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Scholarships are a form of financial aid that doesn’t have to be repaid in most cases. There are many scholarships and other forms of financial assistance available to help Native American students pay for college.

This guide provides a sample list of Native American college scholarships, an overview of common eligibility requirements, and tips for applying.

Eligibility Requirements

Before applying to scholarships, check that you meet the eligibility requirements. Scholarships have unique award criteria, so it’s important to review and verify whether you meet all of them.

That being said, some common factors that can impact qualifying for a scholarship include where you live, field of study, grade point average (GPA), financial need, leadership experience, and degree type.

Recommended: 10 Most Common Types of Scholarships for College

How to Find Native American Scholarships

Scholarships for higher education may be offered by academic institutions, employers, charitable foundations, and state, local, or tribal governments.

Finding scholarships for Native American students starts with completing the Free Application for Federal Student Aid (FAFSA) to determine financial need. It’s common for scholarship programs to use the FAFSA to determine eligibility for need-based awards.

After filling out the FAFSA, there are online resources to help search for scholarships. The Department of Labor maintains a scholarship database, known as CareerOneStop. Additionally, the National Indian Education Association keeps a list of scholarships for Native Americans to pursue higher education.

SoFi’s scholarship finder is another resource to find free money to help pay for an undergraduate, graduate, or professional degree. Users can filter by residency, field of study, ethnicity, and other criteria to narrow their search.

Scholarships for Native American Students

Though Native American students account for just 1% of undergraduate enrollment in the U.S., there are numerous Native American scholarships offered by tribal governments, non-profits, private companies, and other entities.

For a chance to win SoFi’s monthly $2,500 Scholarship Sweepstakes, you’ll just need to submit your name, email address, and school.

Browse the college scholarships for Native American students below to see what additional opportunities you qualify for.

•   American Indian Education Fund Scholarships: Awards for Native American, Alaska Native, and Native Hawaiian students pursuing undergraduate and graduate degrees.

•   American Indian Services Scholarship: Awards for undergraduate students who are enrolled members of a federally recognized American Indian or Alaska Native tribe.

•   Catching the Dream Scholarship: Awards for Native American and Alaska Native students to study business administration, economic development, and related subjects.

•   Cherokee Nation Higher Education Scholarships: Multiple scholarships for registered Cherokee citizens pursuing an associate, bachelor’s, or graduate degree.

•   Consuelo W. Gosnell Memorial Scholarship: Awards for master’s degree candidates in social work who have demonstrated a commitment to working with American Indian, Alaska Native, and Hispanic/Latino populations.

•   Continental Society Daughters of Indian Wars Scholarship: Awards for undergraduate Native American students who are enrolled tribal members and plan to work in education or social services with a tribe or nation.

•   DAR American Indian Scholarship: Awards for Native American students enrolled in an undergraduate or graduate program, with preference given to undergrad students.

•   EDSA Diversity Scholarships: Awards for Native American and minority students to continue studying landscape architecture, either at graduate school or in the final two years of an undergraduate program.

•   Full Circle and Tribal College Scholarships: Awards for Native American and Alaska Native students seeking technical, undergraduate, and graduate degrees at tribal colleges or accredited non-profit schools.

•   The Gates Scholarship: Highly-competitive, merit- and need-based awards for minority high school seniors from low-income backgrounds.

•   Hopi Tribe Grants and Scholarships Program: Multiple awards for enrolled members of the Hopi Tribe to pursue post-secondary and professional degrees.

•   Minority Undergraduate Retention Grant: Financial assistance to Native American and other minority students enrolled at a college in Wisconsin.

•   NACME Scholarships: Awards for Native American, African American, and Hispanic-American students enrolled in an undergraduate engineering or computer science program.

•   Native American Scholarship Program: Merit-based awards for Native American college students with proof of tribal registration.

•   Native Forward Scholars Fund: Scholarships and support services for Native American students pursuing undergraduate, graduate, and professional degrees.

•   NativeVision Scholarship: Scholarships for Native American students to help fund their first year of college.

•   Truman D. Picard Scholarship: Awards for Native American and Native Alaskan students pursuing careers in natural resources.

•   Udall Undergraduate Scholarship: Awards for college sophomores and juniors who demonstrate a commitment to issues related to Tribal policy, the environment, or healthcare.

•   USET Scholarship Fund: One-time award for Native American college students who are members of United South and Eastern tribes.

•   Wells Fargo American Indian Scholarship: Awards for enrolled members of a U.S. federally recognized American Indian or Alaska Native tribe pursuing a degree in gaming, tourism, financial, or hospitality industries.

Recommended: How to Apply for Student Loans

Types of Scholarships Available for Native Americans

Most students use multiple funding sources to pay for college. There are multiple types of scholarships for Native Americans to look into, including awards based on academics, athletics, extracurricular activities, discipline or area of study, and more.

Native American students may be eligible to apply for other scholarships for minorities, too. Keep in mind that awards with a wider application pool are often more competitive.

First-generation college students, veterans, and active service members also have specific scholarships available to them.

Recommended: Grants, Scholarships and Loans: Differences

Need-Based Scholarships

The cost of college can be a barrier for many students. Need-based financial aid, including scholarships, is intended to make attending college more affordable for eligible students.

Need-based scholarships are typically determined based on the information students provide on the FAFSA. They may include grants for college expenses, work-study programs, and federal student loans.

Merit-Based Scholarships

Students may qualify for scholarships based on their academics. Merit-based scholarships typically consider a student’s standardized test scores, GPA, or academic performance in a specific subject area.

Class rank is another factor that may be used to determine merit scholarship eligibility.

Tips for Applying

With so many scholarships to choose from, the application process may feel overwhelming. Here are some quick tips to guide your scholarship applications.

First, take note of the application deadlines and required materials for each scholarship, including essays, transcripts, and letters of recommendation. A scholarship checklist can keep you organized and on schedule with applications.

Plus, it’s helpful to have the details for every scholarship you’re applying to when asking a teacher or supervisor to write a letter of recommendation. Double check that whomever you ask fulfills the application requirements, as some scholarships may require a letter from a guidance counselor or a teacher of a core academic subject.

Finally, remember that students can apply for scholarships throughout their studies. In some cases, scholarships may be specifically intended for upperclassmen versus first-year students.

To avoid leaving money on the table, plan to research and apply for scholarships every year.

Recommended: 8 Tips for Asking a Professor for a Letter of Recommendation

The Takeaway

There are numerous scholarships and grants available to make college more affordable for Native American students. It’s not uncommon for students to need additional financing, such as federal and private student loans, to fill any funding gaps for college. It’s important to use federal loans first, as they come with borrower protections and 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.

FAQ

Do I need to be an enrolled tribal member for these scholarships?

Yes, many scholarships for Native Americans require applicants to be enrolled tribal members. Some awards are available only to members of federally recognized tribes or nations.

Are there scholarships for non-Native spouses of tribal members?

Generally, Native American scholarships are reserved for applicants with tribal membership or who are at least ¼ American Indian or Alaskan Native.

Can I apply for multiple Native American scholarships?

Yes, you can apply for multiple Native American scholarships. Students may combine multiple scholarships, grants, and other financial aid to pay for college.

Photo credit: iStock/SDI Productions

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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.

SOISL-Q324-038

Some lenders offer a monetary incentive for new and existing customers called a student loan refinance bonus. There are different kinds of student loan refinance offers you may come across, and it’s smart to compare them when you’re refinancing.

Read on to learn about student loan refinance deals and how they work to help determine if one might be right for you.

Student Loan Refinance Bonuses Explained

A student loan refinance bonus is an incentive from a lender to help bring in new business. A lender might offer a cash bonus or give an interest rate discount to borrowers who are refinancing student loans.

A refinance bonus is similar to a sign-up bonus you might get when you apply for a new credit card or open a savings account. After you are approved for a refinanced student loan with a fixed or variable rate, the lender will issue the bonus to you.

How They Work

To get a student loan refinance bonus offer, you typically need to apply for refinancing using a specific promotion link. The link might be on the lender’s website, you might get it in your mail or email, or a third-party partner of the lender may send it to you. Some student loan refinance deals are available for a limited time, while other are offered on an ongoing basis.

Once you’re approved for refinancing, you’ll receive the bonus from the lender. The bonus may be issued to you via electronic transfer to your bank account or mailed as a check.

Types of Student Loan Refinance Bonuses

Student loan refinance bonuses can come in different forms. Below are a few common types you might see if you’re considering refinancing your student loans.

Cash Bonuses

Think of this one-time lump sum as a welcome bonus you get for taking out a student refinancing loan. A cash bonus is a way for lenders to earn your business if you’re a new customer, or to reward you for being a loyal customer if you already have an account with them.

Referral Bonuses

If you’re a borrower who has refinanced student loans and you recommend your lender to other people, you may be eligible for a referral bonus. Your lender gives you a referral link or code that you can pass along to family and friends who are interested in refinancing their student loans.

When one of your contacts refinances their student loans using your personal link or code, you get the bonus. Lenders might also provide a bonus or discount to the newly referred customer.

Interest Rate Discounts

Some student loan refinance deals come in the form of discounts instead of cash back. For example, many lenders offer an interest rate discount to borrowers who sign up for autopay.

In exchange for signing up for automatic payments, the lender gives you a small discount off your existing student loan refinance rate — typically a 0.25% reduction. This discounted rate generally applies throughout your loan term as long as you remain enrolled in autopay.

How to Qualify for a Student Loan Refinance Bonus

To get a student loan refinance bonus, you’ll need to follow the lender’s specific requirements. This varies between lenders and bonus programs, but you can typically expect to take these steps.

1.    Register or apply using the bonus link, code, or website page.

2.    Fill out a student loan refinance application.

3.    Meet the lender’s eligibility requirements and get your loan application approved.

4.    Provide bank account details to receive your bonus.

5.    Complete tax forms, like a Form W-9, if necessary.

6.    Once your loan amount is disbursed, receive your bonus offer.

Depending on the size of the cash bonus you receive, you might be responsible for income taxes on the money. The IRS treats amounts of $600 or greater as taxable income. In that case, your lender might issue you a Form 1099-MISC for your tax reporting purposes.

Benefits of a Student Loan Refinance Bonus

You may decide to refinance if you can get a fixed interest rate, lower rate, or a more favorable term. As part of the refinancing process, a student loan refinance bonus can be a useful perk. Here’s what it might do for you.

•   Help you earn cash back. If you’re already considering a student loan refinance, a bonus offer may sweeten the deal. Cash bonuses come as a lump sum that you can use in any way you’d like.

•   Allow you to pay down your loan balance faster. If your goal is to be debt-free as quickly as possible, the bonus you earn can be redirected toward paying off student loans early. Ideally, if you qualify, you might be able to pair this strategy with a lower student loan refinance rate for greater savings over time.

•   Provide benefits for you and a friend. By taking advantage of a referral-based refinance student loans bonus, you can get a cash-back incentive — and so potentially can the friend you referred. It’s a win-win for both parties.

The Takeaway

Paying back student loans can be costly. A student loan refinance bonus can help put money back in your pocket and potentially unlock a lower interest rate on your loan, if you qualify.

But before deciding on a student loan refinance bonus, look at the big picture. As you’re considering refinancing offers, calculate how much the interest rate on each loan will cost you over time. A refinance loan with a lower interest rate over the long term might be more financially beneficial than a high upfront cash bonus. Shop around with different lenders to find the best option for you.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

Are student loan refinance bonuses taxable?

If a refinance student loan bonus is $600 or more, the IRS considers the bonus taxable. You’ll receive a Form 1099-MISC from the lender that you can refer to when filing your annual tax return. You are responsible for paying any tax liability associated with the bonus.

Can I qualify for multiple refinance bonuses?

You might qualify for multiple refinance offers, depending on your lender. For example, you may receive a referral bonus for referring a friend who takes out a refinance loan, and you might also qualify for an interest rate discount if you enroll your loans in autopay.

How do refinance bonuses affect my credit score?

Receiving a student loan refinance bonus doesn’t directly affect your credit score. However, applying for student loan refinancing requires a hard credit check, which can temporarily impact your credit score.

Photo credit: iStock/KadnikovValerii

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SOSLR-Q324-013

Holiday loans are personal loans marketed toward those looking for extra money to pay for holiday expenses. In other words, they’re personal loans with some tinsel thrown on them. They are marketed to help people afford such seasonal spending as gifts, airfare to visit relatives, or the cost of renting a ski chalet for a big celebration.

Like other personal loans, holiday loans are usually offered at a fixed interest rate, and payments are made in regular monthly installments. However, even though they often come with lower interest rates than credit cards, taking out a holiday loan might not be the best financial move. Learn more here.

Understanding Holiday Loans

Holiday loans are basically defined as personal loans, with some seasonal flair. They may also be marketed as Christmas loans, depending on the financial institution that’s offering them.

The bank may list a variety of ways to use the money you get in a holiday loan, such as gift buying or holiday travel, but once the funds hit your account — just like with any other personal loan — you can use them for just about anything. There’s no need to verify that you put the funds toward, say, a new bike for your sweetie or a luxe hotel stay for the entire family.

Like other personal loans, holiday loans are usually unsecured. This means you don’t use a tangible asset like your home or a car as collateral, which means they may have higher interest rates on average than some other kinds of loans. They may also have more stringent qualification requirements, since an unsecured loan is a riskier prospect for the lender.

Features of Holiday Loans

The specific features of each holiday loan, including the amount available to borrow, will vary depending on the lender.

•   Typical loan amount: Some banks may cap their holiday loans at relatively low amounts, like $2,000, while others might offer tens of thousands of dollars to borrowers, as long as they can meet the eligibility requirements.

•   Interest rate: Most holiday loans come with a fixed interest rate. Because holiday loans are unsecured, interest rates tend to be higher than they are for secured loans like mortgages and car payments. For the 2023 holiday season, holiday loan rates ranged from approximately 7.99% to 13.99% annual percentage rate, or APR. However, these numbers will fluctuate with the economy and other factors, such as your credit score.

•   Loan term: A typical loan term (or repayment period) is a year or longer. Some holiday loans may come with terms as long as five years, which is a long time to be paying off a Christmas gift, tickets to the Nutcracker ballet, or a holiday party, no matter how awesome it was.

•   Fees: Be sure to read the fine print, because some holiday loans may also include additional fees like origination fees or early repayment penalties. If you take out a large high-interest loan, you may want to repay it more quickly than the term calls for to save money on overall interest.

•   Application process: Many Christmas holiday loans and other variations can be applied for online. You’ll likely need to upload certain documentation to prove your identity and your earnings. However, if you prefer an in-person process vs. a holiday loan online application, you may find a bank or credit union in your area offers this option.

Pros and Cons of Holiday Loans

Like any financial decision, there are both benefits and drawbacks to consider when it comes to holiday loans.

Pros:

•   Quick money upfront for holiday expenses (perhaps helping you achieve the “best holiday ever”)

•   No need to put down collateral

•   Longer payoff terms can keep monthly payments relatively low

•   Easy online application process

Cons:

•   High interest rates can mean you’ll likely pay a lot more for that gift or party than you would have in cash

•   Interest rates may be higher than other sources of funding

•   Origination fees and early repayment penalties could increase costs even more

•   Payoff terms of several years can keep you in debt long after that holiday season is remembered

Who Should Consider a Holiday Loan?

In many cases, financial advisors recommend against going into debt to pay for a seasonal celebration. Interest charges mean you’ll pay more for everything you purchase than you would if you bought items with cash. Even the best holiday trip or Hanukkah present may not be worth paying hundreds or even thousands of extra dollars in interest.

However, sometimes there are compelling reasons to take out that holiday loan. Maybe your family is about to move cross-country and you want to have a special celebration with relatives. Or you and your partner want to use the holiday as the occasion to get a much-needed new car.

Whatever the case, you are likely to have the best outcome with a holiday loan if you are confident you can repay the loan in full, preferably ahead of its full term. That can help you dodge some of the interest charges. Just be sure to check the fine print so you won’t be subject to any early repayment penalties.

Recommended: Affordable Ways to Celebrate the Holidays

Alternatives to Holiday Loans

If you want to enjoy an unforgettable season, there are alternatives to holiday loans worth considering.

Saving Up in Advance

Yes, you’ve probably thought of this one — but as mentioned, going into debt almost always means paying interest, and interest means each purchase costs far more than it otherwise would. Planning ahead and perhaps making automatic transfers into a savings account over the months prior to the holiday season can be a smart move.

Using Credit Cards Strategically

If you have access to a credit card with a high enough limit, it might be an alternative to a holiday loan. Again, though, if you want to avoid paying interest, make sure you’re in a position to pay it off in full before the grace period ends.

You may also be able to apply for a new credit card that offers a 0% interest promotional period. Usually, these periods last about a year, which could give you more time to pay off the holiday debt without accruing interest. But again, make sure you can pay it off in full before time runs out. Otherwise, you may face interest rates even higher than you would with holiday loans.

Other Financing Options

As the holidays roll around, you might also consider some other ways to pay for seasonal expenses.

•   You could take out a standard personal loan (vs. one marketed as for the holidays). This will typically have a lower interest rate than credit cards. See how these compare to holiday loans before you commit.

•   You might see if a close friend or family member would be willing to loan you some money; just make sure to honor the terms of repayment so as not to rock your relationship.

•   Buy now, pay later offers allow you to purchase items on a form of layaway plan.

•   Another possible source of funding could be a P2P loan, which involves individuals lending and borrowing to one another without a bank’s involvement.

Recommended: How Much Will a Personal Loan Cost You?

The Takeaway

Holiday loans are personal loans marketed to people looking for extra money to spend on holiday expenses. While some are on the smaller side (up to $2,000), some lenders will approve tens of thousands of dollars to borrowers for holiday purchases and celebrations. Compare options carefully, though. You likely don’t want to spend any longer than necessary paying off holiday expenses. Shop around for the right terms to suit your financial situation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

FAQ

Is it difficult to get a holiday loan?

Because holiday loans are unsecured loans, which can be a relatively high-risk venture for the lending bank, they may have more stringent application requirements than secured loans like mortgages and auto loans. However, some lenders may advertise holiday loans for bad credit. These can come with even higher interest rates and fees than other similar loans, though.

Are holiday loans common?

Holiday loans aren’t the most common type of personal loan; personal loans are more commonly taken out by people consolidating debt or renovating their houses. But holiday loans are certainly not unheard of, and many lenders advertise them specifically.

Do banks typically offer holiday loans?

While not every bank offers holiday loans, many banks, credit unions, and other financial institutions offer regular, unsecured personal loans. Funds from those loans can be used to pay for holiday expenses. (In fact, many holiday loans are essentially the same product as personal loans.) No matter what kind of loan you’re taking out, always be sure you understand the full fee structure, including the total amount of interest you stand to pay over the lifetime of the loan, up front.

Photo credit: iStock/Tempura

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.

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

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

SOPL-Q324-021

A college education is an investment in the future. But as with any investment, it’s important to consider what you’ll get in return — your ROI — to determine if the cost is worth it. And so college students and their parents are weighing the cost of college against future earning potential, as well as intangibles like friendships, network building, and soft skills.

This guide explores the “return on education” for bachelor’s degrees, and offers insights into how to maximize the value of your college education.

Average Cost of a Degree

Choosing the right college is a multifaceted decision. Considerations include where the school is located, whether it has programs that meet your interests, what student culture is like, and of course price.

The price tag for college can be jaw dropping. The average cost of college for an in-state student attending a four-year university is $27,146 per year (including living expenses). Students that attend private, nonprofit universities spend an average of $58,628 per year living on campus.

💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Return on Investment by Education Level

You can determine your ROI by education level by looking at the ratio of the cost of your degree to your expected income once you graduate. Your return on education is much like a traditional ROI calculation, which looks at the ratio between net profit and cost from investing resources.

In this case, time and money are the resources you’re investing, and your future income is the profit. The ROI for your education will depend largely on how much you spend on your schooling, what type of job you get after school, and to a certain extent what you major in.

Median 40-year ROI for a College Degree, per Education Data Initiative

Associate Degree Return on Investment

Associate degrees can typically be completed in one to two years and often at a community college, which can make them more affordable than four-year degrees. According to data from the Education Data Initiative, the ROI for an associate degree is 363.5% after 20 years.

Bachelor’s Degree Return on Investment

Bachelor’s degrees typically take students four years to complete. According to Education Data Initiative, the ROI for a bachelor’s degree is 38.1% after 20 years. Keep in mind, though, that this estimated return on investment can vary greatly based on the major you pursue. For example, computer science degrees offer an ROI of 716.6%.

Master’s Degree Return on Investment

A master’s degree can be completed after a student receives their bachelor’s degree. This degree allows the student to specialize in a specific area of interest, such as those who pursue a Master in Business Administration, or MBA. The ROI for a master’s degree is 90.1% after 20 years, according to Education Data Initiative.

Doctoral Degree Return on Investment

A doctoral degree is generally the most advanced degree one can get in a particular field. Doctorates can take up to eight years to complete, though the exact timing will vary depending on factors like the program type, structure, and research being completed by the doctoral candidate. The estimated ROI for doctorate degrees is 84.0% after 20 years, according to Education Data Initiative.

Professional Degree Return on Investment

Professional degrees are advanced degrees that prepare a student to work in a particular field, such as law or pharmacy. After 20 years, the ROI for a professional degree is 60.4%, according to Education Data Initiative.

Highest Earning Degrees

The return on education will vary depending on the degree program you choose. For example, a student with a computer science degree may earn more than an English major. There are exceptions, but it’s a good idea to understand the norm for particular fields. These are some of the highest-earning degree programs.

Associate Degree

As mentioned, an associate degree takes about two years to complete and can often be finished at a community college for significantly less than it may cost to get a four-year degree. Associate degrees often allow students to specialize in a specific trade or field, and in some cases, this specialization can lead to a high-earning career.

One of the top-earning post-associate degrees is air traffic controllers. According to the Bureau of Labor Statistics (BLS), air traffic controllers earn a median income of $137,380.

Dental hygienists, MRI technicians, and funeral service managers all earn an average salary of $70,000 or higher, making them top associate degrees based on earning potential, as well.

Bachelor’s Degree

According to Best Colleges, some of the bachelor’s degrees with the highest earning potential include chemical engineering, computer engineering, computer science, finance, and business analytics.

For example, in 2023, chemical engineers earned a median salary of $112,100. Financial analysts earned a median salary of $99,890 per year, according to the BLS.

Certifications

Some people may consider adding a certification to their resume in order to boost their earning potential. Professional organizations often award certifications for specific skill sets. Some top earning and in-demand certifications include those for project management and data engineering.

Recommended: Guide to Student Loans for Certificate Programs

Bachelor’s Degree ROI by Major

The ROI can vary quite a bit based on the type of bachelor degree pursued. As mentioned, computer science degrees have some of the best ROI for bachelor’s degrees — about 716.6% over 40 years, according to Education Data Initiative. Take a look below at a list of majors and their estimated ROI after 40 years, according to Education Data Initiative:

•     Business finance — 710.2%

•     Business accounting — 547.2%

•     Electrical engineering — 517.8%

•     Biology — 225.0%

•     Communications — 209.3%

•     Architecture — 188.6%

•     Fine Art — 70.5%

Consider What Can’t Be Measured by Money

Yes, going to college or pursuing other higher education opportunities can be expensive. But in addition to the cost and potential boost in earning potential, there are a variety of intangible benefits that can’t be measured by a dollar. For example, college students living on campus are gaining a newfound independence and developing life skills they’ll carry with them.

Plus, many colleges have strong alumni networks that can help when a student is looking for a job post-grad. Students have the chance to not only get to know themselves better, but in the process they may make lifelong friends.

Recommended: How to Budget as a College Student

Controlling Costs

One way to improve ROI is to lower the amount of money you are paying for school. This could be particularly useful if you already know you want to pursue a career in a relatively low paying field.

Scholarships

You can help offset the cost of tuition by looking for scholarship programs that help pay your tuition and other college expenses. Many schools offer need-based financial aid to families who might otherwise struggle to pay tuition costs. In some cases, you could even get a full ride.

You can find scholarships by looking at your school’s financial aid website, connecting with your guidance counselor, or reviewing databases or online scholarship search tools.

In some cases, you may be able to apply for unclaimed scholarships to help supplement the aid you have already received.

Grants

Students may qualify for grants directly from their school or through federal financial aid. Grants typically do not require repayment, so they can be an incredibly helpful addition to a student’s financial toolkit when it comes to paying for college. Pell Grants are one type of grant awarded by the federal government to students who demonstrate exceptional financial need.

Pell Grants are available to undergraduate students. In order to maintain eligibility for a Pell Grant, undergrads will also be required to meet satisfactory academic progress requirements.

Student Loan Forgiveness Programs

If you need to take out student loans to help pay for college, keep an eye on your terms and interest rates to help keep costs down. If you take out federal loans and plan to work for certain non-profits or government organizations, you may be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. After making 10 years’ worth of qualifying monthly payments, the remaining balance of your loan may be forgiven through this program.

Private Student Loans

Private student loans don’t qualify for federal benefits like PSLF, but they can be helpful tools for students who have exhausted their federal financial aid.

If you are interested in paying for college or another higher education degree with a private student loan, take the time to shop around and review interest rates, terms, and other fees or benefits offered by lenders. 

Employer Support After Graduation

Finally, some employers may also help you pay back your student loans as part of a benefits package. Consider working for an employer who offers these benefits.

Recommended: Finding Jobs That Pay Off Student Loans

The Takeaway

College students can estimate the return on their educational investment by looking at how much they’ll pay for their degree and comparing it to their lifetime earnings. Though important, the money you’ll eventually earn isn’t the only thing you should consider when choosing a college. Getting a bachelor’s degree can help you acquire skills and expand your horizons in ways that aren’t directly related to your degree or job prospects.

When you decide on the right school for you, take the time to consider all your options — including scholarships, grants, federal and private student loans, post-graduation repayment programs, and other sources of public and private funding — to help you achieve your education and career goals.

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 average return on investment for a college degree?

The average return on investment (ROI) for a college degree varies by field, but generally, bachelor’s degree holders earn significantly more over their lifetime than those with only a high school diploma. On average, the ROI for a college degree ranges from 9% to 10%, but can be higher depending on the major and institution.

Which degree has the highest return on investment?

Degrees in fields like engineering, computer science, and technology typically have the highest return on investment (ROI). These degrees often lead to high-paying jobs with strong job security and growth prospects, resulting in a significant lifetime earning advantage compared to the cost of education, making them highly valuable investments.

Is a bachelor’s degree a good investment?

A bachelor’s degree is generally a good investment as it can lead to higher lifetime earnings, greater job stability, and more career opportunities compared to having only a high school diploma. However, the return on investment depends on the chosen field, the cost of education, and individual career goals and outcomes.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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

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Certificate programs offer a flexible, focused, and often more affordable way for individuals to gain specialized skills and knowledge without committing to a full degree program. Whether you’re a recent high school graduate looking to supplement your education, a working professional seeking career advancement, or someone wanting to switch industries, certificate programs provide valuable credentials in a relatively short time frame. 

Keep reading to learn what certificate programs are, their benefits, and how to choose the right one to meet your personal and professional goals.

What Is a Certificate Program?

Certificate programs are courses or vocational training provided by colleges or professional associations that last less than two years, and typically just six to nine months. They can prepare you for immediate placement in trade, technical, and vocational careers. 

Trade schools prepare you for jobs such as welder, electrician, and cosmetologist. Vocational schools focus on in-demand jobs that can be trained in two years or less, such as working as a paralegal or a dental hygienist. Technical schools teach skills for one trade and typically involve an apprenticeship. Programs include HVAC, auto repair, and some nursing certifications.

“Certifications” are the outcome of certain certificate programs to prove successful mastery of the program. Exams are officiated by state or authorized organizations, and formal licenses, diplomas, or certificates are awarded on completion. Certificates can also be career training programs for bachelor’s degree holders to expand a student’s expertise without earning a degree. For instance, a marketing professional can enroll in a social media marketing course, a niche area of marketing, to broaden their skillset. 

Certificate Programs vs College Degrees

Certificate programs and college degrees differ in curriculum, program length, cost, and program outcome.

Curriculum. Colleges require a general education curriculum, whereas certificates teach only the skills for a trade or subject. No academic courses, such as humanities, are included in the training.

Length. Certificate programs are shorter. College degrees are a minimum of two to four years for full-time students. Certifications can sometimes be just one month, but are typically three to four months for one-off courses. Training programs for certifications are usually one to two years.

Cost. A college education has a substantial price tag. The average college tuition in 2024 costs $38,270 per student per year, according to the Education Data Initiative, compared to certificate programs that can range from $1,000 to $5,000 (though some may be more expensive). 

Program outcome. Finally, program outcomes differ. Certificates train students for a specific skill and immediate placement in careers with those skills. College programs provide an extensive and expansive education that can provide opportunities in multiple disciplines within a field. For instance, someone who earns a bachelor’s in economics can enter finance analytics, business consulting, and various disciplines in finance-related fields.

Recommended: A Guide to Choosing the Right College Major

How Long Are Certificate Programs?

Certificate programs can range from a few weeks to two years. San Diego University’s paralegal program can take four to eight months to complete in-person, for example. A cosmetology program at Fullerton College in California requires 1600 hours at a student’s own pace — so the program length depends on you and the field you are planning on studying.

Types of Certificate Programs

The two most common types of certification programs are undergraduate and graduate. They follow compulsory education, and outside of a degree, provide education needed for specific fields such as business, administration, and healthcare.

Undergraduate

Undergrad programs build technical skills and subject mastery via career training programs or one-off courses. Enrollees usually must have a high school diploma for certain courses. They can often be completed in one academic year or less.

Some programs, such as cosmetology, award a license at the end of the program. Ensure your program is formally accredited by the state or professional organization and will prepare you for required licensing exams.

Graduate

Graduate courses enhance a college degree. Students test and earn a certificate to satisfy course completion without earning a degree. Some courses require prior knowledge of a topic. For example, students employed in computer engineering can earn a certificate in a new computer language.

They are offered by universities and colleges, and programs are credit-based. Some programs’ credits can be transferred to other colleges.

Online Certificate Programs

Online certificate programs offer multiple advantages, with convenience being at the top of the list. The online universe has a library of extensive certificate programs, and prestigious courses are accessible to everyday learners. For example, eCornell has a large library of graduate courses. Also, MOOCs (massive open online courses) offer free and paid programs from universities, nonprofits, and for-profit companies.

Online courses also offer flexibility. Asynchronous courses, those that don’t have a specific meeting time, allow students to take a course at their own pace. You can access pre-recorded content anytime and follow class discussion on comment boards. On the other hand, synchronous online programs are more restricted to a schedule. They work like in-person courses where students attend live online lectures, meet due dates, and engage in online class activities.

Finally, online courses may be less expensive than in-person ones. Cutting the commute and certain campus fees can result in cheaper overall prices than in-person learning.

Not all certificate programs offer online learning, however. Hands-on vocations, such as landscaping, plumbing, and electrical engineering, often require apprenticeships to demonstrate material understanding and to meet minimum requirements.

Is a Certificate Program Right for You?

Certificate programs might be a good fit for someone who wants to try a trade career. They are an affordable way to test out vocations without incurring student debt. And college credits from some courses can be put toward a formal college degree if you decide to pursue a bachelor’s.

If you want to learn a new skill for work, graduate certificate courses are one alternative to a master’s or professional degree. For instance, some companies will pay employees to get a Project Manager Professional (PMP) certificate to better equip their employees and improve workforce productivity.

Certificate programs are a great way to kick-start a career change. Some popular certificate programs for career changes include business analysis, law, human resources, and accounting. They are offered by professional organizations, such as the American Institute of Certified Public Accountants for accounting.

Benefits of a Certificate Program

Certificates can propel students directly into the workforce with on-demand skills. According to a Georgetown University study, nearly all certificates (94%) are awarded in career-oriented fields.

Future success in earnings depends on the trade field you choose. For instance, the median earnings for a dental hygienist were $87,530 per year in 2023 according to the Bureau of Labor Statistics (BLS). In comparison, the median wage for cosmetologists was $35,080 in 2023 according to the BLS.

Certificates can also complement a college degree or help a professional acquire skills to advance upward within a field. A marketing professional can expand his or her skillset with an InDesign certificate — often a skill needed for content marketers. And it pays to learn. A total of 77% of Coursera students reported career benefits, such as promotions, raises, and career changes.

Certificate programs also can save time and money. Programs are fewer credits than full degrees and are shorter in length, so cost substantially less than a degree.

Drawbacks of a Certificate Program

Certificates alone can increase income value modestly — and the gains can be diminished in a rapidly evolving workplace. Some studies even show negative returns for certificate holders without a college degree, according to the nonprofit New America.

One BLS report shows bachelor’s degree holders earn median weekly earnings of $1,541, while “some college or associate degree” earners make $1,057 per week on average.

Furthermore, more vocations require a college degree. According to BLS, a bachelor’s degree is required for 174 occupations while an associate degree or a postsecondary nondegree award is required for only 99 occupations.

While certificate programs equip you with skills to land an entry level job after a short time, it may not pay off in the long run.

What to Look for in a Certificate Program

Evaluate programs by accreditation. Quality courses are accredited by the U.S. Department of Education or the Council for Higher Education Accreditation. They might also be verified by certifying bodies within that industry, such as HRCI for Professional Human Resources certification.

Determine flexibility. Some learners might benefit more from in-person courses, while an online course can give busy learners an opportunity to gain valuable expertise and skills. Furthermore, an asynchronous program can provide further flexibility for students who have unpredictable schedules.

Look out for for-profit institutions. For-profits are often synonymous with poor training for exorbitant costs. In short, it can be a scam. The College Scorecard is a government tool that can tell you whether your school is for-profit. On your school’s page, you will see its designation, such as “Private For Profit.”

What Certificate Programs Are in Demand in 2024?

There’s no shortage of demand for certificate programs. The National Center for Education Statistics says the number of certificates awarded increased from 53% to 70% from 2011-12 to 2021-22.

Top certification categories in demand in 2024, according to the International Association of Career Coaches, include:

•   Information Systems and Cybersecurity ($73K to $123K average salary)

•   Project Management ($99K to $122K average salary)

•   Healthcare ($41K to $203K average salary)

•   Finance and Accounting ($72K to $111K average salary)

•   Human Resources ($65K to $128K average salary)

The top paying certifications include:

•   Certified Registered Nurse Anesthetist: $203K

•   Google Cloud Professional Data Engineer: $129K

•   Global Professional in Human Resources: $128K

•   AWS Certified Solutions Architect: $123K

•   Chartered Financial Analyst: $104K

•   Certified Professional in Healthcare Quality: $100K

Coursera’s top 10 courses with professional certification include Google Data Analytics, Google Project Design, Google UX Design, IBM Data Analytics, Google IT Support, Meta Marketing Analytics, IBM Cybersecurity Analyst, IBM Data Science, IBM Data Analyst Capstone Project, and International Business Essentials Specialization. 

How to Pay for Certificate Programs

When deciding how to pay for certificate programs, it’s important to explore all your options. Some might include savings, student loans, and other forms of financial aid.

To get a student loan for a certificate program, you can fill out the Free Application for Federal Student Aid (FAFSA®). The FAFSA will tell you what you qualify for, including federal student loans, grants, and scholarships.

You can also look into private student loans. Private student loans are given by banks, credit unions, and online lenders. While they don’t offer the same benefits and protections as federal student loans, they can be a good option for students who need funding to pay for their certificate program.

Recommended: Guide to Student Loans for Certificate Programs

The Takeaway

Certificate programs can start, enhance, or change careers for learners. They can prepare students for immediate placement in a specific trade without a college degree. They can also boost your career by providing specialized skills, enhancing your qualifications, and demonstrating expertise to employers.

Certificate programs are less expensive and shorter in duration than college degrees. To pay for a certificate program, you can look into employer assistance programs, use cash savings, or rely on federal or 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 does a certificate program mean?

A certificate program is a short-term educational course designed to provide specialized skills or knowledge in a certain field. It typically takes a few months to two years and is aimed at enhancing career opportunities, professional development, or gaining expertise in a particular subject.

Is a certificate program worth taking?

A certificate program can be valuable for gaining specialized knowledge quickly and affordably. However, it’s important to consider the program’s relevance to your field and potential return on investment.

What are the benefits of attending a certificate program?

Attending a certificate program offers three key benefits: It provides specialized skills and knowledge in a short time, enhances your qualifications to improve job prospects, and offers a flexible, cost-effective alternative to a degree, allowing you to advance your career or switch fields efficiently.

Photo credit: iStock/PeopleImages

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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

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

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