Applying to college can be both time-consuming and expensive — with some schools charging as much as $75 just to apply. Fortunately, there are ways to make the process easier, and potentially cheaper.
The Common Application (or Common App) is an online college application platform used by more than 1,000 colleges that allows you to apply to multiple schools using one centralized application. The bulk of the application questions only need to be filled out once, though certain colleges and universities might also require supplements, such as short answer questions and/or essay prompts specific to that school. The new edition of the Common App opens Aug. 1 every year.
The Common App also provides students with valuable resources for the application process, including step-by-step application guidelines, information about financial aid and scholarship options, as well as how to get your application fee waived.
How Much Does the Common App Cost?
Although the Common App is free to use, individual schools often have their own application fees that students must pay to apply. The average undergraduate application fee for U.S. students is $56. However, some schools don’t charge application fees.
The Common App organization understands that some students are unable to pay application fees, and they don’t want this to be a barrier for students to be able to apply for college. For this reason, they have created the Common App Fee Waiver, which allows students to apply to schools without any fees.
Not every school will accept a fee waiver but thousands of schools around the world do.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
How the Common App Fee Waiver Works
You can use the Common App Fee Waiver section of your Profile to request a fee waiver. If you select that you are eligible for the Common App fee waiver, you will not be charged any application fees when you submit through Common App.
Students can apply for the Common App Fee Waiver in the Personal Information or Profile section of their application. There is a place in this section to select “Yes” to apply for the waiver and indicate eligibility.
In order to complete the application for a Fee Waiver, students must also have their college counselor submit a fee waiver form.
Many schools use the honor system and trust that a form from a counselor proves a student’s eligibility, but some schools may ask for electronic or hard copies of paperwork for verification of eligibility.
Students who fit any of the following criteria may be eligible to receive a Common App Fee Waiver:
• Students who are orphans or wards of the state
• Students whose family receives public assistance
• Students who received or are eligible to receive SAT or ACT testing fee waivers
• Students enrolled in or eligible to enroll in Federal Free or Reduced Price Lunch Programs
• Students whose family’s annual income fits the eligibility for the USDA Food and Nutrition Service
• Students enrolled in local, state, or federal aid programs for low-income families
• Students who are homeless, live in a foster home or in federally subsidized public housing
• Students who get a written statement from a community leader, financial aid officer, school counselor or official
Each school decides whether to grant a student’s request for a Common App Fee Waiver.
💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.
Beyond the Application: Paying for College
Students and families applying for Common App Fee Waivers may also be looking into financing options to pay for college tuition. There are several options for parents and students who need help paying for college. These include:
Filling out the FAFSA
The first step is to fill out the Free Application for Federal Student Aid (FAFSA). Even if you don’t think you will qualify for aid, it’s a good idea to fill out this form. The FAFSA opens up opportunities for students to receive student loans, federal grants, school aid, and work-study positions.
Applying for Scholarships
There are thousands of private scholarships available to students, and the benefit of scholarships is that they don’t have to be paid back, unlike student loans.
Finding Affordable Schools
Although some universities cost tens of thousands of dollars each year to attend, others are much more affordable. Some schools are also more generous with student financial aid than others. Students may want to carefully compare the financial aid packages offered to them to figure out which school is the most affordable for them.
Applying for Work-Study Jobs
Students can work part time to help pay for college. The federal work-study program provides work opportunities for students to get jobs on campus.
Applying for Grants
In addition to scholarships, there are thousands of grants available to students. These grants are issued by the federal government, the Pell program, and individual states. Some are need-based, while others are merit-based. To find out if you qualify and to become eligible for grants, you need to fill out the FAFSA.
Saving Money in a 529 Plan
Many families put money aside each month to help pay for college tuition. One way to do this is using a 529 Plan, which is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary.
Taking out Federal Loans
Federal student loans are administered by the U.S. Department of Education, and may be subsidized (which means you won’t be charged interest while you are in college and for six months after) or unsubsidized (meaning interest starts accruing right away). Federal loans tend to have lower interest rates and more flexible repayment plans than private loans.
Another option for covering the cost of attendance for college is to take out a private student loan. These are available through banks, credit unions, and online lenders. Rates tend to be higher than federal student loans, but borrowing limits are typically higher. These loans are not need-based and generally require a credit check. Borrowers (or cosigners) with excellent credit tend to qualify for the lowest rates.
Keep in mind that private student loans may not offer the same borrower protections that federal student loans offer, such as forbearance or income-driven repayment plans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
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.
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.
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.
When it comes to gearing up for college, parents can play a major role in supporting their child’s success. Of course, ultimately, it’s the student who’s applying for admission. So, most of the heavy lifting — like practicing for the SAT — will fall to the high schooler. But, as your child goes through the process, you can serve as a couch, cheerleader and time-manager — assisting with test prep, scheduling practice sessions, and maintaining motivation.
Read on for simple guidelines on how you can help your child with SAT practice and help ensure they put their best foot forward on testing day.
Wondering Where to Begin?
You may want to start by familiarizing yourself with the college testing options. The SAT and ACT are the two most widely accepted standardized tests used in U.S. college admissions. Is one a better fit for your child? While similar, there are differences in how each test is structured and scored. For parents and students who want a better feel for the two tests, you can find free online practice assessments for both the SAT and the ACT — including sample questions and scoring.
If you took the SAT back in high school, keep in mind that the test underwent major revisions in 2016. And, in 2021, the College Board (the nonprofit organization that administers the test) dropped the essay and subject tests.
Generally, the College Board advises first-timers to take the SAT in the spring of their high school junior year. This way, they can try again in the fall (if they want or need to improve their score) and still meet most colleges’ application deadlines. Parents can find information about SAT test dates and deadlines, test-center locations, and costs on the College Board site.
💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
Creating a Plan for SAT Practice
With the exact test and date chosen, parents and students might next turn their focus to SAT practice. Practice can span activities like taking sample tests, understanding the sorts of questions that are commonly asked, and figuring out how the test is scored.
Setting Baseline and Goal Scores
When starting out, many students choose to take a free practice test. This gives them a baseline score and can help identify tough topics they need to brush up on. Practice tests can also help you and your teen pinpoint the specific types of questions that tend to trip them up over and over.
Knowing the practice-test score can help students set an ambitious-yet-realistic goal score for the official test. Other supportive figures on your child’s “SAT team” (relatives, teachers, guidance counselors, mentors, or tutors) can also help them identify an achievable and motivational target score to work towards.
Beginning SAT practice earlier can help alleviate your teen’s anxiety in the buildup to the scheduled test. The nonprofit Khan Academy, which partners with the College Board to help students prepare for the SAT, recommends starting test-prep about three months before taking the official test.
Months of SAT practice might seem a tad extreme, but it’s key to remember that some students need longer than others to get up to speed on the subjects covered in the SAT. Building in a cushion of prep time also gives teens ample time to adapt to the standardized test format — allowing them to sniff out the common types of questions asked and get used to the time constraints required by the SAT.
Some students can cram last-minute for the SAT and still earn a solid score. But many of the best test-taking and SAT study strategies call for repeated practice over multiple weeks. Given months instead of a few weeks to get ready, you can set up practice sessions that mimic test-like conditions, encouraging your child to further hone their time-management and concentration skills.
Leading up to the test date, families may also benefit from a shared calendar that includes important SAT deadlines as well as other school, work, and social events. A shared calendar can help students dedicate regular study windows — when they’ll work alone, with a parent, or with a tutor — that won’t clash with prior commitments.
To Push or Not to Push?
Some teens are disciplined studiers and may already have a test-prep routine that works for them. Others might need occasional encouragement (or more concrete guideposts) from a parent or educator to set aside adequate time for SAT practice.
Some students also respond well to personalized pointers provided by a test-prep service or tutor, whereas others value a more DIY or independent approach to SAT prep — perhaps working off a commercial study guide or online testing site. (Khan Academy, for instance, offers tailored practice plans, videos, test-taking tips, and other official content created in partnership with the College Board.) In either scenario, parents can help their child determine which method of test-prep works best with their study habits.
When deciding whether to pay for a test-prep service, families may want to ponder a few factors. You might begin by comparing a child’s baseline score (on a practice test) with the goal score they’re hoping for on the actual test day. This might help you decide if investing in a professional SAT prep course would be worth the cost (some services cost hundreds or even thousands of dollars). Another factor to consider is the average SAT scores of applicants at your child’s target schools (compared to their current scoring range).
You might also want to investigate whether any test-prep services are already offered at your child’s school or any local educational organizations, which may be free or low cost.
When looking at paid prep services, you may want to consider the best study conditions for your student’s personality and academic strengths — some approaches offer more guidance, while others stress independent practice.
Also consider: Would your child benefit from a structured schedule and in-person classes? Or, would they prefer a more independent study approach? You might want to consult with a guidance counselor or teacher for input before signing up and paying for a private SAT prep service. Family friends with children already in college might also offer an opinion based on their previous experience. (But, be sure to double-check this advice with any recent changes to the SAT.)
Perhaps the most important role parents can have in helping their children prepare for the SAT is to do what they’ve always done — and that’s to support and encourage their child’s growth. Here are some ways parents might motivate students, helping them to stay on track toward that college-admission goal.
Avoid Adding to the Stress
Students can feel a great deal of pressure when preparing for the SAT. They may fret about disappointing their parents’ or teachers’ expectations. Some might dread feeling embarrassed if they score lower than a sibling or classmates. And, if a student has dreamed about attending a specific college or pursuing a precise career path, they may worry that the “wrong score” will sabotage their future plans.
Given the potential for SAT practice to turn into a psychological pressure-cooker, you may want to remind yourself that your words and deeds can lessen or intensify a child’s stress. Raising “concerns” about your teen’s current scores and/or pushing your child to excel or “do better” could increase your child’s test anxiety (and potentially make it harder for them to learn new material).
To minimize the at-home testing drama, you may want to avoid showing disappointment or frustration about practice test scores. It may be more helpful to celebrate incremental successes during weekly or daily practice sessions — honoring the progress being made towards the goal, not the distance still left to run. Gentle reminders that it’s possible to retake the SAT might also reduce a child’s overall testing anxiety.
Encouraging Healthy Habits
Studying late into the night or having a jam-packed schedule can leave high schoolers feeling burnt out. To avoid SAT practice burnout, consider instituting a regular “timeout” from test prep — whether it’s a quick snack break or carving out down time for a walk around the block. Parents can help kids stay healthy by providing nourishing meals, scheduling time for exercise and other social activities, providing plenty of water and nutritious snacks, and helping their teens get ample rest each day.
To help your child set up a focused study environment, you’ll want to first identify a quiet space for studying and practice sessions. Next, you can help your child gather all the study guides, calculators, pencils, paper or computers they’ll need to prep.
In addition, you may want to encourage your child to download an SAT prep app — this will allow them to practice during free time or when they’re riding the bus. Many apps offer practice problems or a “question of the day.” If time is tight, a student can still squeeze in some studying in down moments.
Parental pep talks can help test-engrossed students to keep things in perspective. Although an SAT score is a significant factor in many college admissions decisions, it’s not the only (or primary) factor universities take into consideration when evaluating applicants. Most admissions committees review a student’s academic record, school and community involvement, personal statement, and letters of support.
Some schools have even moved to a “test optional” admissions policy in recent years. This means students are not required to submit an SAT or ACT score with their application. Open communication about the college admissions process can help students to focus on the short-term tasks at hand.
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.
Getting Started
The SAT isn’t the only aspect of college planning students might want or need help with. You may be enlisted to lend a hand with researching schools to apply to, choosing a major, making college visits, and proof-reading essays and applications.
Your child will also likely need your financial help to cover the cost of attendance at their selected college. Fortunately, both students and parents have a number of resources that help make college more affordable, including financial aid.
To apply for financial aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for aid, which comes in the form of grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized). If those do not cover your costs, you may be able to fill in the gaps with a private student loan.
Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or parent cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment — that automatically come with federal student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
HR pros know that helping employees with debt, particularly student loan debt, is a key ingredient to building financial wellness in the workforce. With 44 million Americans carrying a total of 1.7 trillion in 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. In the Employee Benefit Research Institute’s 2022 Financial Wellbeing Survey, nearly three-quarters of employers said they currently offer or plan to offer student loan debt assistance or tuition reimbursement programs.
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.
Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, employers can contribute $5,250 annually per employee toward tuition reimbursement or student loan payments 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.
The CARES Act provision was set to expire at the end of December 2020, but Congress passed the Consolidated Appropriations Act before that happened, extending the tax break through the year 2025.
Here’s what to consider when offering student loan repayment benefits.
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, which President Biden 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.
Implementation Date
The match becomes available in 2024 for plan years starting after December 31, 2023. This gives employers some time to research employee needs and draft a plan. It also provides time for the IRS to offer some additional details on the implementation and administration of the matching provision.
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 the payment pause implemented during the pandemic is ending and workers will once again be facing monthly student loan payments. Student loan repayment and matching contribution programs 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.
The Ivy League is made up of eight elite private colleges, all of which are based in the Northeast. Being accepted to an Ivy League college is something some students work toward all their lives — but there’s more to gaining admission to these schools than good grades and a long list of extracurriculars.
With admission rates now hovering in the 3.4% to 5% range, there’s a heightened sense of competition among top students in high schools across the country and around the world.
Read on to learn more about Ivy League colleges, including which schools are considered “Ivies,” the benefits of going to an Ivy League college, how much they cost, and ways to make your application stand out.
What Are the Different Ivy League Schools?
Named for their ivy-covered campuses, the eight private colleges that make up the Ivy League have many things in common. However, each school has its own unique reputation and characteristics that attract different kinds of students. Here’s a closer look at these top-ranked schools.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
Brown University
Located in Providence, Rhode Island, Brown is known for its humanities programs as well as its Warren Alpert Medical School. Its open curriculum allows for a relatively free-form educational model where students are encouraged to take classes they like without having to accumulate certain requirements. Brown also gives students the option of taking as many classes as they want on the basis of pass-fail.
Columbia University
Located in New York City, Columbia is one of the most diverse Ivy League schools with 46% of undergraduates identifying as students of color. It also has one of the highest percentages of international students at any Ivy League, with 13% of its student body coming from foreign countries. This cosmopolitan college is host to renowned business, journalism, and law schools, and requires students to adhere to its core curriculum, which focuses largely on liberal arts.
Cornell University
Located in Ithaca, New York, Cornell is one of the largest Ivy League universities, occupying a sprawling campus in this scenic upstate town. Known for its agriculture and engineering schools, Cornell also has strong Greek life and a wide range of athletic programs.
Dartmouth College
Located in Hanover, New Hampshire, Dartmouth is the most rural of the Ivies, drawing a student body interested in the outdoors and Greek life — around 60% of students participate in sororities or fraternities. Its somewhat smaller student body allows for more one-on-one attention in classes and a strong sense of community on campus.
Harvard University
Located in Cambridge, Massachusetts, Harvard encourages students to take a wide range of courses through their general education requirements, which allows students to broaden their interests and take advantage of intellectual curiosities. The school has 12 residential houses that seek to foster a sense of community in an otherwise imposing setting.
The University of Pennsylvania
Located in Philadelphia, Penn is known for its four distinct undergraduate colleges, including the Wharton School of Business and the College of Arts and Science. Students have the option of taking part in Greek life, and are also encouraged to explore opportunities in the greater Philadelphia area, from internships to the wide array of cultural events available.
Princeton University
Located in Princeton, New Jersey, Princeton University offers either a liberal arts or engineering and applied science degree for undergraduate students, with both programs including general education requirements. Princeton is known for its international affairs and engineering programs, as well as their storied eating clubs, which serve as coed dining halls and social centers for students, and are comparable to non-residential fraternities or sororities.
Yale University
Located in New Haven, Connecticut, Yale University is known for its creative writing and arts programs, as well as a residential college program and an array of secret societies. It’s also home to a renowned graduate drama program and law school.
For those who get that coveted acceptance letter, the benefits can be worth the years of hard work it took to get in. From growing your network to gaining access to world-renowned resources and professors at the top of their field, attending an Ivy League school can set students on an accelerated path to intellectual and professional success.
Having an Ivy League school on your resume may open countless doors when it comes to applying for jobs, fellowships, or graduate programs and may provide a leg up when it comes to advancing your career.
The amount of funding available at Ivy League schools can also be a major draw. All Ivy League schools have need-blind admissions policies, meaning that admissions officers will not look at a student’s financial need when considering their application. They also have a promise to meet 100% of demonstrated financial need based on household income.
Brown, Columbia, Harvard, and Princeton take things one step further, packaging aid with no loans for each student. Ivy League schools also have incredible funding opportunities for research and travel for students, allowing them to broaden their interests and perspectives.
The Cost of an Ivy League School and Options for Paying for Tuition
All of the Ivy League schools are private universities, which usually implies a hefty price for tuition. The average undergraduate tuition for an Ivy League school for the 2022-2023 school year was $59,961, plus room and board. But due to these universities’ impressive endowments, ranging from Brown’s $5.6 billion to Harvard’s staggering $53.2 billion, these schools are able to offer generous financial aid packages to prospective students.
While Ivy League schools do not offer merit-based or athletic scholarships, there are generally a wide variety of need-based scholarships awarded to students depending on their household income.
A student’s household income is equal to the combined gross income of all people occupying the household unit who are 15 years of age or older. Among Brown’s class of 2025, for example, 99% of students with household incomes below $60,000 received an average of $80,013 in annual financial assistance — nearly full rides, including room and board. For families making between $100,000 and $125,000, 98% of students received an average of $56,538 in annual need-based aid.
In addition to aid offered by Ivy League schools directly, students or their parents may choose private student loans to help ease the burden of paying college tuition and expenses.
Students will generally want to exhaust all ffederal student aid options (which include grants, scholarships, work-study, and federal student loans) before considering private student loans. But if there is still a gap between federal student aid and the remaining cost of attendance, a private loan may be an option for some students.
An impressive grade point average (GPA) is only one aspect of a student’s college application. However, to even be considered for admission to an Ivy League school, students may want to see if their own GPA falls within the average for admitted students. Among the Ivies that release statistics on accepted students’ GPAs, the average weighted GPA is about 4.0, meaning mostly As.
How to Make an Application More Competitive
In addition to a high GPA and impressive SAT and/or ACT scores, prospective students will need to prove themselves in other ways to gain admission to an Ivy League school.
Excelling in advanced courses, like honors and Advanced Placement (AP) classes throughout high school may improve students’ chances of admissions, especially if students show a particular area of interest, like science or humanities.
While in the past, college admissions counselors would advise students to be “well-rounded” candidates, it’s now advisable to develop and demonstrate a passion for a particular subject area, which helps Ivies to build a more overall well-rounded student body.
Students can show their interests beyond academics by taking part in extracurricular activities. By engaging in activities early in high school and growing that interest over time, students show their commitment and enthusiasm for a particular area.
Strong interviews and letters of recommendation can also improve a student’s application, along with a strong personal essay. Ivy League admissions teams look for essays that highlight a student’s best qualities, perhaps expressed through a personal anecdote or description of a unique passion that displays a candidate’s distinctive character.
Hitting the “Submit” Button
Following the tips above may help improve a student’s Ivy League application, helping to gain admission to one or more of the most prestigious universities in the world. Of course, there are many schools that have the same academic rigor of an Ivy League, and it’s generally advisable to sprinkle in one or two “safety” schools for good measure.
But once a student has decided they want to apply to an Ivy League school, determined which is the right one for them, applied for financial aid, and completed their applications, it’s time to hit submit!
The Takeaway
If you’re hoping to attend an Ivy League college, you’ll want to consider each school’s admission rate, along with its particular academic program and financial aid statistics, to determine which is the right school to apply to.
However, it can be helpful to apply to a range of schools, both in terms of admission’s standards and tuition costs. This will give you options in case a school’s financial aid package isn’t as generous as you hoped.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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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.
There are moments when you may feel as if you are bad with money: You overdraft your account, pay a bill late, can’t put any cash towards retirement, or realize your savings account balance hasn’t budged in months.
If you feel as if you aren’t managing your money as well as you could in these instances, you might be right. But by taking a closer look at these signals and then shifting your course, you can get on a better track to taking control of your cash, building wealth, and reaching your financial goals.
So instead of just thinking, “I’m bad with money” and sidestepping the issue, read on to learn the signs that you could boost your money management. Then try the simple strategies that can help you improve.
Sometimes the signs are clear, like getting multiple notifications for overdraft fees in a week. Sometimes, however, being bad with money is less obvious. Here are some red flags that can indicate you’re heading down the wrong financial path.
You Tend to Live Paycheck to Paycheck
Even if you are able to pay your bills in full each month, if you’re often broke after paying them, it can be a sign that you’re not all that financially stable.
Whatever your income or budget is, it can be wise to always have at least a little bit of extra money to put into savings. If that extra doesn’t exist, then you could be walking a financial tightrope, where a major crisis could be waiting just around the corner.
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You Don’t Have an Emergency Savings Fund
Not starting an emergency fund (rainy-day money tucked away in a separate savings account) is an indication that you’re living too close to the edge. It’s important to have that cash to cover an unexpected expense, such as a medical bill, car repair, or sudden loss of income.
Although the specific dollar amount you should have in your emergency fund varies from person to person, many financial experts say you should try to have at least three months’ worth of living expenses set aside to cover the unexpected.
Without this cushion, a single large expense or loss of paycheck even for a couple of months could put you in a debt spiral that can be hard to get out from under. You might be tempted to put too much on your credit card and wind up with high-interest debt.
You Only Make the Minimum Payment on Your Credit Cards
Speaking on high-interest debt: Here’s another sign that you may be bad with money. Paying the minimum on your credit cards may seem like you’re keeping up, but in reality you are gradually getting further and further behind.
If you don’t pay the card in full each month, every dollar you put on a card can end up costing you many times more in interest charges over time. Credit card debt that you can’t get rid of can be a clear sign that you’re not being as good with your money as could be.
You Often Overdraft Your Account
If you’re gotten into the habit of spending almost everything you earn, it can be easy to overdraft your account. This often results in a high overdraft or NSF fee, which can make keeping up with your expenses even harder.
Overdrafts can also result from disorganization. Maybe you have the money, but didn’t transfer it over to your checking account in time. This can be a sign that you’re not keeping close enough tabs of your money.
Becoming better at money management doesn’t have to happen overnight. In fact, the best approach to lasting change is often to take one small step at a time. This can be much easier to do and, as you start to see the rewards (more money, less stress), you will likely be inspired to keep going.
The following tips can help put you on the path to being good with money.
1. Setting Some Specific Money Goals
You likely have a few things you’d like to do in life that having enough money can help you accomplish. Maybe you want to take a great vacation next year, buy a home in a few years, or retire early.
Setting financial goals, both for the short- and long-term, can give you something to work towards — or, in other words, a reason to be better with your money.
In order to get better with money, it can help to know exactly where you currently stand.
You can do this by gathering all your financial statements for the past several months, and then adding up all of your after-tax income to see how much is coming in each month.
Next, you can tally up how much you are spending each month. To do this, you may want to make a list of all your spending categories and then come up with an average amount you’ve been spending on each.
You may find it helpful to actually track your spending for a month or two, either by journaling or using an app that tracks spending right on your phone.
Ideally, you’ll want to have more coming in than going out each month. That means you have money you can siphon off into saving and investing, which can help you build wealth over time.
3. Coming Up With a Budget Method That Works for You
Once you have a clear picture of what’s coming and going out each month, you can create a budget for your money moving forward — in other words a budget.
While budgeting may sound onerous, it’s simply a matter of going through your expenses, seeing where you may be able to cut back, and then coming up with target spending amounts for each category.
One budgeting framework that may help you get started is a 50/30/20 budget breakdown. The idea is that 50% of your after-tax income should go to necessities, 30% goes to fun spending or “wants,” and 20% goes to savings goals.
These percentages may not work for everyone, especially if you live in an area with a high cost of living, but they can give you a general rule of thumb as you get started with budgeting.
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4. Curbing Impulse Purchases
If you tend to shop without a plan, it can be easy to grab this and that without realizing how quickly these small costs can add up. A perfect example is going grocery shopping. But the same thing can happen if you are mindlessly browsing shops at the mall or online.
Making a list — and sticking to it — whenever you shop can help you avoid overspending. If you see something you really want but you weren’t planning to buy, it can be a good idea to put the purchase on pause for a day or two.
Once you have a cool head and a fresh perspective, you can then ask yourself if you’ll actually use this item and if you can afford it, meaning you can pay cash for it now. If not, it may be a good idea to skip it.
5. Thinking About Larger Spending Cuts
There are only so many lattes you can skip or cents per gallon you can save by heading to the cheaper gas station around the corner. So when you’re trying to find places to save money in your budget, you may also want to think bigger.
For example, you might decide to ditch your car in favor of biking to work — a move that means you save not only what you’d be spending on gas each month, but also insurance, registration, and likely a monthly car payment. (And you might even be able to ditch your gym membership, with all that moving around!) Or, you might consider moving to a less-trendy neighborhood or getting a roommate to help split the rent and other household expenses.
While lifestyle changes might be harder to enact up front, once you commit to them, they can help you save large amounts of money on a regular basis.
6. Automating Your Savings
Building an emergency fund and saving for future financial goals are key steps toward fiscal wellness. So once you have graduated from being at risk of overdrafting your accounts, a great next step can be to automate your savings.
That means setting up an automatic transfer of money from your checking account (or wherever your money is deposited) to one or more accounts designated for saving. This can be done on a monthly (or bimonthly) basis, and can be timed to happen right after your paycheck hits.
If saving is a chore that you have to remember to do every month, you may get busy and forget. Why not let technology do the heavy lifting for you?
7. Bringing in More Income
Do you feel like you’re cutting back on spending as much as possible but not getting anywhere? You may need to work on earning more money.
How exactly you go about this goal is up to you, of course. Maybe this means sitting down with a boss and creating a path towards earning more money. Or, it could mean picking up some freelance work in your profession, or starting a side hustle (like pet-sitting or signing up with a ride-share or delivery app).
8. Listing All of Your Debts
Many bad financial habits are born from the easy access consumers have to money that isn’t theirs — and the need to pay those debts back, with interest.
As with budgeting, the first step in conquering your debts is knowing exactly what you’re up against. To get the big picture, you may want to create a computer spreadsheet (or just make a chart with pen and paper) and then list each source of debt that you currently hold.
This includes student loans, credit cards, car loans, and any other debts you may have. You may also want to include the loan servicer, the size of the debt, the interest rate, and the amount and date of the monthly payment on each debt.
9. Knocking Down Debt One at a Time
If you’re paying the minimum on more than one high interest credit card, you may want to focus on getting rid of one entirely. It could be the debt with the highest interest rate, or it might be the smallest overall balance to give you the psychological victory of kicking a source of debt to the curb.
Whichever one you choose, you can then put as much extra money as you can towards the balance (principal) of that debt, while paying the minimum amount due on all the others. Once you pay that debt off, you can move on to the next one.
10. Avoiding More Credit Card Debt
Getting better at managing your money can be hard to do when you’re adding to your credit card balance. Credit cards are notoriously difficult to pay back when you’re only making the minimum payments and can be nearly impossible if you’re doing that while adding to the balance.
So, you may want to use your newfound money management skills to find ways around going further into credit card debt. Maybe there are more cuts that can be made to your budget or some overall shifts in lifestyle that could help. No matter how you do it, it can be helpful to focus on spending only the money you actually have.
11. Contributing More to Your 401(k)
You might think saving for retirement is something you don’t really need to focus on until you’re older. But the truth is that the earlier you start saving for retirement, the easier it will generally be to save enough to retire well. That’s thanks to the magic of compounding interest, which is when the interest you earn on your money earns its own interest.
If your company offers a 401(k), it can be a good idea to contribute at least a small percentage of each paycheck. If your employer offers matching funds, you may want to take full advantage of this perk by contributing the max amount your company will match.
You don’t have to master all of the above concepts right away. Becoming a person who is “good with money” is a journey. Start with one area and move on to the next as you feel you have mastered each financial tool.
One simple step that can make it easier to manage your money is to find the right banking partner, one who can help you with tools for tracking and managing your cash.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
