9 Cheapest Pets to Own_780x440

9 Cheapest Pets to Own

Pets can bring love, companionship, and fun into your life. But they can also bring a lot of added expenses. In fact, the lifetime cost of owning a dog can run anywhere from $19,893 to $55,132, while owning a cat for its full natural life can range between $4,250 to $31,200.

If you’re yearning for a furry companion, but the high cost of owning a pet gives you worry, you don’t necessarily have to give up on the idea. There are actually a number of cheap pet options out there, and many are also low maintenance and adapt quickly to their new homes.

From small birds to bunny rabbits, here are nine cheap, easy-to-care-for pets you may want to consider adding to the family.

Key Points

•   Pets can provide companionship but also incur significant costs; dogs can range from $19,893 to $55,132, while cats can cost between $4,250 and $31,200 over their lifetime.

•   Affordable pet options exist, including guinea pigs, hermit crabs, and dwarf frogs, which require lower initial investment and ongoing expenses compared to traditional pets like dogs and cats.

•   Guinea pigs are social and cost between $10 and $70, needing basic supplies like a cage and food, which can also include vegetable scraps.

•   Sea Monkeys, marketed as instant pets, are inexpensive to maintain, costing around $16 for a kit, and they require minimal care like feeding and occasional water level checks.

•   Rabbits can be adopted or purchased for about $50, with monthly costs for food around $40, and they can live both indoors and outdoors with proper care.

Guinea Pigs

If you’re looking for something cuddly that’s easier on the wallet than a puppy, you may want to consider a guinea pig. These entertaining creatures live about five to seven years, so they also typically require less of a time commitment than a cat or a dog.

A guinea pig can cost anywhere from $10 to $70. If you go for an exotic guinea pig from a local breeder, you can pay up to $120. In addition to the guinea pig, you’ll need to have a cage that has enough room for it to move around and some bedding that will get changed fairly often.

Guinea pig food is relatively cheap — around $15 for a five-pound bag. But these affordable pets can also live off leftover vegetable and fruit scraps.

Guinea pigs thrive as social creatures, so you may want to purchase more than one guinea pig or ensure you’re spending ample time with your furry companion.

Recommended: Ways to Pay for Unexpected Vet Visits

Hermit Crabs

While hermit crabs aren’t cuddly, they can make great pets if you’re looking for a low-key companion that doesn’t require much supervision.

The cost of owning a hermit crab is pretty low (a crab runs around $3 to $25 through a breeder or at a pet store). You’ll also need to get a tank with a vented lid, drinking and humidity sponges, a water dish, climbing wood, and a humidity gauge. Once crabs have outgrown one shell, you’ll need to buy their next, larger shell, which is a small cost.

Hermit crabs need humidity levels between 70% and 80%, which means you’ll need to mist them and their tanks at least once a day to keep these creatures happy and healthy. It’s also important to clean their quarters and change their water often.

Being small creatures, crabs don’t cost much to feed. You can feed these cheap pets vegetable scraps, fruit, or pellet food.

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Sea Monkeys

Sea Monkeys are a novelty pet marketed as “instant pets.” They’re actually a type of brine shrimp sold in kits, usually targeted to children.

Developed in a lab in the 1950s, sea monkeys are sold as packets of eggs that hatch when you add water. These small pets will hatch in a few days and stay alive for about two years. They also reproduce, so you could have a steady supply for some time.

Sea monkey kits, which include the eggs, an aquarium, and growth food, only run around $16. To keep your Sea Monkeys alive, all you need to do is to top up water levels occasionally and feed them once a week.

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Dwarf Frogs

African dwarf frogs are small, completely aquatic, and among the easiest types of frogs to keep as pets. This species can be a good beginner frog for owners who are content to look-only — handling them is not a good idea.

Dwarf frogs grow to around 1½” and live up to five years with good care. They can live in an aquarium alongside docile fish like tetras if you want to own a few creatures.

Besides the frog, which typically only costs around $5, owners of these low-cost pets will need to purchase a tank with a tight-fitting lid (which you may be able to find second-hand), gravel or sand for the bottom, and some decorative hiding spots, such as live or silk plants and small terra cotta plant pots placed on their sides.

Keeping dwarf frogs healthy is really just a matter of making sure that their aquarium water is clean and offering them a proper dwarf frog diet — they like to munch on frozen mysis shrimp, bloodworms, food pellets, and brine shrimp.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

Goldfish

Goldfish can add interest to any room, are fun to watch, and pretty low maintenance. The fish themselves usually only run between 20 cents and $5, depending on the type of goldfish.

While you may picture this fish living in a classic goldfish bowl, these days many experts recommend investing in a filtered tank in order to keep their habitat clean. Aquariums with filters and decor aren’t super cheap, but the only additional cost after that is the food. Purchasing a container of fish pellets or flakes will set you back about $5.

To save some money, you may want to search for used equipment at yard sales and thrift stores or through online marketplaces. Once you’ve invested in a tank and decor, these items will last indefinitely and can be re-used for future fish.

Leopard Geckos

These tiny lizards are friendly and fun to have around, and don’t require a lot of upkeep. As with goldfish, the biggest cost is likely to be a habitat. You may be able to save here by buying one second-hand from an online marketplace.

In addition to the cost of the leopard gecko (normal breeds run around $20 to $40) and tank, you’ll also need to get some type of lighting (with an incandescent bulb), a hide-out, and possibly a heat pad, depending on temperatures in your home.

Other than that, you’ll need to regularly feed them a diet of insects, including crickets and waxworms, as well as fresh vegetables and clean water.

Ants

If you’re looking for one of the cheapest pets, that is also low-maintenance, an ant farm may fit the bill. While ants don’t provide bonding or cuddling opportunities, it can be fun and fascinating to watch an ant farm grow, particularly for kids.

Depending on the kit, ant farms will set you back anywhere from $14 to $34 and some include ants (you can also purchase live ants online or at your local pet store).

While kits have traditionally been made from sand, modern ant farms are now often made with a clear, edible gel that lets you watch your ants tunnel much more closely.

After you get the farm and the ants, there isn’t much to do other than making sure you provide water and the occasional bits of food.

Recommended: Dog-Friendly Vacation Ideas — Plus Tips for Traveling with Pets

Canaries

Canaries can be great pets that offer companionship and melodies, and can even learn to do little tricks like playing with a ball or stepping onto your hand. These types of birds live around 10 years and aren’t as expensive as more exotic breeds.

Costs include a cage, small toys, food, and the occasional veterinary visit (if they’re sick). You can purchase canaries from pet stores or breeders — the latter may offer more options depending on where you live.

You could pay around $300 for a bird, so it’s not necessarily the cheapest pet on the list. However, it’s still considered a low-cost pet compared to a dog or cat.

Recommended: How Much Is Pet Insurance?

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Rabbit

While rabbits are as large as some cat and dog breeds, they qualify as a cheap, low-maintenance pet. If you buy a rabbit from a breezer, you can expect to pay around $50 for a non-pedigreed rabbit. However, you may be able to adopt a rescue through the Humane Society or ASPCA for considerably less.

Rabbits also need both hay and veggies, which can run about $40 per month. These fluffy companions will also need a rabbit hutch, but you may be able to find one cheaply through a second-hand marketplace. Or, you can build one yourself.

Rabbits are happy to live outside or in (they can actually be potty trained). If you opt for indoors, you may want to keep in mind that they can chew on wires and furniture legs if allowed to roam free. Some breeds, such as angora rabbits, also require grooming.

These furry friends live about seven to 10 years.

Recommended: 15 Tips to Cut Costs When Traveling with Pets

The Takeaway

Whether furry, feathered, or reptilian, owning a pet doesn’t need to cost a small fortune. As you can see from the list here, there are plenty of cheap pets that are easy to care for and waiting for you to take them home.

Before you make a commitment to a pet, however, you may want to make sure your little companion will fit into your lifestyle and that you have time to take care of it.

And since even an inexpensive pet will add to your household expenses, you may want to start putting some money aside in some type of savings account to cover your start-up and ongoing pet expenses.

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


About the author

Sarah Li Cain

Sarah Li Cain

Sarah Li Cain, AFC is a finance and small business writer with over a decade of experience. Her work has been featured in numerous publications, including Kiplinger, Fortune, CNBC Select, U.S. News & World Report, and Redbook. Read full bio.



SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


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

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

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

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

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

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

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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27 Activities to do in Your Free Time That do not Cost Anything

27 Fun Things to Do for Free

Having a good time doesn’t have to be expensive. In fact, there are plenty of fun and interesting things to do that don’t cost any money at all.

While it may take a little more research and imagination, it’s possible to find new and entertaining activities to do on your own or with your family and friends without busting your budget.

If you’re looking for some fun ways to save money, read on. We’ve got 27 ideas.

Fun Free Things To Do

If you find that you often spend your free time binge-watching shows or scrolling through social media on your phone, it may be time to work some new activities into your repertoire. Fortunately, that doesn’t have to mean breaking out your wallet.

Consider trying one (or a few) of these fun, free activities.

1. Going on a Hike

If the weather is nice outside, then it could be time to hit the great outdoors and take a hike. You can search for nearby hikes at AllTrails.com . You’ll also be able to check out the length and difficulty of the trail, as well how long it takes to hike.

2. Volunteering with a Local Organization

Volunteering can be a great cost-free activity because it allows you to give back, potentially meet some new people, and feel good about how you spent your day. To find local volunteering opportunities, you can check out VolunteerMatch.org , which matches people with local organizations that need help.

3. Playing Board Games

When looking for fun things to do with the family, consider busting out a game of Monopoly or Life and competing against one another. You might reward the winner with a few days or a week off from their everyday chores.

💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.

4. Decluttering the House

While this might not be the first thing that comes to mind when looking for a fun way to spend your free time, cleaning and being productive can actually be very satisfying, and also help relieve stress. You can declutter alone or get the kids involved. Consider donating your discards to a local charity or thrift store.

Recommended: Is Hiring a Maid or Cleaning Service Worth It?

5. Going to a Free Museum Day

Many museums will offer free admission once a week or once a month. You can spend an afternoon browsing through the beautiful works of art without spending a dime.

6. Having a Picnic in the Park

Dining al fresco doesn’t have to be pricey if you head for a local park. A picnic can be a great way to spend a liesurely afternoon with family and friends. All you need is a blanket, lunch, a ball or Frisbee, and a shady spot.

Recommended: 13 Cheap Ways to Live

7. Streaming an Exercise Video

Gym memberships, personal trainers, and exercise classes can be expensive. However, exercise videos on YouTube and Instagram are totally free. Consider breaking out the sweats and burning some calories for free.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


8. FaceTiming With Friends and Family

Whether you prefer an old-fashioned phone call or a video call, reconnecting with an old friend or a family member you haven’t spoken with in a while can be an enjoyable, no-cost way to spend some free time.

9. Trying Meditation

Meditating can be a relaxing solo activity that helps to clear your mind and reduce stress. You can find free meditations on YouTube, or you might want to check out Headspace, which has guided meditation for beginners and offers a free trial.

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

10. Playing Free Games Online

Playing games online can be a fun way to spend a rainy afternoon with the kids. You can find free educational games for kids on sites like Funbrain.

11. Going to the Beach Off Hours

Hitting the beach in the late afternoon or early morning is often free. At these times you’re also likely to find fewer crowds, as well as beautiful light.

Recommended: 10 Ways to Avoid Paying Full Price for Anything

12. Starting a Journal

Journaling can be a great way to get things off your mind, collect your thoughts, and even come up with solutions to nagging problems. All you need is a pen and an old notebook to get started.

13. Visiting Your Local Library

You can not only find great books to read at your local library, but also pick up DVDs, CDs, and audio books, and possibly also attend a lecture, film screening, or other free community event.

14. Cooking Something New

Consider shopping your cupboard, fridge, and freezer, and then looking for something you can make with what you have on hand. You can find plenty of free recipes at sites like Allrecipes and Food Network.

15. Checking Out a Fire Station

Kids typically love fire trucks. Consider reaching out to your local fire station to see if they offer tours. This is not only a fun, free family activity, but allows kids to learn all about how the fire department works while meeting their local heroes.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

16. Making a Movie

Whether you have a video camera or just a smartphone, you have what you need to make a short film. You can have everyone in the family pitch in to create a storyline, sets, costumes, and props. You can then edit the film and share it online.

17. Learning a New Skill

Whether you want to get better at applying makeup or have always wanted to learn how to juggle or knit a scarf, you can likely find a great tutorial on YouTube.

Recommended: Ways to Control Excessive Spending Habits

18. Going to Local Historical Site

There are likely a number of places around town where you and your family can soak up some local history. Many towns also offer free walking tours.

19. Attending a Free Concert

During the summer, many towns will put on free concerts for everyone to enjoy. You might even bring a blanket and dinner for a nice evening out.

20. Doing a Puzzle

Putting together a large puzzle can be a fun and challenging activity to do alone or with friends and family. If you are tired of the ones you own, consider trading puzzles with a friend or neighbor so you have something new to tackle.

Recommended: How to Stop Spending Money

21. Camping in the Backyard

In warmer weather, camping in the backyard offers an opportunity for fun, free adventure with the kids. If you don’t have a tent, consider borrowing one for the night. You can make a fire (or light up the grill) to roast marshmallows and tell ghost stories before bed.

22. Starting a Book Club

While this can take a little planning, book clubs are relatively easy to set up. You can create a private book club on Facebook or another social media platform. Or, you can recruit a group of book-loving friends to meet once a month at each other’s homes.

23. Washing the Car

You can have fun and accomplish something at the same time by getting your kids involved in washing the car. You could even host a neighborhood car wash so the kiddos can earn some pocket money.

Recommended: How to Be Better With Money

24. Heading to the Dog Park

This can obviously be a great idea if you have a dog, but can also be entertaining if you don’t. You can grab a bench and have fun watching cute dogs run around and play. Dog parks can also be fun for people watching.

Recommended: 19 Tips to Save Money on Pet Care

25. Trying a New Playground

Your kids probably know all the local playgrounds pretty well. For a change of pace, consider checking out a playground you’ve never been to in a town nearby. Pack a lunch to make it feel like a mini-vacation.

26. Writing a Letter

Writing letters may seem old-fashioned, but it can be a nice way to communicate with your loved ones. The letter can be handwritten and sent via snail mail, or you might just want to send an email updating a friend or family member about what’s going on in your life.

27. Building a Fort

Kids typically love building forts. On a cold or rainy day, you can have an indoor adventure by breaking out some chairs and blankets and letting the kids create their own little hideaway filled with their favorite books and toys. They may even wind up sleeping in the fort for the night.

The Takeaway

It can take thinking a little outside the box and a bit of planning, but it’s possible to entertain yourself and your family with fun new activities without busting your budget.

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


About the author

Kylie Ora Lobell

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa. Read full bio.



SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


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

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

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

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

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

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

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.

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

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woman in kitchen with coffee and laptop mobile

Pros & Cons of Global Investments

Individual investors have access to a wide variety of investments in and outside of the US, which include international and domestic assets. Global investing involves investing in securities that originate all around the world.

According to Charles Schwab , global allocation provides diversification benefits and is the pillar of wealth management. It can also help investors position your portfolio for long-term growth.

Increased geographic diversification may also offer some downside risk mitigation, as the relative performance of US vs. international stocks has historically alternated, according to Morgan Stanley.

Essentially, the US markets may have a different rhythm than international markets. Therefore, investing in both has the potential to give investors the best of both worlds if one rises while the other falls, helping minimize return losses.

Investing in Global Investments

There are several ways investors can get started in the global market. But before an investment decision is made, it’s important to learn as much as possible about each investment option and understand the risks involved.

Mutual Funds

A mutual fund is a type of security that pools money collected from investors and invests in different assets such as stocks and bonds. The portfolio of a mutual fund is made up of the combination of holdings selected. US-registered mutual funds may invest in international securities. These types of mutual funds include:

•  Global funds that invest primarily in non-US companies, but can invest in domestic companies as well.
•  International funds that invest in non-US companies.
•  Regional or country funds that primarily invest in a specific country or region.
•  International index funds designed to track the returns of an international index or another foreign market.

US-registered mutual funds are composed of a variety of different international investments. As with any mutual fund, when an investor purchases a US-registered mutual fund, they’re buying a fraction of all of the securities, which increases diversification.

For investors to create this level of diversification on their own with individual stocks and bonds would be difficult, expensive, and time-consuming. Therefore, buying shares of US-registered mutual funds may give investors access to more diversification.

Exchange-Traded Funds (ETFs)

An ETF is an investment fund that pools different types of assets such as stocks and bonds and divides ownership into shares. Most ETFs track a particular index that measures some segment of the market.

This is important to understand—the ETF is simply the suitcase that packs investments together. When investing in an ETF, investors are exposed to the underlying investment.

ETFs that are US registered include foreign markets in their tracking but trade on US stock exchanges These types of investments may offer similar benefits as US-registered mutual funds.

Stocks

While many non-US companies use ADRs to trade their stock, other non-US companies may list stock directly on a US market, known as US Trade foreign stocks. For example, Candian stocks are listed on Canadian markets and are also listed on US markets instead of using ADRs.


💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.

Why Invest in Global Markets?

While some of these investments may seem confusing, there are a few reasons why investors might choose global investments.

Diversification

Again, choosing global investments can diversify an investor’s portfolio. It may be tempting for an investor to concentrate money in a few familiar sectors or in companies for which there is a personal affinity. But putting all their eggs in one basket could potentially lead to vulnerability.

There is no guarantee against the possibility of loss completely—after all, risk is inherent in investing. But spreading assets to international and domestic equities may reduce an investor’s vulnerability because their money is distributed across areas that aren’t likely to react in the same way to the same occurrence.

Global Growth

Another reason investors might choose to invest globally is because of the growth potential. The US is considered a mature market and may not have as much growth potential as other economies. Choosing global investments allows investors to potentially capitalize on profits from growing economies, particularly in emerging markets.

Greater Selection

If you choose not to invest outside of the US, you are narrowing your investment opportunity set. Even though investment information may be more challenging to obtain and analyze, there is the potential for a great deal of growth.

The Risks of Global Investments

As with any financial decision, careful consideration is required when selecting an investment. But, there are a few unique global investment risks and issues that need to be accounted for before investing in any global investment.

Currency and Liquidity Risk

Currency risk is also known as exchange-rate risk. It stems from the price differences when comparing one currency to another. When the exchange rate between the US dollar and a foreign currency fluctuates, the return on that foreign investment may fluctuate as well. It’s possible that a non-US investment might increase its value in its home market but may decrease in value in the US because of exchange rates.

In addition to the risk of exchange rates, some countries may restrict or limit the movement of money out of certain foreign investments. Conversely, some countries may limit the amount or type of international investment an investor can purchase. This could prevent investors from buying and selling these assets as desired.

Instability

Countries in the midst of transition, war, or economic uncertainty may also be experiencing adverse economic effects, and companies within those countries may be impacted. These days, news can change by the minute, and it might be difficult to keep on top of what’s happening when so much news is happening all at once.

Cost

Sometimes it can be more expensive to invest in non-US investments than investing domestically. This is due to possible foreign taxes on dividends earned outside the US, as well as transaction costs, brokers’ commissions, and currency conversions.

Limited Access to Information

Different countries may have various jurisdictions that require foreign businesses to provide different information than the information required of US companies. Also, the frequency of disclosures required, standards, and the nature of the information may vary from what you would see in the US.

For example, the Securities and Exchange Commission or SEC is responsible for protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation in the US. The SEC does this by requiring public companies to disclose “meaningful financial and other information to the public.” This allows investors to make informed investment decisions about particular securities.

Whereas in other countries they may have different organizations and guidelines for monitoring and regulating capital markets.

Additionally, analyzing individual investments is challenging enough with all the information available. But when investing internationally, the analysis adds another layer of complexity, since investors need to figure out different issues such as account, language, customs, and currency.

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

Consider Investment Risk When Building Your Portfolio

Risks are a part of life. It’s difficult to grow, change, or improve without taking chances. What’s safe isn’t always what’s best, so getting the best of something typically involves some risk.

When creating an investment portfolio, determining risk tolerance, which ranges from conservative investments (low risk) to aggressive investments (high risk), is a typical first place to begin.

Higher-risk investments may have the potential for higher returns, but they also have greater potential for losses. Therefore, by assessing your risk tolerance, you won’t take risks that you can’t afford to take.

Just like in life, there are no guarantees when taking an investment risk, but considering informed risks—based on research and experience—may put financial goals within reach.

Becoming a Global Investor

Even though the world’s political, economic, and sociological landscape is ever changing, considering investments in global markets may help minimize risk exposure.

To become an international investor, a good place to start might be by adding certain mutual funds and ETFs to an investment portfolio. Newer investors might be more comfortable starting with US stocks.

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

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.


About the author

Rebecca Lake

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.




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Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

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Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.

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Trade School Costs Need to Knows

A trade school, often called a vocational or technical school, provides specific job skills to start a career quickly in a given trade, with the requisite certifications and licenses. That career can range from being an electrician to a physician’s assistant to a cook. As opposed to a four-year college, a trade school education is generally completed in just two years and focuses on getting students hands-on experience and securing the job they want.

Trade school costs an average of $12,000 to $20,000+ per year. While trade school can be significantly less costly and require less time than a four year degree, there are still expenses to consider. Continue reading for more information on how expensive trade school is and planning for trade school costs.

Key Points

•   Trade schools offer focused training in specific job skills, allowing students to enter careers quickly, typically completing programs in less than two years.

•   The annual cost of trade school tuition can range from approximately $4,200 to $25,000+, depending on factors like the school and program.

•   Additional expenses for trade school often include costs for books, supplies, and living expenses, which can vary greatly based on individual circumstances.

•   Financial options for attending trade school include federal aid, grants, scholarships, and part-time work, which can help cover educational costs.

•   When selecting a trade school, important considerations include program accreditation, completion time, available on-the-job training opportunities, and employment support services.

What Is Trade School?

College is not for everyone. Trade school can provide a path to a rewarding career, without the time and money required to pursue a four-year degree.

Trade school is a type of education that provides training in a specific job or skill set to allow students to start a given trade or career with the requisite certifications and appropriate licenses. Also known as vocational or technical schools, trade school can be a stepping stone into a career as a plumber, electrician, dental hygienist, pharmacy technician, paralegal, and more.

Trade schools may be private or public institutions, and it can take as little as a few months to two plus years to complete a trade school program. Community colleges may offer vocational programs or more general education classes for students planning to transfer to a four-year institution.

How Much Does Trade School Cost

The cost of trade school varies widely based on factors including the school, the program you are pursuing, and your location. According to the Integrated Postsecondary Education Data System (IPEDs), the average cost of trade school was $15,070 for the 2022-23 school year.

Tuition

The cost of tuition for trade school can range dramatically, from $4,200 to $25,000+ per year. Here is the average cost of tuition and fees for popular trade school programs, according to IPEDs:

•   Patient Care Assistant/Aide: $4,280

•   Welder: $11,230

•   HVAC Tech: $11,630

•   Licensed Practical Nurse: $14,700

•   Cosmetologist: $16,230

•   Auto Tech: $25,870

Books and Supplies

The cost of books and supplies will vary based on the vocational program or trade school. According to data from IPEDs, the average cost of books at a two-year public institution was $1,720 for the 2022-23 school year.

Living Expenses

Unsurprisingly, the cost of living expenses can also vary quite dramatically from student to student. Some students who are attending trade school may be able to live at home with family members. This could help them reduce costs because they may have little to no rent, and share meals with family members.

Trade school students who are living on their own may need to budget for more expensive living costs.

Recommended: What Is the Cost of Attendance in College?

Paying for Trade School

When it comes to paying for college, or trade school, there are a few options available to students, including loans, federal aid, grants, and more.

Trade School Loans

The term “trade school loan” is just a way to refer to a student loan, personal loan, or outside funding measure used to pay one’s way through a training or vocational school.

Many trade and vocational schools may qualify for federal student loans and other forms of federal financial aid. To apply for federal loans, students will need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

There are limits for federal student loans, and some students may consider a private student loan to supplement the cost of tuition and living expenses. Private student loans are available from private institutions, but they may not offer the same benefits or protections as federal student loans.

Working Part-Time

Trade schools generally offer flexible programming — for example, night classes — so students may be able to work part-time to fund their education. Students may consider getting a part-time job in the field they are studying, or working at a gig that is willing to accommodate their school schedule so they have enough time to take classes and study.

Financial Aid for Trade School

As already mentioned, trade schools may qualify for federal financial aid — including student loans, grants, and scholarships. Federal aid can be used for technical schools and some certificate programs as long as the schools are accredited and eligible for federal funds. You can check the Department of Education’s database of qualifying schools to confirm your chosen trade school program qualifies.

Grants

Students at eligible trade schools may qualify for a Pell Grant. A Pell Grant is a type of federal grant that is awarded to students who demonstrate exceptional financial need. The maximum amount for the 2024-25 school year is $7,395.

Scholarships

There may also be scholarships available for trade school students. Certain trade schools may offer scholarships, and there are vocational school scholarships available from private organizations, as well. To find trade school scholarships, check with your school’s financial aid office or search online scholarship databases.

Recommended: SoFi’s Scholarship Search Tool

Tips on Selecting a Worthwhile Program

Trade school can make sense for students who are interested in pursuing a specific vocation and are not interested in attending a more traditional four-year school. To evaluate trade schools, consider the following factors:

•   Program accreditation: This can give you an idea of a program’s reputation. Accredited schools may qualify for federal financial aid, as well.

•   Time to complete: This will tell you how long it will take you to complete the program, along with the total cost of the program.

•   Opportunities for paid, on-the-job training: Some programs may offer a combination of in-classroom learning and paid job training. Gaining this real world experience can be valuable.

•   Employment assistance or support: Some trade schools have close connections with local businesses or industries. Find out if there is a career connections office or any job placement assistance from your school.

Private Student Loans for Trade School

SoFi doesn’t offer student loans for trade school programs, but does offer private student loans for eligible graduate certificate programs. If you’re a college student interested in pursuing a certificate program, a SoFi private loan could be a tool to help you finance the program.

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

Are trade schools more affordable than four-year universities?

Trade schools are generally more affordable than a college or university. In addition to having a more affordable annual tuition, typically trade school programs can be completed in less than four years.

What are the most high-paying trade jobs?

Some of the highest-paying trade jobs include elevator and escalator installers, radiation therapists, dental hygienists, aircraft mechanics, and construction managers. These roles typically require specialized training or certification from trade schools and offer competitive salaries, job stability, and opportunities for career growth in high-demand industries.

How long is trade school?

The length of trade school can vary based on the program. Some trade school programs can be completed in a few months while others may take two years to complete.


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

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How to Pay for Grad School

Students who graduate with a master’s degree carry an average debt of $69,140, according to the Education Data Initiative. There are numerous ways to finance your advanced degree (even without taking out loans), and investing in graduate education is frequently worth it, as the right degree has the potential for a massive return on investment.

If you’re considering going to grad school, we’ve laid out some key financing options. Read on to learn how to formulate a plan to pay for your graduate education.

Key Points

•   When it comes to financing grad school, filling out the Free Application for Federal Student Aid (FAFSA) is essential to determine eligibility for federal financial assistance, including grants and loans.

•   Investigate grants, scholarships, and fellowships offered by your chosen university’s financial aid office, as these can significantly reduce tuition costs.

•   Some employers provide tuition reimbursement programs to support employees pursuing further education. Review your company’s policies to see if this benefit is available.

•   Seek out scholarships and grants from private organizations, nonprofits, and government agencies, which can provide additional funding without the need for repayment.

•   After exhausting grants and scholarships, explore federal student loans, which often have favorable terms. If additional funding is needed, private student loans are also an option, though they may come with higher interest rates.

Ways to Pay for Grad School Without Taking on Debt

You can pay for grad school without taking on debt by filling out the FAFSA, applying for scholarships and grants, or working for an employer who offers tuition reimbursement. Continue reading for even more strategies to pay for grad school without taking on debt.

Fill Out The FAFSA

The first step to seeing if you qualify for financial aid is to fill out the Free Application for Federal Student Aid, or FAFSA®.

Your FAFSA will determine your eligibility for federal student loans, federal work-study, and federal grants. In addition, your college may use your FAFSA to determine your eligibility for aid from the school itself. Here’s a closer look at federal grants and federal work-study programs.

Federal Grants

Unlike student loans, federal grants do not need to be repaid. It may be possible to receive some grant funding to help you with financing grad school. Federal grant programs for grad students include TEACH Grants and Fulbright Grants.

The TEACH Grant, or Teacher Education Assistance for College and Higher Education Grant, has relatively stringent requirements and is available for students pursuing a teaching career who are willing to fulfill a service obligation after graduating.

The Fulbright Grant offers funding for international educational exchanges. Sponsored by the U.S. government, it supports students, scholars, teachers, and professionals to study, research, or teach abroad.

Federal Work-Study Program

Federal work-study for grad students provides part-time jobs to help cover educational expenses. These positions are often related to a student’s field of study or serve the community. Eligibility is based on financial need, and earnings are exempt from being counted as income on the FAFSA, maximizing financial aid opportunities.

Figure out What Your University Can Offer You

After narrowing down your federal options, make sure to consider what university-specific funding might be available. Many schools offer their own grants, scholarships, and fellowships. Your school’s financial aid office likely has a specific program or contact person for graduate students who are applying for institutional assistance.

Many schools will use the FAFSA to determine what, if anything, the school can offer you, but some schools use their own applications.

Although another deadline is the last thing you need, seeking out and applying for school-specific aid can be one of the most successful ways to pay for grad school. Awards can range from a small grant to full tuition remission.

Employer Tuition Reimbursement

It might sound too good to be true, but some employers are happy to reimburse employees for a portion of their grad school costs. Employers that have tuition reimbursement plans set their own requirements and application processes.

Make sure to consider any constraints your employer puts on their tuition reimbursement program, including things like staying at the company for a certain number of years after graduation or only funding certain types of degree programs.

Become an In-State Resident

If you’re applying for graduate school after taking a few years off to work, you might be surprised to find how costs have changed since your undergraduate days. Graduate students interested in a public university can save tens of thousands of dollars by considering a university in the state they already live in.

Each state has different requirements for determining residency. If you are planning on relocating to attend grad school, be sure to look into the requirements for the state of the school you are planning to attend.

Certain states require only one year of full-time residency before you can qualify for in-state tuition, while others require three years. During that time, you could work as much as possible to save money for graduate school. More savings could mean fewer loans.

Become a Resident Advisor (RA)

You probably remember your undergrad Resident Advisor (RA). They were the ones who helped you get settled into your dorm room, showed you how to get to the nearest dining hall, and yelled at you for breaking quiet hours.

RAs may be underappreciated, but they’re often compensated handsomely for their duties. Students are typically compensated for a portion or all of their room and board, and some schools may even include a meal plan, reduced tuition, or a stipend. The compensation you receive will depend on the school you are attending, so check with your residential life office to see what the current RA salary is at your school.

Serious savings. Save thousands of dollars
thanks to flexible terms and low fixed or variable rates.


Find a Teaching Assistant Position

If you’re a graduate student, you can often find a position as a Teaching Assistant (TA) or Research Assistant (RA) for a professor. The position will be related to your undergrad or graduate studies and often requires grading papers, conducting research, organizing labs, or prepping for class.

TAs can be paid with a stipend or through reduced tuition, depending on which school you attend. Not only can the job help you to potentially avoid student loans, but it also gives you networking experience with people in your field.

The professor you work with can recommend you for a job, bring you to conferences, and serve as a reference. Being a TA may help boost your resume, especially if you apply for a Ph.D. program or want to be a professor someday. According to Salary.com, the average TA earns $6 to $13 an hour, as of December 2024.

Apply for Grants and Scholarships

Applying for grants and scholarships is a smart way to fund graduate school without accumulating debt. Start by researching opportunities specific to your field, school, or demographics. Many scholarships focus on academic achievements, leadership, or community involvement, while grants often emphasize financial need.

An easy way to search for scholarships is through one of the many websites that gather and tag scholarships by criteria. Keeping all your grad school and FAFSA materials handy means that you’ll have easy access to the information you’ll need for scholarship applications.

Recommended: Scholarship Search Tool

How to Pay for Grad School With Student Loans

Grad students may rely on a combination of financing to pay for their education. Student loans are often a part of this plan. Like undergraduate loans, graduate students have both federal and private student loan options available to them.

Federal Loans for Graduate School

Depending on the loan type, payments on these student loans can be deferred until after graduation and sometimes qualify you for certain tax deductions (like taking a tax deduction for interest paid on your student loans).

There are different types of federal student loans, and each type has varying eligibility requirements and maximum borrowing amounts. Graduate students may be eligible for the following types of federal student loans:

•   Direct Unsubsidized Loans. Eligibility for this loan type is not based on financial need.

•   Direct PLUS Loans. Eligibility for this loan type is not based on financial need; however, a credit check is required to qualify for this type of loan.

•   Direct Consolidation Loans. This is a type of loan that allows you to combine your existing federal loans into a single federal loan.

Federal Student Loan Forgiveness Programs

Federal student loan forgiveness programs either assist with monthly loan payments or can discharge a remaining federal student loan balance after a certain number of qualifying payments.

One such program is the Public Service Loan Forgiveness (or PSLF) program. The PSLF program allows qualifying federal student loan borrowers who work in certain public interest fields to discharge their loans after 120 monthly, on-time, qualifying payments.

Additionally, some employers offer loan repayment assistance to help with high monthly payments. While loan forgiveness programs don’t help you with the upfront cost of paying for grad school, they may offer a meaningful solution for federal student loan repayment. (Unfortunately, private student loans don’t qualify for these federal programs.)

Private Loans for Graduate School

If you’re not eligible for scholarships or grants, or you’ve maxed out how much you can borrow using federal student loans, you can apply for a private graduate student loan to help cover the cost of grad school.

Private loan interest rates and terms will vary by lender, and some private loans have variable interest rates, which means they can fluctuate over time. Doing your research with any private lender you’re considering is worth it to ensure you know exactly what a loan with them would look like.

Also, keep in mind that private student loans do not offer the same benefits and protections as federal student loans. It’s best to use all federal funding first before relying on private funding.

Recommended: Private Student Loans vs Federal Student Loans

Steps to Take Before Applying to Graduate School

Before applying to graduate school, it’s important to consider the earning potential offered by the degree in comparison to the cost. At the end of the day, only you can decide if pursuing a specific graduate degree is worth it. Here are a few steps to take before applying to grad school.

1. Research Potential Earnings by Degree

Perhaps you are already committed to one degree path, like getting your JD to become a lawyer. In that case, you should have a good idea of what the earning potential could be post-graduation.

If you’re considering a few different graduate degrees, weigh the cost of the degree in contrast to the earning potential for that career path. This could help you weigh which program offers the best return.

2. Complete the FAFSA

Regardless of the educational path you choose, filling out the FAFSA is a smart move. It’s completely free to fill out and you may qualify for aid including grants, work-study, or federal student loans. Federal loans have benefits and protections not offered to private loans, so they are generally prioritized first.

3. Explore Financing Options

As mentioned, you may need to rely on a combination of financing options to pay for grad school. When scholarships, grants, and federal student loans aren’t enough — private loans can help you fill in the gaps.

When comparing private lenders, be sure to review the loan terms closely — including factors like the interest rate, whether the loan is fixed or variable, and any other fees. Review a lender’s customer service reputation and any other benefits they may offer, too.

The Takeaway

Grad school is a big investment in your education, but the good news is there are grants and scholarships that you won’t have to pay back. Some employers may also offer tuition reimbursement benefits, or you could find work as a Resident Advisor to supplement your tuition costs. If you need more funding to finance grad school, there are federal and private student loans.

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


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

FAQ

Does FAFSA give money for grad school?

Yes, FAFSA provides access to federal financial aid for graduate school, including Direct Unsubsidized Loans and Grad PLUS Loans. Graduate students may not qualify for federal grants but can explore assistantships, scholarships, and work-study opportunities through FAFSA to help cover their educational expenses.

Does Pell Grant cover a master’s degree?

No, the Pell Grant does not cover master’s degree programs. It is a federal grant specifically designed for undergraduate students with financial need. Graduate students must explore other funding options like scholarships, assistantships, and federal loans, such as Direct Unsubsidized Loans or Grad PLUS Loans, to finance their education.

Is it worth paying for grad school?

Paying for grad school can be worth it if the degree significantly boosts your career prospects, earning potential, or personal goals. Consider the return on investment, including salary increases and opportunities. Research funding options and weigh potential debt against long-term benefits to determine if grad school aligns with your financial future.


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).

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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.


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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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