loans come from private businesses, banks, and online lenders. Students should focus on private student loans as a last resort, as private student loans lack the borrower protections afforded to federal student loans.

Alternative Funding for Graduate School

Other than taking on student loans, there are several alternatives to funding your graduate degree. If you’re able to work while attending school, you can save and budget to cover a portion or all of your tuition.

If you are working, you can speak with your employer to see if they offer a tuition reimbursement program. Employee tuition reimbursement might require you to stay at the company for a number of years or pursue a specific degree. Program requirements will vary by company.

The Takeaway

There are a wide array of grants and scholarships available for students pursuing graduate school. These include those offered by federal and state governments, individual schools, and other interest groups like nonprofit organizations. To find grants and scholarships, students can review online databases, speak with the financial aid office at their school, and fill out the FAFSA each year.
In addition to scholarships, students can pay for graduate school with cash savings, grants, and federal and private 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.


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

FAQ

How do I get a full scholarship to graduate school?

It’s possible to get a scholarship that will pay for all of your graduate school costs. It can be very competitive to qualify for full-ride scholarships, so it may help to complete an application and make sure you meet all the requirements. If an essay is required, be sure to allocate enough time for writing and editing to be sure you are submitting a strong application. Some schools may offer full-ride scholarships to the top students.

What scholarships are available for graduate students?

There are a variety of scholarships available for graduate students, including federal and state scholarships, school-specific scholarships, and scholarships from private companies and nonprofit organizations.

Do master’s programs give scholarships?

Yes, many master’s programs offer scholarships to help offset tuition costs. These can include merit-based awards, need-based scholarships, and funding for specific fields of study. Additionally, universities, private organizations, and government programs often provide scholarships tailored to graduate students pursuing advanced degrees in various disciplines.

Are scholarships available for graduate school?

Yes, scholarships are available for graduate school. Fill out the Free Application for Federal Student Aid if you are interested in federal scholarships or grants. Check in with your school’s financial aid office for more resources.


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., 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 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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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.

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How To Switch Banks: A Step-by-Step Guide

Switching banks doesn’t have to be a difficult process, and it can benefit your financial health. For instance, one reason you might make a change is to earn a more favorable interest rate or pay lower (or no fees). Or you might get a sign-up bonus at a new financial institution. There might be other reasons to switch banks, such as finding one with branches or ATMs that are more convenient to your daily life or one that offers other financial services you are seeking.

While changing banks isn’t usually an instantaneous process, here are the simple steps to follow to make the switch as quickly and easily as possible.

Key Points

•   Switching banks can involve six steps and can improve financial health with better interest rates, lower fees, or sign-up bonuses.

•   An important first step is to research and select a new bank, considering interest rates, fees, and convenience.

•   To open a new account, you typically need a valid ID, contact information, and possibly an opening deposit.

•   Allow time to transfer funds and update automatic payments to ensure all transactions are redirected.

•   It’s wise to close the old account after confirming all transactions are complete and obtaining written closure confirmation.

How to Switch Banks in 6 Steps

If you think changing banks is the right path for you, here are the six steps that can make it happen.

Step 1. Research and Find a New Bank

Identify the key benefits you want but currently don’t have and do an online search to compare options. Here are some points to consider as you evaluate options:

•   Interest rates earned on money on deposit. For instance, you might want to look for a high-yield savings account to help your money grow. These can offer several times the interest rate of standard savings accounts. Also, some checking accounts may pay interest, though most do not.

•   Minimum deposit and balance requirements. Certain accounts require you to open the account with a particular sum of money and/or keep an amount on deposit to earn a specific interest rate and/or avoid fees.

•   Fees assessed for accounts. There can be various fees that can eat away at your money, such as monthly maintenance fees, overdraft and NSF (non-sufficient funds) fees, out-of-network-fees, and more.

•   Convenience. If you want a traditional vs. online bank, make sure the branches are near your home and work. Also, if you use ATMs often, check to make sure in-network machines are easily accessible. If you travel frequently, look at the reach of the financial institution’s network.

•   Customer service. Read reputable online reviews and check availability (24/7? Only on weekdays?) for customer support.

•   If you are planning to buy a home soon, you might want to bank with an institution that also offers mortgages to streamline that process. Or you might prefer a bank where you can access personal financial and investing services. Consider your needs carefully.

Step 2: Open a New Account

Found a new home for your cash? Go and open that checking account to get started. You can typically fill out the information needed online, in the bank’s app, or (with traditional banks) in person. Here’s what you will usually need:

•   Valid ID. This typically means government-issued photo identification, such as your state driver’s license or a passport. Other forms of ID may be accepted. When opening an account online, you may be asked for such details as your name, Social Security number, and birthdate, with an image of your ID needing to be uploaded on the spot or in the future. (Worth noting: You usually must be at least age 18 to open your own bank account.)

•   Contact information. This means your address, phone number, and email address will likely need to be provided.

•   An opening deposit. Some banks will allow you to open an account with no money at first (say, you might sign up to have your paychecks direct-deposited going forward) or others will require you to make a deposit of anywhere from $1, $25, $100, or more to start your bank account. If you are signing up for a premium checking account or high-yield account, there may be higher minimums involved.

Now that you know what’s needed to open a bank account, don’t overlook this important point: Don’t whisk every last cent out of your old account into the new account, though you may be tempted to do so to feel as if you are making progress. You may have pending transactions and autopays coming up that will take time to sort out.

Recommended: Interest APY Calculator

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Step 3: Make a List of Automatic Payments and Direct Deposits

Here’s a closer look at those pending money movements. If you’re like most of us, you rely on autopay to simplify your banking; the pros of automatic payments are hard to ignore. This means that each month your various bills and subscriptions are seamlessly deducted from your primary account on their due date.

To avoid falling behind on bills or accidentally getting your streaming service suspended, you need to turn off or redirect every automatic payment that currently comes out of the account you wish to close. As you plan to make the switch, here are items you should keep track of:

•   Automatic payments: Take a careful look at which payments are made automatically from your bank account, such as mortgage, utilities, student loans, and more.

•   Recurring payments: Consider what subscription payments you have automatically coming out of your checking account, such as yoga studio memberships or streaming services

•   Recurring outgoing transfers: Look for payments that move to external accounts, such as funds being funneled into a retirement account or a health savings account.

•   Automatic deposits: This might include the direct deposit of paychecks, alimony, Social Security benefits, a tax refund, and other sources of income (such as payouts via P2P transfers, such as PayPal or Venmo for a side hustle).

Take a look at your monthly account statement and make a list of every automatic deduction. Also scan for those irregular automatic deductions (perhaps a quarterly insurance premium payment?). Once you’ve made your list, log in to each of your service provider accounts and change your payment information.

Step 4: Transfer Funds and Update Automatic Payments

You may have already made an opening deposit to your new account, but if not, now it’s time to transfer some funds from your old one to the new one.

It’s often possible to do this online; check with both banks involved to find the best way to transfer the funds. (Keep in mind, you’ll need to leave a bit of cash in your soon-to-be former account, to cover any pending transactions and miscellaneous charges or fees.)

You’ll also want to update any automatic payments you typically receive. This can involve contacting your job’s HR team about changing your direct deposit details or contacting Social Security about how to redirect your benefits.

Recommended: 7 Tips for Managing Your Money Better

Step 5: Monitor Pending Transactions

After you’ve canceled or rerouted all the automatic payments that deduct from the account you want to close, you will need to wait for any pending transactions to clear. These pending transactions are usually for bills or subscriptions that have one remaining payment left before the company can change your payment information. Or it could require an extra pay cycle for your salary to go into your account by direct deposit.

Waiting for all pending transactions to clear ensures that your bills will be paid and your subscriptions will continue without facing any overdraft fees. Make sure there is enough money in the account you wish to close to cover any pending payments. Wait two weeks to one month for any automatic payments to be deducted. Otherwise, you risk incurring fees for overdrafting.

Step 6: Close Your Old Bank Account

Once you have transferred all automatic payments and possible deposits and waited a cycle for those to update, you’re done. It’s time to close your old account.

•   Depending on where it’s held, you may be able to finalize this online or by phone. In other cases (usually at smaller local banks or credit unions), you may have to send a written request or turn up in person.

•   Be sure to transfer out any remaining funds or get a check for the amount left in the account.

•   Whether you close your account online or in person, make sure to request written confirmation that the account has been closed, says the Consumer Financial Protection Bureau. This is a safety-net move to protect you if some issue were to arise. When you receive the letter confirming your bank account is closed, make sure to save it somewhere safe for future reference.

You’re done! You’ve completed the process and switched banks.

Challenges and Considerations When Switching Banks

There are many good reasons to switch banks, but there are times when changing banks may not be worthwhile. So before diving in, think about the following:

•   If you are switching banks to get a sign-up bonus or short-lived perk, is it worth the trouble? Make sure that the amount of money you will gain is worth the effort, and that you won’t be hit with fees that negate the extra money you bring in. (You might look at what online banks offer; they often have lower or no fees.)

•   Check if the new account will require a hard credit inquiry to gain approval. Typically, financial institutions only do a soft pull, but if you are focused on maintaining or building your credit score, you should make sure.

•   Take extra care in tracking your automatic payments and deposits. It’s not uncommon to have more of these electronic financial transactions than you expect, and some can be infrequent or irregular, such as annual payment of a subscription or insurance premium. Forgetting to redirect payments or direct deposits can create a hassle down the road.

The Takeaway

As the personal banking market becomes ever more competitive, you may find yourself thinking about changing banks for the sake of better services, greater convenience, lower fees, higher interest rates, or other features. If you do find a new home for your money, it takes just six steps to make the switch. Yes, it’s a bit of effort, but the payoff can be well worth it.

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

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FAQ

Are there downsides to switching banks?

If you’re wondering about cons or how hard it is to switch banks, know that changing banks requires just a bit of effort and patience. You will need to complete some forms and move any automatic payments or deposits to your new account, as well as wait a cycle while these update. But changing financial institutions should not involve a charge or impact your credit score.

Is it difficult to switch banks?

To switch banks, you’ll need to identify a new financial institution and fund your new account. Then, you will need to transfer automatic payments, deposits (say, via direct deposit or PayPal), and wait for them to update. Once that happens, you are ready to transfer any remaining funds and officially close your old account.

What is the easiest way to switch banks?

The easiest way to switch banks can be to identify a new financial institution, complete your application, monitor and redirect automatic deposits and payments, wait a billing cycle, and then transfer any remaining funds and close your old account.

How long does it take to switch banks?

While it can take just a few minutes to open a new bank account, it usually is wise to wait a full billing cycle or two so that automatic payments and deposits can be transferred to your new account. Once that happens, you can feel confident in closing your old account.


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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*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.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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 .

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31 Facts About FAFSA

31 Facts About FAFSA for Parents

Editor’s Note: The new FAFSA form for the 2025-2026 academic year is available. Based on early testing by students and families, the process seems to be improved from the 2024-2025 form. Still, it’s best to get started on the form and aim to submit your application as soon as possible.

Applying for federal aid is a crucial step most high school students take while transitioning to college life. Parents going through the college admissions process for the first time, though, may not realize that they also play a huge role in helping their children apply for grants and scholarships through the Free Application for Federal Student Aid or FAFSA.

Applications for the 2025-2026 FAFSA opened on November 21, 2024, and will remain open until June 30, 2026. If you’re looking for facts about FAFSA that will help your child apply for college aid for the 2025-2026 academic year, we’ve compiled some of the most important information on how you can help your child during the FAFSA process.

FAFSA Facts and Tips

Filling out FAFSA for the first time? These facts and FAFSA tips can help you prepare for the application process and offer suggestions for getting the most aid.

1. FAFSA Is Required to Receive Government Student Loans

For those who may be new to the financial aid process, FAFSA is the form students fill out to apply for federal financial aid, including federal student loans. More than 17 million students fill out the FAFSA each year. Your child won’t be eligible for government-funded college aid, such as federal loans or grants if they don’t apply.

Recommended: 12 Steps to Filling Out the FAFSA Form for School Year 2025-2026

2. Your Child Could Qualify for Grants by Filling Out FAFSA

While you can get subsidized or unsubsidized loans through FAFSA, your child may also be eligible for grants. One common federal grant is the Pell grant, which is awarded to first-time undergraduate students who show exceptional financial need, such as coming from a low-income family.

3. It Determines Work-Study Eligibility

Federal work-study is a way for students to earn income at a part-time job while in college. These jobs can be on or off-campus and vary by school, although not all schools participate in the program. You have to fill out FAFSA to determine if you’re eligible for work-study programs.

4. Some Schools Use FAFSA to Determine What Aid They Offer

If the schools your child applies to offer their own aid, such as need-based scholarships, they may use FAFSA to determine eligibility. You may want to check with the schools your child is applying to and ask if they have a separate application for internal scholarships and grants.

Recommended: FAFSA Guide

5. Most Applicants Under Age 24 Are Considered Dependents

Most students under the age of 24 who are neither married nor parents themselves won’t be able to apply as an independent student . As a result, for most incoming freshmen, their parents’ income is counted in the determination of financial need.

6. Your Child Needs Your Information to Apply

If your child is filing as a dependent, then they’ll need some basic information about your finances, such as your income and paid taxes. You may also elect to apply for a Parent PLUS loan at some point, which can help cover your child’s educational expenses if they don’t receive enough in loans and grants to cover costs. Note that you may need to provide additional information to apply for a Parent PLUS loan.

7. High-Income Families May Want to Still Apply

If your family is middle- or upper-class, you may wonder if your child will receive any FAFSA aid. However, applying is free, and family income is just one of many factors considered during the application process. Additionally, your child’s school still may require the FAFSA to consider them for institutional aid, such as non-need based scholarships, so it may be worth applying for even if you don’t think your child will need or receive aid.

8. Grades Don’t Affect FAFSA Eligibility

FAFSA does not have a GPA requirement to apply. However, your child may want to keep in mind that they could lose any aid given to them through FAFSA if they have poor grades for multiple semesters after they receive the aid.

9. Deadlines May Differ by State and School

While the FAFSA doesn’t close until June 30, 2026 for the 2025-2026 academic year, FAFSA application deadlines vary by state and school. State and school deadlines may close prior to the federal deadlines. If you’re not sure what deadlines apply to your student, consider checking with the financial aid office of each school your child applies to and asking what their FAFSA deadlines are.

10. Having Multiple Kids in College No Longer Affects Financial Aid Awards

In January 2024, a new law went into effect that removes the number of family members in college from the financial aid calculation. Before, families with multiple children in college may have qualified to receive more aid. That is no longer the case. However, at the same time, the Pell Grant opportunity has been expanded so that students who might not have gotten a Pell Grant before may now get one. These are two of many changes created through the FAFSA Simplification Act, which aims to simplify the FAFSA form and therefore encourage more families to fill it out.

11. Expected Family Contribution Is Also Changing

Expected family contribution (EFC) is an estimate of how much FAFSA believes families can contribute to the cost of a student’s education. However, as part of the FAFSA Simplification Act, EFC was replaced with the Student Aid Index (SAI), which went into effect for the 2024-2025 academic year.

12. FAFSA Is Changing the Process for Children of Divorce

Before the new simplified FAFSA, in the case when a child’s parents are separated, the custodial parent’s information was included on the form. However, with the new changes, the parent who provides the most financial support to the student is responsible for filling out the FAFSA.

13. Your Child Will Need Their Social Security or Alien Registration Number

As your child prepares to fill out the FAFSA, they’ll need their Social Security or Alien Registration number if they are not a U.S. citizen.

14. Have Certain Nontaxable Income Information at the Ready

On the 2025-2026 FAFSA, there are far fewer questions about nontaxable income for parents than there used to be. What you will still need to provide are such things as the amount of the untaxed portion of any IRAs and pensions you may have, and deductions and contributions to self-employed SEP IRA, SIMPLE IRA, and qualified plans.

15. Your Child May Need to Report Grants and Scholarships

Most first-time college students won’t need to report any grants or scholarships they received. However, they may have to include them on the FAFSA if they had to report them on their taxes, such as:

•   AmeriCorps benefits living allowances and education awards

•   Taxable work-studies, assistantships or fellowships

•   Other grants or scholarships reported to the IRS

If you have any doubts about what types of grants may be taxable, consider consulting a tax professional.

16. Have Bank Statements Available

To fill out FAFSA, you’ll need bank statements for both you and your child. This information helps determine how much aid your child will be eligible for.

17. You Don’t Have to Have a Social Security Number to Sign the Form

If you’re filing the FAFSA online and you don’t have a Social Security number, you can create a federal student aid (FSA) ID without it. Your FSA ID is your login and password. Then you can proceed with filling out your portion of the form.

18. You Don’t Need to File Taxes Before Submitting the FAFSA

If you filed for an extension for your tax return, you can use your W-2 or 1099 statements. But you will need to update the FAFSA once you file. This is because which tax bracket you’re in can impact how much aid your child is eligible for.

19. You’ll Need to Have a List of Assets Ready

FAFSA uses parental assets to help determine aid eligibility. You’ll need to know how much in assets you have, which include (but are not limited to):

•   Money in cash, savings, and checking accounts

•   Non-retirement investments (such as stocks and mutual funds)

•   Businesses

•   Investment farms (in other words, you don’t live on and operate the farm)

•   Other investments, such as real estate and stock options

20. Some 529 Plans Are Also Considered Assets

When filling out information about assets, you’ll also need to provide the value of the 529 College Savings Plans you own. Also, if your dependent child owns a 529 plan, you will need to report it as a parental asset — and not as the student’s asset. However, a 529 owned by anyone else, such as the student’s grandparents, is no longer reported as an asset on the FAFSA.

21. Your Primary Home Doesn’t Need to Be Listed as an Asset

One common FAFSA mistake is listing your primary home as an asset. However, FAFSA does not require you to do so. In fact, listing it as an asset can decrease the amount of aid your child receives.

22. You Don’t Need Your Retirement Information

FAFSA also doesn’t count the value of retirement accounts as assets. Again, including them can inflate the number of assets you have and therefore may decrease the amount of aid your child is offered. However, as mentioned above, you will need to report the untaxed contributions and withdrawals from these accounts on the FAFSA.

23. You’ll Need to Include Each School Your Child Is Applying To

When you and your child fill out the FAFSA, you’ll want to have a list of all the schools your child may be interested in applying to. You’ll need each school’s federal school code to add them to the list of schools you want your FAFSA information sent to, although you can also search for this information on the form itself if you can’t find it on the school’s website. It may be wise to include schools your child isn’t sure they want to apply to yet since it’s easier to simply add the school to the list now than having to send the school your FAFSA information later.

24. Schools, Not the Government, Will Give You Financial Aid Updates

Part of the reason you’ll need to send your FAFSA to schools your child is considering applying to is because schools, not the government, send out financial aid packages. As such, each school your child applies to may offer a different financial aid package.

25. Skipping Information Can Be Costly

Before hitting submit, you might want to double check that every section of the FAFSA is filled out (and accurate). Skipping FAFSA sections may result in delays in your application being processed, errors that prevent you from submitting, or even a decrease in the amount of financial aid you may get.

26. Your Child Will Need to Take Student Loan Entrance and Exit Counseling

Students who receive Direct Subsized or Unsubsidized loans or Direct PLUS loans for graduate students are required to take student loan entrance counseling. If a student is a first-time student loan borrower or a graduate student who has not previously received a Direct PLUS loan, they will need to take entrance counseling before their loans are disbursed. The counseling informs student borrowers about the terms and conditions of their loans, including interest rates, repayment options, and how to avoid default or delinquency.

Your child can take entrance counseling by logging into their account on StudentAid.gov. The session must be completed in one session. It’s important to note that some schools have different entrance counseling requirements, so check with the financial aid office to make sure nothing else is needed.

Similarly, after graduation, federal student loan borrowers need to take mandatory student loan exit counseling to help them navigate how the student loan repayment process works. A reminder will be sent to your child’s email in their last year of school about when this exit counseling is due. However, you and your child may want to consider reviewing student loan exit repayment options before the counseling is due to ensure they pick the best option based on their financial situation.

27. File Early to Get the Most Aid

While it may seem like you have a ton of time to fill out the FAFSA, it may be best to complete it sooner rather than later. Delaying can mean financial aid for your state or school dries up before your child can even be considered for it. Additionally, knowing how much aid each school is offering your child may help them when deciding on which school to attend.

28. You Could Be Selected for FAFSA Verification

After your child receives their student aid report, they may get a message saying they were selected for verification. FAFSA verification is used by some schools to simply verify that students’ FAFSA information is accurate. Some schools randomly select people to be verified, some verify all students, and some may elect not to verify any students.

29. You Can Appeal Your Aid Package

Once your child has their financial aid packages, they may find that they were offered less than they expected or hoped for. If your child’s dream college didn’t offer enough aid (or perhaps even didn’t offer them any aid), they may be able to appeal for more financial aid. This process may be especially important if your financial situation has changed since you and your child first applied for FAFSA. While schools may deny the request, it doesn’t cost you or your child anything but time to ask for more aid.

30. You Can List Unusual Circumstances That Affect Your Finances

Another way to try and increase your financial aid package is by listing unusual financial circumstances both on your FAFSA and in an appeal letter to schools you’re applying to. Some common unusual circumstances include (but are not limited to):

•   Having tuition expenses in elementary and/or secondary schools

•   Experiencing unusual medical or dental expenses not covered by insurance

•   Having a family member become unemployed recently

•   Experiencing changes in income and/or assets that could affect aid eligibility

31. You’ll Have to Reapply Every Year

Once you’ve filed your FAFSA, you may want to keep your login information in a safe place. You’ll need that information to file for FAFSA every year your child is in school, and losing your FSA login information may delay your ability to apply next year. You may also want to set a reminder on your phone or calendar to apply next year, although FAFSA will send you an email reminder when next year’s FAFSA is open.

The Takeaway

Filling out and submitting the FAFSA is an important first step in helping your child pay for college. Knowing how the FAFSA works and how to optimize the amount of aid your child receives can help increase the amount of federal aid they’re offered.

However, if your child’s financial aid package isn’t enough to cover college costs, they may want to consider private student loans. It’s important to note, however, that private student loans don’t offer the same borrower protections as federal student loans. That’s why it’s wise to consider all the options to make the best choice to help pay for your child’s education.

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.


Photo credit: iStock/wagnerokasaki

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., 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 04/24/2024 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.


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

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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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woman on laptop in cafe

Private Student Loan Forgiveness: What Is It & How Does It Work?

Although the Biden-Harris Administration’s plan for widespread student loan forgiveness was ultimately struck down by the Supreme Court in 2023, all has not been lost for the millions of borrowers hoping to have their loans canceled.

Under the Higher Education Act, the administration made changes to existing relief and forgiveness programs to forgive millions of dollars of federal student debt. As of October 2024, 4.8 million student loan borrowers have received debt relief.

That said, student loan forgiveness options may be more limited for borrowers with private loans, who owe an average of $54,921 each.

Key Points

•   Private student loan forgiveness is rare, with limited options compared to federal loans.

•   Deferment or forbearance options are typically available for financial hardship, though interest usually accrues during these periods.

•   Negotiating with lenders may lead to loan modifications, such as a lower interest rate or extended payment term.

•   Employer assistance programs may help with loan repayment, especially in certain professions.

•   For some student loan borrowers, refinancing private student loans may result in a lower interest rate or better terms.

Student Loan Breaks for Many but Not All

As mentioned above, the Biden administration and the U.S. Department of Education have forgiven a large amount of student loan debt via targeted relief efforts. The administration provided $74 billion to more than one million students through the Public Service Loan Forgiveness program, $28.7 billion to the more than 1.6 million borrowers who were defrauded by their schools or saw them suddenly close, and 16.2 billion for more than half a million individuals who have total and permanent disabilities.

During his term, President Joe Biden announced several other measures for student loan debt relief, including an initiative to forgive up to $20,000 in federal student loans for those who met certain income requirements. However, the Supreme Court deemed that the President didn’t have constitutional power to implement such a plan. Another initiative by the administration, the income-driven repayment plan called Saving on a Valuable Education (SAVE) aimed at helping struggling federal student loan borrowers, was blocked by the courts.

These programs pertained only to federal loans. Private student loan borrowers were not included in any of the relief.

Recommended: A Guide to Private Student Loans

Can Private Student Loans Be Forgiven?

Do lenders forgive private student loans? Unfortunately, that almost never happens.

However, many do offer student loan deferment or forbearance options for private student loan borrowers facing financial hardship. Interest typically accrues during these periods, regardless of whether the borrower is making payments.

Read your loan contract or disclosure statement, which contains information about terms, rates, fees, and penalties. Here, you’ll find information related to any hardship programs offered by the lender. You can also reach out directly and ask about your options.

Whatever you do, don’t miss a payment. Contact your lender immediately if you’re facing a hardship that will prevent you from making payments on time and in full. After a default on a private student loan, which can happen quickly, private lenders may hire a collection agency or file a lawsuit.

Take control of your student loans.
Ditch student loan debt for good.


Private Student Loan Debt Relief Options

Refinancing your student loans can offer several benefits. If you have a good credit history and solid income, or a cosigner on the loan, you may be able to qualify for a lower interest rate, reducing your monthly payments and the total interest you pay over the life of the loan.

Or you might be able to lengthen the term of your loan and decrease your monthly payments (but elongating the repayment term will usually increase the total interest paid). Use this student loan refinancing calculator to see how refinancing could affect your payment.

When you refinance, the lender will pay off your old loans and issue you a new loan with a new rate and terms and with one payment.

You can typically refinance both federal and private loans. You’ll also be given a choice of a fixed or variable rate.

If you are thinking about refinancing your student loans, do your homework:

•  Be sure you’re getting the lowest rate possible with terms that fit your short- and long-term needs.

•  Although student loan refinancing rarely comes with any closing costs, it’s a good idea to find out if there are any fees involved. Keep in mind that you can refinance more than once.

•  If you plan to refinance any federal student loans, know that doing so will permanently forfeit all federal benefits and protections, including income-driven repayment plans, federal deferment and forbearance options, and forgiveness programs such as Public Service Loan Forgiveness (PSLF).

•  Consider lenders that initially do a soft credit pull before you actually apply with them to refinance your student loan. That way, shopping for interest rates will not affect your credit.

Recommended: Soft vs Hard Credit Inquiry: What You Need to Know

2. Talk to Your Lender

Speak to your lender about your options to repay your student debt. You aren’t the first (and you won’t be the last) to ask for help, and many private lenders offer some type of loan modification for borrowers who are financially struggling.

You may be able to negotiate a lower interest rate or a lower payment over a longer term, or set up a period during which you can make interest-only payments.

Be ready to answer questions about why you’ve fallen behind, what other debts you’re paying, and about your income prospects.

Always communicate with your lender to avoid student loan forgiveness scams. Some private companies that falsely offer debt relief may try to get you to pay monthly costs or upfront fees, ask you for your identification, or promise immediate loan forgiveness.

If you think you’re the victim of suspicious activity, contact the Federal Trade Commission.

3. Consider a Payment Pause

Some private lenders offer deferment or forbearance, which will allow you to postpone payments.

•  Deferment is sometimes available to borrowers who are planning to go back to school or who are entering military service.

•  Forbearance is typically available for those who have had an unexpected hardship that makes repayment difficult, such as an illness or a job loss.

Interest will still accrue during these private loan payment breaks.

As with federal loans, your employer may assist you with your private loans, especially if your skills are in demand. Also, many industries and professional associations offer student loan repayment assistance for firefighters, teachers, lawyers, and health care workers.

The Takeaway

Private student loan forgiveness is rare and has not been included in any sweeping moves to cancel student loan debt or provide relief. Borrowers of private student loans may be able to refinance and get a better rate or work with their lender if they’re struggling.

SoFi refinances both federal and private student loans. There are no prepayment or late fees. Deferment and forbearance options are available.

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

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


SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.


SoFi 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., 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 04/24/2024 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.


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.

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

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

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

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What to Do If You Don’t Receive Important Tax Documents

It’s getting to be that time of year again: tax time. But what happens if you don’t have all your tax information ready to go by April?

While keeping track of everything can be a headache, the good news is, most of your tax information is probably recoverable, even if it doesn’t show up on time. Here’s what to do.

Key Points

•   You should have all of your tax forms by mid-February.

•   To file your taxes, you’ll need tax forms that list income earned (such as a W-2 and 1099s) and expenses that may be deductible (such as Form 1098 Mortgage Interest Statement).

•   You may need Form 1095-A if you enrolled in an insurance plan through the Marketplace.

•   Recover missing tax documents by checking online portals or contacting customer service.

•   If you don’t have access to all of the necessary tax forms by Tax Day, you can file for an extension.

What Paperwork Do You Need to Keep for Taxes?

There are many types of IRS forms that contain the information necessary to file a tax return, whether you’re doing so through IRS Free File or with tax software, a professional preparer, or an accountant.

Income Statements

If you’re an employee of a company, your employer will need to supply a W-2 form, which shows your income, the amount that was already withheld for taxes, and any “elective deferrals” made to a tax-deferred 401(k) or similar employer plan.

Employers have until January 31 to send W-2s.

If you’re self-employed — such as an independent contractor, sole proprietor, member of a business partnership, freelancer, or gig worker — you’ll receive a Form 1099 from each client that paid you $600 or more. It’s specifically a 1099-NEC, which replaced what used to be recorded on Form 1099-MISC, Box 7.

The many types of 1099 forms serve to report income from nonemployment-related sources like freelance work, passive income streams, interest earned from bank accounts, or investment dividends. Which means you might get a 1099 if you’re an employee who has a savings or investment account.

You should receive most of your 1099 forms by January 31 each year to report the prior year’s payments. In certain instances, the1099 due date is February 15.

Recommended: How to File Taxes for Beginners

Interest and Health Care Statements

Other common statements include Form 1098, which comes in several variations and lists expenses that may be tax deductible. Two common ones:

•   Mortgage interest, if you itemize deductions

•   Student loan interest

The IRS requires most 1098s to be sent to taxpayers by Jan. 31 each year.

Form 1095 includes information pertaining to health care coverage. You may get a 1095-A if you had a health care plan from the Marketplace, a 1095-B if you or someone in your household had “minimum essential coverage,” or a 1095-C if you received employer-provided health insurance.

The annual deadline for providers to issue Form 1095s is Jan. 31.

Expense Receipts

If you’re trying to lower your taxable income come tax time (and who isn’t), start by gathering the records you kept in a real or digital folder, or excavating that not-so-carefully kept cache of receipts and bills.

To deduct medical expenses on your federal tax return, you’ll need to itemize your deductions. In addition, your qualified medical expenses must exceed 7.5% of your adjusted gross income. Qualified deductions include:

•   Premiums for medical, dental, vision, long-term care, Medicare Part B, and Medicare Part D insurance that you were not reimbursed for and that were not paid with pretax money.

•   Copays for medical, dental, or vision care.

•   The cost of prescriptions, eyeglasses, contact lenses, lactation aids, medical aids, and medical exam or test fees.

You may be able to claim the child and dependent care credit if you paid for the care of a qualifying person to enable you (and your spouse, if filing a joint return) to work or look for work.

For self-employed individuals, it’s a good idea to save receipts from every business-related purchase and to keep track of utility bills and rent or mortgage information. The home office tax deduction is available to self-employed people who use part of their home, owned or rented, as a place of work regularly and exclusively.

Reasons You May Not Have Gotten Your Tax Forms

First, you’ll want to ensure the form is actually late. Most tax forms should be issued by Jan. 31, but as a general rule of thumb, you may not receive all of your tax forms until closer to Valentine’s Day.

If a form hasn’t appeared by then, a glitch with your address might be the reason. If an employer does not have the right address, a mailed W-2 could be rejected and sent back. An address problem can also trip up the delivery of a 1099.

Make sure payers have your correct address, and, if needed, put in an address forwarding order at your local post office or at USPS.com.

It’s also a good idea to file an IRS change of address Form 8822. The IRS doesn’t update an address based on a change of address filed with the U.S. Postal Service.

You can avoid mail-related delays by signing up for paperless tax forms with your employer and any financial institutions you work with.

What Do You Do If You Don’t Get Your Tax Forms?

If the deluge of heart-shaped candy boxes has come and gone, there are steps you can take to retrieve your information.

What If You Don’t Get Your W-2?

If your employer provides electronic access to your earnings statement, it will typically email an OK to download it. If that message hasn’t appeared by Jan. 31, you might want to check your spam folder. Or you may have just overlooked the email in the slush pile.

If you can’t get your W-2 by mail or electronically, contact your employer’s HR or accounting department.

If you still aren’t able to resolve the problem, you can turn to the IRS. Call 800-829-1040, the IRS’ toll-free service, with the following information:

•   Your name, contact information, and taxpayer identification number

•   Your employer’s name and contact information

•   The dates you worked there

•   An estimate of how much you earned and how much was withheld from your income in federal taxes; pay stubs might help with this part

You may be asked to file Form 4852, which serves as a substitute for Form W-2 if the W-2 can’t be located. On Form 4852, you’ll need to estimate wages earned and taxes withheld. Base the estimate on year-to-date information from your final pay stub, if possible.

You could also try the IRS “Get Transcript” tool, which you can access through your individual online account (if you don’t have an account, you can create one at IRS.gov). Once you’re logged into your account, you can request your wage and income transcript, which shows the data reported on W-2s, the Form 1099 series, Form 1098 series, and Form 5498 series. Keep in mind that information for the current processing tax year may not be complete until the earnings are reported.

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What If You Don’t Get Your 1099?

If you have not received an expected 1099 by several days after Jan. 31, when most are due, contact the payer.

If you aren’t sure where the 1099 reporting your investment income or interest earned in a high-yield savings account is, try logging on to your online brokerage or bank account and clicking around. Digital forms are often offered directly to account holders.

The good news is, you aren’t required to attach your 1099s to your tax return unless taxes were withheld from the payments reported on them. So if you have another record of that income — such as year-end account statements — you may file your taxes with that information.

Recommended: Visit the Tax Season Help Center

What If You Don’t Get Your 1095?

If you don’t have your 1095, you can reach out to the source it should have come from. For the 1095-A, log into your Health Insurance Marketplace account and look for the digital version of the form there.

According to the IRS, you should only wait to file if you’re missing Form 1095-A. The other two types, 1095-B and 1095-C, are not required.

What If You Don’t Get Your 1098?

This is another tax document that’s not formally required by the IRS, but it does contain information you probably want to include on your return, since it could translate to a tax deduction.

If you haven’t received your 1098 in the mail, one first step is to log into the account you have with the lender that issued the mortgage or student loan. Again, digital tax documents are often offered directly to borrowers through the online portal. If you can’t find the documents yourself, call the lender’s customer service line. You might also be able to find the necessary numbers on your year-end statement.

What to Do If You Don’t Have Your Stuff Together On Time

If all else fails and you’re simply feeling crunched for time, you can always file for an extension with the IRS, which involves — of course — a form: Form 4868. Individual tax filers, regardless of income, can electronically request an automatic tax-filing extension.

To get the extension, you must estimate your tax liability on the form and pay any amount due, the IRS says.

You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using IRS Direct Pay, the Electronic Federal Tax Payment System, or a credit or debit card.

An extension gives you an additional six months to get your paperwork in order.

Finally, if you use a tax preparer service, whether a human or software product, keep in mind that your information from the prior year is probably on file, which may help fill in some gaps. Taxpayers can also request a transcript of their prior year’s tax return directly from the IRS.

The Takeaway

Tax time can be stressful even for the most organized among us, and missing tax forms can add angst. If tax forms have not materialized by mid-February, don’t hit the panic button. There are workarounds and simple solutions.

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


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

FAQ

Do you get penalized for missing tax forms?

Tax filers are not penalized for missing forms. If they can’t get the forms, they must still file their tax return on time or get an extension to file.

A business may be penalized for failing to issue W-2s, 1095-Cs, 1099-NECs, or 1099-MISC forms by the deadline to do so.

How long does it take to send missing tax forms?

Copies of W-2s can be requested from the IRS. It can take up to 10 days for an online request to be processed, and up to 30 days for a mail or fax request.

Can I look up my tax forms online?

Yes. You can access your personal tax records by logging into your individual online account at IRS.gov. According to the IRS, this is the quickest and easiest way to view or download your tax transcripts, find out how much you owe, check your refund, view your payment history, make a payment, and see your prior year adjusted gross income (AGI).


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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*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.

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.

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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

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