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If you are gearing up to go to college, you are likely focused on maintaining a good GPA and prepping for the SAT or ACT. However, those aren’t the only factors that will get you into your dream school. Getting involved in extracurriculars in high school is often just as important as academics.

One type of extracurricular that you may want to consider is joining a club. High schools usually have a variety of clubs available for students to join. Joining a club comes with many benefits and can also make your high school experience more fun and memorable. Read on to learn more about why clubs are important and how to get involved.

Benefits of Joining a Club

The list of things-to-do while in high school can seem pretty overwhelming at times, especially when you add college preparation to the mix. There are classes to stay on top of, events and parties to attend, and soon enough college applications roll around. Balancing coursework and a social life can be a struggle, but one way to combine social life with college preparation is by joining a club.

There are a lot of benefits to joining a high school club. Many colleges like to see that applicants are well-rounded, so academic success isn’t the only way to stand out among other applicants. Clubs provide colleges with insight into what a student’s interests and passions are. In addition, they help students develop time management skills and responsibility.

Learning to balance work and fun while in high school can help make it easier to maintain that balance after entering college.

Joining a club in high school can also provide an opportunity for students to relax and have some fun. Having fun is a vital piece of creating a memorable high school experience and it can help students perform better in class.

Not only is the social time enjoyable for some students, but participation in clubs can also help students develop their “soft” skills, such as effective communication and learning to work with others.

In addition to making friends, being in a club gives students the opportunity to bond with their faculty advisor, who is usually a teacher. Building a relationship with teachers during high school is important for getting quality letters of recommendation to add to those college applications.

💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Common High School Clubs

The list of high school clubs that are available at each school will differ. Generally, a school will have a variety of clubs available. These can range from clubs that are academic, like a foreign language club, to clubs that are artistic, like a creative writing club, or something that’s related to a student’s hobbies, like a video games club.

Usually, high schools will also have clubs that participate in some kind of volunteer work or community service. These can be clubs that do work in the community hospitals, in meal programs for the homeless or elderly, and much more.

Some clubs are high tech, like the robotics club, and some are more old-school, like the chess club. Schools will usually have a lot of variety in the types of clubs that exist, and there may be some clubs that are unique to just your school. Since students can often start their own clubs, there isn’t one set list of clubs that will exist at every school.

Recommended: How to Get Involved on Campus in College

Starting a Club

If students don’t like the selection of clubs available at their school (why doesn’t every school have a waffle club?) then they are generally able to start their own. Starting a new club has a lot of benefits for the students who choose to put in the work to get one up and running.

There is no list of “correct” clubs to start in high school, most colleges value students who show commitment to something they care about. It’s about the quality of the activities they spend time in, not the quantity.

Seeing that a student has started a new club will show college admissions that the student has developed leadership and organizational abilities. Starting a club shows initiative, and sometimes, students who start clubs will end up in one of the leadership positions, like President, Vice President, Secretary, or Treasurer.

Each school will have its own process for starting a club, but there are a few steps that will be the same everywhere. The first step is, of course, figuring out what the club is about. Is it going to focus on community service, something academic? Will it be focused more on fun and entertainment?

After a topic for the club is chosen, students should figure out what the purpose and goals of the club are. If the club is about chess, will students be learning how to play? Will club members be entering tournaments together? Figuring out the purpose of the club and what its goals are before members join will help limit confusion and manage everyone’s expectations.

At most schools, the club will have to get registered after its name and purpose are defined by founding members. Registering the club makes it official and once this step is complete students can actually begin enjoying their club.

What’s next? Gaining new members and planning the first club meeting. Once the club is official and ready to start, it’s time to focus on recruitment and preparing for the first meeting.

Students should choose a date, time, and location for the first meeting before recruiting, that way they have information to give interested students on when activities will be beginning.

Before the meeting, club members should know what they plan on discussing with the new recruits and how long they want the meeting to last. Usually, the first meeting is a good time to go over the club’s purpose and goals and to get contact information from the new members.

Sometime in the first few meetings, it may be a good idea to assign leadership roles for the club. These usually include President, Vice President, Secretary, and Treasurer. The way these roles function can differ from club to club, but their usual responsibilities are as follows:

•   The President will lead the club and supervise meetings and activities.
•   The Vice President assists the President and takes over their roles whenever the Present isn’t available.
•   The Secretary takes notes during meetings and helps keep all members up to date on the club’s plans.
•   The Treasurer will manage the club’s budget and keep track of expenses.

Assigning leadership roles will help keep the club running smoothly and make it easier for the club to meet its goals.

💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

Planning Ahead for College

It’s really never too soon to start planning, as well as saving, for college. The process of researching schools and then applying can be time-consuming, so the earlier students begin their research, the less last-minute cramming they’ll have to do.

A vital piece of planning for college is figuring out how to finance college. Most schools come with a pretty large price tag, but there are a variety of ways that students can help fund their college tuition.

To apply for federal financial aid, students will need to fill out the Free Application for Federal Student Aid (FAFSA). This will allow you to find out if you are eligible for different forms of financial aid, including grants, scholarship, federal student loans, and work-study. Grants and scholarships usually do not need to be repaid, whereas loans do need to be repaid.

It’s recommended that students exhaust their federal aid options before looking into private student loans. Federal loans come with certain benefits that private loans do not.

If students are not eligible for federal aid, or the financial aid they receive is not enough to meet their needs, there are other options, such as private scholarships and private student loans.

Scholarships are widely available and the eligibility criteria varies for each one. Some scholarships are need-based, while others are merit-based. Scholarships are available through schools, local communities, and corporations.

Taking out private student loans is another option for helping to fund a college education. These loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

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.

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If you want to sell your car but still owe money towards the purchase price, the process will be different from selling a vehicle that you own free and clear. And the process will change depending on whether you are selling the car privately, to a dealer, or are doing a trade-in.

Here, you’ll learn the step-by-steps for selling a car that you still have a loan on, as well as learn smart advice for buying your next set of wheels.

How to Sell a Car You Still Owe Money On

At a high level, selling a vehicle with a loan has three main steps:

1.    Gather important info

2.    Determine if you have positive or negative equity

3.    Pick a selling option.

You’ll explore each of these steps in more depth next.

Gather Important Info

First, get a sense of what the car is worth. This will depend upon its condition, so objectively look at your vehicle. How clean is it? How well has it been maintained? What does the body and interior look like? Examine other used cars like yours for sale and see how they’re priced.

Look at used car valuation guides, as well. They will have different values for trade-ins (when working with a dealership) than for private-party sales (when selling to an individual), and will also list retail values. Look at the one that will fit the situation.

Also, verify the payoff amount on the vehicle’s loan. This will include the principal balance plus any accrued interest and is often available online or can be obtained by calling the lender. During the conversation about selling a vehicle with a loan, you can also find out how to send the payoff amount to the lender and when the lender wants to receive it (before or after the sale of the car).

Determine If You Have Positive or Negative Equity

The vehicle’s equity is the difference between the resale value and the amount owed on it, and this number can be positive or negative.

Let’s say that a vehicle is valued at $20,000 with a loan amount of $10,000; that car has a positive equity amount of $10,000. If, though, the vehicle is valued at $20,000 and the outstanding loan amount is $25,000, then it has negative equity of $5,000. Loans on cars with negative equity are referred to as “upside-down” or “underwater.”

So, when figuring out how to sell a car with a loan, the processes will differ based on whether the vehicle has positive or negative equity as well as the selling option you select.

Pick a Selling Option

If you have a car with an outstanding loan balance — and it isn’t practical or even possible to pay it off — then selling a car with a loan can typically be handled in one of three ways:

•   Selling it to a used car dealership

•   Selling it privately to another person

•   Trading it in.

Selling a Car to a Used Car Dealership

If a car dealership will buy used cars without requiring that you buy one from them during the transaction, then the process will probably be pretty straightforward. The dealer will offer you a certain dollar amount. If you agree, they will pay off the lender in exchange for getting the vehicle’s title.

If there is positive equity on the vehicle, then you’ll get the money that remains after the loan balance is paid off. If it’s a negative equity situation, then you’d need to pay the difference between what the used car dealer is willing to pay and what it takes to pay off the loan.

For example, if a dealer offers $15,000 on a vehicle that has a $10,000 loan, then the dealer would take care of the loan payoff and provide the person selling the car the remaining money ($5,000), minus any fees involved.

In a negative equity situation, for example, if the vehicle’s value is $10,000 and the outstanding loan is $13,000, then the seller would need to chip in the difference (in this case, $3,000 plus any fees) to complete the sale and transfer the title to the buyer.

Recommended: Smarter Ways to Get a Car Loan

Selling a Car Privately

With a private sale, you might get more money than you would from a used car dealer (who needs to resell the vehicle at a profit), but you’d also need to take on more responsibility for managing the sale. This includes the transfer of title and payment of fees among other duties.

Steps to take include the following:

•   Get the current loan payoff from the lender (there will likely be interest owed beyond the principal amount).

•   Find out what paperwork they’ll need and how they want the process to work.

•   Have the buyer follow the lender’s procedures when paying for the car.

From the lender’s perspective, they want to ensure that they get paid. So, as just one possibility, they may have a buyer pay them the agreed-upon price for the vehicle. If it’s more than what’s owed, then the lender could give you the overage. If it’s less than what’s owed, you could give the bank the difference between the price and loan amount.

When selling a car with a loan privately, you’ll also need to handle any fees and forms with the motor vehicle department of your state. Then you’ll be ready to move ahead, and, if another vehicle is in your plans, decide whether to buy or lease a car.

Trading In a Car You Still Owe Money On

As a third possibility, you could trade in the car with a loan balance to a dealer as part of purchasing either a new or used car. The dealer will offer a certain amount of credit for the trade-in vehicle and if its value is more than the loan amount, that difference would go towards the purchase of the replacement vehicle.

If you’ve been saving for a car, here’s how this might work: The dealer will offer a certain amount of credit for the trade-in vehicle. If its value is more than the loan amount, that difference would go towards the purchase of the replacement vehicle.

If the loan amount is higher than the value, then the dealer may agree to combine the vehicle’s negative equity with the loan for the replacement vehicle. If this is the chosen route, the term may need to be extended to create affordable payments and this will potentially lead to more interest being paid on the new loan.

Recommended: 31 Ways to Save Money on Car Maintenance

The Takeaway

Selling a car with a loan is a little different from selling one that’s paid in full. When thinking about how to sell a financed car, it’s easier to do so if you have positive equity in your car but still can be doable with negative equity. Some options include selling to a dealer or to an individual or trading in the vehicle towards another one.

Then you can, if necessary, start a savings account so you’ll be ready to buy your next car.

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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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.

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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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