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Having a copy of your car insurance declaration page is important because it offers an overview of your car insurance policy. Provided by your insurance company, your auto insurance declaration page can help you understand how you are (and aren’t) covered, among other crucial information — which is why it matters to know how you read yours.

In this article, we’ll walk you through how to read a car insurance declaration page and also explain how to get an insurance declaration page.

What Is an Insurance Declaration Page?

You can think of your automobile insurance declaration page as a summary of your overall policy, containing key information about your coverage, including which vehicles are covered and how to contact your car insurance agent. (You may hear this summary referred to as a “dec page” for short.)

The information detailed in your dec page is important for each insured driver to have on hand. If you’re involved in an accident or otherwise need to file a claim or contact your agent, this page can guide you through who to contact and what coverages you have. It can also help if you decide to compare policies to see if you’ve got the best deal for the premiums you’re paying.


💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.

Sample Car Insurance Declaration Page

Elements of your auto insurance declaration page will typically include the following:

•   Contact information

•   Loss payee (lender/lessor)

•   Policy number and coverage dates

•   Premium amounts

•   Insured drivers

•   Vehicle information

•   Coverages

•   Limits

•   Discounts

•   Deductibles

Here’s more about each.

Contact Information

This includes contact information for your insurance agent as well as your own name, address, and phone number.

Loss Payee

This will list any other party with an interest in the vehicle, typically the lender if you’ve financed or the lessor if you’ve leased the vehicle.

Policy Number and Coverage Dates

Just like with your mortgage, credit card account, car loan, and so forth, your auto insurance policy comes with a unique account number so that coverage specifics can be accessed when needed. The insurance policy will also have a beginning and end date, perhaps for a six-month period that can then be automatically renewed, and those dates will appear on the declaration page, allowing you to ensure that you have the current version on hand.

Premium Amounts

This page will also list your current premium amount so you know how much to pay (or how much will be automatically deducted from your account). If the declaration page is for a six-month term, it may show an amount of $660 — and, if the agent accepts quarterly payments, then that would be half of that amount: $660 for six months divided by two, which amounts to $330 for three months. If payments are broken down monthly, that would be $660 divided by six, which comes out to a monthly payment of $110.

Insured Drivers

If only one person is on the policy, then this section is pretty simple: their name will be listed as the insured driver. If multiple people are covered on the policy, then all of the household drivers would be listed by name. A person must be added to and listed on the policy before they can be covered by the insurance; if they’re removed from the policy, an updated auto insurance declaration page should be issued without their name.

Vehicle Information

If only one vehicle is insured under this policy then, again, this section is pretty straightforward. It will include the year, make, model and vehicle identification number (VIN) for the covered vehicle. If multiple household vehicles are covered, information will be listed about each one.

Recommended: How Does Car Insurance Work?

Coverages

The automobile insurance declaration page will list the types of coverage included on the auto policy as well as the dollar amounts associated with them. Categories can include:

•   Bodily injury: This covers costs if you cause injuries to other people through an auto accident.

•   Property damage: This covers damage to another person’s car or property (such as a fence or building) if you’re at fault in an auto accident. It can also cover costs for the removal of trees, signs, and other debris as needed after an accident.

•   Medical coverage: This covers medical payments and lost wages if you or a passenger gets injured in the accident. It can also cover funeral costs.

•   Uninsured/underinsured motorist bodily injury: If the other person in the accident isn’t insured or doesn’t have enough insurance to cover the damages incurred, this will kick in to help pay for repairs and other costs.

Limits

For each type of coverage listed, there will be limits — sometimes per person and other times per incident. In all states except Florida, liability insurance is required, although laws vary regarding the amounts needed. Some states will require bodily injury and property damage liability, while others may also require uninsured motorist coverage or personal injury protection.

Note that these state requirements list the minimum required, not necessarily how much auto insurance you may really need in case of an accident. If you have a loan on the car, your lender may require comprehensive and collision coverage, even though your state laws don’t require them.

Recommended: 5 Steps to Switching Your Car Insurance

Discounts

You may receive discounts on your policy, perhaps because of vehicle features (anti-lock brakes or stability control, for example) or because of your driving history. These should be listed on your declaration page along with the vehicles they apply to. Your insurance agent may provide multiple car discounts and/or discounts if you also have a homeowners policy with them, as two more examples.

Deductibles

Deductible specifics should be listed on the auto insurance declaration page as well. The deductible (an important auto insurance term to know) is the amount you’re required to pay out of pocket before your insurance policy kicks in to pay the rest, subject to policy limits.

Coverage types, such as collision, personal injury, and uninsured motorist, can each have their own deductibles — perhaps $500 or $1,000 each. In general, a low deductible policy comes with higher premiums, while a high deductible generally has lower premiums.


💡 Quick Tip: If your car is paid off and worth only a few thousand dollars, consider updating your car insurance: You might choose to opt out of collision coverage and double down on liability.

How to Get Your Insurance Declaration Page

When you buy a new car insurance policy or change a current one, you should receive a copy of your new or updated automobile declaration insurance page. If you can’t find your copy, you can often download one from your insurance agent’s website or through their mobile app.

If the website doesn’t have that feature or you don’t want to go that route, there are other options for how to get an insurance declaration page. In that case, you could contact your agent for another copy, which could be a hard copy or a digital one.

The Takeaway

The auto insurance declaration page serves as a summary of your policy, including coverages, premiums, covered vehicles, deductibles, and more. Knowing how to read yours will allow you to know how much you’re protected in case of an accident and how to contact your insurer. It makes sense to have a current copy of your declaration insurance page in your records where it’s easily accessible. Additionally, your auto insurance declaration can be helpful if you want to shop around for auto insurance rates.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

Photo credit: iStock/Drazen_

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

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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The office of Federal Student Aid provides over 10 million college students with more than $112 billion in grant, work-study, and student loan funds each year to help pay for college or career school. However, there are situations where students can lose their financial aid.

Students will want to consider how their grades affect financial aid to avoid having federal college aid taken away. Generally, you’ll need to make satisfactory academic progress (SAP) each term to continue receiving federal financial aid, but you may be able to regain lost aid by filing a financial aid appeal.

If you’ve received aid through private scholarships or grants, you may need to meet their minimum requirements to remain eligible for gift aid. Private lenders may also have minimum GPA requirements, but these vary by lender.

Types of Financial Aid

There are many types of financial aid available to college students from the federal government, states, schools, and private sources. These sources can be used to cover most higher education costs, such as tuition and fees, room and board, and books.

According to the annual Sallie Mae/Ipsos survey How America Pays for College, the 2023 survey found that while parent income and savings covered 50% of college costs, families still heavily relied on financial aid to cover the other half.

Grants & Scholarships

College grants and scholarships are a form of financial aid that can help make college more affordable because they don’t usually need to be repaid. The U.S. Department of Education, colleges, and universities award an estimated $95 billion in grant and scholarship money to students each year. The Sallie Mae survey also found that scholarships and grants covered approximately 29% of school costs for families during the 2022-2023 academic year.

The biggest differences between college grants and scholarships are where the funds come from, eligibility requirements, and the application process. Grants are typically given based on financial need while most scholarships are merit-based. Scholarships are awarded to students based on their academic or athletic achievements, extracurricular activities, fields of study, and more.


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

Federal Work-Study

Federal work-study is a form of financial aid that offers students funds for part-time employment on campus. Several factors determine whether a student is eligible to participate in the federal work-study program, including their family’s income and the student’s enrollment status at the school.

As with other forms of federal financial aid, a student’s grades affect their eligibility. Students are expected to make SAP, which is a school’s standard for satisfactory academic progress toward a degree or certificate.

Student Loans

Student loans can either come from the federal government or private lenders. To qualify for a federal student loan, students must demonstrate financial need, fill out the Free Application for Federal Student Aid (FAFSA®), be enrolled in an eligible degree or certificate program at least half-time, and maintain SAP.

Another option is to take out a private student loan; however, this is generally only considered after all other options have been exhausted. Private student loans don’t have the same criteria as federal student loans and may lack borrower protections, like options for deferment. Private lenders can set their own terms and repayment plans so you should read the loan terms closely before making any borrowing decisions.

Recommended: How to Pay for College

How Grades May Affect Financial Aid

Academic goals in college are common, and if you find yourself struggling in school, you may be wondering how grades affect financial aid.

State and federal financial aid, such as grants, loans, and work-study, require students to maintain satisfactory academic progress while working toward a degree. Academic performance is evaluated based on each school’s individual policy.

Your school’s policy will tell you what grade point average (GPA) or equivalent you must maintain, the minimum number of credit hours you need, the required pace of course completion, maximum time frame allowed, and more.

As far as how grades affect financial aid, federal regulations state that students must maintain a 2.0 cumulative GPA, or a grade of “C”, on a 4.0 scale. Additionally, students must complete at least 67% of cumulative credits attempted, and progress through their undergraduate program no longer than 150% of the published length of the educational program.

Private scholarships and grants may have their own academic requirements. Dropping below the minimum requirements could result in termination of the scholarship or grant money for the following term but typically does not require repayment. If you receive a scholarship or grant, make sure you read the fine print to see if your grades affect your financial aid.


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

Do Grades Affect Private Student Loans?

Typically, no. However, each lender has different eligibility criteria for student borrowers. Similar to other types of loans, private student loans are given based on factors including your finances and credit history and, depending on the lender, there may or may not be a GPA requirement. Private lenders usually care more about your ability to repay the loan than your grades, but again, each lender is different.

If you’re interested in a private student loan, check with the lender to see if there are any student loan GPA requirements before making your decision.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

Regaining Lost Financial Aid Due to Low Grades

Have you lost financial aid due to low grades? You may still be able to get it back. Losing financial aid due to low grades means you aren’t satisfying your school’s SAP requirements.

Visit a Financial Aid Office

One of the first things to do after losing financial aid due to low grades is to visit your school’s financial aid office to discuss your options. Your financial aid office can help you formulate a plan to improve your grades so that your financial aid can be reinstated.

Make sure to ask about the requirements for the financial aid that you are or were receiving and find out if you’re able to file a financial aid appeal.

File a Financial Aid Appeal

You can file a financial aid appeal, or a SAP appeal, if your school allows it and if the poor performance was due to circumstances outside of your control. There must be a link between poor performance and the special circumstance. Some acceptable situations include:

•   Death of a relative

•   Severe personal injury or illness

•   Other special circumstances determined by the school

If you can prove your lower grade directly correlates to one of these situations, then it may be possible for you to regain your financial aid. Check your college’s website for directions and for more information on filing a SAP appeal.

Explore Private Student Loans from SoFi

Your grades do affect your financial aid and federal student loans. If your cumulative GPA dips below a 2.0, you will no longer be considered to be in good academic standing. However, if your low grades are due to extenuating circumstances, you can try to appeal. Other forms of financial aid, like private grants and scholarships, may also have their own set of academic requirements.

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

FAQ

Can financial aid be taken away for bad grades?

Grades can affect your financial aid, and academic performance is evaluated based on each school’s individual SAP policy. You must remain in good academic standing to keep any type of state or federal financial aid, such as grants, loans, and work-study. Private scholarships and grants may also have their own set of requirements to keep any gift aid.

While private lenders typically don’t have any student loan GPA requirements, each lender is different.

Do you get more financial aid if you get good grades?

Most federal financial aid programs do not take your grades into consideration when determining how much financial aid to give. However, bad grades can hurt your federal financial aid availability.

Good grades are even more important to recipients of merit scholarships and some grants but there are scholarships that do not take grades or GPA into consideration.

Will my FAFSA be affected if I fail a class?

As long as you make SAP, one failed class won’t affect your FAFSA.

Photo credit: iStock/harunhalici

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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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Student loans are considered installment loans, or loans that are repaid through regularly scheduled payments or installments.

Revolving options, like credit cards, let borrowers take out varying amounts of money each month, repay it, and take out more money as they go. Learn more about installment loans and revolving credit below.

Learn more about installment loans and revolving credit below.

What Is Revolving Credit?

Revolving credit is an agreement between a lender and an account holder that allows you to borrow money up to a set maximum amount. The account holder can choose to pay off the balance in full or make minimum monthly payments on the account.

As the account holder makes repayments, the amount available to borrow is renewed. Account holders can continue to borrow up to the maximum amount through the term of the agreement. Examples of revolving credit include credit cards and home equity lines of credit (HELOCs).

Recommended: The Different Types Of Home Equity Loans

What Is Installment Credit?

Installment is a type of credit that allows a borrower to make fixed payments on a loan over a set period of time. Before the borrower signs the installment loan agreement, the lender will decide on the interest rate, fees, and repayment terms, which will determine how much the borrower pays each month.

Common examples of installment loans include student loans, mortgages, auto loans, and personal loans.


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

Revolving Credit vs Installment Credit

Here’s a high level overview on the differences between revolving credit and installment credit.

Revolving Credit

Revolving credit is a more open-ended form of credit obligation. Let’s use the example of a credit card:

1.    The cardholder uses the card to make purchases as they please, pays them off either in-full or partially each month, and continues to make charges on the line of credit.

2.    The amount of money the cardholder spends is their decision (up to their credit limit), and the amount of money they repay each month isn’t set in advance by the lender.

3.    The cardholder can pay off the account balance in full each month, or they can opt to pay the minimum and “revolve” the balance over to the next month (though this will accrue interest on the account).

An important note: To avoid any late fees or potential dings to their credit score, people who are borrowing from revolving credit are advised to pay their monthly bill on time. Revolving credit can play a major role in calculating a person’s credit utilization rate, which is considered the second biggest factor in determining their credit score. For FICO® scores, it is generally suggested that borrowers use no more than 30% of their available credit.

Installment Credit

Installment credit is less open-ended than revolving credit. Installment credit is a loan that offers a borrower a fixed amount of money over a predetermined period of time. When a borrower signs the loan agreement, they know exactly what the monthly payments will be.

Let’s use the example of a student loan:

1.    The student borrows a specific dollar amount. The lender specifies the interest rate and repayment terms. In the case of federal student loans, interest rates and terms are set by federal law.

2.    The predetermined funds are released to the borrower. Typically, the funds are released in a single lump sum payment.

3.    The borrower repays the loan based on the agreed upon terms. Terms will be set by the lender, for private student loans, or by law for federal student loans.

An important note: Having an installment loan on their credit report can help some borrowers diversify their credit mix, which is a factor in determining an individual’s credit score. The amount of the installment loan, however, won’t play a major role in the borrower’s credit utilization rate (versus with revolving credit).

Is a Student Loan an Installment Loan?

Student loans for undergraduate school are considered installment loans, which means they come with a starting balance, are disbursed to the qualifying borrower, and are repaid over a set amount of time through a fixed number of payments.


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

Pros and Cons of Installment Credit

There are advantages and disadvantages to taking out an installment loan:

Pros of Installment Credit

Here’s a brief breakdown of a few installment credit pros:

Payments

Installment credit payments are made on a set schedule that’s determined by the lender. This makes them a predictable, long-term strategy for paying off debt, and also makes it easier to factor them into your budget, especially if the installment loan has fixed interest rates.

The monthly payment for an installment loan with a variable interest rate may change from month to month, depending on how the variable interest rate changes.

Borrowing Cost

In terms of the loan amount and length of the loan, installment loans can be tailored to the borrower’s specific financial circumstances. This means the cost of the installment loan is fairly flexible based on what the borrower needs. Additionally, interest rates are generally lower on installment loans than with revolving credit, so borrowers may find that borrowing an installment loan with a competitive interest rate is a more affordable option.

Cons of Installment Credit

And here’s more info on the cons of installment credit:

Expensive

If the borrower takes out an installment loan over a longer period of time, they may end up making payments at an interest rate that’s higher than the current market rate, unless they’re able to refinance the loan.

Either way, the borrower is locked into a long-term financial contract with an installment loan. If they encounter a financial pitfall, they may be unable to make the scheduled payments or risk defaulting on the loan and damaging their credit.

Prepayment Penalty

Some loans impose prepayment penalties if a borrower pays their loan off early. This isn’t necessarily the case for all installment loans, but it’s important to read the fine print in the loan agreement to determine whether a prepayment fee will be triggered if the loan is paid off early.

Recommended: How to Avoid Paying a Prepayment Penalty

Ways to Pay for School

When looking for ways to pay for school, undergrads and grad students often look to installment loans. Tuition and living expenses may also be covered by savings and scholarships and grants.

Recommended: How to Pay for College

Federal Student Loans

Federal student loans are installment loans available to students. To apply, students fill out the Free Application for Federal Student Aid (FAFSA®) each year. Federal student loans have fixed interest rates that are set annually by Congress, offer flexible repayment options, and have some borrower protections and benefits such as deferment and the option to pursue Public Service Loan Forgiveness.

However, there are borrowing limits for federal student loans, so students may need to review other sources of financing when determining how they’ll pay for college.

Recommended: FAFSA 101: How to Complete the FAFSA

Private Student Loans

Private student loans are installment loans you can use to pay for a college education. Private student loans are not funded by the federal government. To apply for them, borrowers can browse the offerings of individual lenders like banks, credit unions, and online lenders and decide which private student loan works best for their finances. As a part of the application process, lenders will generally review the applicant’s credit history and credit score among other factors.

Private student loans can help fill the gap between the cost of college and their total financial aid, like federal loans, grants, and scholarships. However, private loans are generally considered only after all other options have been depleted. This is because private lenders are not required to offer the same borrower protections as federal student loans. If you think private student loans are an option for you, shop around to find competitive terms and interest rates, and be sure to read the terms and fine print closely.

Personal Savings

Using personal savings to pay for college means less debt and more flexibility. Not only that, but it costs significantly more to borrow money to pay for college than it does to use personal savings.

Still, this isn’t financially feasible for everyone, as evidenced by the fact that there are 43.2 million student loan borrowers in the U.S. as of the first quarter of 2024. Sometimes, going into debt is the only reasonable option.

Grants

Unlike student loans, which require repayment, and work-study programs, which allow students to work on campus, grants are a type of financial aid that doesn’t require repayment.

Grants may be awarded by the federal government, states, or colleges. The amount of aid a student receives depends on a number of factors, such as the student’s financial needs and the type of school they’re attending.

Recommended: The Differences Between Grants, Scholarships, and Loans

Scholarships

A scholarship is a lump sum of funds that can be used to help someone pay for school. The key stipulations with scholarships are that a) they’re contingent on a particular qualification, i.e. a grade point average (GPA), act of service, or athletic performance, and b) they never have to be repaid.

Scholarships are usually awarded by colleges, universities, corporations or organizations.

The Takeaway

Student loans are installment loans, meaning borrowers receive a set amount of money from a lender and are required to repay the loan over a fixed period of time.

For those looking for ways to pay for college, there are other alternatives to installment student loans — such as scholarships, grants, personal savings, 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.

FAQ

Is a student loan an installment loan?

Yes, a student loan is a type of installment loan, which means you pay it back in set amounts, over a fixed period of time, and it shows up on your credit report.

Is a student loan a revolving loan?

No, a student loan is not a revolving loan. It is considered an installment loan.

What are the benefits of an installment student loan?

A few of the benefits of installment student loans include being able to easily factor the loan into your monthly budget, the same payment terms for the life of the loan, and a longer period of time to pay off the loan.

Photo credit: iStock/SDI Productions

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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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

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.

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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Whether you recently graduated school or are just seeking a new job, work interviews are increasingly conducted online, via video. This can be especially true as more companies take on remote hires and millions are working from home.

With this rapid rise in digital job interviews, you may wonder, What are some ways to ace a video interview? Do I need a fancy lighting set-up? What should I wear?

To help you make a good impression, read on for seven video interview tips, from practicing ahead of time to tweaking your background. They can help you make a great impression.

Get the Details Right

Video interviews could lead to a rewarding job. So it can be a smart first step to confirm the logistics of the video interview in advance to make sure there’s not a last-minute panic. Some questions to wrangle could include:

•   Will you get a calendar invite or event link for the interview?

•   What time zone will the interviewer be calling in from?

•   Which video conferencing platform will be used?

•   Will you need to download software to be able join the interview?
Knowing the answers to logistics can help bring more confidence to the video interview.


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

Dress for the Video Interview

Whether you are applying for an on-premises, fully remote, or part-time remote job, certain interview expectations stay the same — namely, presenting yourself with professionalism and dressing for the job. Even when (especially when) you’re interviewing from home.

Even if you’re applying for a fully remote job and you’d likely wear a hoodie and leggings every day, this is a moment to look professional. Business casual is a good bet, and remember the adage to dress for the job you want, not the role you have. Going a notch more formal is typically better than too relaxed.

Do check out how you look on camera in your interview outfit in advance. A shirt that looks fine in real life could wind up looking odd when cropped on camera.

Now, the seven tips to help you ace a video interview as you move forward with job applications.

1. Practice to Make Perfect

Different companies or organizations may use different platforms to host the interview — from Zoom to Google Hangouts to other programs. Don’t worry: You don’t need to become a pro at all the expert features. Still, it’s a good idea to become comfortable with:

•   Dialing into scheduled calls

•   Checking the audio and the camera

•   Understanding what the interviewer can see

•   Ensuring the WiFi signal is strong enough for the video interview and doesn’t lead to lag.

If you’re scheduled for a video job interview via a program you’ve never used, it’s advisable to download and try it out well before the actual call. Opening up an unfamiliar program just before the interview only to realize it’s not compatible with your technology might not create a positive first impression. Also make sure you double-check that you have all logins or passwords for the call.

Recommended: How to Get Out of Student Loan Debt: 6 Options

2. Set the Surroundings

Here’s the next video interview tip: Generally, it’s a good idea to do a test call on the planned video-interview platform. This could help you assess how you and your surroundings appear via video. You may even want an extra set of eyes and ears: Ask a friend or family member to do a “mock” call to ensure the audio and visuals are clear.

When prepping for a video interview, put yourself in the position of whoever will be interviewing you. Some questions to chew on:

•   What can the interviewer see of your space? Are you too far from or close to the camera?

•   Are you easily visible or is more light needed? Or is the setting too bright and full of glare?

•   Are there any distractions in the camera frame? Are you able to make eye contact as you talk, or are you looking sideways into the camera?

Some digital platforms allow users to record sessions. So, interviewees may want to record themselves talking and then watch and listen. You could run through the main things you want to say in the real video interview. Talking aloud on camera can help some people to become more aware of their own body language and improve it, if needed.

These steps can be a good way to finetune your online interviewing skills and hopefully get you on your way to accepting a job offer.

3. Take Brief Notes Beforehand

With job interviews, researching the company beforehand could give you ideas of how to connect previous work experience with the brand’s values or role’s responsibilities. One of the benefits of a video interview is that you can make these research notes quite literal.

Write out key points on a big piece of paper near your computer. Or, jot down a couple of accomplishments (say, an in-demand internship) on a sticky note next to your camera. It’s likely that the employer conducting the video interview will have no idea you’re looking at those pre-prepared notes. Just make sure you keep your notes short, so you can naturally weave in key points while maintaining good eye contact with your interviewer.


💡 Quick Tip: It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to financial advisors, networking events, and more — at no extra cost.

4. Minimize Off-Screen Distractions

Another important online video tip is to keep your on-screen image distraction-free. It’s worth remembering that the only person the interviewer wants to interact with is you…not your adorable pets, lovely roommates, or kid sister. You ask the folks you share a living space with to keep quiet or stay in their rooms during your interview. Plan ahead so the conversation isn’t distractingly interrupted by unexpected visitors. (If your dog does somehow come bounding in and sits on your lap, own the situation, apologize, and remedy it as quickly and calmly as you can.)

And, on this topic, it’s a smart idea to turn off notifications for texts and emails during the interview time slot. Otherwise, a funny group chat could make your phone blow up with the distracting sound of alerts flooding in.

Also, as part of how to prepare for a video interview, check your background. Not everyone has a camera-ready home office. Do you have a messy shelf behind your head? Or your roommate’s horror-movie poster hanging there? Style your space so it doesn’t distract your interviewer from you and all you can offer a company.

Recommended: When Do Student Loans Start Accruing Interest?

5. Show up Early

Just as with an in-person interview, it’s wise to show up early. This can communicate that, yes, you’re punctual, but also that you are organized, dependable, and eager for the job.

Also remember that with video calls, there can be issues. Perhaps your passcode doesn’t work, or your video camera won’t turn on (despite having tested it the day before). If you aim to be online and logged in early, you can troubleshoot as needed. Just keep your posture and demeanor professional while you are in any digital waiting rooms before the call starts.

6. Go Outside for a Breather

It’s hard to feel energetic and friendly if you’re cooped inside all day. A good way to minimize nerves is to get fresh air. Don’t just open up a window. Take a quick walk around the block to get a jolt of sunlight and catch a breeze. They can help reset the mind. It can also be a great idea to do these between video interviews, if you have more than one scheduled on a given day.

7. Remember to Be Yourself

After preparing for the logistics of video job interviews, it can be easy to forget one simple thing: Be yourself. While a strong WiFi signal and well-lit space won’t hurt your chances during a video interview, it’s helpful to recall that interviews are conversations between two or more people. You’re not being grilled on a TV news report. Sure, you want to be prepared, but also relax, and share who you are.

Ways to help communicate across the digital divide: Aim to make good eye contact, have your voice show energy, and try out a signal to show that you are done speaking and ready for the next question. A nod might work well in this case.

Getting to Work

How to prepare for a video interview and ace it is just one part of navigating life after college. Being ready for a video interview is just one new way to get noticed these days.

On top of looking for a full-time or better-paying job, some grads also want to find ways to reduce their outstanding debt balances. That can include long-term bills, like student loan repayments. Some borrowers decide to refinance their student loans with a private lender.

Refinancing student loans could reduce monthly bill payments, though it’s important to note that you may pay more interest over the life of the loan if you refinance with an extended term. In addition, if you refinance federal student loans, you will forfeit certain federal benefits and protections. If you are curious to learn more about refinancing student loans, it can be a good idea to research different offers.

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.

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.

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How much does the average American have in savings? Age tends to have a lot to do with it. Generally, as people get older, they are likely to have more savings.

But what the average person has in a savings account also depends on their financial goals and personal circumstances.

If you’re looking for a benchmark of just how much you should save by a specific age, or how much you should start contributing right now, read on for average savings by age and some tips that could help.

The Importance of Saving for the Future

Life can happen fast. For example, the average cost of having a new baby can run parents approximately $3,000 in out-of-pocket expenses for pregnancy and delivery. And then there’s the cost of caring for a child, which some estimates put at more than $18,000 for raising them through age 17.

And, if that baby wants to get a college degree, you’re looking at a whole new realm of savings. The cost of a college education can range from about $44,000 to well past $150,000.

There’s one other big reason to save for the future: People are living longer. According to a 2023 survey by the Employee Benefit Research Institute, only 18% of American workers are “very confident they will be able to retire comfortably.” Four in 10 workers say their lack of confidence is because they have little to no savings.


💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

A Savings Shortfall

More than half of Americans can’t cover an unexpected $1,000 expense, according to Bankrate’s 2023 emergency savings report. Only 43% say they could cover it.

And 37% of all Americans don’t have enough cash in savings to cover even a $400 emergency, the Federal Reserve found in its “Economic Well-Being of U.S. Households in 2022” report.

Recommended: Try our emergency fund calculator to see how much you should save for an emergency fund.

Average Savings by Age in the USA

The Fed’s latest Survey of Consumer Finances shows that the typical American household has $5,300 in a savings account at a bank or credit union. But this number varies greatly by age and number of people in a household. Here’s what savings by age looks like.

Average Savings for Those 35 and Younger

Americans under the age of 35 had an average savings account balance of $11,200, according to the Fed’s survey.

This is a large age bracket that can range from those just graduating high school to recent college grads to young professionals well into a decade’s worth of work.

It’s wise to have three to six months of expenses in an emergency fund. At the very least, aiming to have $1,000 handy in a savings account for unexpected expenses is recommended.

For those who have started their careers, employer-sponsored retirement funds such as an IRA or a 401(k) can be good options to start saving for long-term retirement goals.

It makes sense to contribute at least enough to get matching funds from an employer, if that’s an option with your company’s plan. For reference, the average 401(k) savings for someone between the ages of 20 and 29 in the Fed’s survey was $10,500.

Recommended: Why You Should Start Retirement Planning in Your 20s

Average Savings by Age: 35 to 44

Americans between the ages of 35 and 44 had an average savings account balance of $27,900, according to the Federal Reserve Survey of Consumer Finances. Those in this age bracket are now well into adulthood. At this stage of life, it’s prudent to have that three-to six-months’ worth of savings in an emergency fund, to cover the cost of everything from an accident to a lost job.

This may also be the time to think about diversifying a financial portfolio and possibly investing in the stock or bond market.

And, of course, keep contributing to your 401(k). For reference, the average 401(k) savings for someone between the ages of 30 and 39 was $38,400.

Average Savings by Age: 45 to 54

People between the ages of 45 and 54 had an average savings account balance of $48,200, according to the Fed’s survey.

At this point, general financial advice dictates that a 50-year-old should have at least six times their annual salary if their intention is to retire at 67.

And by the age of 40 to 49, a person may want to have the average amount of retirement savings, which sits at $93,400.

Average Savings by Age: 55 to 64

The Fed survey found that Americans between the ages of 55 and 64 had an average savings account balance of $57,800.

Since this is the time when most Americans are staring down retirement in a few years, it’s generally a good idea to boost retirement savings into high gear.

That’s because while younger people in 2023 are capped at contributing $22,500 a year to a 401(k) account, those over the age of 50 are allowed to contribute an additional $7,500.This is known as a catch-up contribution.

The average retirement savings account for a person between the ages of 50 and 59 is $160,000. It’s important to note that taking a withdrawal from such a plan before the age of 59 ½ could mean tax penalties.

Average Savings by Age: 65 and Older

This is when savings really peaks for the average American. The latest Federal Reserve Survey of Consumer Finances found that Americans between the ages of 65 and 74 had an average savings account balance of $60,400.

However, that savings number does drop over time. According to the survey, Americans above the age of 75 had an average savings account balance of $55,600.

This underscores the importance of creating a retirement budget and sticking to it in order to have enough savings for as long as needed.

But before retirement, try to hit the average retirement savings amount for those ages 60 to 69, which was $182,100.

This chart offers an at-a-glance comparison of the average American savings by age.

💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.

Median Savings by Age

Median savings is different from average savings. The median is the number in the middle of all the other numbers, meaning half the numbers are higher and half are lower. So with median savings, half the people in an age category will have saved more and half will have saved less.

These are the median savings by age, according to the latest Federal Reserve Survey of Consumer Finances:

•   Under 35: $3,240

•   35-44: $4,710

•   45-54: $5,620

•   55-64: $6,400

Savings vs Retirement Savings

What Americans have saved for emergencies, expenses, and other near-future goals is different from what they have in their retirement savings accounts, as you can see from all the information above. And it’s critical to have both types of savings at the same time.

And keep this in mind: As you get older, and closer to retirement, it’s important that your retirement savings grow even more. It’s a good idea to contribute the maximum amount allowed to your retirement accounts at this time, if you can. This is one of the ways to save for retirement.

Recommended: Average Retirement Savings By State

Saving a Little Bit More

Reaching specific savings goals doesn’t have to be complicated. It just means doing a bit of homework, strategizing, and staying diligent about personal finances.

The first step in saving more is to analyze current expenses to see what can be cut back on or cut out altogether to make more room for saving. This means creating a monthly personal budget and tracking current personal spending.

To track spending, a person could create an excel spreadsheet and list all expenditures by categories like groceries, phone bill, car expenses, housing, medical, entertainment and others over the course of a month, filling it in with every single dollar spent to see where the money is going. Or you can use an online tracker like SoFi, which allows users to connect all their accounts to one dashboard and track spending habits in real time.

After the month is up, the next step is to look back on the expenditures list. Was there anything that surprised you? Do you need all those streaming subscriptions? How about that gym membership — did it actually get used? This is the time to get a little ruthless.

After figuring out what’s left, try implementing a general financial outline like the 50/30/20 rule. This means that approximately 50% of your after-tax income goes toward essential expenses like food and rent, while 30% goes toward discretionary expenses like nights out at the movies or concerts. The last 20% belongs to savings and retirement account goals.

Next, it’s time to get creative about saving even more for the future. This can be done by putting more cash into a savings or retirement account via direct deposit right from a paycheck.

Those looking to save a few more bucks every month could also do so by getting rid of unnecessary expenses. But, instead of pocketing that cash, consider using mobile deposit to direct that cash right to savings.

Still feeling the pinch and don’t really have room to save more from a budget? Working part-time for, say, a ride-sharing company could allow you to set your own hours and earn extra income based on how much time you can dedicate to it. Other options might include freelance work in photography, writing, or other creative arts.

Saving and Investing With SoFi

Along with all these savings strategies to help put away extra money, investing for your future goals is also important to help your money grow.

For instance, you may want to consider setting up an investment account. Investing a little now could go a long way in saving for tomorrow, next year, and your life after retirement.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

FAQ

How much should a 30 year old have in savings?

By age 30, you should have the equivalent of your annual salary saved. So if you make $60,000 a year, you should have $60,000 in savings.

How much money does an average person have in savings?

The average American has $65,100 in savings, according to a 2023 study by Northwestern Mutual.

How many Americans have $100,000 in savings?

According to one 2023 survey, only 14% of Americans have at least $100,000 in savings.

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

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

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