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It’s certainly a frustrating experience to be denied a checking account. The problem could be with your past banking history, an error on your bank reports, or a mistake you made filling out your application, among other reasons. Once you find out what the issue is, you can take steps to remedy the situation and hopefully get approved for a bank account.

A checking account serves as a hub for many people’s financial life. It’s where your paycheck is likely deposited and how you pay your bills. Here’s the information you need to move forward when you can’t open a bank account.

Reasons Why You Can’t Open a Bank Account

There are a few common reasons that can cause you to be unable to open a bank account.

Negative Information on ChexSystems

Typically, banks don’t pull your credit score when you apply for an account. They do, however, usually look into your prior checking account activity via ChexSystems, the most popular banking reporting agency. ChexSystems provides a score reflecting how well you previously handled your banking life. The banks use this information to decide whether to qualify you for a checking account.

Negative items on your ChexSystems report may result in you being denied a checking account. They can cause banks to consider you a high-risk customer for financial services. Negative information can include:

•  Forced account closures

•  Bounced checks or overdrafts

•  Suspected fraud or identity theft

•  Unpaid fees or negative bank balances from a current or closed accounts

•  Too many account applications submitted over a short period

These negative marks on your record can last up to five years.

Errors on Your ChexSystems Report

Just as you may have credit report errors, so too can your ChexSystems report have mistakes. This could trigger your bank account application to be rejected, even if your past checking account management was good.

You can obtain a copy of your ChexSystems report once a year or whenever your application for a bank account is denied based on the report. (Keep in mind that applying for a bank account too many times counts as a black mark against you. If you get rejected, it’s probably a good idea to investigate your banking report vs just putting in more applications.) You’ll find details below on how to access your report.

Bankruptcy

If you have filed for bankruptcy, the bank will likely find out. In fact, there is often a question about bankruptcy on an account application. The bank could decide that your past bankruptcy means you are too much of a risk to offer you a bank account.

Typically, your borrowing capacity will be significantly limited by bankruptcy, as will the number of financial institutions willing to provide you with financial services, such as a checking account.

Your Identity Can’t Be Verified

An application for a bank account may be rejected because there are mistakes on it and/or the information entered does not match the documents you submitted. For example, if you have recently moved, the verification source may not recognize your new address, or you might have answered security questions incorrectly when prompted by the verification system.

Here are other reasons your identity might not be verified:

•  Your submission had an error or typo (perhaps in your Social Security number)..

•  Your credit profile may contain erroneous information.

•  Your credit report could be frozen if there is suspicion of fraud or identity theft.

•  Your documents may have expired.

•  Your documents may be unreadable.

•  You may have submitted a phone number that is not associated with your address.

•  Your proof of identity, such as a copy of your driver’s license or passport, and the information typed into an application don’t match.

What to Do After You’ve Been Denied Opening a Bank Account

If you’ve been denied a checking account, you may well want to apply elsewhere immediately. But a word of warning: Doing so could cause your application to be rejected because you are requesting too many new accounts too often. To maximize your chances of success, take the following steps before you reapply.

1. Find Out Why Your Application Was Denied and Ask the Bank to Reconsider

By law, the bank should tell you why your application was denied. Regardless of the bank’s information from a reporting agency, the bank makes its own decisions when approving account applications. You may be able to overturn the bank’s decision depending on the circumstances. It’s probably worthwhile to make that request.

For instance, in the case of a typo on your application information or a very old issue with an unpaid overdraft fee, you might be able to get the bank to reconsider.

2. Check Your Banking Report

You can obtain a copy of your ChexSystems report once a year and whenever you are denied a bank account if the report is the cause of your rejection. Visit the ChexSystems’ website or call 800-428-9623.

3. Look for Errors and Fraudulent Activity

Read the report from ChexSystems carefully, looking for fraudulent activity or mistakes in information such as your name, address, phone number, or Social Security number. For any errors, contact the agency, and be ready to provide supporting information to ensure the issue gets corrected.

4. Clean Up Your Report

Look at the negative actions on your report and fix them; you can file a dispute for anything erroneous by going to the ChexSystems website. Pay off any debts and unsettled fees. Ask to have the negative activity removed. Otherwise, it can stay on your report for up to five years.

Consider Alternative Solutions

If you have been denied a bank account and can’t quickly resolve the issue, here are a couple of workarounds to consider:

Second-Chance Checking Account

Some banking institutions offer a second-chance account to those denied a traditional checking account. A second-chance account typically provides limited services. It may set a cap on debit card usage, not provide paper checks, and not enable overdraft protection. Nevertheless, this kind of account can help improve your financial life if managed responsibly.

Also worth noting: These accounts often come with higher-than-usual fees, but you may be able to upgrade a second-chance account to a regular checking account within a year or two if you pay the fees and maintain a positive balance. These accounts can help you on your path to building a solid banking history.

Prepaid Debit Cards

If you need a way to spend on daily expenses and pay bills without a bank account, prepaid debit cards could be a good solution. You load a dollar value onto these cards (they’re available at many retailers, such as gas stations and supermarkets), and you can then tap or swipe to use the funds.

Make sure you’re aware of any fees you might incur when using or reloading your card, and know that the usage of these cards isn’t reported. In other words, it won’t build your credit score or your banking history in any way. But it can be a valuable stop-gap measure when you don’t have a bank account and need a convenient way to transfer funds.

Recommended: How Often Should You Monitor Your Checking Account?

The Takeaway

Having your application for a bank account denied is an upsetting experience that can definitely limit your financial life. The root of the problem could be that ChexSystems or another consumer reporting agency has indicated that you are a high-risk customer. Or your application could be rejected because mistakes were made or your identity couldn’t be verified. By taking steps to remove errors and repair damage, you’ll be on the road to get the account you need to keep your financial life humming along.

When you’re ready to apply for a checking account again, check out what SoFi has to offer.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Why am I getting denied to open a bank account?

There are several reasons you could be denied a bank account, including mistakes on your application, negative activity on your checking account history, or errors on your ChexSystems or similar report.

Can you get a bank account if you have committed fraud?

If you have committed fraud, you will likely have a negative history with ChexSystems, and you will likely have your bank account application declined. However, you might get a second chance checking account. If you maintain a positive balance and pay the monthly fees, you can probably upgrade to a regular checking account within a year or two.

Can a bank refuse to let you open an account?

Yes; banks can decide whether or not they want to offer an account to an applicant. They might deny an account if you have negative activity (such as unpaid overdraft fees and account closures) on your ChexSystems report or if there’s a mistake on your application. Banks are, however, required by law to explain why they reject your application.

Photo credit: iStock/skynesher

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

SOBK-Q224-1897302-V1

You can count on your credit bill arriving every month, thanks to your billing cycle, or the length of time between one statement’s closing date and the next. But how does a billing cycle for a credit card work and does it impact your credit score? Many of us aren’t exactly sure, even if we regularly swipe and tap our cards in daily life.

Understanding the ins and outs of a credit card billing cycle can help you manage your money, make sure you have enough set aside to pay your bills, and avoid unnecessary fees.

Definition of a Billing Cycle

A billing cycle on a credit card is the length of time from one billing statement closing date to the next. The exact number of days in a billing cycle may vary, but they usually last from 28 to 31 days.

Credit cards usually have monthly billing cycles and require cardholders to make payments every month. Billing periods must end on the same day of every month, such as on the last calendar day.

The Consumer Financial Protection Bureau states that each billing cycle should be equal. “Equal” in this case means each billing period must not vary more than four days from its usual length. So your credit card bill has a rhythm to it; you can depend upon it being ready at pretty much the same time (give or take a few days) every month. That way you can plan ahead to have enough money in your checking account to cover it.

How Does a Credit Card Billing Cycle Work?

Credit card billing cycles coincide with a certain day of the month. During each billing cycle, new transactions are added to your billing statement. Your swipes, taps, online purchases, and credits are all being tracked and compiled.

Then, at the end of the billing cycle, the card issuer will send you a credit card statement, either electronically or by mail. Whether you receive a paper or electronic statement depends upon whether you opt into paperless billing. It’s important to note the due date and make a payment of at least the minimum amount due by that date to avoid incurring late fees on top of those typically high credit card interest rates.

Fortunately, credit card billing cycles often come with a grace period, which is a time between the end of the billing period and the due date. You won’t be charged interest during this time. By law, credit card companies must deliver your statement to you at least 21 days before the payment due date.

If your credit card is paid in full between the time you receive your statement and the due date, no interest will be charged. However, if there is still a remaining balance after the due date, interest may start to accrue.

How Long Is a Billing Cycle?

The length of a credit card billing cycle can vary, but the length is usually between 28 and 31 days, just like the months of the year.

Credit card billing cycles must be as close to the same length as possible from one month to the next. But they can vary by up to four days to take into account things like weekends, holidays, and months that are different lengths.

Check your statement to find out the exact length of each billing cycle. The first page of the statement usually shows such information as opening and closing date. All of the transactions on the statement fall within that date range.

Can I Change My Billing Cycle?

Your card issuer probably won’t allow you to change some things related to your billing cycle, such as the billing period length. However, one of the things you may be able to change is the date when your credit card payment is due. You may find that helpful because a different due date might suit your situation better.

For instance, you might be able to sync up your payment due date to fall after you get paid, so you know there’s money in your bank account.

Keep in mind that not all card issuers will be flexible with this, and many will only allow you to change your due date within a certain time frame. And if you do request a due date change, it may take one to two billing cycles to take effect. Hence, you should monitor your statement to watch for the change.

Also, note that your card issuer has the right to change the terms and conditions of your credit card agreement at any time. However, if they do so, they generally must notify you 45 days in advance.

How Does A Billing Cycle Affect Your Credit Score?

Your credit card billing cycle can impact your credit score if you aren’t able to pay at least the minimum due on time. Most credit card issuers send monthly updates to credit reporting bureaus about your credit usage. The three main credit reporting bureaus are Experian, TransUnion, and Equifax. These updates usually coincide with your billing cycle date.

On your billing cycle date, reporting bureaus may receive information about your credit usage, including any instances of late payments on your credit cards. Late payments can have a negative impact on your credit score, so be sure you are aware of the due date on your statement at the end of your billing cycle.

It’s also important to be aware that paying your bills on time, all the time, can be one potential way to help build your credit.

Why Understanding Your Billing Cycle Is Important

Understanding your billing cycle and how it works is key to your financial health. Here’s why:

•   Your billing cycle lets you know when your next payment is due and the minimum amount due. Paying the minimum can help you avoid penalties and possible hits to your credit score. Paying the full amount due will avoid accruing interest.

•   Understanding your billing cycle may help you budget more effectively. Because you know when you have to pay your credit card bill, you can set money aside to make your payments on time. You can request your due date be moved a bit to better suit your cash flow, if needed.

•   It will help you monitor your credit card balance more efficiently. That purchase you made today might not appear on the last statement issued, but it will appear on the next one. You may use your cycle’s timing to schedule purchases for the optimal time in terms of keeping your balance due in check.

The Takeaway

Your credit card billing cycle is the period of time between one billing statement’s closing date to the next. This period usually lasts between 28 and 31 days and should be as close as possible to the same length every month. Be sure to pay at least the minimum by the due date to avoid penalties and fees as well as possibly hurting your credit score.

You can request that your due date be moved, if that would help you better manage your budget, and you will likely have a few days’ grace period in which to pay your bill without getting hit with additional charges. Given how high credit card interest rates can be, knowing and following your billing cycle is an important part of being financially responsible.

Another way to help reach your financial goals is to make sure you have enough money in savings. And choosing the right savings vehicle can potentially help your money grow. You may want to explore such options as a high-yield savings account, for instance. Paying your bills and saving for the future are important tools for securing your financial future.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Why is a billing cycle important?

A billing cycle is important because it keeps you informed of your credit card activity for the month. Plus, your payment is due at the end of each cycle (after the grace period), and you want to respect that to avoid accruing additional interest and fees.

How long is a billing cycle for a debit card?

Your checking account or debit card may issue regular statements, and the billing cycle length is approximately 30 days. In other words, the length is similar to your credit card billing cycle, but with a debit card, the funds are automatically deducted from your bank account. You don’t get a bill to pay.

What is two-cycle billing?

Two-cycle billing or double-cycle billing is a credit interest calculation. The interest is applied to the average of the prior two months’ outstanding balance. However, the practice was outlawed with the passing of the Credit CARD Act of 2009.

Photo credit: iStock/RichVintage

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.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

3.30% APY
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOBK-Q224-1902310-V1

If you and your significant other are interested in making some extra cash without sacrificing time together, you might consider a joint business venture. Side hustles for couples allow you to meld forces and level up your earning power. It can also strengthen your relationship and help you achieve your shared financial goals.

Whether you’re looking to save for a special occasion or a major purchase, or just want to increase your cash flow, here’s a look at 14 of the best side hustles for couples.

Benefits of a Side Hustle

There are a number of advantages to starting a side hustle as a couple versus pursuing your own solo gigs. Working together allows you to:

•   Combine resources to cover the startup costs like equipment, materials, and supplies

•   Potentially earn twice (or more) than you could alone

•   Work nights and weekends without sacrificing time together

•   Tap into complementary skills and talents

•   Discover new things about your partner

•   Ease the stress of managing a business

•   Balance the workload

•   Increase your ability to communicate and work together

•   Test the waters on a passion that could potentially lead to a larger couple’s business venture

14 Side Hustles for Couples

To get started with a couple’s side hustle, you’ll want to consider your combined interests, passions, skills, resources, and availability. To help you brainstorm ideas, here’s a look at sidelines that can work well for couples looking to combine forces.

1. Investing in Real Estate

If you and your mate are interested in real estate and understand the market, you might team up to invest in rental properties, which can generate passive income.

Partnering up to invest in real estate gives you more capital to work with. Plus, if you are co-borrowers on a mortgage, it could potentially help you get a loan with a better interest rate if it lowers your debt-to-income ratio. Once you invest in real estate together, you can divide up property management, maintenance, and repair tasks based on your skills and availability.

2. Reselling Items

A relatively simple way to earn extra income as a couple is by reselling items you already own and no longer need, or things you snag for low prices at estate sales, yard sales, or through online marketplaces. Working as a team can be useful with reselling, especially if you buy and sell larger items locally. To maximize your earning potential, you may want to zero in on a specific type of item you want to resell, such as clothing, furniture, or collectibles.

3. Pet-Sitting

Is one of you a people person and the other more of an animal lover? You might combine forces with an in-home pet-sitting business. One partner can focus on bringing in business, communicating with clients, and scheduling, while the other can take charge of providing personalized care, feeding, walking, and attention to your furry clients.

If having pets in your home doesn’t appeal, you might start a neighborhood dog-walking service. This will allow you to get some exercise and spend time together, while also bringing in some extra income.

Recommended: 19 Tips to Save Money on Pets

4. Rent Out Your Car

If you each have a car and one sits idle most of the time, you might consider monetizing it by listing it on a car sharing marketplace, such as Turo or HyreCar. These peer-to-peer car-sharing services make it easy to rent out your car when you’re not using it to make some extra income. Turo claims that the average annual income generated by renting out one car is $10,516.

Before signing up, however, you’ll want to make sure you understand all the legal details, such as protection plans, auto insurance coverage, liability insurance, and rental service agreements.

5. Cleaning and Home Improvement

If you and your mate enjoy maintaining and fixing up your home, you might consider offering your services to others. Perhaps you’re handy around the house while your partner excels at housekeeping tasks or interior painting. You might combine forces by offering a range of services. You can get clients by advertising in your local area or could list your services with a platform like TaskRabbit, Thumbtack, or Care.com (though known for babysitting, the site now also includes housekeeping).

6. Babysitting

Babysitting can be another lucrative side hustle for couples, especially since there is currently a childcare shortage. If you and your partner enjoy children, you might offer to look after kids in the evenings or weekends to allow parents to catch up with chores or errands. If you’re considering the prospect of starting a family in the near future, babysitting can give you experience while earning some extra cash.

To get clients, you might post your services on a local parent group or sign up with a platform like Care.com or Sittercity. To charge a higher rate, consider getting certified in CPR or offering special activities for the kids.

7. Starting a Food Truck

Are you and your partner big foodies? Maybe one (or both) of you loves to cook and you’ve always dreamed of owning your own food business together. If so, a food truck might be a good place to start. It requires lower overhead costs than opening a restaurant and allows you to travel to where the crowds are, rather than waiting for them to come to you.

You’ll need a fair amount of capital to get going (for the truck, equipment, supplies, POS machine, etc.). And since you’re serving food and beverage, you’ll also need to get the necessary permits and adhere to regulations. But the time and money you invest could pay into a lucrative side business.

Recommended: How Much Does It Cost to Start a Business?

8. Blogging

If you and your mate enjoy writing and have expertise in a particular area (such as travel, food, interior design, or fashion), you might consider starting a blog together. You can tap your shared passions and knowledge to produce engaging content, collaborate on articles, and expand your audience together.

While it won’t provide a revenue stream overnight, blogging is a low-cost side hustle that may become lucrative if you can build up a large following. Bloggers generally earn money through ads (which pay per view or click) or affiliate sales (if you promote a product or service and a visitor clicks on the link and completes a purchase, you get paid a commission).

9. Becoming Virtual Assistants

If you both have strong organizational skills and are looking for a way to make extra money while working from home, you might look into becoming virtual assistants. This sideline involves providing administrative support to businesses remotely, such as email management, scheduling, data entry, and booking travel. If you each have different strengths, you might divide up the tasks based on skill/preference, or each pick different types of clients.

To get started, you may want to use a virtual assistant app, such as Fiverr and Upwork; these platforms can help you market your services and manage gigs and payments. But because apps often take a considerable cut, you may want to eventually break out on your own and create a website that markets your virtual admin services.

10. Delivering Items to People

Side hustling by way of delivering food and groceries allows you and your significant other to work your own hours and make money just by driving. Working as a delivery duo also enables you to pick up and deliver items more efficiently than working solo (no parking necessary for quick pick-ups and drop-offs).

You might deliver groceries using a platform like Instacart or Shipt or deliver food via DoorDash or UberEats. Generally all you need to get started is to have a driver’s license and a car, download the app, and set up an account. Once you’re approved, the apps will alert you to new delivery jobs and you can and your partner can choose to work when you want to.

11. Renting Your Home Out to Others

If you have a spare room, basement, or guest house, or you travel often, you might consider renting part or all of your home to travelers as a couple. You can easily make extra monthly income this way by booking through Airbnb. How much will depend on your location, size of your home, and amenities.

To start your side hustle as an Airbnb host, you’ll need to create a profile and listing on the site and have it verified. You and your partner can then collaborate on guest communication, cleaning, and ensuring a comfortable, and welcoming experience for your guests.

12. Charging Public Scooters

If you live in an area that has public scooters, you might be able to earn extra cash as a couple by charging them. Many companies (such as Lime, Bird, and Spin) hire independent contractors to collect, charge, and distribute their electric scooters in different areas around the city. If you and your honey are game, you’ll need to sign up on the app and complete a short training session. Once approved, you will receive a charger kit with all the necessary tools and equipment to get started.

Recommended: How to Earn Residual Income

13. Social Media Monetizing

Similar to blogging, monetizing your social media can be a lucrative couple side hustle, depending on the number of followers you have and their level of engagement. If you and your partner have managed to establish yourself as social media influencers, you may be able to earn money running ads before and after your video content and/or through brand partnerships and affiliate links.

Popular couple accounts include couples working on a major home renovation project, building a business together, sharing their journey to reach a certain goal or overcome a struggle, or spreading positive messaging. You can also offer information and useful tips around a particular topic.

Recommended: How To Make Money Even With No Job

14. Offering Lessons

If you and your mate have a particular skill or talent, such as academic, musical, sports, gardening, or fine arts expertise, you might consider starting a tutoring or personal instruction business together. This is a flexible side hustle since you can offer in-person or virtual lessons, market your services to children and/or adults, and choose to work daytime or evenings. Plus, the start-up costs are typically minimal. Apps like Wyzant, Skooli, and TakeLessons.com can help you market your services and manage gigs and payments.

The Takeaway

By brainstorming side hustle ideas with your significant other, you may be able to find synergies that can take your freelance business to the next level. Combining forces also allows you to work together toward your shared financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Is it beneficial to have a side hustle with your significant other?

Starting a side hustle with your significant other offers multiple benefits. These include combining your resources to cover the startup costs, sharing responsibilities, increasing your potential profits, and allowing you to spend time together while also working nights and weekends.

Are there any drawbacks to starting a side hustle as a couple?

A potential drawback to starting a side hustle as a couple is that it can put added stress on your relationship. It can also lead to arguments over how to run the business and divvy up responsibilities.

How can I choose the right side hustle?

The right side hustle for you depends on your interests, goals, and availability. You also want to factor in what you’re qualified to do, and if you have any skills, experience, tools or equipment that could give you a competitive advantage.

Once you’ve narrowed down the side hustles that match your interests, skills, and resources, you can examine the costs and profit potential to find the best fit for you.

Photo credit: iStock/PeopleImages

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

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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Living frugally means spending less than you earn; it can involve elements of simplicity and eco-friendliness.

You already know the advice about not signing up for every streaming platform under the sun and not having a fancy coffee every day. Fortunately, living a frugal life doesn’t have to feel like you must sacrifice your favorite things. By adopting some basic money-saving moves, you can stash cash without much effort.

Read on to learn eight easy tips that will help you streamline your spending and perhaps enjoy more peace of mind.

8 Essential Frugal Living Tips

Here are eight tips on how to be more frugal and save money — without giving up all the fun and the little rewards in your life.

1. Reform Fixed Expenses

Regardless of what specific items might appear on a budget, they all come in two general varieties: fixed expenses vs. variable expenses.

Fixed expenses are, as the name suggests, those bills that are fixed and consistent each month, such as rent, insurance payments, and student loans. Variable expenses, on the other hand, are those whose amounts aren’t fixed… but that doesn’t mean all variable expenses are optional (or “discretionary”). For example, your electric bill probably varies from month to month, but you still know you’re going to have to pay it.

Let’s hone in on those fixed expenses first, though — because cutting down on regular, consistent costs can lead to regular, consistent savings. There are a variety of ways to do this, some more radical than others.

For example, moving to a less expensive neighborhood or splitting bills with a roommate might cut your rent in half; deciding to forgo a car can eliminate not only the car payment and insurance cost, but also variable expenses like parking, maintenance, and gas. These kinds of global lifestyle changes can take a lot of effort to set up at the start. However, the payoff is months or years of significant savings without too much ongoing effort.

However, there are plenty of ways to cut fixed expenses without making such seismic shifts to daily life. For instance, switching to a less expensive cell phone carrier can lower the monthly burden, as can ditching a gym membership in favor of hiking or cutting back on streaming service subscriptions. (Even those low per-month amounts can really add up when there are three or four of them!)

Recommended: Building a Line Item Budget

2. Gear Up Your Grocery Game

Groceries count as a variable expense, but they’re certainly not optional. That said, there’s an incredible margin for savings when it comes to stocking up on food each month.

So how to go about saving money on food and other grocery store items?

•   One easy way to start is to choose discount grocers and chains that are known for their low prices. Aldi, Lidl, Trader Joe’s and WinCo, for example, all have well-founded reputations for their frugal choices, particularly when compared to upscale grocery chains like Whole Foods. Shopping at a cheaper store can take some of the footwork out of saving; you may be able to spend less on the exact same grocery list. But it’s also possible to take the project even further.

•   Coupon clipping might not be the most glamorous activity, but those deals can create substantial savings, particularly for practiced couponers. These days, apps like Ibotta and Checkout 51 make it easy to score savings on the items you’re already shopping for.

•   Additionally, aiming to make cheaper meals can stretch each grocery store dollar even further. Relying on inexpensive staples like rice, which can be dressed up and filled out in many different ways, can help keep both bellies and wallets full.

3. Decide to Do It Yourself

Buying things is one thing. But maintaining them is a whole ‘nother can of worms — and it can be a downright expensive one. For instance, going in for an oil change vs. doing it yourself can be a pricey undertaking. And calling in a plumber when the sink or toilet is clogged can be expensive compared with going into DIY mode.

All of which is to say: honing some handiness skills could easily help save money over the course of a lifetime. And thanks to the fact that we live in the digital age, it’s relatively easy to become a Jack or Jill of all trades. YouTube is full of free video tutorials that can walk you through everything from fixing a dishwasher that won’t drain to rotating your own tires.

Other high-cost services to consider DIYing: mani/pedis, facials, pet grooming, landscaping, moving, and more. Basically, anytime you could spend money on hiring a professional, think seriously about whether you actually need the help.

Recommended: Pros and Cons of Online and Mobile Banking

4. Enjoy Free Entertainment

While some events are worthy splurges — like a once-in-a-lifetime concert — it’s also important to consider all the free forms of entertainment at our fingertips. For example, your local library may offer streaming movies along with books and audiobooks (or try services connected to libraries, like Kanopy and Hoopla), and many museums offer cost-free admissions on specific days of the week or month.

Even the national parks offer free admission from time to time. Free national park entrance days vary slightly from year to year, but generally include the first day of National Park Week in late April and National Public Lands Day, which falls on the in late September, along with Veterans Day and the birthday of Martin Luther King, Jr.

5. Take Frugalism With You Wherever You Go

Speaking of national parks: Travel is another big ticket item as far as discretionary expenses are concerned. Seeing the world can be enriching — and it doesn’t have to strip away all your riches, either.

Finding ways to be a frugal traveler, such as choosing budget-friendly destinations and scoring the cheapest flights possible, can mean saving money without sacrificing this major life experience. You might even try a home swap or being a house-sitter in a foreign country to make your journey as affordable as possible.

💡 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.

Reuse and Recycle

The idea of reusing and recycling can go in many directions. It can mean buying a reusable water bottle and filling at home and at filling stations around town vs. buying pricey bottled water and contributing to the global single-use plastic problem.

It can mean offloading your gently used items (laptop, clothing, kitchenware) and making a little bit of spending money. It can mean also buying items from your local thrift shop or picking them up for free if you have a town swap spot.

Not only is this planet-friendly, but it can help your wallet, too.

7. Split the Cost

One good way to be frugal is to share the expenses of daily life. For instance, you might get a roommate or move in with a friend to take your rent down a notch. You and a friend might shop at warehouse clubs and split the mega sizes of food and enjoy the lower costs.

8. Use Credit Sparingly

It’s no secret that credit card debt is high-interest debt, and you likely don’t want to be wasting money on major interest charges. Follow your budget, and try to pay in cash or with your debit card whenever possible. Work hard to pay off your complete credit card bill every month so you don’t have snowballing interest.

Benefits of a Frugal Lifestyle

Need more encouragement and incentive to live frugally? Consider these upsides.

Eco-Friendly

When you live frugally, you often minimize waste. You plan your meals and don’t toss as many leftovers and unused ingredients as you would otherwise. You might walk rather than take an Uber. You might reuse shopping totes vs. paying for a bag every time you go shopping.

Save Money

Living frugally is all about saving cash. You can bring down such major costs as rent, food, utilities, and transportation when living this way.

You can also learn how to rein in your discretionary spending. Instead of spending a couple of hundred dollars on an arena rock-concert ticket, perhaps there’s great live local music at a town park or a local bar.

Pay Down Debt

When you live frugally, it can give you the means to pay down debt, especially the high-interest kind. That means more money is freed up to spend as you like and/or apply towards big-picture personal and financial goals.

Live on a Small Budget

Living frugally means you have a budget that is working and helping to keep your finances on track. You likely know your spending limits well, have a handle on your debt, and a clear plan to hit your longer-term goals. You don’t have loads of expenses and credit lines to wrangle. This can enhance your peace of mind.

Is Frugal Living Sustainable Over the Long Term?

Frugal living can be sustainable over the long term. Learning how to stick to a modest budget can help you live more minimally and avoid lifestyle creep (when your expenses rise along with your salary over time). By not always upgrading to a bigger house, fancier car, or more lavish summer vacation, you can enjoy the balance and security of frugal living.

What Does Frugal Mean for Your Money?

Here’s another angle on how being frugal can impact your money:

•   Adopting frugal habits and creating a savings plan can be ways to improve your financial health. Cutting back on day-to-day living expenses can mean more money set aside for retirement as well as major life milestones, like owning a home or having a baby.

•   One of the most important first steps toward frugality is getting organized, financially speaking. Having a budget and tracking your finances are valuable moves. How often to monitor your bank accounts is a personal decision, but a couple of times a week can help you see how your money is coming in and going out.

•   Living frugally can also mean more money goes towards realizing your long-term financial goals and building wealth. Whether that means saving for a child’s college education or for retirement, by cutting back on spending now, you can help ensure a better future.

The Takeaway

Living frugally can be a way to trim your expenses, stay out of debt, and put more money towards your personal goals and long-term financial aspirations. It also can be a lifestyle that simplifies your daily habits and respects the planet. With frugality, you may find that some of your money stress decreases, too.

It’s wise to find a banking partner who can help you manage your money well if you choose to live in this cost-effective and simple style.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What does frugal actually mean?

Frugal means simple and inexpensive. So if you are living frugally, you are probably sticking to a budget, saving for future goals, and not indulging in too many luxuries.

What’s the best example of frugal living?

An example of frugal living could be someone who has roommates to share costs with, plans meals to minimize food expenses, grows some of their own produce, and walks or bikes when possible vs. using a car.

Why is frugal living more popular these days?

Frugal living is more popular these days for a few reasons. One is the importance of living in an eco-friendly way; others may be that with inflation still a factor and high interest rates, people are looking for ways to reduce their expenses and live more simply.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details 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.

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According to the latest figures from the Federal Reserve, 30% of U.S. adults had student loan debt upon leaving school.

Student loan debt is a significant financial burden for many Americans, impacting their ability to save, invest, and achieve financial milestones. As higher education costs continue to rise, more students and families rely on loans to fund their education.

Understanding the scope and scale of student loan debt in the United States is crucial for grasping its economic and social implications. Keep reading to learn how many Americans have student loan debt, the average amount borrowed, student loan debt by demographics, and more.

How Many People in the USA Have Student Loans?

The total student loan debt crisis amounts to $1.74 trillion in unpaid student loans as of the second quarter of 2024. This outstanding balance is spread among 43.2 million U.S. borrowers.

Federal student loans account for 91.2% of all U.S. student loan debt, according to the Education Data Initiative. However, U.S. adults are also burdened by private student loans.

As of Q3 2023, Americans have amassed a total of $130.28 billion in private student loans — accounting for 7.5% of outstanding student loans in the country.

Recommended: The Impact of Student Loan Debt on the Economy

Who Is the Typical Borrower?

The College Board’s Trends in College Pricing and Student Aid 2023 report found that the average four-year, public bachelor’s degree graduate left school with $27,400 in student debt. Bachelor’s recipients from private nonprofit institutions left school with an average of $33,600 in student debt.

Student Loan Debt by Age

U.S. adults ages 35 to 49 have a total aggregated balance of $635.7 billion in federal loans across 14.7 million borrowers. On average, a borrower in this age group has a student debt balance of $43,200, according to College Board.

The next-highest total balance, at $497.5 billion, falls on borrowers ages 25 to 34. The 15.1 million borrowers in this age group have an average loan balance of $32,900.

Borrowers with the highest average balance ($45,700) are those who are 50 to 61 years — this group accounts for 6.5 million borrowers in the U.S.

Student Loan Debt by Race and Gender

According to the Education Data Initiative, 64% of the total U.S. student loan debt is held by women.

Men borrow an average of $29,862 in student loans. By contrast, each woman carries an average of over $30,000 in student debt.

Black women face the greatest hurdle when it comes to student loan debt. According to AAUW, Black or African American women carry the highest cumulative student debt by race and ethnicity at $37,558. This figure includes the principal amount and student loan interest rate charges.

Student Loan Borrowers by Debt Size

According to the U.S. Department of Education, most student loan borrowers (9.9 million as of 2023) owe between $20,000 and $40,000. Close to half of all borrowers (42%) owe between $10,000 and $40,000, and only one million borrowers have student debt totaling $200,000 or more.

Recommended: What Is the Cost of Attendance in College?

How Many People Have Student Loans by Demographic?

According to the Education Data Initiative, middle-income students are most likely to take out student loans. For students living on campus, 63.6% used federal student loans, compared to 39.7% of students who lived with their parents.

Among married undergraduates, 52% accepted federal loans. 54.1% of independent undergraduate students relied on federal student loans to help fund their education.

Recommended: Examining the Different Types of Student Loans

What Percentage of College Students Take Out Student Loans?

The percentage of students who borrow student loans vary based on factors like degree type and institution.

According to the Education Data Initiative, 31.5% of undergraduate students accepted student loans from the federal student loan program.

About 52% of bachelor-seeking students attending a private nonprofit received federal student loans, while 49% of bachelor’s students enrolled at a public college received federal loan aid.

Among master’s degree students, 53.6% who attended a private nonprofit school received federal aid, compared to 52.5% who attended a public institution.

Finally, 79.5% of students pursuing a professional doctorate degree at a private nonprofit received student loans. Of those who attended a public college, 31% of doctoral candidates have student loan debt.

Recommended: How to Pay for College

Total Owed by Americans on Student Loans?

Collectively, Americans have an outstanding student loan balance of $1.74 trillion in total. Private student loans makeup $130.28 billion of that, and the rest is federal student loans.

The Takeaway

Americans are carrying a significant student debt burden after leaving school. New and currently enrolled college students will likely see continued rising education costs.

Despite these figures, one of the benefits of student loans is that they can provide access to college for students who might otherwise not be able to finance their education. To pay for college, students can turn to cash savings, scholarships, grants, and 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.

FAQ

Who holds the majority of student debt?

According to the College Board, borrowers ages 35 to 49 hold the majority of outstanding federal student debt at $635.7 billion, with an average balance of $43,200 per borrower.

What is the average student debt in the U.S.?

According to the Education Data Initiative, the average federal student loan debt as of 2024 is $37,843 per borrower. Counting private student loans, that number is $40,681 per borrower.

What is the total amount of student debt owed by Americans?

Americans owe $1.74 trillion in federal and private student loans as of 2024.

How do you get rid of student loan debt?

To get rid of student loan debt, you can make consistent payments, consider refinancing for better rates, apply for income-driven repayment plans, or seek loan forgiveness programs if eligible. Strategies like budgeting and making extra payments can help accelerate debt repayment and reduce the total interest paid.

What happens to student loan debt when you die?

When a borrower dies, federal student loan debt is typically discharged and does not need to be repaid. For private student loans, policies vary by lender; some may discharge the debt, while others may require repayment from the borrower’s estate or a cosigner if one exists.

How does student loan debt affect the economy?

Student loan debt affects the economy by reducing borrowers’ purchasing power, delaying homeownership, and impacting savings and retirement plans. High debt levels can limit consumer spending and hinder economic growth. Additionally, it may discourage potential students from pursuing higher education, affecting workforce skills and overall economic productivity.

Photo credit: iStock/Prostock-Studio

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., Puerto Rico, U.S. Virgin Islands, or American Samoa, 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 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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