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Debt may seem like something you want to avoid. But having some debt can actually be a good thing, provided you can comfortably afford to make your payments each month.

A good payment history shows lenders that you can be responsible with borrowed money, and it will make them feel better about lending to you when the time comes for you to make a big purchase, like a home.

But not all debt is created equal. Consumer debt can generally be broken down into two main categories: secured and unsecured. Those two categories can then be subdivided into installment and revolving debt. Each type of debt is structured differently and can affect your credit score in a different way.

Here are some helpful things to know about the different types of debt, plus how you may want to prioritize paying down various balances you may already have accumulated.

Secured vs Unsecured Debt

The first distinction between types of debt is whether it’s secured or unsecured. This indicates your level of liability in the event you fall behind on payments and go into default on the loan or credit card.

Secured Debt

Secured debt means you’ve offered some type of collateral or asset to the lender or creditor in exchange for the ability to borrow funds. There are many types of secured debt. Auto loans and mortgages are common examples.

The benefit is that you improve your odds for approval by offering collateral, and you may also receive a better interest rate compared to unsecured debt. But if you go into default on the loan, the lender is typically allowed to seize the asset that’s securing the debt and sell it to offset the loan balance.

If that happens, not only is your property repossessed, your credit score can also be severely damaged. This could make it difficult to qualify for any type of financing in the near future.

A foreclosure, for instance, generally stays on your credit report for seven years, beginning with the first mortgage payment you skipped.

Unsecured Debt

Unsecured debt comes with much less personal risk than secured debt since you don’t have to use any property or assets as collateral.

Common types of unsecured debt include credit cards, student loans, some personal loans, and medical debt. Since you don’t have to put up any type of collateral, there may be stricter requirements in order to qualify. Your lender will likely check your credit score and potentially verify your income.

With unsecured debt, you are bound by a contractual agreement to repay the funds, and if there is a default, the lender can go to court to reclaim any money owed. However, doing so comes at a great cost to the lender. For this reason, unsecured debt generally comes with a higher interest rate than secured debt, which can pile up quickly if you’re not careful.


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

Installment vs Revolving Debt

The difference between secured and unsecured debt is one way to classify financing options, but it’s not the only way.

Both secured and unsecured debt can be broken down further into two additional categories: installment debt and revolving debt.

Installment Debt

Installment debt is usually a type of loan that gives you a lump sum payment at the beginning of the agreement. You then pay it back over time, or in installments, before a certain date.

Once you’ve paid the loan off, it’s gone, and you don’t get any more funds to spend. Examples of this type of debt include a car loan, student loan, or mortgage.

There are a number of ways an installment loan can be structured. In many cases, your regular payments are made each month, with money going towards both principal and interest.

Less frequently, an installment loan could be structured to only include interest payments throughout the term, then end with a large payment due at the end. This is called a balloon payment. Balloon payments are more frequently found with interest-only mortgages. Rather than actually making that large payment at the end of the loan term, borrowers typically refinance the loan to a more traditional mortgage.

Installment loans can have either a fixed or adjustable interest rate. If your loan has a fixed rate, your payments should stay the same over your entire term, as long as you pay your bill on time.

A loan with an adjustable rate will change based on the index rate it’s attached to. Your loan terms tell you how frequently your interest rate will adjust.

Provided you make your payments on time, having a mortgage, student loan, or auto loan can often help your credit scores because it shows you’re a responsible borrower. In addition, having some installment debt can help diversify your credit portfolio, which can also help your scores.

Revolving Debt

Unlike installment debt, revolving debt is an open line of credit. It gives you an amount of available credit that you can draw on and repay continually.

Both credit cards and lines of credit are common examples of revolving credit. Instead of getting a lump sum at one time (as you would with installment debt), you only use what you need — and you only pay interest on the amount you’ve drawn.

Your available credit decreases as you borrow funds, but it’s replenished once you pay off your balance.

Revolving debt can be unsecured, as in the instance of a credit card, or it can be secured, such as on a home equity line of credit.

One downside of revolving credit is that there’s no fixed payment schedule. You typically only have to make minimum payments on your revolving credit, but your interest continues to accrue.

That can result in a much higher balance than the original purchases you made with the funds. And if you miss a payment, you’ll likely owe late fees on top of everything else.

Because it’s easier to get caught in a cycle of debt, having large revolving debt balances can hurt your credit score. A balance of both revolving and installment debt can give you a healthier credit mix, and potentially a better credit score.


💡 Quick Tip: Check your credit report at least once a year to ensure there are no errors that can damage your credit score.

Debt Payoff Strategies

Whatever kind of debt you carry, the key to avoiding a negative debt spiral — and maintaining good credit — is to pay installment debt (such as your student loan and mortgage) on time, and try to avoid carrying high balances on your revolving debt.

While everyone’s financial circumstances are different, here are some debt payoff strategies that can help you prioritize your payments.

Paying off the Highest Interest Debt First

If your primary goal is to save money over the life of your loans, you may want to start by paying off your highest interest rate loan first, while making just the minimum payments on everything else.

You can then move on to the next highest and next highest until your debts are paid off. This payoff approach is often referred to as the “avalanche” approach.

Paying off the Debt with the Smallest Balance First

Paying down debt can feel never-ending, so it can be nice to feel like you’re making progress. By focusing on your smallest debts first (and paying the minimum on everything else), you can cross individual loans off your balance sheet, while quickly eliminating monthly payments from your budget.

Once paid off, you can then reroute those payments to make extra payments on larger loans, an approach often referred to as the “snowball” method.

Considering Debt Consolidation

If you don’t see a clear strategy for paying off your debt, you might consider debt consolidation. This involves taking out a single personal loan to consolidate your other balances. If your credit score has increased, this may be a good way to decrease your overall interest rate. But at a minimum, this move can help streamline your payments.

Being Wary of Debt Settlement Companies

If you’re feeling overwhelmed by debt, you may look for a shortcut with a debt settlement company.

Debt settlement is a service typically offered by third-party companies that allows you to pay a lump sum that’s typically less than the amount you owe to resolve, or “settle,” your debt. These companies claim to reduce your debt by negotiating a settlement with your creditor.

Paying off a debt for less than you owe may sound great at first, but debt settlement can be risky.

For one reason, there is no guarantee that the debt settlement company will be able to successfully reach a settlement for all your debts. And you may be charged fees even if your whole debt isn’t settled.

Also, if you stop making payments on a debt, you can end up paying late fees or interest, and even face collection efforts or a lawsuit filed by a creditor or debt collector.

The Takeaway

At some point in your life you may be juggling one or more of these different kinds of debt. Understanding the various types of debts and maintaining a varied mix of loans (including secured, unsecured, installment, and revolving) can help you increase your creditworthiness.

You can also improve your credit by making all of your debt payments on time, and keeping balances on revolving credit (like credit cards) low.

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

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

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Congrats, you got into college. That’s a shining achievement in its own right. Now you’re ready for some secrets to help you excel once you pass through the gates — be they ivy-covered, steelbound, or on a virtual campus you. It turns out that rising to the top of your class academically, like cream in a farm milk bottle, can have important benefits for Gen Z.

With the cost of college still rising (counting room and board, a private college can run up to $80,000 per year, and a public college, up to $30,000 or more), getting straight A’s can help you in key financial ways. It can put you on track for a lucrative career or give you an edge in a competitive internship field.

Our mini crash course has info on:

•   Getting into a college major that can lead to a high-paying career

•   Good study habits for nailing A’s

•   Whether colleges care about your GPA

•   Whether employers look for straight A’s in college.

What Is a 4.0 GPA in College?

Your GPA (grade point average) is a number that shows your academic standing, based on the grades you get in all classes. The scale starts at the top with 4 (for an A), 3 (B), 2 (C), 1 (D), and O (for F, or failing). A 4.0 GPA means you aced every class and got straight A’s in college.

Do Colleges Care About Straight A’s?

To get in the college door, the answer is often yes. Many college admissions teams do notice straight A’s in a quest to enroll the best and brightest high school students.

Once you are on campus, your college may not expect all A’s, but some colleges and universities may require a minimum GPA in introductory courses before allowing students to declare a popular major that typically brings lucrative returns later. The list includes mechanical engineering, computer science, nursing, finance, and economics. These universities want students of the highest academic caliber for the highest-earning majors.

Another reason colleges care about your grades: You need to maintain a certain GPA as a sophomore, junior, and senior to continue to qualify for federal student aid. In order to maintain eligibility for federal student aid, including federal loans and grants, students need to meet their school’s standards for Satisfactory Academic Progress (SAP). Each college is allowed to set its own minimum GPA. (Look into a private student loans guide for other lending options.)

Recommended: What Are Merit Scholarships?

Merit scholarships may also have minimum GPA requirements, so maintaining a high academic standard may be important for maintaining eligibility for merit awards as well.

Do Employers Look at Your GPA?

GPA, a benchmark once widely used by employers, is now considered by fewer than half, according to the Job Outlook 2022 survey by the National Association of Colleges and Employers (NACE). That’s a dip from five years ago, when, according to NACE, 67.5% of respondents said they used GPA to identify promising candidates. The survey found that among businesses that use GPA as a screening tool, 3.0 is the most common cutoff.

According to NACE, the trend away from using GPA appears to reflect awareness that GPA screening may not build an inclusive workforce and can be a disadvantage to students who balance school with work and other responsibilities. Also, as employers compete for talent, they are reevaluating long-used screening tools.

How Hard Is It to Get a 4.0 in College?

Whether you’re getting all A’s often depends on your major, the courses you take (organic chemistry, anyone?), and even the college you attend. But chasing a 4.0 can be hard on your life balance. If all you do is study, with no sleep, social life, or campus activities, your health and mental well-being may suffer.

Instead of overemphasizing your GPA, it may help to also focus on how you’re challenging yourself. A GPA is just one measure of your coursework.

Tips for Getting All A’s in College

If you are after all A’s, this action plan could help you achieve your goal.

Select a Major That You Are Passionate About

College is the time to immerse yourself in subjects that enthrall, inspire, and move us, whether that means microbiology or British literature. But if your mind is in the art world and your nose is in a sociology book, your interest can wane, and you may be far less likely to excel. Choose a major that ignites your brain power and A’s will be more attainable.

Time Your Classes Well

When are you most alert? Are you wide awake in the morning and dragging by 5? Schedule classes accordingly. Can you focus on a weekly 3-hour seminar or would you do better with a shorter class that meets more often? Know thyself, and how you learn and work most productively.

Take Advantage of Professors’ Office Hours

If a calculus formula is not crystal-clear or you want to talk a little more about that short story structure, stop by your professor’s office during posted hours or pop in virtually if that’s an option. Professors post hours so students can get the help they need.

Practice Good Time Management

Make an organized schedule. Use Google Calendar on your phone or get an actual planner with paper pages. (Relieve stress with stickers and doodles. Get pretty markers at the campus bookstore.) Don’t double-book time slots, whether for a study/coffee date with a classmate or your shift at the campus newspaper.

Closely Track Grades

Don’t wait until the end of the semester to see what your average is in Italian class. Keep up to date on every grade and pump up your study efforts if necessary.

Set Study Time Blocks

Build them in wherever and whenever possible. Several short sessions can be as productive as one long one. Review and study notes from day one, to start building a bank of knowledge. When studying, turn off your phone and leave it in your backpack. Avoid looking at emails or other digital distractions. Take notes on relevant readings and review and organize class notes each week so you don’t have to cram come exam time.

Plan your study location based on the lowest possible risk of distractions, such as a roommate who might want to order wings and binge watch the latest Netflix original. Adjust times and places as needed; be flexible. Maybe 30 minutes at Starbucks between classes is all you have one day. But if you block out two hours to study, stick to it. Consider enlisting a study buddy.

Benefits of Getting Straight A’s in College

Excelling in your classes can bring perks like these.

Dean’s List Recognition

The dean’s list, a term dating to the early 14th century, comes from the Latin decanus (“head of a group of 10 monks in a monastery”). You, of course, are at college, not a monastery, but you are at the head of the class when you make the dean’s list.

The distinction is usually reserved for full-time students at a specific GPA. Being on the dean’s list could help you stand out in a field of applicants for plum internships and summer jobs. Consecutive semesters on the list show you can achieve and maintain high standards.

Scholarships and Grants

Straight A’s can potentially translate into money to help pay college bills. Some scholarships have GPA requirements; read the fine print.

Merit-based college grants are awarded to students who demonstrate high levels of academic achievement, a commitment to community service, or excellent leadership skills. While you may not need straight A’s to qualify, it won’t hurt to strive for the gold and set a high bar for yourself.

Recommended: Merit Aid for College

The Takeaway

Getting all A’s in college can bring big benefits, from helping you secure a place in a crowded major with lucrative career returns (such as engineering or computer science) to earning you a place on the dean’s list, a marker that helps you stand out in a competitive internship field. With the right study skills, you can seriously up the odds of acing your classes.

3 Student Loan Tips

1.    Can’t cover your school bills? If you’ve exhausted all federal aid options, private student loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.

2.    Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

3.    Would-be borrowers will want to understand the different types of student loans peppering the landscape: private student loans, federal Direct subsidized and unsubsidized loans, Direct PLUS loans, and more.

FAQ

What is a 4.0 GPA in college?

A 4.0 GPA (grade point average) means you have an A in all of your classes.

How do you become a straight-A student?

Getting straight A’s takes diligence, good study skills, and some planning. It also depends on the courses you take. It generally helps to pursue a major that taps into your passions and strengths. Are you more comfortable with a paintbrush or camera than in a science lab? Then fine arts classes will be easier for you to ace.

Do colleges care about straight A’s?

Colleges may not care if you get straight A’s, but some schools may require students to have a minimum GPA in introductory courses before allowing them to declare a popular major that typically brings lucrative returns in the work world. The list includes mechanical engineering, computer science, nursing, finance, and economics. Another reason to watch your GPA: Federal student loans and many scholarships and grants have a minimum GPA requirement.

Photo credit: iStock/Luis Echeverri Urrea

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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.

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

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

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A degree in finance can open doors to a wide range of exciting career opportunities. Whether you’re looking to work as a financial analyst in a private business, an accountant for a nonprofit, or help individuals achieve their retirement goals, enrolling in a collegiate finance program can give you the tools you need to succeed.

But the tools of higher education don’t come cheap. Even with an online finance degree program can cost $24,000 to $75,000. Fortunately, there are many available avenues in the way of loans, grants, and scholarships that can support your dreams and ease financial anxiety.

What Is a Finance Degree?

A finance degree program focuses on the study of money management, investing, and market trends. It can prepare you for a job in the economic sector, or lay the groundwork for graduate studies in business or law.

Undergraduates enrolled in an accredited four-year program typically obtain either a Bachelor of Science or a Bachelor of Arts, depending on the area of focus. Introductory coursework can include the fundamentals of economics, statistics, business law, and accounting. Some people interested in working in finance may also consider pursuing a math degree.

Is a Degree in Finance Worth It?

Good News: Entry-level compensation in the field of finance tends to top the national median salary. The employment rate in this sector is expected to grow 8% “from now until 2030.

While jobs in the financial realm are competitive, there is an expanding need for more accountants, strategists, and market analysts. Most of these ground-floor opportunities require at least a bachelor’s degree in finance. Another big bonus of a business finance degree program is connections—the alumni and internship possibilities that could lead to employment.

What Kinds of Finance Degrees Are There?

Educational institutions can offer a Bachelor’s in finance, Associate’s Degrees, Master’s Degrees (including MBAs), and Doctorate programs. Wondering what to do with a finance degree? Popular subfields within a finance program include financial planning, management, and accounting, which could help steer you in a career direction.

Financial Management

A student pursuing a degree in financial management learns how to make informed financial discussions for nonprofit businesses and corporations. Students can take classes in business economics, data analysis, financial reporting, and business law.

Financial Planning

A degree in financial planning prepares you to assist businesses, individuals, and families in creating monetary plans for the future. Course topics can be in retirement strategies, investment portfolios, tax planning, healthcare, estate planning, and risk management.

Accounting

While a degree in accounting offers a more specific focus than a general finance degree, the employment opportunities are far from limited. There are an estimated 135,000 job opportunities projected each year. Students take courses in auditing, tax preparation, and qualitative analysis.

What Can I Do With a Finance Degree?

From analysts to money managers, to a think tank researcher or top government economist, a degree in finance can pave the way to a world of job opportunities.

Loan Officer

Loan officers work for banks, mortgage companies, and credit unions. They are instrumental in helping businesses and individuals acquire a home, a business loan, or new car. A loan officer usually holds a bachelor’s degree in finance, accounting, or business.

Personal Financial Advisor

Personal financial advisors work with individuals and families to reach their economic goals. They assist with investment portfolios, navigating tax laws, and can help make retirement dreams come true. Financial advisors may be required to complete certifications, acquire licenses, or complete ongoing education requirements. Requirements may be dictated by your specific career path, employer, or state.

Financial Examiner

Banks and other institutions rely on financial examiners to help keep them out of trouble. A financial examiner helps businesses comply with current laws and regulations, making sure all their transactions follow mandated guidelines. They can specialize in risk assessment, keeping companies fiscally secure, or in consumer compliance to protect customers.

Financial Analyst

A financial analyst works for banks and investment companies assessing market trends to inform investment choices and strategical direction. They help create financial forecast models, fiscal reports, and then recommend a course of action.

Financial Manager

A financial manager oversees the financial well-being of a business. Responsibilities include supervising company cash flow, keeping tabs on expenses, submitting financial reports, and developing long-term fiscal goals for investment institutions, banks, or insurance companies.

How to Pay for a Finance Degree

A degree in finance can help put you on a career path to success, but the journey usually isn’t free. In 2020, 64% of college grads took out loans for school. An undergrad program can cost you, and a graduate degree only adds to the educational price tag.

Fortunately, there is federal aid, private student loans, scholarships, and other options that can help alleviate the fiscal burden of higher education.

Federal Student Loan

Applying for a federal student loan is usually the first stop on the quest for college funds. With a current interest rate of 3.73% for undergraduates, federal loan rates are fixed and lower than most private loans. They also don’t require a credit check or cosigner. You don’t have to start repayment until after college, so you can worry about your coursework vs. a monthly bill.

The first step is to fill out the Free Application for Federal Student Aid “Free Application for Federal Student Aid (FAFSA®) to determine how much financial aid you can receive. This application is used to determine student eligibility for federal financial aid including scholarships, grants, and work-study, in addition to federal student loans.

Private Student Loan

When federal loans and things like scholarships aren’t enough to cover the cost of a finance degree program, a private loan for students can be one option to fill in the gaps. These loans are issued by banks, online lenders, or credit unions. The lender will check your credit score and financial records to determine the loan amount and terms for which you qualify.

Younger applicants who don’t have a credit score or have limited employment history may consider applying with a cosigner, typically a parent or legal guardian, to pledge responsibility for your loan. Rates for undergrad and graduate student loans can vary, so be sure to do your homework and shop around at various lenders to find the best loan for your situation.

It’s a good idea to research the pros and cons of federal vs. private student loans to determine how they can work best for you.

Credit Card

Most colleges and universities accept credit cards for tuition payments. But while it may be tempting to rack up those travel points and cash back rewards, be careful. Many schools will charge you a convenience fee. And even if you have a 0% interest card, that rate can jump up to 12.99% to 24.99% after 18 to 21 months. Might be wise to check out other ways to get that finance degree before paying with plastic.

Borrow from Loved Ones

Borrowing from a loved one for your finance degree may allow for lower interest rates (if any) and generous repayment arrangements. But be sure to spell the terms of the loan on paper to legally protect you and the lender, and to avoid potential confusion, argument, or future resentment.

If a parent or guardian is unable to loan you money directly, they could consider borrowing a Direct PLUS Loan from the government or a private parent student loan.

Pay Cash

“Cash is king!” as the saying goes. No educational institution will turn it down. By working as much as you can during school and summer vacations to help pay for college, you can avoid borrowing interest-accruing loans.

Scholarships

College scholarships mean free money gifted from numerous organizations. They can be based on financial need or merit — awarded for grades, test scores, talent, ancestry, or special interests.

Scholarship money does not generally have to be paid back. You can find information from government resources, a college financial aid office, a high school counselor, or this state-by-state scholarship guide. Pay attention to the submission deadlines and application requirements so you don’t miss your chance to qualify.

Grants

One difference between grants and scholarships is that grant money is typically awarded solely based on financial need, and often by government agencies. For example, the Federal Pell Grant is gifted to undergraduate students from low-income households. Like scholarships, grants do not have to be repaid.

The Takeaway

The job rate in the finance sector is growing, with higher than average entry-level salaries. There’s an optimistic chance a degree in finance could yield good returns in the future. With all the potential funds from federal and private student loans, scholarships, and grant money, pursuing a degree in finance doesn’t have to be a high-risk investment.

FAQ

What does a finance degree do?

A finance degree can prepare you for employment in the financial sector—as an analyst, accountant, manager, financial planner, or loan officer.

What is the best degree for finance?

Any kind of degree from a finance program could set you up to succeed in your desired field. Some of the higher paying finance jobs are in financial management and analysis.

How can I pay for a finance degree?
Investigate federal and private student loans, grant money, and scholarship opportunities.

Photo credit: iStock/Nuthawut Somsuk

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.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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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