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If you are motivated, you may decide to pursue a PhD program in your given field of study. However, you are probably aware that doing so not only requires time and energy but can also be an expensive proposition. According the Education Data Initiative, the average cost of a doctorate degree (which typically takes four to eight years) is $150,835. The average student loan debt for this kind of degree is $112,080.

That can be a daunting sum, but a fully funded PhD program can offset part or all of these costs. In addition to financing tuition and fees, these programs usually provide a stipend to help cover living expenses. Some may also pay for any research and travel necessary for students to complete their graduate degrees.

Since this can make a huge difference in a prospective student’s financial outlook, here’s a closer look at fully funded PhD programs, how they work, and how they can help lower the cost of a degree.

What is a PhD Program?

PhD programs, also known as doctoral programs, are often a next step after a master’s degree. They give students the opportunity to do graduate-level research in the field of their choice and earn the highest degree possible (sometimes referred to as a terminal degree). They span a variety of subjects, such as engineering, English, public health, and computer science.

The application process for a PhD program can be competitive, and the programs themselves can be very time-consuming, taking (as mentioned above) on average between four and eight years. Working while pursuing these specialized degrees can be challenging, which is why it can be so helpful when a program offers an annual stipend.


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What Does Fully Funded Mean?

In a fully funded PhD program, the student typically receives full tuition reimbursement and a stipend to help cover the cost of living while pursuing the degree. Programs have varying funding requirements.

In some cases, students may receive a “no-strings-attached” fellowship. This means they receive funding but don’t owe the university anything aside from their research.

In many cases, to receive funding, a student will need to work part-time for the university by providing teaching or administrative assistance. These experiences can give students an opportunity to build out their resume while helping them pay for graduate school.

More often than not, these graduate fellowship positions are the main way to receive full funding to attend a PhD program and are commonly offered in research-based degree programs. Some fellowships may be offered in the form of scholarships or stipends, which are not usually taxed as income by the IRS (Internal Revenue Service).

Schools may also offer assistantships, where students earn an income from the university. Generally, these positions are given to doctoral students who are doing research in order to complete their theses or dissertations. Assistantships can be taxed as income.

While all PhD programs have their own unique funding packages, many fully funded programs are designed to help students cover a variety of costs. Here are some common ones.

Tuition and Fees

Typically, fully funded PhD programs provide students with so-called “tuition waivers.” The waivers cover the cost of attending the university, including tuition and fees. In some cases, book stipends, reduced-fare transit passes, and other benefits are included to lessen the student’s financial burden.

Recommended: How to Pay for Grad School

Living Expenses

Whether through fellowship funding or a university job, students in a fully funded PhD program can receive a stipend to pay for food, rent, transportation, and other living expenses.

Depending on a student’s cost of living and lifestyle choices, these lump sums might not be enough to fully cover costs. This may be especially true during the summer, when stipends are less likely to be given out. If their program does not offer summer funding, students might choose to work part-time or take out loans to make ends meet.

Recommended: Using Student Loans for Living Expenses Off Campus

Health Insurance

While many doctoral programs include health insurance benefits, some do not. As you’re exploring graduate school programs, it’s a good idea to find out if it provides this important type of coverage.

Generally, student health insurance packages only cover care and services at on-campus facilities. Some programs automatically enroll their students in one type of healthcare plan, and others allow students to choose their plan during the annual open enrollment period.

If a student is married or has dependents, they may be able to add them to their student health insurance plan for an additional cost.

Research and Travel Funding

If necessary, some programs allow doctoral students to apply for funding to help them conduct their research or travel to conferences, archives, or summer programs. This is something students apply for on an as-needed basis and is not a guarantee.

In some cases, students will pay the costs up front and then be reimbursed. Grants and scholarships can also help cover research and travel expenses.

How to Find a Fully Funded PhD Program

There are sites that allow you to search for various PhD programs around the world. But one of the best ways to discover which programs are fully funded can be by conducting your own research.

•   Before submitting an application to a PhD program, learn more about the university’s resources, faculty members, and requirements for graduation. Look into the specifics of the funding options available at each university you plan to apply to, as PhD programs may address funding differently. Often, schools will include information about these opportunities on their website.

•   While some universities automatically give grants or fellowships to their admitted students, others make their students complete a separate funding application. These applications can require submitting letters of recommendation or personal statements and can have deadlines that are different from the application deadline for the doctoral program.

Examples of Fully Funded PhD Programs

It’s possible to find fully funded PhD programs across a variety of subjects at many different schools. From a PhD in biological sciences at Harvard to education at Stanford to nursing at Duke, fully funded PhD programs cover an array of study areas.


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Paying Down Student Loan Debt

If you have student loan debt from an undergraduate or master’s degree that you want to pay down before or during a PhD program, you might consider exploring student loan refinancing. Refinancing could help you save money in interest over the life of the loan and pay down your debt faster.

Student loan refinancing involves taking out a new loan at a new interest rate and/or a new term that can be more favorable than the current rate or terms you currently have. It is possible to refinance both federal and private student loans.

But there are two important caveats:

•   When you refinance federal student loans with private loans, you forfeit access to federal benefits and protection, such as forbearance, forgiveness, and income-driven repayment plans.

•   Also, if you refinance for an extended term, while your monthly payments may decrease, you can pay more in interest over the life of the loan.

Think carefully about these points when deciding if refinancing could be the right option for you.

The Takeaway

Pursuing the highest possible graduate degree can be expensive, but a fully funded PhD program can offset all or part of the costs. Programs vary from school to school, but they typically cover the cost of tuition and may include a stipend to help finance living expenses and more. In some cases, PhD candidates will be required to do research or teach as part of the agreement to receive funding. Students can also explore other ways to cover the cost of school, including scholarships or grants.

In addition, PhD candidates who are paying off student loans from an undergraduate or master’s degree may want to consider student loan refinancing. Doing so with federal loans via a private loan means forfeiting federal benefits and protections. Also, refinancing for an extended term could mean paying more interest over the life of the loan.

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.

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.

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When you want to improve your income potential or change your career to offer your kids more opportunities, you’ll have to manage a myriad of responsibilities — possibly with a full course load to boot. Going back to college can demand a lot from moms physically, mentally, and financially.

The financial impact of going back to school as a mom can seem staggering, so consider scholarships for moms as one way to make an impact.

Keep reading to learn more on scholarships for moms, scholarships for single moms, and scholarships for working moms. We’ll also walk through how to find these scholarships and look into other ways of paying for college.

Who Is Eligible for Scholarships?

Almost anyone can get a scholarship, but you must meet the eligibility requirements set forth by the scholarship guidelines. Some scholarships will require students to be independent students. Independent students are defined by the U.S. Department of Education as those who are:

•   At least 24 years old

•   Married

•   Graduate or professional students

•   Veterans of the U.S. armed forces

•   Active duty members of the armed forces

•   Orphans, those in foster care, or wards of the court

•   People who have legal dependents other than a spouse

•   Emancipated minors

•   Homeless or at risk of becoming homeless

However, non-governmental organizations may have other requirements. Therefore, it’s important to take a look at the qualifications for each individual scholarship.

Recommended: A Guide to Unclaimed Scholarships and Grants

Types of Scholarships for Moms

Nontraditional students interested in receiving financial aid should first submit the Free Application for Federal Student Aid (FAFSA®). Colleges and universities will receive the results of the FAFSA and use that information to inform their aid decisions. The FAFSA is the first step in applying for federal financial aid, including grants, federal student loans, work-study, and other institutional aid. These could help you offset the cost of tuition and other education-related expenses. The FAFSA must be filled out each year the student is enrolled in school.

Other scholarships may require you to apply independent of the FAFSA — that is, the results of the FAFSA may not matter. However, many mom scholarships may require you to prove that you earn a low income. (Low-income thresholds depend on the size of your family and number of children, according to the United States Census Bureau.)

You can tap into many types of scholarships for moms, including single mom scholarships, scholarships for working moms, and other types of scholarships for women going back to college, as outlined below.

Single Mom Scholarships

Yes, organizations offer scholarships for single moms! Take a look:

Soroptimist’s Live Your Dream Award

If you provide the primary financial support for yourself and your dependents, you can qualify for the Soroptimist’s Live Your Dream Award, as long as you show evidence of financial need. You must also enroll or be accepted into a vocational/vocational skills training program or undergraduate degree program and be motivated to achieve your education and career goals.

Applicants must live in one of the following Soroptomist territory countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guam, Japan, Korea, Mexico, Northern Mariana Islands, Palau, Panama, Paraguay, Peru, Philippines, Taiwan, United States of America, or Venezuela.

Award amount: $1,000 to $10,000
Deadline: Application open from August 1 to November 15

Patsy Takemoto Mink Education Foundation for Low-Income Women and Children Education Support Awards

The Patsy Takemoto Mink Educational Foundation for Low-Income Women and Children
Education Support awards offer college scholarships for single moms to low-income women with children who are pursuing education or training.
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The criteria for the award state that you must:

•   Be a woman at least 17 years of age.

•   Be a mother with minor children.

•   Pursue your first degree at a post-secondary education level (vocational, associate’s, bachelor’s, master’s, or doctoral degree) — this degree must add to the level of education accomplished (such as a bachelor’s degree after an associate’s degree or an advanced degree after a bachelor’s degree).

•   Pursue a degree or credential at an institution that does not discriminate on the basis of sex/gender, LGBTQ+ status or identity, race or ethnicity, religion, disability, or immigration status.

•   Enrolled in a nonprofit, accredited institution or program in the U.S.

•   Be low-income (earn less than $20,000 total in family income for a family of 2, less than $24,000 for a family of 3, or less than $28,000 for a family of 4).
​
​​Awardees are selected based on financial need, personal circumstances, educational path, vocational and occupational goals, service/activist, and/or civic goals.

Award amount: $5,000
Deadline: Information about the 2024-25 application will appear in May 2024.

Rosenfeld Injury Lawyers LLC Single Mother Scholarship

Rosenfield Injury Lawyers LLC offers two scholarships to single mothers returning to school, one for a single mother who will attend an undergraduate or community college program and another for a single mother who will attend accredited law school.

To qualify, you must write a 500+-word essay about the advantages of returning to school while raising children and how motherhood has prepared you for the challenges of becoming a student. You must also:

•   Submit a copy of your transcript that displays your grade point average (GPA) — unofficial transcripts are accepted.

•   Authorize Rosenfeld Injury Lawyers LLC to post the material on its website and social media channels.

You may use the scholarship money for education-related expenses, including tuition and registration, textbooks, and other fees and supplies.

Award amount: $1,000
Deadline: TBD for the 2024-25 academic year


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Scholarships for Working Moms

If you’re a working mom, you may want to first consider your current job’s scholarship opportunities. Some companies offer scholarships and/or education reimbursement for their employees.

Company foundations usually create scholarship programs for employees, employees’ children or relatives, or the children of deceased or retired employees. While not necessarily just geared toward working moms, they can still provide a major financial benefit of working and going to school. Visit your company’s human resources for more information about scholarships or other educational assistance you can qualify for. Note that some companies allow employees to take advantage of their education benefits right away, but yours may require you to work at your company for a specified length of time.

Take a look at the scholarship below, geared specifically for working moms.

Job-Applications.com Working Parent College Scholarship Award

Working parents currently in college or another accredited postsecondary educational institution can qualify for the Job-Applications.com scholarship by meeting specific criteria. You must:

•   Be enrolled as a part-time student who is in an accredited U.S. post-secondary educational institution (college, university, or trade school, or a similarly accredited program).

•   Have a current cumulative grade point average of 3.0 or higher at that institution.

•   Have worked an average of at least 12 hours for each of the previous four weeks during the application process.

•   Be a residential parent of at least one minor child.

•   Be a legal U.S. resident.

•   Be at least 18 years of age or older.

You must also submit a 600- to 1,000-word essay about the keys for balancing parenthood, working, and succeeding in college.

Award amount: $1,000
Deadline: TBD for the 2024-25 academic year

Scholarships for Moms Going Back to College

Moms pursuing graduate work may also need help finding grad school scholarships.

Society of Women Engineers Scholarship Program

Those who identify as a female/woman and who study at a community college, bachelor’s or graduate degree program with the intention of preparing for a career in engineering, engineering technology, or computer science may qualify for the Society of Women Engineers Scholarship Program .

To qualify, you must:

•   Plan to study at an undergraduate/community college or plan to get your master’s or Ph.D. at an ABET-accredited program.

•   Major in engineering, technology, or computing.

•   Must attend full time (though exceptions are made for reentry and nontraditional applicants).

•   Not be fully funded for tuition, fees, books, or the equivalent.

Award amount: $1,000 to $10,000
Deadline: TBD for the 2024-25 academic year

Chrysalis Scholarship

The Chrysalis Scholarship , funded by the Association for Women Geoscientists, helps women who experienced an interruption in their education due to raising children or other life circumstances and need financial help to obtain their graduate degrees in a geoscience-related field thesis or dissertation. The scholarship may cover drafting expenses, child care, defense travel, late-stage research and analyses, and more.

To qualify, you must:

•   Be a graduate student who has had an educational interruption due to life circumstances.

•   Approach the completion of your geoscience degree.

•   Plan to contribute to the geosciences and the larger world community.

Application materials include a letter of application in which you describe your background, career goals, and objectives, how you plan to use the scholarship, and the nature and length of the education interruption. You must provide letters of reference from your thesis/dissertation advisor and another scientist of your choice.

Award amount: $2,000
Deadline: TBD for the 2024-25 academic year


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

Applying for Scholarships for Moms

When you’re applying for scholarships, it’s important to get organized. Make a list of due dates on your calendar and estimate how much time it’ll take you to complete each application. Research scholarships early so you don’t miss out on scholarship opportunities.

Read the eligibility guidelines carefully. Contact the organization sponsoring the scholarship if you have specific questions related to eligibility. Some scholarships may not get many applicants, so if you meet almost all the requirements, ask if you can apply anyway. You might be pleasantly surprised to find that the committee or organization will allow you to apply.

Finally, follow all the instructions. Stick to the word limit for the essay and send supporting materials as requested.

Recommended: What a Merit Scholarship Is and How to Get One

Finding Other College Scholarships for Moms

Put your feelers out for every type of scholarship that might apply to you — they don’t even need to be strictly “mom-related.” If you qualify in another way, such as for your interest in zoology or criminology, keep those options open. Look into the following sources for scholarships, as well:

•   Colleges and universities: Colleges and universities offer many different types of scholarships and grants. Make an appointment with an admission counselor and/or the financial aid office to learn more about scholarships you can apply for at each institution you’re interested in attending.

•   Charity organizations: Look into organizations in your community, such as the local Rotary Club. You just might scoop up a few scholarships based on the organizations you know. Ask around!

•   Professional organizations: What do you plan to major in? Check to see if professional organizations of your chosen industry offer scholarships and grants. It’s also possible to get internships and careers from these professional organizations right out of the gate after graduation.

Recommended: How to Pay for College

Other College Financing Methods

You might need other sources of financial aid to close the cost gap after scholarships for college are factored in. Generally, the first step, as mentioned, is filling out the FAFSA. The FAFSA is completely free and offers other financial aid beyond scholarships, including need-based and non-need-based federal financial aid.

Other options for paying for college include:

•   Federal grants: Students who demonstrate financial need may qualify for federal grants. You do not need to pay these back. For example, you could qualify for a Federal Pell Grant or the Teacher Education Assistance for College and Higher Education (TEACH) Grant. Take a look at the eligibility requirements to determine whether you qualify.

•   Federal student loans: You may qualify for federal student loans through the U.S. Department of Education and through the William D. Ford Federal Direct Loan Program. Direct Unsubsidized Loans are non-need-based, while Direct Subsidized Loans are awarded to students who demonstrate financial need.

•   Private student loans: Federal student loans, scholarships, and other funding sources may not fully cover the cost of attendance for students. In that case, students may tap into private student loans. However, private student loans do not have the same benefits or borrower protections as federal student loans (like deferment options or the ability to pursue certain federal loan forgiveness programs). For this reason, private student loans are generally pursued only after all other options have been thoroughly considered.

Recommended: Types of Federal Student Loans

The Takeaway

Scholarships for moms going back to college is one way to help fund your degree. You can find scholarships by asking your college or university about their options, looking into your local community, asking professional organizations in your field, and using an online scholarship search tool. Other options for paying for college include federal student loans, grants, and work-study.

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.

Photo credit: iStock/Portra

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.

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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If you have federal student loans, you can enroll in an Income-Driven Repayment (IDR) plan, which may make your monthly payments more affordable. That’s because the amount is calculated based on your income and the size of your family.

Income-Driven Repayment is the umbrella term for several federal repayment programs tied to salary, while Income-Based Repayment refers to one specific plan. (Yes, it’s a bit confusing.)

Once you are enrolled in an IDR, you will need to “recertify” annually, by providing updated information about your salary and family size — essentially reapplying for the plan. The government uses this information to calculate your payment amount and adjust it if necessary.

You can easily recertify online or by mail. Read on to find out when to recertify your income-driven repayment, how to do it, and more.

What Is Income-Based Repayment?

As noted above, the correct umbrella term is Income-Driven Repayment, which encompasses four different plans. These are available to federal student loan borrowers to help make their payments more manageable. It’s an option to keep in mind when choosing a loan or if your current federal loan payments are high relative to your income. The program is intended to make the amount you pay on your student loan each month more affordable.

The four income-driven repayment programs offered for federal student loans are:

•   Saving on a Valuable Education (SAVE) Plan — formerly the REPAYE Plan

•   Pay As You Earn (PAYE) Repayment Plan

•   Income-Based Repayment (IBR) Plan

•   Income-Contingent Repayment (ICR) Plan

For all of these plans, your payment amount is generally based on a percentage of your discretionary income, which is defined by the U.S. Department of Education (DOE) as “the difference between your annual income and 150% of the poverty guideline for your family size and state of residence.” There is a Loan Simulator tool you can use to see what your payments would be for each of the repayment programs.

IDR payments are determined as 10% of your discretionary income if you are a “new borrower,” who received their loan on or after July 1, 2014. You must also have no outstanding balance on a Direct Loan or Federal Family Education Loan (FFEL).

If you’re not a new borrower, payments are generally 15% of your discretionary income.

With an IDR plan, your payment will never be more than the 10-year Standard Repayment Plan amount, which is the typical repayment plan for the Federal Direct Loan program and FFELs.

Each income-driven repayment plan has a different loan term. For IDRs, it’s 20 years for new borrowers and 25 years for those who aren’t considered new borrowers. Any loan balance that remains unpaid at the end of the repayment period will be forgiven.

Recommended: Guide to Student Loan Forgiveness

Which Federal Loans Are Eligible for an Income-Driven Repayment Plan?

IDR plans are available for the following types of federal loans:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Direct PLUS Loans made to graduate or professional students

•   Direct Consolidation Loans that did not repay any PLUS loans made to parents

•   Subsidized Federal Stafford Loans

•   Unsubsidized Federal Stafford Loans

•   FFEL PLUS Loans made to graduate or professional students

•   FFEL Consolidation Loans that did not repay any PLUS loans made to parents

•   Federal Perkins Loans, if consolidated.

Income-Driven Repayment plans are not available to FFEL PLUS loans or Direct PLUS loans that are made to parents. They are also not available for Direct Consolidation Loans or FFEL Consolidation Loans that repaid PLUS loans to made parents.

You don’t need to consolidate your student loans to apply for an income-based repayment plan.

Recommended: Refinancing Student Loans Without a Cosigner

The New SAVE Plan

The DOE recently rolled out a new income-driven repayment plan called SAVE (Saving on a Valuable Education). It replaces the old plan known as REPAYE (Revised Pay As You Earn). Under the SAVE plan, the income exemption increases from 150% to 225% of the poverty line.

Those enrolled in SAVE pay 5% to 10% of their discretionary income toward their monthly student loan payments, and their loans will be discharged after 20 years for undergraduate loans, and 25 years for graduate loans. For comparison, on an IDR plan, borrowers pay between 10% and 15% of their discretionary income and loans are forgiven after 20 to 25 years.

Borrowers who have $12,000 or less in federal loans will receive forgiveness after 10 years of on-time payments (even if their payment is $0 each month). Borrowers with more than $12,000 in loans should add a year for every additional $1,000 of debt they owe. So if they have $14,000 in loans, they will receive forgiveness after 12 years of on-time payments under the SAVE plan.

Under SAVE, if you are a single borrower earning $32,800 or less or a family of four earning $67,500 or less (amounts are higher in Alaska and Hawaii), your monthly payments will be $0. According to the DOE, borrowers earning more than this will save at least $1,000 per year compared to the other income-driven repayment plans.

What’s more, under the SAVE plan, interest will not accrue if you make your payment on time each month. For example, if your interest charge is $50 each month, and your payment is $30, you won’t be charged the remaining $20.

Like other IDR plans, the SAVE plan will need to be recertified every year.

What Is Student Loan Recertification?

Since your repayment plan is based on your income and the size of your family, you need to reconfirm these details every year.

If you apply for an income-driven repayment plan online, the DOE will ask you for consent to access your tax information. If you give consent, they will automatically recertify your loan every year.

If you choose to apply manually (printing out a PDF and mailing it into your loan servicer), you will need to manually recertify every year with your loan servicer.

If your financial situation changes ahead of recertification — like you lose your job — you can reach out to your loan servicer and ask them to immediately recalculate your payments.

How to Recertify Income-Driven Repayments

You can apply for income-driven repayments and recertify your status by going online to StudentAid.gov. Filing your application online ensures that it is sent to each of your loan servicers if you have more than one. Alternatively, you may send paper applications to each of your loan servicers if you haven’t filed a tax return in the last two years or your income has changed significantly since you filed your last return.

To file online, go to the student aid website above, click on “Manage My Loans,” and then click on “Recertify an Income-Driven Repayment Plan.” You’ll need to log in with your federal student aid ID.

Next you’ll answer questions about your family, including family size, your marital status, and your spouse’s income, if applicable. You can connect your account directly to your tax return to verify your income information. And if your income has changed since your last tax return, you can upload more recent pay stubs.

To recertify by mail, you can download the Income-Driven Repayment Plan Request form, which you can find in the Federal Student Loan Forms library. Fill out the form and attach the required documents. You’ll send the request to the address provided by your loan servicer.

When to Recertify Income-Driven Repayment Plans

The government paused income-driven repayments as part of its COVID-19 relief program. Paused payments still count toward IDR forgiveness.

Borrowers were not required to recertify before payments restarted. So if a borrower’s recertification date fell between October 2023 and March 1, 2024, it was pushed out by one year. For example, if your recertification date was January 1, 2024, your new recertification date is January 1, 2025.

If your income has decreased or your family status has changed in the past three years, you may want to recertify earlier. You can fill out a recertification form at any time if you’re struggling to make your payments because your financial situation has changed.

If you fail to recertify your IBR plan by the annual deadline, your monthly payment will switch to the amount you will pay under the Standard Repayment Plan. You’ll be able to make payments based on your income again when you update your income information.

The Takeaway

Income-Driven Repayment plans are available to most federal student loan borrowers and can be a great way to make sure your student loan repayments work with your budget. Recertification is a critical step borrowers need to take each year to inform the government of changes to your situation that might affect your payment size.

Refinancing is another way to manage your student loan debt, especially if you have private student loans that don’t qualify for government assistance programs.

If you’re considering refinancing federal loans, just be sure the amount you save outweighs the benefits of income-driven programs, potential student loan forgiveness, or other federal loan protections, all of which you lose access to when you refinance with a private lender. Our Student Loan Refinance Calculator can help you run the numbers.

Visit SoFi to explore options for student loan refinancing. SoFi offers a competitive rate, flexible terms, no hidden fees, and no prepayment penalty — and you can view your rate in 2 minutes.

FAQ

Can you recertify student loans early?

Federal student loan borrowers who are on an income-driven repayment plan need to recertify their loans once a year. You can recertify early, and it may be a good idea if your family has grown or your income has decreased.

How do I recertify my student loans?

You can recertify your student loans online at the Federal Student Aid website (studentaid.gov), or by downloading and mailing in the Income-Driven Repayment Plan Request form with any supporting documentation. If you mail in the request, you’ll need to send a copy to each of your loan servicers.

When should I recertify my student loans?

Your recertification date is the date one year after you started or renewed your IDR plan. Your loan servicers will send you a notice that it’s time to recertify your loan.

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.

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An associate degree is a two-year course of study often offered by a community college or junior college. You can get one of four types of associate degrees: AA (associate of arts), AS (associate of science), AAA (associate of applied arts), and AAS (associate of applied science).

Paying for an associate degree doesn’t have to be complicated. Here’s what to know about the options.

What Is an Associate Degree?

Associate degree programs can include a wide variety of course degrees, including general education coursework and job training. Many associate degrees require students to complete about 60 credits.

Based on the Bureau of Labor Statistics (BLS), workers with an associate degree had median weekly earnings of $1,002 in 2023 compared with $905 for workers with a high school diploma.

Recommended: Can You Refinance Student Loans Without a Degree?

How to Pay for an Associate Degree

There are several ways to pay for an associate degree. Many students use a combination of job income, savings, and federal financial aid. You must file the Free Application for Federal Student Aid (FAFSA) in order to qualify for federal aid and many scholarships and grants. Keep in mind that if you’re working while going to school, you must maintain at least half-time status (about 6 credit hours per semester) to be eligible for federal aid.

Scholarships and grants are award money that you don’t have to repay. Grants are usually need-based, while scholarships are awarded based on academics, extracurricular activities, major, and other merit factors.

You can apply for both federal and private student loans for associate degrees. Federal student loans are loans that come from the federal government. You do have to repay student loans after you leave school, even if you don’t finish your degree.

You may also want to apply for private student loans if the aid you receive won’t be enough to cover your expenses for the semester or for the year. It’s generally recommended that you exhaust all of your federal loan options before looking into private student loans, which aren’t backed by the federal government. Here’s an overview of applying for both federal aid and private student loans for associate degrees.

Step 1: File the Free Application for Federal Student Aid (FAFSA).

In order to qualify for federal student aid (aid from the federal government), you must file the FAFSA and fill in the school code for the school or schools on your list. You’ll have to fill out the FAFSA every year prior to the start of a new school year.

Recommended: FAFSA Guide

Step 2: Review your Student Aid Report (SAR).

The financial aid office at the school you’re considering will receive your FAFSA information to determine your eligibility for federal and state aid. You and the college will both receive a Student Aid Report (SAR), which is a paper or electronic document that offers basic information about your eligibility for federal student aid. It also lists your answers on the FAFSA.

Step 3: Look over your financial aid award.

You’ll receive a financial aid package after you provide the college with all the necessary documentation. You will likely receive a financial aid award package via email, which will detail the scholarships, grants, work-study, and loans that your school will give you. You’ll then have to accept or decline the aid you receive from the college. If you’re awarded federal student loans, you can decline all or part of those loans.

You’ll also need to complete entrance counseling and the Master Promissory Note at the Federal Student Aid website.

Step 4: Evaluate your need for private student loans.

Do you need more coverage? You may need to apply for private student loans to cover the costs of your degree. This means shopping around for a private student loan lender that fits your needs. Find out if your school offers a lender list, and be sure to compare:

•  Interest rates

•  Student loan fees (like origination fees)

•  Repayment options

•  Whether you’ll need a cosigner. You may require a cosigner if you don’t have a credit history. A parent, relative, or any other creditworthy individual can cosign with you to boost your chances of getting a student loan.

Paying Off Student Loans for an Associate Degree

What are your options for paying off student loans? Here are some of the repayment paths to consider.

Job Income

Ideally, you’ll find a job directly related to your associate degree. You can set up automatic deductions from your bank account so you won’t need to worry about missing a payment. Contact your student loan servicer if you’d like to set up automatic deductions.

One way to pay off your loans faster is to pay more than the minimum monthly amount. This will also help you save on the interest that will accrue on your loans, because you’re paying them down faster. You can also save up and pay off a lump sum.

Start Early

You don’t need to wait to graduate to start paying off your student loans. You can start paying off your student loans early, while you’re still in school. This is a great way to save on the interest that could accrue on your loans in the future and help you pay your loans off faster.

It’s a good idea to have a plan in place if you want to start paying them off early (an online budgeting tool may help). Even little amounts can make a difference over the long run.

Use Tax Deductions

Some tax deductions can often be a big help and student loan tax deductions are no exception. You can get a student loan interest deduction when filing your taxes when you pay at least $600 in qualified student loan interest. Your lender will send you IRS Form 1098-E, the Student Loan Interest Statement. You’ll be able to save money on your taxes as long as you have student loan interest to deduct.

Apply for Loan Forgiveness

It’s important to note that you can only qualify for student loan forgiveness through federal student loans. For example, you may want to qualify for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. If you work for a government or not-for-profit organization, PSLF forgives the remaining balance on your Direct Loans after you have made 120 monthly payments under a repayment plan as a full-time employee.

If you have Direct Loans or FFEL Program loans, you may be able to take advantage of the Teacher Loan Forgiveness program. In this case, you must teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency. You can qualify for up to $17,500 on your Direct Loan or FFEL Program loans.

Contact your loan servicer if you think you qualify for one of these programs and take a look at other cancellation or discharge programs you might qualify for.

Refinancing Student Loans

When refinancing associate degree loans, a lender pays off your current loan or loans and gives you a new loan with new terms, ideally at a lower interest rate. Refinancing can help you save money over the life of your loan.

Note that having a good credit score is key to refinancing your student loans. Your credit score is a three-digit number that summarizes how well you pay back your debts. A private lender will also take your credit utilization into account, which reveals how much of your available credit you actually use. Having a high credit score and low utilization ratio can help you get the best rates possible.

If you’re thinking about refinancing associate degree loans, it’s important to understand that you can’t refinance a federal student loan into a new federal student loan — all refinances become private student loans. This also means that you give up the possibility of qualifying for forgiveness, cancellation, and discharge through the federal government, as well as deferment or forbearance options.

Refinancing Student Loans With SoFi

Refinancing student loans can be a great way to save money over the life of the loan if you’re able to refinance at a lower interest rate and you don’t plan to use federal programs. As a reminder, if you refinance a federal loan, you’ll lose access to federal benefits and protections.

If you’re considering refinancing, SoFi offers competitive rates, no origination fee, and unemployment protection. You can also talk to a representative who can walk you through the process.

Find out if SoFi student loan refinancing is right for you.

FAQ

How much are student loans for an associate degree?

Federal and private student loan lenders may charge a variety of fees for associate degree student loans, including origination fees, late payment fees, and returned check fees. However, some lenders don’t charge any of these fees at all. It’s a good idea to do a side-by-side comparison of all costs before you choose one lender over another.

Does FAFSA cover associate degrees?

Yes, you can tap into federal student aid options to pay for associate degrees. You must file the FAFSA and send the information to the schools on your list that you’re considering to complete your associate degree. You may qualify for a combination of federal student loans, grants, and work-study for student loans for an associate degree. One of the best things you can do is to talk through the details with a financial aid professional at the college you plan to attend.

Can you refinance after your associate degree?

Yes, you can refinance associate degree student loans after you obtain your associate degree. You’ll want to determine whether you can get a better interest rate and/or pay your loans off faster with a refinance. However, note that you’ll lose access to federal loan benefits and protections when you refinance. Federal programs such as forgiveness and income-driven repayment do not apply to private student loans.

Photo credit: iStock/SolStock

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.

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A health savings account (HSA) and a Health Maintenance Organization (HMO) are both meant to help with medical costs, but there are vast differences between the two. An HSA acts as a personal saving account, where you can set aside tax-free dollars to be used toward out-of-pocket health care expenses. An HMO is typically a low-cost health insurance plan.

It’s tough to directly compare an HSA vs. HMO, as they serve different functions. But understanding how each works, and their pros and cons, can help lower medical costs and keep more money in your wallet. Here, you will learn:

•   How an HSA works

•   How to set up an HSA

•   The pros and cons of an HSA

•   How an HMO works

•   How to set up an HMO

•   The pros and cons of an HMO

•   The key differences of an HSA vs. HMO

•   How to fund healthcare costs.

What is a Health Savings Account (HSA)?

A health savings account (HSA) allows individuals to put away pre-tax dollars to be used for future medical purposes. These funds can be used for copays, dental and eye care, and a host of other expenses not covered by a healthcare plan.

Here’s the catch: You have to be enrolled in a high-deductible health plan (HDHP). An HDHP is geared to offer you lower monthly health-insurance payments. The downside, however, is that you could get hit with a lot of out-of-pocket expenses before meeting the plan’s high deductible.

That’s where a Health Savings Account (HSA) comes in. The money in your HSA can help bridge the gap between your high deductible and your pocketbook.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

How Does a Health Savings Account Work?

A Health Savings Account works similarly to other kinds of saving accounts. You can transfer funds and pay bills online. You are free to withdraw HSA funds at any time to pay for health costs not covered by your HDHP.

Employers can contribute to your HSA, with direct deposits made straight from payroll. HSA funds can be used for you or any family member covered by your HDHP.

The money in your HSA can remain in the account and roll over every year, accumulating tax-free interest. You can even use your HSA for retirement. After the age of 65, you can start withdrawing from your HSA with no penalty.

There are rules and limits to an HSA. For tax year 2023, the IRS limits contributions to no more than $3,850 for individuals and $7,750 for families with HDHP coverage. Those 55 and older can contribute an additional $1,000 as a catch-up contribution. For 2024, HSA contribution limits are $4,150 for individuals and $8,300 for families. Those 55 and older can contribute an additional $1,000 as a catch-up contribution.

How to Set Up an HSA

Setting up a tax-advantaged HSA is pretty straightforward. If you are self-employed, take the time to compare different HSAs online. Many of them have reasonable fees (or none) and minimal requirements.

If your HSA is offered directly through your employer, that makes the decision easy.

The steps to enroll in an HSA are not unlike opening a bank account. You’ll need proof of a government-issued ID, your Social Security number, and proof of your enrollment in a HDHP.

Once you have set up an HSA, you may be able to opt for regular, automatic deposits straight from your paycheck or your bank account, and start reaping the benefits of using a health savings plan.

Pros of an HSA

A health savings plan provides a range of advantages, including:

•   Covering out-of-pocket medical expenses, including dental costs, copays, new eye glasses, and hearing aids. The IRS has a lengthy list of all the goodies you can buy with your tax-free dollars.

•   Lowering taxable income. HSA contributions go into your account before taxes, so you could pay less taxes down the line.

•   Investing for the future. You can opt to have your HSA money invested in chosen mutual funds once you reach a minimum requirement balance.

•   Covering health expenses for your family. HSA benefits anyone who is currently covered by your high-deductible savings plan.

•   Rollover contributions. Unused contributions don’t vanish. They roll over into the next year, growing and accumulating tax-free interest.

•   Retirement savings. Any unused funds can be used to boost retirement savings. They can be withdrawn after the age of 65, and spent as you please. You can put the money toward a beach vacation or any other purpose.

•   Portability. If you move or change jobs, the money is still yours. You don’t have to surrender it.

Cons of an HSA

There are some potential disadvantages to having an HSA, including:

•   Penalties for non-qualified expenses. Before the age of 65, the IRS can impose a substantial 20% penalty on monetary amounts spent on unapproved purchases. This money will also be viewed as taxable income.

•   Monthly/annual fees. Some health savings accounts may charge a low monthly service fee. Service fees tend to be no more than $5 per month. Some HSAs allow you to invest in mutual funds after your balance reaches a certain amount. If you choose this option, you will probably be charged an annual account management fee.

•   Unable to contribute. Budgets can get tight. There are times when you might not be able to regularly contribute money to your HSA.

•   Tracking for your taxes. HSA expenditures and contributions must be reported on your tax return. Keeping tabs on those transactions can be tedious.

•   Monetary losses. As with an IRA or 401(k), if you choose to invest your HSA money in mutual funds, your balance can experience gains and losses as the market fluctuates. These investments are not FDIC-insured like bank accounts are.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

What is a Health Maintenance Organization (HMO)?

A Health Maintenance Organization (HMO) is a type of health insurance plan. An HMO tends to offer lower monthly or annual premiums and a specific pool of doctors. If you stay within their network of healthcare providers, you may have lower out-of-pocket costs and, unlike with a HDHP, a lower deductible or even no deductible at all.

How Does a Health Maintenance Organization Work?

A health maintenance organization (HMO) plan consists of a group of insurance providers who have contracted certain doctors and hospitals to work with them. These medical professionals and facilities agree on a payment rate for their services, which can translate into reduced costs for you.

As long as you use the doctors in the HMO network, you are eligible for medical services that cost less. HMOs typically require a referral from an in-network primary care physician in order to receive low-cost services from specialists, such as an oncologist or gynecologist.

Many health insurance companies offer HMO plans as a coverage option. An individual can choose the HMO plan and go through the steps of enrollment, either on paper or via an online form. The process includes selecting your primary care physician.

Pros of an HMO

The advantages of enrolling in an HMO plan can include:

•   Lower monthly premiums versus other insurance plans.

•   Lower out-of-pocket expenses when you see your GP or specialists, have tests done, and access other kinds of medical care.

•   Lower prescription costs for your medications.

•   Fewer medical claims, as the paperwork is filed in-network.

•   Appointing a primary care doctor, whose office may coordinate and advocate for your various medical services.

Cons of an HMO

There are disadvantages of having an HMO, including:

•   Limited access to doctors and facilities. You must stay within their network of providers or risk paying out-of-pocket, except in the case of certain emergencies.

•   A new primary care doctor. If your current doctor isn’t in the HMO’s network, you’ll have to find a new primary care physician. For some people, this may be a difficult switch to make.

•   Referral requirements. To see a specialist and have your HMO pay for those services, you’ll need referrals; you can’t just look up a specialist and see them.

•   Strict definitions. There are times when you must very specifically meet requirements to have medical services paid for. This can be important to know during emergencies and other medical situations.

Can You Have Both an HMO and HSA?

Yes. There is no real rivalry happening with HMOs vs. HSAs, as they are so different. But if you are wondering if you can have an HSA with an HMO, here’s what you need to know. You can use an HSA with an HMO, as long as the HMO qualifies as a high-deductible health plan (HDHP). Since HMOs are often low cost healthcare plans, an HMO may not qualify as an HDHP. Check with your particular plan to see.

Key Differences Between an HMO vs HSA

•   An HSA acts like a savings account, an HMO is a health plan offering savings through lower-cost healthcare options.

•   An HSA does not offer a network of doctors, but can offer investment opportunities and help you save for retirement.

Recommended: How to Save for Retirement

Ways to Fund Healthcare Costs

Besides enrolling in a low-cost HMO, or opening an HSA, there are other ways to save money and pay for medical expenses.

Flexible Spending Account

A flexible spending account (FSA) acts very much like an HSA. It is similar to a savings account, and can be used for medical expenses and saving for retirement.

An FSA, however, can only be obtained through an employer. Self-employed people cannot have an FSA.

Money Market Account

A money market account works like a traditional checking or savings account. You could use the money for healthcare costs, or any other purchases. Money market accounts can offer a higher interest rate than other saving accounts, but there may be a higher minimum account balance required and more costly fees.

Savings Account

A traditional savings account can be set up with a bank or a credit union. Funds in a savings account can be spent on anything. But savings accounts may offer lower interest rates than other types of saving options. However, high-yield savings accounts may help close that gap somewhat.

The Takeaway

Enrolling in a health savings plan (HSA) or a health maintenance organization plan (HMO) provides different advantages, with the same goal in mind: saving you money on healthcare costs. Enrolling in one (or both) can bring a sense of security for you and your family and help you hold onto more of your hard-earned 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.

FAQ

Is an HSA better than an HMO?

An HSA isn’t better; it’s just different. An HSA is a kind of savings account for people enrolled in a high-deductible healthcare plan and is used to pay for medical costs. An HMO is a low-cost health insurance plan that gives you access to a specific network of healthcare professionals.

What happens to an HSA if you switch to an HMO?

You can keep and use an HSA with any type of health plan, as long as it qualifies as a high-deductible health plan (HDHP). If not, you can keep and access the money in the HSA, but you can no longer contribute to it.

What happens to my HSA if I cancel my insurance?

You can continue to use the money in the HSA account, but can no longer contribute to it until you’re enrolled in another HDHP.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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