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.
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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.
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.
SoFi brings you real rates, with no bait and switch.
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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.
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.
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.
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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.
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
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.
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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. 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).
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.
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).
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.
💡 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
Installment Credit
Account holders can use the borrowed money at any time, repay it, and borrow more as needed.
Account holders borrow one lump sum, the sole amount of money they have access to, and repay it over a set time period.
May come with higher interest rates than installment credit.
May have stricter lending requirements than some revolving credit options, such as credit cards.
Account holders owe interest on the amount they spend, and possibly additional fees.
Account holders owe a fixed number of payments over a predetermined time frame.
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 Loans
Cons of Installment Loans
Can be used to finance a major purchase like a house, car, or college education.
Can come with hefty fees.
Is repaid with a set number of payments of the same amount, which can make it easier for budgeting purposes.
Missed or late payments may negatively impact the borrower’s credit score.
For some installment loans, it is possible to reduce interest charges by paying the loan off early.
Depending on the type of installment loan and the lender, there may be penalties or fees for paying off the loan early.
Offers the perk of paying the loan off over a longer period of time.
Longer terms typically mean you’re paying more in interest over the life of the 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.
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.
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.
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.
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.
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
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.
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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. 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).
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.
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.
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.
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.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance 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.
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.
If you have a bank account, cashing a check is a simple process; you just deposit it and can then use the funds once it’s cleared.
However, about 4.5% of American households don’t have a bank account, according to a recent study from the Federal Deposit Insurance Corporation. They must therefore rely on alternative methods to cash a check. These workarounds can take a bit of time and energy, but can help you access cash if you are in this situation.
Here, you’ll learn about how you can cash a check if you don’t have a bank account or can’t use it for some reason. You’ll find out the pros and cons of each technique, as well as some important information about using checks and checking accounts.
Key Points
• Cashing a check at the issuing bank is a convenient option, but it may not be available at all banks and fees could be charged.
• Cashing a check at a retailer is a convenient option, but it’s important to consider the fees and potential cash limits that may apply.
• Payday lending stores offer check cashing services, but it’s advisable to use them as a last resort due to their high fees.
• Depositing a check onto a prepaid debit card is a convenient option, but it’s important to be aware of the fees and the waiting period for funds to clear.
• Employer-sponsored payroll debit cards provide a convenient way to deposit paychecks, but it’s important to consider any additional fees that may be associated with these cards.
7 Places Where You Can Cash a Check
There are several ways to cash a check if you don’t have a bank account. Some of these alternatives may come with fees or extra legwork. And some may have restrictions on the dollar amount they will cash. Here’s a closer look at the different ways you can cash a personal or business check without a bank account.
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1. Cash the Check at the Issuing Bank
Look at the check to see which bank issued it and if there is a brick-and-mortar branch near you. Sometimes that bank will allow a non-customer to cash a personal check without a bank account if the payee comes in person. The teller can usually determine whether funds are available. The same often holds true for business checks.
• Those that do provide this service often charge a flat fee (say, $8) or percentage of the check amount.
• Some large banks will cash a check under a certain amount, $5,000 for example, without a fee.
• Worth noting: If a bank does collect a fee, it may try to persuade the non-customer to open an account to avoid paying that charge.
2. Cash at a Retailer
Where else can you cash a check without a bank account? Several retailers such as Walmart and some grocery-store chains offer check-cashing services through their customer-service departments, usually for a flat fee based on the size of the check. For instance, at Walmart, there is a $4 fee for checks of up to $1,000 and a $8 fee for those over $1,000.
The amount charged and restrictions on the types of checks cashed will vary, however. For this reason, it’s important to check with each retailer in your area that offers this service to find one that works for your situation.
3. Payday Lending Store
Stand-alone check-cashing and payday-lending stores will cash many types of checks of varying amounts. However, the problem with payday loan check cashing services is that they are often the most expensive, charging a percentage of the check amount as well as a flat fee. For many people, this is best thought of as a last-chance option.
💡 Quick Tip: Fees can be a real drag when you’re trying to save money. SoFi’s high-yield checking account has no account fees, including overdraft coverage up to $50.
4. Prepaid Debit Cards
Some banks and financial institutions allow unbanked consumers to deposit checks directly to a prepaid debit card. Some big banks allow you to use their ATM system to deposit checks onto the card for a monthly service fee.
In other cases, using an app, you can use your smartphone to take pictures of your checks and deposit them into any type of account, including a prepaid card. This is often free, but you may have to wait up to 10 days before the funds from the check are available. In some cases, you can pay a relatively large fee, usually about 2% to 5% of the check value, for quicker access to the funds.
5. Employer-Sponsored Payroll Debit Card
Some large employers have programs that allow you to deposit your paycheck directly onto a reusable debit card. Be sure to look at the various types of fees associated with these cards. You may wind up paying overdraft, ATM, transfer, and inactivity fees in addition to general service fees.
Get up to $300 with eligible direct deposit when you bank with SoFi.
No account or overdraft fees. No minimum balance.
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6. Sign Your Check Over to Someone Else
Another option would be to sign a check over to a trusted friend or relative. This person could then deposit the check in their account and withdraw the funds, once available, and give them to you.
This is a simple process. Some verification is involved, and then you usually just need to write “Pay to the order of” and the name of the person on the back of the check and then sign it. However, it’s vital that this person can be relied upon to give you the cash.
7. Check Cashing Outlet
If you need to cash a check without a bank account, you could also visit a check cashing outlet. This can be expensive, though: Fees can be around 10% of the check’s value.
Here, consider the pros and cons of each in chart form:
Method
Pros
Cons
Cash at Issuing Bank
Convenience
Not all banks offer this; may charge fees
Cash at a retailer
Convenience
Fees; may be a cap on the dollar amount that can be cashed
Payday Lending Store
Convenience
May charge very high fees
Prepaid Debit Cards
Convenience
Fees; wait time for funds to clear
Employer-Sponsored Payroll Debit Card
Convenience
Potential fees
Sign Over Your Check
Convenience; typically no fees
Must trust person who receives check; must wait for check to clear
Check Cashing Outlet
Convenience
May charge very high fees
What to Consider Before Cashing a Check
To help determine which check-cashing option is best for you, keep the following in mind.
Check Amount
In general, larger checks are harder and more expensive to cash without a bank account than smaller sums. Walmart, for instance, will usually only cash checks up to $5,000 or $7,500.
Check-cashing stores may have similar limits, or higher fees for larger checks. For large checks, depositing into a prepaid debit card may be the best option.
Fees
As we’ve seen above, almost every non-bank checking service entails fees when cashing your check. They can vary widely, with check-cashing and payday-lending stores usually being the most expensive.
It can pay to look for the least expensive alternative in your area, especially if you are able to access the bank that issued the check.
Identification Requirements
To show that the check rightfully belongs to you, you’ll need to show at least one form of government-issued identification, such as a license or passport. With large checks, you may be required to show two forms of ID.
Personal checks can be more difficult to cash without a bank account than government-issued or payroll checks. Many check-cashing stores won’t accept any personal checks, and retailers may have lower limits on how much they’ll cash, usually a couple hundred dollars.
Here’s one workaround: Ask the person writing you the personal check to send a money order or cashier’s check instead.
Can You Cash a Check Without ID?
To cash a check without ID, you have a few options:
• Check with your bank or the issuing bank and see if they will allow you to cash it without identification or with an alternative method of identification.
• Sign the check over to someone else, have them cash it, and give you the funds.
• Deposit the check (provided you have an account), wait for it to process, and then withdraw the funds.
The methods for cashing a large check without a bank account are similar to methods for cashing any other check. You will likely want to be a bit more cautious and double-check the process in advance:
• Sign the check over to a trusted friend or relative
• Visit a check-cashing outlet.
Opening a Bank Account
Cashing a check without a bank account can often be costly and inconvenient. After exploring the options above, you may find that your best option for the long term involves opening a bank account. A bank account makes saving and spending easy, safe and flexible. Some points to consider when opening an account:
• What do you need to open a checking account? You’ll usually need to make sure you qualify for an account, have an ID, and be willing to share basic personal information such as your birthdate, address, phone, social security number, etc. You’ll also need an initial deposit, which can often be as little as $25.
• Keep in mind, most banks have a minimum age to open a bank account; they won’t allow those under 18 to have an account without a parent or guardian as the joint owner.
• If you have a history of banking issues, such as unpaid overdraft fees, you may not qualify for a traditional checking account. Instead, you may want to consider what’s known as a second-chance account, offered by many lenders. These accounts often charge a monthly fee and come with more restrictions than a traditional checking account. That said, many allow solid customers the opportunity to convert to a regular checking account in six months to a year.
The Takeaway
It is possible to cash a check without a bank account. Options include signing the check over to a trusted friend to cash it and give you the funds; seeing if the issuing bank will cash it; using the check to buy prepaid debit cards; and other tactics.
That said, opening a bank account can be a simple process and can provide not just check cashing but the foundation for your daily financial life.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.
FAQ
Can I cash a $5000 check without a bank account?
You will likely be able to cash a $5000 check at a retailer, such as Walmart, or at a check cashing outlet. Inquire about fees, though, before proceeding to be sure you are prepared.
How can I cash a large check immediately?
To cash a large check immediately, try your bank if you have one or the bank that issued the check. You might also be able to cash it by signing it over to a friend or relative who can give you the cash once it clears; buying prepaid debit cards with it; or going to a check cashing outlet.
What bank will cash a check without an account?
It’s often best to go to the bank that issued the check and see if they will cash it. They will be able to verify that the funds are available and may be willing to give you the money.
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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.
