Financial Topics Archives

Apr

2025

Options Chain: Definition & How to Read an Options Chain

By Matthew Zeitlin | Growing Wealth, invest, Investing, Terminology | Comments Off

Editor's Note: Options are not suitable for all investors. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Please see the Characteristics and Risks of Standardized Options.

An options chain is like a menu of all the available options contracts for a specific security, like a stock or other asset. The options chain, or options matrix, shows the listed puts, calls, strike prices, volume and pricing information, within a certain maturity (or expiration date) for a specific security.

An options chain provides a handy visual way to track important information necessary for options trading, including implied volatility.

Key Points

• Options chains list available contracts, including puts, calls, expiration dates, strike prices, and volume.

• Calls allow buying at a set price, while puts allow selling, both on or before expiration.

• In-the-money options may be profitable, out-of-the-money options typically are not, based on strike and market prices.

• Options chains help gauge market conditions and liquidity, providing essential trading data.

• Additional data like implied volatility may also be provided, enhancing trading decisions.

Understanding the Options Chain

To understand what an options chain is, it’s essential to first understand how options trading works. With this knowledge, you can build options trading strategies.

Options contracts are derivatives in that they allow investors to speculate on movements of an underlying asset without direct ownership. They provide the right, but not necessarily the obligation, to buy or sell a stock at a specified strike price on or before expiration.

But options trading strategies can be quite risky and are typically undertaken by experienced investors.

While options can get quite complex, they generally fall into two kinds of options: calls vs. puts.

Calls are options that grant the right to buy a stock at a preset price (the strike price) on or before the expiration date, while puts grant you the right to sell the underlying asset at a specific price until the expiration.

Call Options

A standard call option contract typically grants an investor the right to buy 100 shares of an underlying stock or other security at the strike price. A call option can be appealing because it provides an investor with a potential way to gain exposure to a stock’s price movements without having to pay the full price for 100 shares.

The investor pays what’s known in options terminology as the “premium” on each share, which is typically much less than the current price of the stock.

Put Options

By contrast, a put option is a contract that allows the investor to sell shares at a certain price at a specified time in the future. The seller of the put option has the obligation to buy the shares from the put buyer, if the put buyer chooses to exercise the option.

If call options are a way to profit from a stock going up in price without having to own the stock itself, then put options are a way to profit from the fall of a stock’s price without having to short the stock (i.e. borrow the shares and then buy them back at a lower price).

Just like trading stocks and other assets, options can be traded using an online investing platform or a traditional brokerage.

In-the-Money and Out-of-the-Money Options

Options can be “in the money” (ITM) or “out of the money” (OTM). The terms refer to the relationship between the options strike price and the market value of the underlying asset.

Understanding the difference between being in-the-money or out-of-the-money helps determine potential profitability and informs decisions about whether to exercise the option.

• A call option is in the money if the strike price is lower than the current market price of the underlying security. An investor holding such a contract could exercise the option to buy the security at a discount and sell it for a profit immediately.

• An out-of-the-money call option occurs when the option’s strike price is higher than the current market price of the underlying stock. That means the option doesn’t have any intrinsic value. Any value the option has is based on the possibility that the price of the underlying security will go up in the future.

The reverse applies to puts. A put would be in the money if the strike price is higher than the current market price of the underlying security, and out of the money if the strike price is lower.

What Is an Options Chain?

An options chain is a table displaying different options, along with key data points. The options chain can vary depending on who is providing it, but some of the terms can include:

• the strike price

• last price

• trading volume

• the bid

• the ask

• net change

Once you understand basic options concepts like calls and puts, an options chain will be pretty easy to read.

From there, more complicated options trading strategies, like options trading straddles, can be explored.

Finally, user-friendly options trading is here.*

Trade options with SoFi Invest on an easy-to-use, intuitively designed online platform.

*Check out the
OCC Options Disclosure Document.

Options Chain Example

Here is a hypothetical example of an options chain for Company ABC.

Call options for January 27, 2025

Contract name	Last Trade Date	Strike	Last Price	Bid	Ask	Change	Volume	Open Interest
ABC230127C00240000	2025-01-26 03:37PM EST	240.00	15.22	12.95	15.00	-2.58	15	54
ABC230127C00245000	2025-01-26 03:53PM EST	245.00	11.00	9.10	12.15	-3.33	68	111
ABC230127C00250000	2025-01-26 03:59PM EST	250.00	8.80	8.20	10.80	-2.55	96	175

Options chains aren’t standardized, and different providers may display varying levels of detail or additional metrics.

Additional information could include more detail on price fluctuations, such as percentage price changes. Some platforms provide additional data, such as implied volatility, which measures the market’s expectations for future price fluctuations.

Reading the Options Chain

Once you understand the terms listed in the options chain, it’s relatively easy to decode. Reading from left to right in the hypothetical options chain above:

• Contract name: Just as the fictional ABC company has a stock ticker, options have an alphanumeric identifier. For instance, “ABC250127C00240000” refers to an option to buy ABC shares by January 27, 2025 for $240. In other words, this is a call option with a strike price of $240 that expires on January 27, 2025.

• Last trade date: The date and time when the option was last traded.

• Strike: The predetermined price at which the option holder can buy (calls) or sell (puts) the underlying asset before the expiration date.

• Last price: The most recently traded or posted price of the option.

• Bid: The highest price someone is willing to pay for the option.

• Ask: The lowest price someone is willing to sell the option.

• Change: How the price has changed since the close of the previous trading session.

• Volume: The number of options contracts traded the most recent day that trading has been open.

• Open interest: These are the options contracts that haven’t been closed — meaning exercised (i.e. the stock has been bought or sold at the pre-arranged price) or otherwise settled.

How Options Chains Can Help You Trade Options

Options chains are a key tool for trading options. Their role in options trading depends on how brokerages present them and how well they fit into a trader’s overall strategy.

For example, an experienced trader would be able to gauge the market in terms of price movements and higher and lower liquidity. These are key points to know for efficient trade executions and potential profitability.

For example, a trader wanting to assess market conditions for the first call option in the matrix above, may analyze the last price, bid, ask, and net change.

Any brokerage that allows you to trade options will provide the type of information seen in an options chain, as it is necessary for options to be priced and for investors and traders to make informed decisions about options trading.

Brokerages typically also have various deposit and educational or knowledge requirements for options trading as well.

The Takeaway

Options are highly complex derivatives, and investors need to be experienced enough to interpret a series of critical data points in order to build an effective options strategy. One tool that can be helpful for traders is using an options chain, or options matrix.

An options chain is similar to a master list of available options contracts for a specific security (the underlying asset). It shows the puts, calls, expiration dates, strike prices, and volume and pricing information for that asset. By reading these charts, traders can decide which options fit their strategy.

SoFi’s options trading platform offers qualified investors the flexibility to pursue income generation, manage risk, and use advanced trading strategies. Investors may buy put and call options or sell covered calls and cash-secured puts to speculate on the price movements of stocks, all through a simple, intuitive interface.

With SoFi Invest® online options trading, there are no contract fees and no commissions. Plus, SoFi offers educational support — including in-app coaching resources, real-time pricing, and other tools to help you make informed decisions, based on your tolerance for risk.

Explore SoFi’s user-friendly options trading platform.

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SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC.

For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with Sofi Invest please view our fee schedule.

Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Characteristics and Risks of Standardized Options . Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

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.

SOIN-Q125-069

Apr

2025

15 Seasonal Jobs for College Students in 2025

By Melissa Brock | Financial Topics, Going to College, Life & Career | Comments Off

College students are uniquely positioned to take advantage of seasonal jobs since they tend to have summers off from school and long holiday breaks. This gives them the opportunity to earn extra money for college and get some hands-on work experience to put on their resume.

Whether you’re looking for a job that lets you earn as much money as possible to help pay your college expenses, or a position that’s in the same field as your studies, there are a variety of seasonal jobs for college students that may be right for you.

Read on to learn more about the best seasonal jobs for college students.

Key Points

• Seasonal jobs offer college students income and work experience, and can help them pay expenses and build a resume.

• Job opportunities include virtual assistant, social media marketer, tutor, lifeguard, and landscaper, with varying pay rates.

• Winter jobs like professional driver, warehouse worker, and snow remover provide income during cold weather months.

• Jobs such as pet sitter, babysitter, and summer school teacher are ideal for college students during the summer.

• Holiday jobs in retail and gift wrapping offer flexible work opportunities during the school break.

Why Is It Important for College Students to Find a Seasonal Job?

Landing a seasonal job as a college student is crucial for a number of reasons. First, it can give you income to pay your bills, including college expenses. You might even want to start paying the interest that accrues on some of your student loans while you’re in school, including your private student loans.

Along with paying for a college degree, other reasons for college students to get a seasonal job include gaining work experience, developing skills to put on your resume, and getting the chance to network and meet working professionals who may be helpful to you when you’re looking for a full-time job after graduation. A seasonal job can also teach you things like time management, effective communication, and how to collaborate with others.

What Are the Best Seasonal Jobs for College Students?

Here are some of the best seasonal jobs for college students based on such factors as wages, job availability, and the skills required.

Virtual Assistant

Virtual assistants are remote administrative contractors who assist businesses with a wide range of duties, including administrative support, customer service, social media management, email marketing, bookkeeping, data entry, research, transcription, and content or website management. Because these jobs are virtual, college students can do them no matter where they live.

Average pay: $7.21 to $62.74 an hour

Social Media Marketer

In this position, college students are employed by a company to use social media platforms such as Facebook, Instagram, and TikTok to promote the company. They might work on projects to reach new customers, engage with current customers, and announce new services and products. Their day-to-day tasks could range from writing posts, optimizing performance, and responding to comments and messages, to helping to plan the company’s social media marketing strategy.

Average pay: Approximately $26.18 per hour

Tutor

Working as a tutor can be a natural fit for those in college. You can connect with other students and help them learn by explaining information in a way that’s relatable to them.

You can find work as a tutor by advertising your services at your college, getting a job at a local learning center, or signing up with campus tutoring services. You could also join an online tutoring platform like Tutor.com.

Average pay: $7.25 to $43.40 per hour

Recommended: Student Debt by Major

Winter Seasonal Jobs for College Students

Wintertime offers some special seasonal jobs for college students to do part-time and help pay for college. These are some options to consider.

Professional Driver

Becoming a professional driver, such as a delivery truck driver, can be a lucrative job for a college student. To become a professional driver who drives a delivery truck, however, you will first likely need to obtain a commercial driver’s license. In the training you’ll learn technical driving skills, safety procedures, and federal and state regulations, and get track-driving practice.

You can also be considered a professional driver if you drive to earn money for a ride share company or do food delivery. These jobs usually don’t require a commercial license.

Average pay: $26.12 per hour for a professional driver with a commercial license; $14.42 to $20.19 for rideshare drivers

Warehouse Worker

Warehouse workers pack and ship orders, and manage, organize, and retrieve warehouse materials. They might also transport merchandise from distribution centers, and identify missing, damaged, or lost merchandise. Some warehouse workers may need a forklift license and the ability to lift heavy objects.

Average pay: $17.81 per hour

Snow Remover

If you’re willing to shovel snow or you have a vehicle such as a pickup truck or an SUV that you can use for snow plowing, you may want to consider a snow removal job. You can put up posters advertising your services in town, or you can approach local companies to see if they need snow plowing help. You might also be able to get a job working for a local snow plowing business.

Average pay: $50 to $204 per snowfall

Resort Jobs

In the winter, there are often jobs available at ski resorts, spas, and lodges. You might find employment as a room attendant, front desk clerk, food server, bellhop, and more. Check with resorts in your area to see what’s available

Average pay: Earnings vary depending on the job; room attendants earn $18.25 per hour.

Food Service Worker

Colleges frequently need food service workers for cafeterias, cafes, and coffee shops on campus. Some of these positions may be work-study jobs, which are a type of federal financial aid. To qualify, you must submit the Free Application for Federal Student Aid (FAFSA) and receive work-study money as part of your financial aid award.

Aside from work-study food service jobs, you can look for positions in the food industry at local restaurants and brew pubs. These jobs may be fairly plentiful in college towns, which often have a number of different dining establishments.

Average pay: $17.52 per hour

Seasonal Summer Jobs for College Students

Whether you stay at college in the summer or go back home you will likely have about three months to devote to a summer job.

Pet Sitter

If you love animals, this could be the perfect summer gig for you. Since summertime is the prime vacation season, you may be able to find many pet-sitting opportunities.

As a pet sitter, you’ll typically go to people’s homes to care for their pets for a set amount of time each day, or even overnight. Tasks include feeding pets, walking dogs, cleaning litter boxes, administering medications, and playing with the pet.

You can alert prospective clients to your services via social media, including Facebook, TikTok, and Instagram. You can also ask around in your neighborhood to see who might need a pet sitter.

Average pay: About $25 for a 30-minute visit, $20 to $30 a day, $45 to $75 per overnight, or $250 to $375 per week

Babysitter

Many parents need help in the summer when their kids are home from school. As a babysitter, you may spend time playing with children, doing crafts with them, feeding them, and taking them to activities like sports practice, doctors’ appointments, and summer camp sessions.

Average pay: Approximately $23.61 per hour for one child

Summer School Teacher

If you are an aspiring teacher who has completed their bachelor’s degree, you could become a summer school teacher in a school district. For such a position, you’ll need your degree plus certification or licensure in your state.

For a somewhat similar but less formal summer school job, you could consider tutoring, working at a summer camp, or getting a position as an assistant in a kids’ arts or music program.

Average pay: $15 to $49 an hour for summer school teachers

Lifeguard

Lifeguarding is a popular job for college students since you get to spend your days at a pool or beach. You must pass a swimming test and undergo a lifeguard training and certification program that usually includes First Aid and CPR/AED training.

Average pay: $13 to $15 per hour

Landscaper

As a landscaper, you’ll do such tasks as plant flowers, mow lawns, prune trees, aerate soil, and fertilize plants and lawns. If you like to be outdoors, you’re able to do heavy lifting and digging, and don’t mind getting dirty, this could be a rewarding summer job for you.

Average pay: $15.94 per hour

Seasonal Holiday Jobs for College Students

On your year-end break from school, you can earn some extra money by getting a seasonal job for college students. Many businesses need additional help during the holidays, and some big companies hire tens of thousands of seasonal employees.

Retail Employee

Retailers often offer some of the best seasonal holiday jobs for college students. Retailers like Dick’s Sporting Goods, Target, Walmart, Macy’s, Bath & Body Works, Kohl’s, and J.C. Penney employ many seasonal workers for the season. Companies like Amazon also offer seasonal jobs, so consider looking there as well.

Average pay: $15 to $24 per hour, though it varies depending on the retailer

Gift Wrapper

If you enjoy wrapping presents for family and friends, why not do it professionally? Many retail stores offer gift wrapping services to their clients, and they’re typically looking for seasonal employees to fill this role. The job typically involves paying attention to detail while working quickly to meet customer demand during the holiday rush.

Average pay: $9 to $17 per hour

Recommended: Student Loan Forgiveness Guide

Other Ways to Pay for College Tuition

In addition to getting a seasonal job, there are a number of other options you can use to help pay for college. The more money you can put toward your college expenses now, the easier getting out of student loan debt later on may be.

First, be sure to fill out the FAFSA for any federal financial aid you might qualify for, including scholarships, grants, and federal student loans. These loans come with specific federal student loan interest rates that can vary from year to year.

You can also look for private scholarships and grants. This type of gift aid may be offered by your state, various organizations, and some businesses. SoFi’s scholarship search tool can help you find different gift aid opportunities.

Another alternative is to take out private student loans. These loans are offered by banks, credit unions, and private lenders. Private student loans have fixed or variable rates, and the rate you may qualify for depends on your credit history, among other factors. You can opt to refinance student loans in the future to get a lower rate or better terms if you’re eligible.

A student loan payment calculator can help you determine what your loan payments might be.

Student Loan Options From SoFi

Getting a seasonal job for college students is one way to help pay for college. Federal financial aid, such as federal student loans, scholarships and grants can also help you cover your school costs. And private student loans can supplement your federal financial aid and help fill in the gaps.

SoFi has private student loan options you can explore, as well as student loan refinancing. With refinancing, you replace your existing loans with a new private student loan, ideally one with a lower rate and more favorable terms. Just be aware that if you refinance federal student loans, you won’t be able to access federal benefits such as income-driven repayment plans.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

photo credit: iStock/jacoblund

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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.

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.

SOSLR-Q324-037

Apr

2025

College Scholarships for Single Moms

By Melissa Brock | Going to College, Student Loans, student_loan | Comments Off

Pursuing a college education as a single mom can be both challenging and rewarding. With the added responsibilities of parenting, managing finances, and balancing schoolwork, finding the necessary resources to fund your education is essential. Fortunately, there are numerous scholarships specifically designed to support single mothers in achieving their academic goals.

Keep reading to learn various types of scholarships for single moms, their eligibility requirements, and how to apply, empowering you to pursue your educational dreams.

Eligibility Requirements

Eligibility requirements for scholarships for single moms differ from scholarship to scholarship. Carefully review the qualifications for each scholarship so you understand whether you’ll qualift. Beyond being a single parent, scholarship committees may impose other requirements, such as:

• Citizenship

• Where you live

• Academic qualifications (grade point average/test scores)

• Major in college

• Credit hours in college

• Financial qualifications; may require filing the Free Application for Federal Student Aid (FAFSA)

• Essay requirement

• High school or college transcripts

• Letters of recommendation

• Extracurricular activities

It can be tricky to keep all the eligibility requirements organized for each scholarship, so you may want to create a spreadsheet to keep it all straight.

How to Find Scholarships for Single Moms

Scholarship databases can help you find scholarships specifically geared toward single moms, and you can also look for scholarships based on keywords specific to your area, major, and more. For example, you may want to use the keywords “scholarships for single moms in medical school” or other criteria that will allow you to find scholarships for your situation.

Furthermore, you can also file the FAFSA to learn more about the types of scholarships you can apply for based on the school you want to attend.

Scholarships for Single Moms

Below is a list of scholarships for single mothers. Make sure to check out the requirements and deadlines for each.

• The Colwell Law Group, LLC Single Parent Scholarship: To qualify for this $1,000 award, you must be enrolled in an undergraduate, graduate, or law program within the U.S., have a minimum GPA of a 3.0 on a 4.0 scale, and submit an up-to-date resume, current official or unofficial transcripts, and a 750-word essay about how being a single parent has impacted your life.

• Women-in-Transition Scholarship: This scholarship offers $8,000 over two years to students pursuing a bachelor’s degree at a four-year college or university or $4,000 over two years for students pursuing an associate’s degree. Students must maintain a 3.0 GPA, enroll in an accredited school in the U.S., commit to an accounting or finance degree, and demonstrate financial need.

• Patsy Takemoto Mink Education Foundation: The Patsy Takemoto Mink Education Foundation offers up to $5,000 for students at least 17 years of age pursuing a first degree at an accredited postsecondary institution. Individuals must demonstrate financial need to qualify for this scholarship.

• ANSWER Scholarship: The ANSWER Scholarship, which typically ranges from $2,750 per year for associate’s degrees to $5,500 per year for bachelor’s degrees, goes to primary female caregivers with at least one school-age child. Applicants must be U.S. citizens and legal residents of Mecklenburg, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Rowan, Stanly, or Union County in North Carolina or Lancaster or York County in South Carolina. They must also attend accredited institutions in those counties and plan to achieve specific degrees. Recipients must also participate in the Mentors for Mom Program, maintain satisfactory academic performance, as well as attend ANSWER luncheons and fundraisers.

• Jeannette Rankin National Scholar Grant: National Scholar Grant applicants must be 35 or older, demonstrate financial need, and have a plan for reaching their goals. They must also be pursuing a technical or vocational education degree, an associate’s degree, or a first bachelor’s degree at an accredited institution. The award is worth up to $2,000 per year for up to five years.

• Judith McManus Price Scholarship for Women and Minorities in Planning: This $5,000 scholarship is for women and minority students enrolled in Planning Accreditation Board (PAB)-approved programs who are citizens of the U.S. and who demonstrate need.

• Beatrice F. Kroesche Memorial Scholarship: Applicants for this $1,000 to $2,000 scholarship for single parents must enroll in the College of Education or Department of English at the University of Utah. Applicants must carry at least 12 hours of study and maintain a 3.0 GPA or better.

• Women With Promise Scholarship: Full- or part-time students who are residents of north Texas and plan to attend accredited institutions can apply for this scholarship. Students can receive between $250 and $5,000 for tuition, books, and fees.

These aren’t the only scholarships available. Search for other scholarships as well, and check for potential scholarships at your intended college or university.

Types of Scholarships Available for Single Moms

Single moms can tap into two main types of scholarships for moms: need-based and merit-based scholarships. What’s the difference between the two? Let’s dive into it below.

Need-Based Scholarships

Need-based scholarships are scholarships for women given to students based on financial need. In most cases, students qualify for financial need if they have a low income. Need-based aid often comes from the government, though nonprofit organizations and businesses may prioritize giving scholarships and awards to low-income students.

In many cases, students may also qualify for grants, which do not need to be repaid. For example, a student with high financial need might receive the Pell Grant after filing the FAFSA. For the 2025-26 school year, students can potentially receive a maximum Pell Grant award of $7,395. The Pell Grant amount adjusts every year.

Merit-Based Scholarships

Merit-based scholarships are not based on need, but rather a multitude of other factors, such as:

• Academic achievements (such as GPA or test scores)

• Extracurricular activities

• Leadership

• Community service

• Talents and skills

They come from a wide variety of sources, such as colleges and universities, private organizations, and businesses. Check with the college or university you plan to attend to learn more about merit-based scholarships. In most cases, you’ll have to submit your application materials to the college or university to qualify for merit-based scholarships, which could include:

• Transcripts

• Recommendation letters

• Resume

• Essays

• Interviews

• Performance or display (such as in the case of theater, music, or art merit-based scholarships)

What happens if you don’t qualify for need-based or merit-based scholarships or grants? You can tap into private student loans or student loans for single parents.

Tips for Applying

To successfully apply for scholarships and increase your chances of getting selected, consider the following tips:

• Meet application deadlines. One of the most important things you can do is to meet your application deadlines. Make sure to give yourself plenty of time to gather materials — including letters of recommendation — so the application doesn’t look rushed or messy.

• Apply for everything. Apply for everything that fits your situation, even if the award amount is small. Smaller awards ($250 to $500) usually have less competition, so your odds are greater when it comes to being selected.

• Write a good essay. The essay is your opportunity to showcase your situation and qualifications. If needed, hire a proofreader to ensure your essay is error-free.

• Don’t get discouraged. If you get declined for a scholarship, there are thousands of others available. Consider all your qualifications, not just the ones that have to do with your single parent status.

• Use our scholarship search tool. Our scholarship search tool, arranged in order of closest deadline, helps you see scholarships by keyword, award type, location, study level, and more. Learn more about our monthly $2,500 Scholarship Sweepstakes.

The Takeaway

Securing a scholarship can be a transformative experience for single moms pursuing higher education, providing both financial support and motivation to achieve academic and career goals. By understanding the various scholarships available, carefully reviewing eligibility requirements, and submitting strong applications, single moms can significantly reduce the cost of their education and focus more on their studies.

If scholarships aren’t enough to pay for the cost of college, you can rely on cash savings or federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is there a limit on how many scholarships you can apply for?

No, you can apply for as many scholarships as you want, but keep in mind that the college or university that you apply to may revoke some awards if you earn more in outside scholarships than the allowable limit. For example, if you receive a $10,000 outside scholarship, it may affect your financial aid award. Get in touch with the college or university of your choice to learn more.

Are there scholarships for single dads, too?

Absolutely! Use Google to search for scholarships for single dads, just like you would for scholarships or grants for single mothers. Ask your college or university for information about other scholarships and awards (including merit-based scholarships) you can apply for, as well.

Do I need to be a full-time student for single mom scholarships?

No, not necessarily. You can get grants and scholarships for single moms whether you are a part-time or full-time student. However, check the scholarship requirements. If it’s not clear, check with the scholarship committee for more information.

About the author

Melissa Brock

Photo credit: iStock/miniseries

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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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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Apr

2025

6 Scholarships for Moms: How Can Moms Pay for College?

By Melissa Brock | Family Finances, Student Loans, student_loan | Comments Off

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.

Key Points

• Scholarships are available specifically for moms, including single and working mothers, to help alleviate the financial burden of returning to school.

• Eligibility for scholarships often includes being an independent student, which may require meeting specific criteria such as age, marital status, and having dependents.

• Various scholarships exist, such as the Soroptimist’s Live Your Dream Award and the Patsy Takemoto Mink Education Foundation, targeting low-income mothers pursuing education.

• Companies may offer educational benefits such as scholarships or reimbursement for employees, making it worthwhile for working moms to inquire about available opportunities.

• In addition to scholarships, completing the FAFSA can open doors to federal grants, loans, and work-study options to further assist in funding education.

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.

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.

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

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

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.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

About the author

Melissa Brock

Photo credit: iStock/Portra

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

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

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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Apr

2025

Refinancing Associate Degree Student Loans

How to Pay for an Associate Degree

By Melissa Brock | Fresh Out of School, Student Loans | Comments Off

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.

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.

About the author

Melissa Brock

Photo credit: iStock/SolStock

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

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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