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Americans currently owe a total of over $1.63 trillion in federal student debt, with the average student borrower graduating with $29,100 in loans to pay off, according to the College Board.

If you have student debt, refinancing is one way you can change your repayment terms, which may make it easier or more affordable to pay off your student loans.

Student loan refinancing is when your existing loans are paid off by a new loan from a private lender, such as a bank, online lender, or other financial institution. The new loan may have a new term, a better interest rate, and adjusted monthly payments.

But there are pros and cons of refinancing student loans. While it may save you money, you can lose access to federal loan benefits and protections if you refinance federal student loans. Here’s what to consider to decide if this option is right for you.

The Pros of Student Loan Refinancing

Refinancing student loans has a number of potential benefits that could make it easier to repay your student loan debt. Here are some of the most common pros of refinancing student loans.

Lowering Your Interest Rate

Perhaps the biggest benefit of refinancing student loans is the potential to secure a lower interest rate than the ones your loans currently have. If you’re paying a high interest rate, refinancing could be worth considering, especially in a low-rate environment

Rates vary by lender, but most offer the best rates to borrowers with strong credit and a steady source of income. If you’re earning a stable income and have a good FICO score of 670 or higher, you may qualify for a competitive student loan refinance rate.

And, when you refinance to a lower interest rate, you could end up reducing the amount of money you spend over the life of the loan. Lowering your rate can also result in a more affordable monthly payment.

Reducing Your Monthly Payment

When you refinance your existing student loans, you’re given the option to adjust your repayment term. You can often choose terms anywhere from five to 20 years, depending on the lender.

Extending the term of your loan could result in more affordable monthly payments. That said, you may pay more interest over the life of the loan if you refinance with an extended term. When choosing a new repayment term, try to strike a balance between a monthly payment you can afford and a repayment term that won’t rack up a burdensome amount in interest charges.


💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.

Getting a Single Monthly Payment

Paying your bills consistently and on time is key if you want to improve your credit or maintain good credit. Payment history is an important factor in your credit score so you don’t want to miss payments.

If you owe multiple student loans, refinancing can help you combine them into one, streamlining your bills to a single payment each month. With a single monthly student loan bill, it may be easier to stay organized, make your payments on time, and stick to your debt reduction plan.

Keep in mind that you don’t have to refinance multiple student loans. You can choose to refinance a single loan if it would yield you a better interest rate. And if you do owe several loans, you can cherry-pick which ones you would like to refinance (if any) and leave the others as they are — the choice is up to you.

What’s more, federal loan borrowers also have the option of federal loan consolidation, which involves combining federal loans into a single Direct consolidation loan. This process won’t lower your interest rate, but it will keep your loans federal and help simplify repayment. Note that private student loans are not eligible for federal loan consolidation.

Choosing Between Variable and Fixed Rate Loans

When you refinance your loans, you might have the option to choose a fixed or variable rate loan. If you prefer the security of a stable rate over a longer period of time, consider choosing a fixed rate loan.

If you plan on repaying your student loans ahead of the term, you might consider choosing a variable rate. Variable rates often start lower than fixed rates, but could increase over time.

Applying With a Cosigner — or Releasing One From Your Loan

If you’ve recently graduated and haven’t built up much credit, you may benefit from applying with a cosigner. A cosigner accepts legal responsibility for your loan in the event that you’re not able to pay it.

If your cosigner has better credit and a higher income than you do, they may look more favorable to the lender, which could ultimately help you qualify for a lower interest rate. Even if you aren’t required to borrow with a student loan cosigner, some lenders might still give you the option to have one on the loan.

On the flip side, refinancing also gives you the opportunity to release a cosigner from your existing student loan. Not all lenders allow you to remove a cosigner from your loan, and those that do often have a set of eligibility requirements in order to apply for one, such as a year or two of on-time payments, a credit check, or proof of employment.

If you can refinance a co-signed student loan in your own name, you can assume full responsibility for the loan and let your student loan cosigner off the hook. Some lenders also let students take over Parent PLUS loans from their parents through refinancing, if they can meet eligibility requirements on their own.


💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.

The Cons of Student Loan Refinancing

While refinancing your student loans might end up lowering your interest rate or making payments easier to manage, it’s not the right decision for everyone. As mentioned earlier, there are both pros and cons of refinancing student loans. Here are some of the possible disadvantages of refinancing student loans:

Losing Access to Federal Repayment Plans

When you refinance your federal student loans with a private lender, you lose access to federal repayment plans. This includes the Standard, Graduated, and Extended Repayment plans. This could be especially important if you are planning on taking advantage of any federal income-driven repayment plans, as you would no longer be eligible.

The government offers four income-driven plans: PAYE, Income-Based Repayment, Income-Contingent Repayment, and the new SAVE plan. The SAVE plan offers the most affordable structure for borrowers to date, and it’s worth exploring if you’re having trouble paying your student loan bills on your current plan.

Since refinancing federal student loans replaces them with a private loan, you’ll also lose the opportunity to qualify for programs such as the Public Service Loan Forgiveness program, which forgives the loans of graduates working in the public sector after 10 years. It’s important to review your student loans in detail and determine which federal plans you may want to take advantage of before you consider refinancing federal student loans.

No Longer Eligible for Federal Repayment Protections

If you refinance your federal student loans with a private lender, you won’t be eligible for repayment protections like student loan deferment or forbearance. Both deferment and forbearance might give you the opportunity to temporarily pause or lower your monthly payments.

When your loan is in deferment you may or may not be responsible for paying the accrued interest on the loan. However, if your loan is in forbearance you will be responsible for paying the accrued interest on the loan.

Starting in the spring of 2020, the Department of Education offered emergency forbearance at 0% interest on all federal student loans. However, that forbearance came to an end in the fall of 2023. President Biden’s federal loan forgiveness initiative was also struck down by the Supreme Court, so that offer is no longer an option for borrowers.

Losing Any Remaining Grace Periods

Most federal student loans have a grace period — usually the first six months after you graduate — where you don’t have to make any loan payments. If you refinance your loan shortly after graduation, you might lose out on that benefit if the private lender doesn’t honor existing grace periods.

Difficult to Qualify

Unlike most federal loans, you’ll need to show that you’re creditworthy to secure a student loan refinance with a private lender — or have a cosigner with good credit who is willing to take full responsibility for your loan if you’re not able to.

The better your credit history, the more likely you are to qualify for competitive interest rates. Eligibility requirements vary from lender to lender, so it’s a good idea to shop around and compare your options. SoFi, for example, evaluates factors including employment and/or income, credit score, and financial history.

Refinancing Can Cause Repayment to Take Longer

When you refinance a student loan, you can change the terms of your loan, such as the interest rate or the term of the loan. If you increase the term of your loan, it will take longer to repay it. And even though you may lower your monthly payments, you’ll likely pay more total interest over time.

Federal Student Loan Consolidation

Student loan consolidation is different from refinancing. A Direct Consolidation Loan allows you to combine multiple federal student loans into one federal loan, resulting in a single monthly payment.

When you consolidate your loans into a Direct Consolidation Loan, you won’t necessarily lower your interest rate. The new interest rate will be a weighted average of the interest rates on your previous loans, rounded up to the nearest one-eighth of 1%.

When you consolidate your federal loans through the federal government, however, you should still have access to most federal loan benefits like income-based repayment, deferment, and forbearance.

Student Loan Refinancing With SoFi

Everyone’s financial situation is different, and it’s important that you make the best decisions for your individual circumstances. When you refinance, lenders will review your current financial situation, earning potential, and credit score (among other financial factors) to determine your new interest rate.

If you decide to move forward with student loan refinancing, consider SoFi. When you refinance with SoFi, there are no origination fees or prepayment penalties. See what you could save by refinancing with the SoFi student loan refinance calculator.

FAQ

How hard is it to qualify for student loan refinancing?

Private lenders take into account a range of factors when considering eligibility for student loan refinancing, such as your credit history, debt-to-income ratio, and employment. Applying with a qualified cosigner can help you qualify or access better rates if you can’t meet a lender’s credit requirements on your own.

Do refinanced student loans have lower interest rates?

When you refinance your student loans, a private lender pays off your existing loans and issues you a new loan with new terms. One of the potential benefits of refinancing is that you may be able to secure a lower interest rate than your existing loans. The best rates typically go to borrowers with strong credit or a creditworthy cosigner.

Can you refinance student loans with a cosigner?

Applying for student loan refinance with a creditworthy cosigner may help you qualify if you don’t meet a lender’s eligibility requirements for refinancing. Having a cosigner may also help you secure a more competitive interest rate.

Can refinanced student loans still be forgiven?

No, refinanced student loans are not eligible for federal loan forgiveness programs. Once you refinance a federal student loan, you lose access to federal benefits and protections, such as forgiveness.

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.

When people talk about student loans in the medical community, the conversation can often revolve around physicians. While it’s true that doctors have exorbitant tuition bills, the same can be said for many other medical professionals.

Pharmacists are no exception, according to the American Association of Colleges of Pharmacy (AACP) annual survey data.

Pharmacy school students who graduated in 2023 borrowed $167,711 on average to finance their Doctor of Pharmacy (PharmD) education, according to the AACP. The vast majority (82.2%) said they had borrowed money to help pay for their PharmD program expenses.

Thankfully, being in the medical field also gives pharmacists access to multiple loan forgiveness options. Read ahead to learn about pharmacy loan forgiveness programs.

Considering Loan Forgiveness as a Pharmacist

Loan forgiveness programs exist to help incentivize graduates to pursue potentially lower-paying, but essential positions. One of the more well-known programs, Public Service Loan Forgiveness (PSLF), was created in 2007 under the College Cost Reduction and Access Act.

You may qualify for PSLF if you work for a government body or 501(c)(3) nonprofit and make 120 qualifying monthly payments under a qualifying repayment plan. Working as a pharmacist for the U.S. Department of Veterans Affairs or the U.S. Department of Health and Human Services, for example, may allow you to apply for PSLF.

Private student loans are not eligible for PSLF, but private student loans may be eligible for other debt relief programs. Pharmacists conducting extramural program research for a university or U.S.-based nonprofit, for example, may qualify for debt relief under the National Institutes of Health (NIH) Loan Repayment Program. You can receive up to $50,000 per year in federal and private student debt relief under the NIH Loan Repayment Program.

Below we provide more details about debt relief programs that can lead to pharmacist student loan forgiveness, including PSLF and the NIH Loan Repayment Program.

Public Service Loan Forgiveness

If you have a PharmD degree, you may have ample opportunities to work as a pharmacist for a government employer and apply for PSLF.

As mentioned above, the PSLF program is available to eligible government and nonprofit workers with federal student loans. The stipulations require borrowers to make 120 qualifying payments over a 10-year period before becoming eligible for forgiveness. Further, the employer must be qualified by the federal government, and you must work at least 30 hours per week.

The following federal student loans are eligible for PSLF:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Direct PLUS Loans

•   Direct Consolidation Loans

To qualify for PSLF, you would typically sign up for a federal income-driven repayment (IDR) plan. The Saving on a Valuable Education (SAVE) Plan is one of the IDR options you can choose. (All IDR plans can end with federal student loan forgiveness after 20 or 25 years, particularly if you’ve borrowed a large amount of federal education loans.)

The SAVE Plan is the most affordable repayment plan for federal student loans, according to the U.S. Department of Education. Beginning July 2024, SAVE Plan payment amounts are based on 5% of discretionary income for undergraduate loans, 10% for graduate loans, and a weighted average for borrowers who have both.

The original PSLF rules made it difficult for borrowers to receive loan forgiveness under that program, but the U.S. Department of Education announced permanent PSLF updates that took effect in July 2023.

The department previously relaxed some of the PSLF requirements for a limited time in 2021 and 2022 during the Covid-19 national emergency. Since then, the department has forgiven $45 billion in federal student debt for more than 650,000 public employees enrolled in the PSLF program, according to Education Department data.

Can Pharmacists Get Loan Forgiveness?

The U.S. Supreme Court ruled against President Joe Biden’s plan to forgive up to $20,000 in federal student debt for qualified loan holders in June 2023, but pharmacists can still get student loan forgiveness under a variety of programs.

Pharmacist student loan forgiveness is possible under programs like PSLF if you work for a government or nonprofit employer as a health professional. In addition to PSLF, there are specific loan repayment programs that may offer loan forgiveness for pharmacists.

Student debt refinanced with a private lender is not eligible for PSLF, but refinanced student debt may be eligible for other debt relief programs highlighted below. You may pay more interest over the life of the loan if you refinance with an extended term.

💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

Student Loan Forgiveness and Repayment Programs for Pharmacists

Besides the PSLF, you might consider these programs that offer repayment and forgiveness help for pharmacists:

The National Health Service Corps State Loan Repayment Program

The federal Health Resources and Services Administration (HRSA) has a National Health Service Corps State Loan Repayment Program that provides student debt relief to eligible pharmacists and other health professionals who work in designated Health Professional Shortage Areas (HPSAs).

The California State Loan Repayment Program, for example, offers up to $100K in federal and private student debt relief to pharmacists who work in a qualifying role for three years.

A state-based Student Loan Repayment Program (SLRP) typically receives federal funding, but states can set their own SLRP eligibility requirements. This means you may not be eligible for pharmacist SLRP student debt relief in all states. It’s also worth noting that offerings may change every year and that states are not obligated to award maximum loan repayment amounts available.

Substance Use Disorder (SUD) Workforce Loan Repayment Program

Pharmacists who work at eligible substance use disorder (SUD) treatment facilities may qualify for student loan repayment assistance under the National Health Service Corps’ SUD Workforce Loan Repayment Program.

Pharmacists can receive up to $75,000 in student loan forgiveness in exchange for three years of full-time service at an approved SUD treatment facility. Such sites may include office-based opioid treatment facilities, state correctional facilities, federal prisons, and community health centers.

The National Institutes of Health Loan Repayment Program

As mentioned earlier, pharmacists conducting extramural program research for an eligible employer may receive up to $50,000 annually in federal and private student debt relief through the NIH Loan Repayment Program.

Although private student loans and federal loans are eligible, you must have a sizable student debt-to-income ratio of at least 20% to qualify for an initial NIH Loan Repayment Program award. It’s possible to have all of your student debt repaid through this system, because there’s no limit to how long you can work for a qualified extramural research program.

Indian Health Service Loan Repayment Program

Pharmacists who work at Indian health facilities for two years may receive up to $50,000 in student debt relief from the Indian Health Service (IHS) Loan Repayment Program. Private and federal loans are eligible for relief under this program.

Indian health facilities are hospitals, clinics, and other medical facilities administered directly by IHS, a Tribal organization, or an Urban Indian program. These facilities are typically based in American Indian or Alaska Native communities. The majority of the locations are rural and remote.

💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

U.S. Department of Defense Educational Loan Repayment Program

Federal law allows branches of the U.S. armed forces to repay federal student debt of enlisted members serving in specified military specialties or commissioned officers serving in specified health professions. Pharmacists who enlist in the U.S. armed forces may qualify for student loan repayment assistance under this program.

The U.S. Army and U.S. Navy, for example, may repay up to $65,000 of qualified federal student loans in good standing. Eligibility for this loan repayment program may require that you serve for three years in a critical military occupational specialty or longer.

Refinancing Your Student Loans

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

SoFi 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.

SOSL0923003

These days, a college education is considered a luxury for many American families. For the 2022-23 school year, a full-time student can expect the sticker price on a public, four-year, in-state school to be $10,950, according to the College Board’s 2022 Trends in College Pricing report . That’s $190 higher than the previous year, or an increase of 1.8% before adjusting for inflation.

For a private non-profit university, the annual cost jumps to $39,400, an increase of $1,330 over the previous year.

Multiply that by four years, add out-of-state or private school tuition, or pursue an advanced degree, and it’s easy to see why so many students and their parents have to borrow money to cover the cost of tuition and related school expenses. In fact, 43.6 million borrowers have federal student loans, which equates to 93% of all student loan debt.

You might be one of them, or have a family member or close friend who is. But how much do you really know about student debt? After all, it can rank right up there with politics and religion on the list of topics that no one wants to bring up.

Any idea which states have the highest student loan balances? Or how much Americans owe in total on their student loans? What about how common it is for people to stop making payments?

We’ve gathered those answers and more, and the numbers may surprise you. Because whether you see it as a private struggle or a national crisis, student loan debt is a big deal.

1. Americans currently owe over $1.7 trillion on their student loans.

That was the cumulative student loan balance among American consumers as of August 2023. A decade ago, that figure was closer to $1.1 trillion. Student loans are now the largest form of consumer debt in the U.S. other than mortgages — exceeding car loans and credit card debt.

Want some good news? This debt crisis has been getting some attention. Though the Biden administration was unsuccessful in implementing a nationwide student loan forgiveness program (at least for now), it has forgiven more than $116 billion in student loan debt via more targeted forgiveness initiatives. It has also made improvements to how payments toward forgiveness under income-driven repayment (IDR) and the Public Service Loan Forgiveness (PSLF) program are counted. Plus, it implemented a new, improved IDR program known as Saving on a Valuable Education (SAVE).


💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.

2. The average student loan balance is more than $37,000.

The average federal student loan borrower today owes $37,718. Borrowers with private loans owe even more: as high as $40,449, on average.

When divided up by generation, Baby Boomers carry the highest average balance at $45,136. Gen Xers come in second, with balances averaging $43,438. Millennials have the next-highest average balance of $33,173, followed by Gen Z with $14,315.

3. Individual debts vary widely.

The average debt is just that — the average. Recent figures show that student loan balances are as varied as age, state and program statistics. Total balances can range from less than $1,000 to more than $200,000, depending on the borrower.

This may not come as a surprise when compared to the total costs of attending college. For the 2022-23 school year, Kenyon College in Ohio topped the list of most expensive schools at $66,490 a year for tuition and fees, according to U.S. News and World Report . On the other hand, a handful of schools, including Berea
College in Kentucky and College of the Ozarks in Missouri, offer free college tuition to students who qualify.

4. Current student debt varies widely by state and college.

While not technically a state, Washington, D.C. topped the list of states with the highest student debt, with an average of $54,945 — more than $12,000 higher than the next-highest state, Maryland, which averaged $42,861. The bottom of the list (or perhaps the top, depending on your point of view), includes North Dakota, South Dakota, and Iowa, all with less than $31,000.

Likewise, the program students pursue can have a huge impact on the amount of student debt facing graduates. The cost of graduate school can vary widely by program. Specialized degrees — medicine, law, or pharmacy, for example — could leave students facing even higher debt burdens, sometimes upwards of $100,000.

5. Student loan debt disproportionately impacts women and borrowers of color.

Student loan debt can have a number of devastating consequences for borrowers of all backgrounds. It’s shown to make major life milestones such as buying a home and starting a family less attainable. And for those who can’t afford their payments, student loan default can wreak havoc on their credit and overall finances.

However, certain borrowers are disproportionately burdened by student loan debt. For instance, Black college graduates owe an average of $25,000 more in student loan debt than white college graduates. And four years after graduation, Black students owe an average of 188% more than what white students borrowed.

Additionally, Hispanic and Latino borrowers were the most likely to delay getting married and having children due to student loan debt.

Further, 64% of student loan debt is held by women, with the highest average amount of debt belonging to Black women.

6. Americans with student debt are likely to have multiple loans.

The Department of Education currently contracts a few different loan servicers . The federal student loan will be assigned to a loan servicer when it is disbursed. For borrowers with multiple student loans, it is possible that they’d have multiple loan servicers. That could be a lot to juggle, and one reason borrowers may consider federal student loan consolidation.

7. The number of borrowers defaulting on their student loans is in the seven figures.

As of 2023, one out of every 10 Americans has defaulted on a student loan, and 5% of all student loan debt is currently in default. About 4 million student loans enter default each year.

Risk factors for student loan default can include having other forms of debt, such as a credit card balance, car payment, or mortgage. And defaulting on loans can also put borrowers at risk for having other bills, such as medical expenses, end up in collections as well.

What’s to be done? Even if you just stop paying on your student loans, they won’t go away (though the new SAVE Plan can bring your payment down to $0 if your income is low enough, and may eventually lead to forgiveness if your income remains low.) And in the meantime, interest will continue to accrue and, in some cases, capitalize (along with penalties and other downsides to nonpayment, like being sent to collections).

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.

Oops! As with any lengthy application, it’s easy to make mistakes or omissions on the Free Application for Financial Student Aid (FAFSA®). In some cases, an applicant’s personal information changes and has to be updated on the form. Some corrections are more important than others — like a typo in your Social Security number — and need to be handled with special care.

Luckily, most errors can be corrected fairly easily. We’ll discuss when you need to update your information, how to make FAFSA corrections, and some special cases that require guidance from your school of choice’s financial aid office.

How To Make Simple Updates to FAFSA

The FAFSA asks for your personal information as it stands on the day you sign your form. It’s understood that details may change, and making updates is not a problem. (Of course, it’s best to avoid FAFSA mistakes altogether.)

Some FAFSA changes are easier to make than others. A good example is adding or dropping colleges on your schools list. The process begins with correcting your FAFSA online, followed by submitting an updated Student Aid Report (SAR) by mail. Here are the steps:

1. Make Changes Online

You can make simple changes to your FAFSA on the Federal Student Aid website.

•   Go to FAFSA.gov and log on with your FSA ID

•   On the “My FAFSA” page, choose “Make Corrections”

•   Create a save key

•   Enter your updates and corrections

•   Submit the form

2. Mail in a Corrected SAR

The SAR is a document summarizing the info on your FAFSA. When you first submitted your FAFSA, you should have received either an email with a link to your SAR or a paper copy by mail. You can also find it on the FAFSA site by choosing “View SAR.”

After you’ve made changes online, it’s a good idea to correct your SAR (there’s a field for updates), sign it, and mail it to the address listed on your form. Now you have two separate records of your changes, which should ensure your updates get made.

Recommended: Ca$h Course: A Student’s Guide to Money

Deadlines for FAFSA Updates

The federal deadline for submitting the FAFSA is June 30, but corrections are accepted several weeks after that date. For the 2022-2023 academic year, the last day for corrections and updates was Sept. 9, 2023. For 2023-2024, the deadline is Sept. 14, 2024.

Keep in mind that state and college deadlines vary, and that some financial aid is given out on a first come, first served basis. If you need to make substantial changes, call your financial aid office to find out about any other deadlines you should be aware of.

For more important dates, check out our guide to FAFSA deadlines.

Important Updates

Some corrections and updates need to be handled with special urgency and care. This includes your contact information and anything that affects your dependency status — including if you become pregnant.

To make updates, follow the steps above and watch out for your updated SAR to confirm the changes have been made.

Other important updates require a call to your school of choice’s financial aid office. The office will tell you whether your FAFSA needs to be updated and the best way to do it. In some cases, the office can make changes electronically, so the student doesn’t have to do anything.

Call the financial aid office first for the following:

•   Change in marital status.

•   Significant changes to income (yours or your parents’) for the current year.

•   Change in the number of family members in the household (yours or your parents’).

•   Change in the number of people who are in college in the household (yours or your parents’).

•   You or your parents filed an amended 1040-X tax return.

•   Other changes in circumstance that cannot be reported on the FAFSA.

Recommended: SoFi’s Scholarship Search Tool

Updating Your Social Security Number

Your SSN is a special case, since you cannot update it on the FAFSA website. If you entered your number wrong on your FAFSA, the Department of Education recommends that you complete and submit a whole new FAFSA form. This is the most foolproof way to ensure the mistake doesn’t haunt you longer than it should. Just be aware that this method will change the submission date for your FAFSA, which can affect your eligibility for state and college aid.

Another option is to call one of the schools on your FAFSA list and ask them to try and update your SSN on their system. If successful, this will update your record across all schools, without changing your submission date.

You may also want to mail in an updated SAR. If so, follow the instructions above.

Recommended: FAFSA Guide

If You Miss the Deadline for Updates

If you made an error on your FAFSA that results in you receiving less financial aid than you should have, there’s not much you can do. Still, it’s a good idea to call your school’s financial aid office and explain your situation. They may be able to help you find any remaining financial aid — especially state grants and scholarships — to cover your cost of attendance until the following year.

Another option is private student loans. Educational loans disbursed by a private lender can help students who didn’t qualify for enough federal aid. It’s important to note that private student loans do not come with the same protections that are baked into federal aid, such as deferment and income-based repayment plans. Here’s a good summary of the differences between private student loans vs. federal student loans.

Still, for students who do not qualify for federal loans or who need additional funds to cover the cost of college, private student loans can help bridge the gap.

The Takeaway

Making corrections and updates to your FAFSA is typically straightforward. Simple changes can be made on the FAFSA website even after the deadline for submitting the application. It’s a good idea to follow up by mailing a corrected Student Aid Report (SAR) to the address listed on the back. A new SAR will confirm that your changes were made.

For some important updates, it’s recommended that you call your school of choice’s financial aid office. They include changes in marital or dependency status, and significant financial changes. For changes to your SSN, the DOE recommends filing a whole new FAFSA.

Once your federal student aid options have been tapped out, other student loan options may still be needed to pay for college.

Private lenders like SoFi offer in-school loans to help cover the cost of attending college. SoFi’s no-fee private student loans come with flexible repayment plans and competitive rates.

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

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

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.

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If you’re applying to college or graduate school, figuring out how to pay for your education is likely top of mind. The first step for many prospective students is to fill out the Free Application for Federal Student Aid, otherwise known as the FAFSA®.

This form is your gateway not only for federal loans, but also for federal grants, work-study jobs, and even scholarships and grants available through your state or school. Filling out the FAFSA is key, since it’s how your eligibility for student aid is determined.

You might be tempted to put off filling out the application or have no idea where to start, but submitting your application early could improve your chances of earning more aid. Continue reading for more FAFSA tips and tricks to help make sure everything goes smoothly.

Tips for Filling Out the FAFSA

The FAFSA is required in order to apply for federal student loans, grants like the Pell Grant, and scholarships. Colleges and universities may also use the information provided on the FAFSA to determine college-specific awards. This is an important first step for students figuring out how they’ll pay for college.

Unfortunately, the FAFSA had become known for being a long, tedious, and complex form to fill out. Good news: The U.S. Department of Education rolled out a streamlined and simplified FAFSA for the 2024-25 school year. The form for the 2025-2026 academic year will be made available in two stages: One group of students will get access on October 1, 2024, while the rest will get their forms on or before December 1.

Here are some tips to keep in mind as you fill out your form.


💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

Actually Fill the FAFSA Out

Some people may not complete a FAFSA under the assumption that their income, or that of their family, is too high for them to qualify for any student aid. In reality, the government has no official income threshold to qualify for federal student aid, and there are many forms of aid on the table.

So you can’t really predict whether you might benefit. You also need to fill out the FAFSA to be eligible for any type of federal student loan. Federal loans typically come with more robust benefits when compared to private student loans, including deferment during periods of economic hardship and income-driven repayment plans. You don’t want to lose out on potential financial help for lack of even trying.

If you don’t end up earning as much aid as you need, you can also search for scholarships from private organizations.

Submit As Early As Possible

Typically, the FAFSA becomes available on October 1 for the following academic year. The form for the 2025-2026 academic year, however, will be rolled out in stages. The FAFSA will be available to some students on October 1, 2024, with the remaining students getting access on or before December 1.

Generally, it’s a good idea to submit the FAFSA as soon after it’s released as possible, since some aid is awarded on a first-come, first-served basis. Submitting the form early could help improve your chances of receiving financial help for college.

Most importantly, don’t miss the submission deadline. Technically, the FAFSA deadline is the end of June of the following year. But each state and educational institution has its own deadline for submitting the FAFSA.

You can check state deadlines on StudentAid.gov . For individual college due dates, you can go to the website for each college you’re interested in applying to, or reach out to their financial aid offices. Make sure you submit the FAFSA by the earliest deadline of the bunch.

Prepare Ahead of Time

To simplify the process of filling out the FAFSA, it’s helpful to gather everything you need in advance. Here are some of the things you may need for both yourself and your parents (if you’re a dependent):

•   Social Security Numbers, or Alien Registration Numbers for non-citizens If you don’t know these, you can request them from the Social Security Administration or U.S. Citizenship and Immigration Services.

•   Driver’s license numbers

•   Tax returns For the 2025–26 academic year, you’ll be asked for your 2023 tax information, which can typically be transferred directly from the IRS. If you or your parents have had a change of income since that tax return, you may need to let the financial aid departments of the schools you’re applying to know directly.

•   Records of assets you or your parents own This can include bank statements showing savings and checking account balances or records of investments such as stocks, bonds, or real estate, excluding the family home.

•   Records of income that isn’t taxed This might include child support or interest.

•   Federal school codes for the institutions you’re applying to You can find these on the Department of Education website. Include every school you’re even remotely considering, even if you haven’t yet submitted your application or been accepted. There are no repercussions if you end up listing schools you don’t apply to or get into. However, if you add a school later, there may be less financial aid available.

Recommended: How Many Colleges Should I Apply To?

Apply Online

You can request a paper form, but if possible, submitting your FAFSA online is the quickest and easiest way to submit your application. Make sure you are on the official Student Aid website, which should end in “.gov.” If you’re asked to provide credit card information, you’re in the wrong place (after all, “free” is in the form’s name).

Before you get started, you’ll need to create an FSA ID on the Department of Education website . This is the username and password you’ll use to electronically sign your FAFSA, as well as to prefill information in future years, since you’ll need to fill out the FAFSA each year you want to apply for student aid.

If you are a dependent student, your parents will need to create an independent FSA ID. Because this ID serves as an official signature, you should create your own and not share it with anyone.

Take Advantage of Time Savers

Besides using an FSA ID, another way to speed up the application process is to use the IRS Data Retrieval Tool. This allows you to automatically populate answers to some questions on the FAFSA with information from you or your parents’ federal income tax returns. This not only saves time, but is also a good way to make sure you submit accurate numbers.

Get Help if You Need it

If you’re confused about something, don’t worry — and don’t ignore it. First, check the frequently asked questions on the FAFSA website. If that doesn’t help, you can contact the Federal Student Aid Information Center by chat, email, or phone.

Common Mistakes to Avoid

Every year, certain errors crop up again and again in FAFSA applications. To help prevent delays in your financial aid, it’s worth ensuring you aren’t making these common mistakes:

Leaving Fields Blank

Leaving fields blank can result in errors when filing your application. Instead, write “0” or “N/A” where relevant.

Filling Out the Application at the Same Time as Your Parents

The FAFSA will require financial information from both you and your parents. As mentioned, both you and your parents will have your own FSA ID information to log in and make changes to the FAFSA application. If you log in at the same time, you risk one or both of your changes not being saved properly.

Providing Incorrect Information

The FAFSA requires a lot of personal and financial information. Making careless errors or submitting incorrect information can cause issues with your application. For example, make sure you submit the correct Social Security number. If you don’t use this number often, you may not know it by heart. But being one digit off here can throw things off.

Issues can also occur if you are providing the wrong figures for investments. Carefully follow the instructions to report student and parent investments in the right place and understand what to include or exclude.

Take your time and read the questions carefully. Breezing through the application in a rush can potentially lead to wrong answers or missed fields.

Recommended: What Are the FAFSA Requirements and Do You Meet Them?

Failing to Reapply

The FAFSA isn’t a one-time deal. Most schools require you to re-apply every year, so make sure you stay on top of deadlines.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

The Takeaway

Filling out the FAFSA is the first step to getting the financial aid many students need to make college or graduate school a reality. A few tips to help you toward FAFSA success include: reading the application closely, making sure you have the most up-to-date financial information at hand when you are ready to submit, and submitting the application as early as possible. And don’t forget, you’ll need to submit an application annually.

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.

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. 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.

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.

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