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A personal loan for veterans offers flexible financing that you can use for almost any expense. You can find personal loans at many financial institutions, including banks, credit unions, and online lenders. Some credit unions cater exclusively to veterans, though it’s worth shopping around with multiple lenders to find the best rates and terms.

If you’re looking for financial support as you transition to civilian life, make a big purchase, consolidate high-interest debt, or pursue another goal, read on to learn about the best personal loan options for veterans.

How Do Personal Loans Work?

Personal loans for veterans offer funding for almost any purpose, such as a home renovation, life event, or another major purchase. You can also use a personal loan to consolidate high-interest debt. If you can qualify for a decent interest rate, you could save money on your debt and potentially pay it off faster.

With a personal loan, you’ll receive the lump-sum amount upfront and pay it off in monthly installments. Common repayment terms are one, three, five, or seven years, though some lenders offer longer timelines. As for how much you can borrow for a personal loan, the amounts vary but may go anywhere from a few hundred dollars to $100,000.

The interest rates on personal loans are usually fixed, so your loan payments will stay the same from month to month. This fixed interest rate structure also makes it easy to estimate your long-term borrowing costs.

Most personal loans are unsecured, meaning they don’t require any collateral. To qualify, you’ll have to meet a lender’s criteria for credit, income, and debt-to-income ratio. Some lenders require good credit, but others will work with bad- or fair-credit borrowers.

💡 Quick Tip: Not sure what certain loan terms mean? Check out the Personal Loans Glossary for a simple guide to the basics.

Benefits of Personal Loans for Veterans

A personal loan for veterans can meet a wide range of financial needs. Here are some of the reasons personal loans can be beneficial:

•   Flexible funding: Personal loans can be used for almost any purpose, including covering an emergency expense, funding a home improvement project, or consolidating credit card debt. If debt consolidation is your goal, some lenders will send the funds directly to your creditors to simplify the process.

•   Predictable payments: Because personal loan interest rates tend to be fixed, you’ll make the same payment each month. You can also calculate your long-term loan costs before you borrow.

•   May have competitive rates: Current personal loan rates start around 9.00%. Your rate may be lower than what you’d get on a credit card and almost certainly lower than a payday loan.

•   On-time payments can build credit: If you pay off your personal loan on time, you could see your credit score improve. A stronger credit score could make it easier to qualify for other loans and access better interest rates.

•   Don’t require collateral: Many personal loans are unsecured, which means you don’t have to put up collateral. Missing payments could harm your credit score, but you won’t have to worry about the lender claiming any of your assets.

•   Fast application process: Some lenders can approve your application and disburse funds the same or next day you apply.

Consider the pros and cons of personal loans before you borrow.

Types of Personal Loans for Veterans

As you shop around for financing, you may come across the following types of personal loans:

•   Bank loans: Many banks offer personal loans to veterans and other customers. You can often find competitive rates with banks, but the application process may take longer than it would with an online lender.

•   Online loans: Online lenders can often offer large personal loan amounts, competitive rates, and a fast application process. However, you won’t get the same face-to-face experience that you would with a brick-and-mortar bank or credit union.

•   Credit union loans: If you belong to a credit union (or are open to joining one), you could also explore their personal loan options. Credit unions tend to offer low interest rates and personalized customer service. Some credit unions are exclusively open to military servicemembers and veterans.

•   Peer-to-peer (P2P) loans: P2P loans may also be an option. These are funded by individual investors, rather than a bank, and may have more flexible borrowing requirements than traditional personal loans.

While most personal loans are unsecured, you may also encounter secured options. Secured loans can have less strict borrowing criteria than unsecured ones. You’ll need to pledge an asset as collateral, such as a savings account, vehicle, or fixture in your home. It’s important to understand how personal loans work when they’re secured: If you fall behind on loan payments, the lender can seize your asset as a form of repayment.

Personal Loan Requirements for Veterans

Specific personal loan requirements will vary by lender, but most consider the following when you apply:

•   Credit score: Lenders review your credit score when you apply for a personal loan. A good credit score of 670 or higher may help you get approved and avoid loan origination fees, but some lenders will accept lower scores.

•   Income and employment: Having a stable income and job will prove to the lender that you have the means to pay your loan back on time. Most lenders ask for pay stubs or other proof of employment when you apply.

•   Debt-to-income ratio: Your DTI ratio compares your current monthly debt payments with your income. A DTI below 36% is preferred, but each lender sets its own requirements.

Some banks that offer personal loans designed for veterans will be more flexible when evaluating your application. The Armed Services Bank, for instance, says its personal loans for veterans are ideal if you have little or no credit history.

If you have less-than-stellar credit, you may also have an easier time qualifying for a secured personal loan or a joint personal loan. A joint personal loan requires a cosigner or co-borrower. The lender will consider your joint applicant’s credit along with your own, which could help you get approved or access better interest rates.

How to Apply for a Personal Loan as a Veteran

To apply for a personal loan as a veteran, you’ll need to take these general steps:

Review Your Credit

Start by checking your credit so you can evaluate your chances of approval. You can check your FICO® Score at MyFICO.com or use another credit score monitoring service. You can also review a free copy of your credit report once a week from AnnualCreditReport.com.

If time allows, you could take steps to improve your credit score, such as making on-time payments on your loans and reducing the amount of credit you’re using.

Shop Around and Prequalify With Multiple Lenders

Your next step is to research lenders and prequalify for personal loans. Prequalification only takes a minute or two and won’t affect your credit. You could review offers from several banks, credit unions and online lenders to find a loan with the best interest rate and terms. A personal loan calculator can help you estimate your borrowing costs.

Pick a Loan Offer and Apply

Once you’ve found your best loan offer, you can fill out a full application and upload documentation. After you apply, the lender will likely run a hard credit inquiry to check your credit report.

Receive Your Personal Loan

If the lender approves your application, you’ll finalize your loan agreement and get your funds. You’ll start paying back the loan on your chosen repayment schedule.

The Takeaway

Personal loans can be a valuable financial tool for veterans, whether you’re covering an unexpected expense, consolidating debt or managing another life event. As you explore your options, look for a personal loan with competitive rates, few (or no) fees and a repayment term that works for your budget.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How do veterans apply for personal loans?

Veterans can apply for personal loans with any bank, credit union, or online lender that offers them. Checking offers through pre-qualification, if available, is a great way to view rates without dinging your credit score. Once you’re ready to apply, you’ll fill out a loan application and provide required documentation, such as pay stubs and identification.

Are there personal loan options for veterans with bad credit?

Some banks, such as the Armed Forces Bank, offer special personal loan options for veterans with bad credit. You can also find online lenders that accept bad credit. Note that having bad credit could mean you end up with higher interest rates and origination fees.

How do VA loans differ from personal loans for veterans?

VA loans are a type of mortgage guaranteed by the Department of Veterans Affairs. They offer competitive rates and don’t typically require a down payment, but they must be used to buy a home. Personal loans, on the other hand, are typically used to cover a big expense or consolidate credit card debt.

Do veterans receive special interest rates or terms on personal loans?

Some financial institutions offer special interest rates and terms on personal loans for veterans. Most lenders, however, will base your rates and terms on your financial profile, particularly your credit and income.

Are there government programs for personal loans for veterans?

There are no government programs for personal loans for disabled veterans or non-disabled veterans. However, service members on active duty are protected by the Military Lending Act (MLA) and the Service members Civil Relief Act (SCRA). The MLA caps personal loan interest rates at 36.00%, while the SCRA limits the rates on any preservice loans to 6.00%.

photo credits:iStock/SDI Productions

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SOPL-Q225-005

HR pros know that helping employees with debt, particularly student loan debt, is a key ingredient to building financial wellness in the workforce. With nearly 43 million Americans carrying a total of 1.7 trillion in federal student debt, it’s the rare employer that doesn’t have a significant number of employees with substantial student loans.

Not surprisingly, many HR leaders are looking at how they may be able to help. The number of employers offering student loan benefits more than tripled in the past five years, from 4% in 2019 to 14% in 2024, according to data from the International Foundation of Employee Benefit Plans.

Despite the need and desire, implementing these benefits can be challenging. Recent legislative and executive actions concerning student loan repayment and forgiveness have been confusing. Employers are naturally wondering what role they should play in student debt repayment and what benefits can best help.

Here, we’ll look at two important student debt repayment benefits, how they work, and how they can best be implemented to attract and retain talented workers and enhance overall financial wellness among your employees.

Student Loan Repayment Benefits

Though tax-advantaged educational assistance programs have been available for many years, employers now have the option to contribute $5,250 annually per employee toward student loan payments (not just tuition reimbursement) on a tax-exempt basis. That means employees won’t pay income tax on contributions made by their employers toward educational assistance programs, yet the employer also gets a payroll tax exclusion on these funds.

Employers can make the payments directly to their employees’ student loan servicers or lenders, or they can provide them to the employees themselves, who can then put them toward their student debt.

Here’s what to consider when offering student loan repayment benefits.

Recommended: What Employers Need to Know About Student Loans in 2025

How Much Will You Offer?

The maximum allowed annually on a tax-exempt basis is $5,250 per employee but employers do not have to provide that much. Many organizations start with a $50 to $100 a month payment. Even this seemingly small amount can help employees save thousands of dollars in interest over the life of the loan if directed toward the principal.

The amount you’ll contribute likely depends on the overall costs you are willing to dedicate to this benefit. An employee survey or other demographic data can help you determine how many of your workers carry student debt and would likely qualify for this benefit, which can help you understand the cost. In addition, you may want to look at future hiring trends for the next several years to estimate the number of new employees likely to join the program.

Will You Tie Benefits to Tenure?

Some employers require a time commitment — such as three to five years at the company — in exchange for the student loan payments. Others may simply delay the benefit for new employees for six months or a year.

In determining the qualification surrounding your program, you’ll need to weigh the immediate need for student loan relief among your workers and your need for higher retention and recruiting rates.

Is Your Paperwork in Place?

A program document outlining the design of the student loan contribution plan that complies with IRS regulations is necessary to implement this benefit.

You’ll also need to make sure this benefit works with any other existing qualified education assistance programs you may offer, such as tuition reimbursement.

The $5,250 tax-exempt limit applies to all tuition programs. So, if an employee receives reimbursement for a certification class, for example, and is eligible for student loan forgiveness payment for their undergraduate degree, the total of the two benefits per year for that employee cannot exceed $5,250. Anything above that amount will be considered taxable wages.

Matching Contributions for Student Loan Repayment

The Secure Act 2.0, signed into law late in 2022, is designed to encourage more American workers to save for retirement. The act also formally authorizes matching contributions for student loan repayment, allowing companies to match employees’ qualified student loan payments with contributions to their retirement accounts, including 401(k)s, 403(b)s, SIMPLE IRAs, and government 457(b) plans.

Many HR leaders see the benefit as a win-win for employees. It allows them to pay down student debt while still participating in retirement savings, hopefully starting at an early age. The provision also benefits employers looking to offer a creative benefit to retain and recruit workers, as it removes many of the preexisting legal barriers and administrative complexities that discouraged some companies from adopting a student loan repayment feature.

Here’s what to know about the matching contributions for student loan payments program.

The Rules Are (Mostly) the Same for All Matches

A student loan matching benefit must abide by all the rules of a traditional match. This means that the eligibility criteria, matching contribution rate, and vesting schedule you apply to matching contributions on student loan payments must be the same as those you apply to elective deferrals.

There is, however, one small difference: You are allowed to deposit the matching contributions to the employee’s 401(k) plan account less frequently than regular matching contributions, as long as you contribute at least annually.

Only Qualified Student Loan Payments are Eligible

Student loans must be qualified for repayments to be matched. That generally means any loans borrowed solely to pay for higher education expenses for the employee, their spouse, or a dependent. This includes refinanced student loans but not loans from a relative or retirement plan.

Loans eligible for repayment must have been used to pay for qualified education expenses including tuition, fees, books, supplies, equipment, and room and board for students enrolled at least half-time.

To receive a match, employees simply need to certify annually that they have made qualified student loan payments and the amount of these payments. Plan sponsors are allowed to rely on an employee’s certification and do not need to conduct an independent evaluation as to whether the payments meet all of the requirements to be qualified student loan payments.

The Takeaway

Benefits that can help ease the burden of student debt are important tools employers can utilize to recruit and retain talent and promote financial wellness among employees. This is especially important now that borrowers are facing new repayment policies and potential program changes by the Trump administration. Student loan repayment and matching contributions are two benefits employers may want to consider in this current environment.

SoFi at Work can help. We’re experts in the student lending space. With SoFi at work you have access to platforms and information that will help build the benefits you need to create a successful and loyal workforce.

FAQ

Are student loan payment benefits tax-exempt?

Yes, with some qualifications. The CARES Act allows employers to provide up to $5,250 annually per employee for student loan repayment on a tax-exempt basis through 2025.

Can employers offer student loan payment matches in retirement accounts?

Yes, a provision in Secure 2.0 (legislation signed into law in 2022) allows companies, starting in 2024, to match a worker’s student loan payment in the form of a contribution to their workplace retirement plan.

What are the advantages of student debt repayment benefits?

Student loan repayment benefits can help attract and retain talented workers. They can also increase productivity among your employees by reducing the stress created by burdensome student debt and boosting overall financial wellness.

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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.

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.

SOAW-Q225-010

If you’re considering a small business loan, it’s important to familiarize yourself with the different types of small business loan fees. In addition to interest rates, fees can impact how much a small business loan ultimately costs.

Lenders charge fees on small business loans to cover a variety of costs, like loan application and origination, check processing, and underwriting, and you could also face fees for late payment or prepayment. Which types of fees apply will vary depending on which lender you use and the type of loan you get.

Keep reading to learn more on the different types of small business loan fees and additional funding options available for small businesses.

Why Choose a Small Business Loan?

No matter how fantastic an idea may be, in most cases, it can’t become an actual business without the working capital to get it off the ground. If you’re not yet ready to pitch investors and don’t have the personal funds to bootstrap your business, you may want to learn about how a small business loan can help you turn your business idea into a reality.

Of course, small business loans are for more than just startups. Whether you’re looking to hire more employees, purchase more equipment or inventory, or just scale your idea from your bedroom to a co-working space, small business loans can provide the capital to make it happen.

Some reasons a small business loan may be right for you include:

•   You want to build business credit, potentially allowing you to qualify for larger loans in the future.

•   You want to scale your business.

•   You want to make your business more efficient with new equipment.

•   You want to purchase more inventory.

•   You want to hire and train more employees.

Before taking out a small business loan, though, it’s important to ensure you have the financial foundation to manage your loan debt.

Recommended: 10 Things Business Loans Can Be Used For

Small Business Loan Rates and Fees

Here are some common fees associated with small business loans.

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Application Fee

Lenders incur certain fees when processing your application (e.g., credit checks and property appraisals). This fee covers those costs, and it will apply regardless of whether your application is approved.

Origination Fee

Lenders charge origination fees to cover their administrative costs, such as phone calls, emails, and interviews necessary to finalize a small business loan. The amount of this fee varies from lender to lender.

Check Processing Fee

If you make your loan payments via check, you may be charged a fee to cover the time and labor it takes to process a check. You may want to keep this in mind when deciding how you’ll make your loan payments.

Guaranty Fee

If you’re taking out a loan through the Small Business Administration (SBA), you’ll likely have to pay a guaranty fee. While the SBA guarantees loans, it doesn’t make loans, and thus generally assesses this SBA loan fee for its involvement.

Late Payment Fee

Like many loans, small business loans typically charge a fee when you make a late payment. You’ll want to ensure you set up a plan to make your loan payments on time to avoid this fee.

Underwriting Fee

The process of underwriting can be tedious — your lender needs to comb through your business’ finances and review market research and historical trends. The underwriting fee covers the cost of performing this task. It could either be charged as a percentage of the loan amount or a flat fee.

Prepayment Fee

Some lenders charge you for paying your loan off too early. They may do this for a variety of reasons, but one might be because they lose money in interest charges when you pay your loan principal before it’s due. This is an important fee to be aware of when mapping out your payment plan.

Recommended: Guide to Typical Small Business Loan Requirements

Additional Funding Options

If these fees don’t sit well with you, there are other options to consider that may make funding your business more accessible to you.

Family and Friends

Many people start their business with family loans, which is essentially money borrowed from family and friends. Using these individuals as initial investors can help you stay out of commercial debt, meaning that you can wait to apply for a small business loan when you might need to borrow a larger sum.

However, going into business with loved ones could be a risk. It might sour the relationship if things go south.

Crowdfunding

A number of small businesses have successfully been funded through sites like Kickstarter, GoFundMe, and Indiegogo. A great idea with a strong marketing plan could generate enough excitement and financial support to get things going.

Keep in mind that crowdfunding sites generally require a percentage of the funding received. Additionally, there could be a risk of idea theft or plagiarism by putting your idea out there early.

Credit Card

You could turn to credit cards as a quick route to getting capital for your business without a lengthy application process. However, interest rates may be high. Further, carrying significant credit card debt could potentially impact your credit score, affecting your future chances of qualifying for loans.

Recommended: Comparing Personal Loans vs. Business Loans

The Takeaway

Small business loans can charge a variety of fees, including application fees, origination fees, underwriting fees, guaranty fees, and others. Some fees are unavoidable, including bypassing check processing fees by opting for another payment method and steering clear of late fees through consistent on-time payments. Which fees will apply will ultimately depend on the lender and loan type, but fees can play a role in how much a small business loan ultimately costs.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

FAQ

What are the most common fees associated with small business loans?

Common fees include application fees, origination fees, underwriting fees, guaranty fees, and administrative fees. These charges can vary depending on the lender and loan type. It’s important to review the fee structure before committing to a loan.

How do origination fees impact the total cost of a loan?

Origination fees are typically charged as a percentage of the loan amount and are deducted from the loan proceeds. This means you’ll receive less than the total loan amount, effectively increasing the cost of borrowing.

What is a guaranty fee, and when is it applicable?

A guaranty fee is commonly associated with SBA loans and is charged to cover the government’s guarantee of a portion of the loan. This fee is usually a percentage of the guaranteed portion and can add to the overall loan cost.

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Advertising Disclosures: The preliminary options presented on this site are from lenders and providers that pay SoFi compensation for marketing their products and services. This affects whether a product or service is presented on this site. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider. See SoFi Lending Corp. licensing information below.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

SOSMB-Q225-029

Paying for college can feel overwhelming, but the Federal Work-Study program offers a practical way for students to earn money while gaining valuable experience. This need-based program provides part-time jobs for undergraduate and graduate students, allowing them to help cover educational expenses without taking on more debt.

If you’re wondering whether you qualify for work-study and how to apply, this guide will walk you through the basics — from eligibility requirements to the types of jobs you might find on campus or in your community.

What Is Work-Study?

The Federal Work-Study Program allows students with financial need to secure part-time employment to help them to earn extra money to pay for education expenses. Work-study encourages community service work and work related to the student’s course of academic study. The program is administered by participating schools, so you can check with your school’s financial aid office to find out if your school participates.

Jobs are available both on and off campus. If you work on campus, you will likely work for your school. If you work off campus, your job might be with a private nonprofit organization or a public agency, and the work will likely be focused on the public interest. Or, you might work with a private, for-profit business in a job that is relevant to your course of study.


💡 Quick Tip: When shopping for a private student loan lender, look for benefits that help lower your monthly payment.

Who Is Eligible for Work-Study?

Several factors determine a student’s work-study program eligibility, including their family’s income and their enrollment status. The school’s financial aid budget will also factor into a student’s overall financial aid award.

Not all schools participate in the Federal Work-Study Program. There are about 3,400 schools participating in the program.

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How Do Students Apply for Work-Study?

Taking the right steps early can improve your chances of being awarded work-study funding. Here’s how to apply for work-study:

Fill Out the FAFSA®

To apply for work-study, you must fill out the Free Application for Federal Student Aid (FAFSA). As you fill out the FAFSA, you’ll need to indicate that you would like to be considered for work-study. Selecting this option, however, doesn’t automatically mean that you will receive work-study as part of your financial aid package. A student’s work-study allotment will depend on a few factors, including when they apply, their level of financial need, and the school’s funding level.

If you’re interested in receiving work-study, you may want to file your FAFSA as early as possible, since aid is often determined on a first-come, first-served basis.

Secure Employment

After being awarded work-study, you may still have to apply for and secure your own employment — not every school will assign a job at the same time as they offer the financial aid award.

While an aid award may list a specific amount for work-study, that doesn’t mean the student will receive the entire amount, either. Students may still need to find a job that allows them to work enough hours to earn that much money.

If you receive a work-study allocation as part of your financial aid package and are able to secure a job that meets the program requirements, you will earn at least the federal minimum wage (if not more, depending on the state’s minimum wage). Money will generally be earned in a standard paycheck — and universities must pay students monthly at the very least.

Does Work-Study Go Toward Tuition?

Since tuition bills are usually due at the beginning of the semester, work-study funds typically aren’t applied directly to tuition bills. Students can use their own discretion to decide what to use their work-study funds for — some may want to pay for things like living expenses, books, or transportation costs.


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

Is Work-Study Income Taxed?

The money earned through the work-study program will be subject to state and federal income taxes. However, if you are concerned that earning money through the work-study program will affect your eligibility for other types of financial aid in future years, you can cross that stressor off your list.

One perk of the work-study program is that earnings won’t count toward income totals when filling out the FAFSA form. Earnings through the program are backed off the FAFSA, so they shouldn’t jeopardize any future financial aid awards.

When filing the FAFSA every year, you’ll want to clearly indicate continued interest in receiving work-study as part of the financial aid package. Students are not guaranteed work-study each year.

How Do I Find a Work-Study Job?

Some schools may match work-study students with a job. In other cases, students may have to apply for and secure employment on their own. Many work-study jobs can be found on campus, and oftentimes schools have online portals where students can look for and apply to work-study jobs.

Jobs that may qualify for the work-study program include research assistantships, teaching assistant positions, and administrative duties in a campus office. Off-campus work-study jobs, such as community service jobs or tutoring, may be available through nonprofit organizations and businesses located in the area.

What Can I Do If I Don’t Qualify for Work-Study?

Students who don’t qualify for work-study may want to consider other options to earn extra money.

One option could be to get a part-time job that isn’t part of the work-study program. College towns usually have plenty of coffee shops and restaurants that are looking for part-time or seasonal employees. Managers or owners may be willing to work with student-employees to build their work schedule around classes.

Those who aren’t interested in formal employment could try something more flexible, like babysitting. The work is often in the evening, and you might have a bit of time to do some homework or assigned reading after you’ve put the kids to bed.

Another idea is to pick up a side hustle, perhaps related to your major. For example, someone studying journalism or writing could try sending out a few pitches for freelance writing assignments. A graphic designer could take on a few side projects.

Just keep in mind that any money earned outside of the work-study program will be reflected as income when filing the FAFSA the following year and could affect eligibility for aid.

Managing Finances After Graduation

After graduating, you will, ideally, be in a better financial position than you were as a student taking out loans. Depending on your earning potential and credit history, it may be possible to lower your interest rate by refinancing your student loans with a private lender. Just keep in mind that when you refinance federal loans, they lose eligibility for federal repayment programs and protections like deferment and forbearance.

Some private lenders, however, may offer some protections to their borrowers, such as unemployment protection, which allows borrowers to temporarily pause payments if they lose their jobs.

If refinancing doesn’t make sense right when you graduate, you might consider it once you’re on more solid financial footing.

The Takeaway

The Federal Work-Study Program offers part-time employment to students who qualify. Eligibility for the program is determined by a variety of factors, including your family’s income and your enrollment status. When you apply for aid may also impact whether or not you are awarded work-study, as it is often given out on a first-come, first-served basis.

In addition to work-study, students can apply for grants and scholarships to help pay for college. They can also rely on cash savings, federal student loans, 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

What is the Federal Work-Study Program?

The Federal Work-Study Program is a need-based financial aid initiative that provides part-time employment opportunities to undergraduate and graduate students. It allows students to earn money to help pay for educational expenses, encouraging community service work and work related to their field of study. Jobs can be on-campus or off-campus, depending on the school’s offerings.

How do I apply for Federal Work-Study?

To apply, you must complete the Free Application for Federal Student Aid (FAFSA). While filling out the FAFSA, indicate your interest in being considered for work-study. However, expressing interest doesn’t guarantee you’ll receive work-study funds; allocation depends on factors like financial need, application timing, and your school’s funding levels.

What factors determine my eligibility for work-study?

Eligibility is primarily based on financial need, as determined by the information provided in your FAFSA. Other factors include your enrollment status (typically at least half-time) and whether your school participates in the Federal Work-Study Program. Not all schools offer work-study opportunities, so it’s essential to check with your institution’s financial aid office.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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 Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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