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These days, college is a pricey proposition. The average annual cost of attendance for a student living on campus at a public four-year college is $30,990 (in state) and $50,920 (out of state). The average cost of attending a private, nonprofit university is $65,470 per year.

If you’re worried about how you’ll cover the cost of sending your child to college, know that you’re not alone. Also know that you (and your student) have a number of funding options, including grants, scholarships, work-study, and student loans. Read on for tips on how to pay for college when your savings isn’t enough.

Steps to Take if You Can’t Afford College

Here’s a look at five things you can do to make sending your child to college more affordable.

Complete the FAFSA

The first thing every college-bound student is encouraged to do is fill out the Free Application for Federal Student Aid (FAFSA®). This automatically gives your student access to several types of financial aid, including grants, work-study, and federal student loans.

Even if you don’t think you’ll be eligible for federal student financial aid, it’s still a good idea to complete the FAFSA. Colleges often use the information from the form to determine eligibility for their own student financial aid, including merit aid.

Federal student financial aid can come in several forms:

•   Grants A grant is a form of financial aid that typically does not have to be repaid. Many grants, such as the Pell Grant, are awarded based on financial need. However, some are based on the student’s field of study, such as the Teacher Education Assistance for College and Higher Education (TEACH) Grant.

•   Work-Study Eligibility for Federal Work-Study is determined by information provided on the student’s FAFSA. Not all schools participate in the program, so check with a school’s financial aid office to see if it does. Work-study jobs can be on or off campus, and an emphasis is placed on the student’s course of study when possible.

•   Loans Eligibility for federal student loans is also determined by the FAFSA. There are three basic types of federal student loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. Direct Subsidized Loans are for eligible undergraduate students who have financial need. Direct Unsubsidized Loans are for eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. Parent PLUS Loans are for parents of dependent undergraduate students, and eligibility is not based on need.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Speak With the Financial Aid Office

Getting comfortable with the school’s financial aid office staff is a good thing. The office staff can be a font of knowledge for parents and students navigating the complex world of student financial aid. Not only can they help you understand what federal student financial aid you might be eligible for, they can also let you know what student aid is available through that particular school.

Financial aid office staff may also be able to point you toward other offices or departments on campus that may have job opportunities for students, or that offer emergency services for current students in the form of food or housing assistance.

Recommended: What Kind of Emergency Funding Is Available for College Students?

Let Your Student Take on a Part-time Job

Asking your child to work part-time while they are in school can help offset expenses. If Federal Work-Study isn’t a part of their financial aid package, they can still look for a job on or off campus to earn some money to put toward books and living expenses. Learning how to manage responsibilities is also an excellent out-of-the-classroom lesson.

Some ideas for jobs that may offer part-time, flexible hours for students include:

•   Babysitter or nanny

•   Coffee shop barista

•   Retail sales

•   Restaurant server or cook

•   Gym/fitness associate

Some part-time jobs might offer perks in addition to pay. Food service jobs might come with a discount on food during a shift, retail sales associates might get a discount on the store’s products, and working in a gym might come with a free gym membership. A visit to the campus career services office is often a good place to start looking for a part-time job.

Encourage a Gap Year

It’s not at all uncommon for a student to take a gap year between high school and college. Some students might not feel ready for college right out of high school. Others might want to have a specific experience, like travel or working in a specific field. Gap years can also allow students to earn money to pay for their future college expenses.

AmeriCorps is a federal program that pairs individuals with organizations that have a need. Volunteers can work in a variety of places and situations, from teaching to disaster relief to environmental stewardship, and more. Some AmeriCorps programs offer stipends, housing, or educational benefits like federal student loan deferment and forbearance, or a monetary award that can be used to pay for certain educational expenses.

Taking a gap year can give both you and your student time to build savings. It can also give your child an opportunity to gain work experience, or explore different professions. Of course, there can be drawbacks to taking a break from academics. It might be difficult to get back into the flow of studying after a year without that type of structure. Taking a year off without any structure or purpose might leave your child without a sense of accomplishment, so it’s generally a good idea to have a plan for how a gap year will be spent.

Consider a Less-Expensive College

Going to an in-state school vs. an out-of-state or private college is one obvious way to cut costs. Here are some other options to consider.

•   Community college Community colleges often charge much less tuition than their four-year counterparts. Choosing a community college close to home can also save on room and board. Your student might be able to start at a community college, then transfer to the college of their choice to complete their bachelor’s degree.

•   Tuition-free colleges There are some colleges that don’t charge tuition at all. Students at no-tuition schools may be required to maintain a certain grade point average, live in a certain region, or participate in a student work program. For example, service academies associated with branches of the U.S. military offer free tuition in exchange for a certain number of years of military enlistment.

•   Professional school Another option might be to bypass a traditional college degree for training in a specific career field instead. Training for non-degreed positions might last anywhere from a few months to a few years, depending on the job. For example, commercial airline pilots aren’t always required to have a bachelor’s degree, but they are required to have a pilot’s license and pass exams specific to the airline they work for. Jobs in the construction industry generally don’t require a bachelor’s degree, either, but might have apprenticeship programs or on-the-job training lasting several years.

Private Student Loans

If those options aren’t enough, you can also look into private student loans. These are available through banks, credit unions, and online lenders. Loan amounts vary but you can typically borrow up the full cost of attendance at your child’s school. Interest rates are set by individual lenders. Generally, students (or their parent cosigners) with excellent credit qualify for the lowest rates.

Just keep in mind that private loans don’t come with the same protections, like income-based repayment and forgiveness programs, that are offered by federal student loans.

💡 Quick Tip: Parents and sponsors with strong credit and income may find more-competitive rates on no-fees-required private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

Financial challenges shouldn’t close the door on a college education. By taking proactive steps like completing the FAFSA to access grants and federal loans, communicating with the college’s financial aid office, exploring less-expensive educational paths, and considering options like a part-time job or a gap year for saving, you can significantly reduce the financial burden.

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

FAQ

What if I can’t pay for my kid’s college?

If you can’t pay for your kid’s college, prioritize filling out the Free Application for Federal Student Aid (FAFSA®) to determine eligibility for federal grants, loans, and work-study programs. Encourage your child to apply for numerous scholarships (merit- or need-based), as this “free money” doesn’t need to be repaid.

Other options include attending a community college first to save money on general education courses, working part-time (potentially for an employer with tuition assistance), or choosing an in-state public university which has lower tuition costs. The college’s financial aid office is a key resource for guidance on these options.

What is the highest income to qualify for FAFSA®?

There is no maximum income limit to qualify for FAFSA® (Free Application for Federal Student Aid). The U.S. Department of Education recommends all students apply, regardless of income, because eligibility for federal aid (including grants, work-study, and loans) is determined by a complex formula that considers factors beyond just income, such as family size, assets, and the school’s cost of attendance. Even high-income families may qualify for some types of aid, such as unsubsidized federal loans or institutional merit-based aid.

What do families do when they cannot afford to send their children to college?

Families unable to afford college rely on several strategies. The crucial first step is completing the FAFSA® to access federal grants and loans. Students can also apply for numerous scholarships from private organizations and local community groups, which generally doesn’t need to be repaid. Many attend a community college for two years to save money on core courses before transferring to a four-year institution. Students often work part-time while studying or take a gap year to save money. Attending an in-state public university is another cost-saving measure. The college’s financial aid office can be a key resource for exploring these options and appealing for more aid if needed.

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., 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).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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.

SOISL-Q425-015

News anchors earn an average salary of around $106,030 a year, according to the U.S. Bureau of Labor Statistics (BLS), which includes them in the category of news analysts, reporters, and journalists.

But keep in mind that salaries vary widely and there are many factors that go into determining pay, including your experience, the market size, the location, and the size of the employer. For example, news anchors working in locations with larger audience sizes and for bigger networks or cable news will generally make higher salaries.

Let’s take a closer look.

Key Points

What Are News Anchors?

News anchors are journalists who are responsible for delivering the news to their audience. These professionals can work for a television, radio, cable, or media outlet. Some work in local markets, while others broadcast in national markets or on cable news.

News anchors spend some days in the newsroom and others covering a story out in the field. Many start their careers as reporters, covering a specific beat or coverage area, like state and local government, education, or local businesses.

As a news anchor, it’s important to stay up to date on current events and have strong interviewing, researching, and writing skills. And since you’ll likely handle breaking news from time to time, it also helps if you’re good at multitasking and staying calm under pressure.

News anchors also have a lot of interaction with other people and work with a team, including producers, reporters, audio engineers, and camera operators. If this much interaction isn’t the right fit for you, you may want to look into jobs for introverts.

Like many journalism roles, a news anchor position requires a bachelor’s degree. Internships can be a great way to gain experience in the field, establish contacts, and start building your professional network.

💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting News Anchors Make?

An entry-level news anchor makes an average of $48,077 a year, according to ZipRecruiter.

That said, there are many factors that come into play when determining salary, such as location and market size. It’s common for news anchors to start their careers as reporters in small local markets and work their way up to anchor desks in larger news markets. Bigger markets — and more viewers — typically bring higher salaries.

As you evaluate what makes a good entry-level salary, take into accounts factors like work schedule flexibility, paid time off, and benefits like health insurance and a retirement plan.

Recommended: How to Save for Retirement

What Is the Average Salary for a News Anchor?

As mentioned, the average salary for someone working in the field of news analysis, reporting, and journalism, including news anchors, is $106,030 a year, according to the BLS. If you want to break it down to how much a news anchor makes an hour, the average is roughly $51.

The top 10% of earners can bring in $162,430 or more a year, while the bottom 25% earn $40,420 or less. Many news anchors, usually those working at major news networks, can make more than $100,000 a year.

However, no matter how much you earn, it’s a good idea to set short- and long-term financial goals. A money tracker app can help you monitor your spending and saving and also provide useful insights.

What Is the Average News Anchor Salary by State?

While some news anchors take home a hefty salary, journalism roles tend not to be the highest-paying jobs in a state.

Here are the average salaries for news analysts, reporters, and journalists, a category which includes news anchors, by state, according to the U.S. Bureau of Labor Statistics.

Recommended: What Is Competitive Pay?

News Anchor Job Considerations for Pay and Benefits

Being in the news industry means covering fresh stories and meeting new people every day, but the pace can be relentless. Breaking news can happen at any time and anywhere, which can mean working beyond a typical nine-to-five schedule and having to travel unexpectedly.

News anchor compensations can also include benefits like a retirement savings plan and health insurance. Some roles may also come with added perks like car services and wardrobe stipends. Bonuses are also possible in this industry.

It’s important to note that the journalism industry can be shaky and is expected to shrink in the coming years. The BLS forecasts that employment of news analysts, reporters, and journalists will drop 4% from 2024 to 2034. That means that it expects there to be 47,400 jobs in the industry in 2034 compared to 49,300 in 2024.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a News Anchor Salary

There are many factors to consider when evaluating a salary, including the local cost of living and your spending and debt levels. Advancing into bigger markets can bring a substantial pay increase for many news anchors.

The life of a news anchor can seem glamorous when you consider the wardrobe, hair and makeup, and lights and cameras. But the news cycle can be draining, and there isn’t a lot of flexibility when it comes to your schedule or remote work options.

Morning news anchors will start their days before the sun comes up, preparing for interviews, catching up on news, and reviewing their show’s rundown. If you are looking for roles with more flexibility, you may want to explore work-from-home jobs.

The Takeaway

Becoming a news anchor means taking on the responsibility of delivering news to viewers. The average salary for the news analysts, reporters, and journalists category is around $106,030 a year, per the BLS.

But that figure can vary widely depending on experience, the size of the employer, the size of the market, and other factors. Typically, news anchors start their careers in smaller, local markets. As they gain more experience, they may have opportunities to advance to larger markets, which tend to pay more.

If you’re passionate about the news and want to help keep your community informed, a career as a news anchor may be right for you.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is the highest-paying news anchor job?

Generally speaking, news anchors can make more working in a major, national market. For instance, prime-time television news anchors who work for major media broadcasters can earn millions per year.

Do news anchors make $100k a year?

Many news anchors can earn around $100,000 annually, especially those who work at a major news network.

How much do news anchors make starting out?

According to ZipRecruiter, an entry-level news anchor earns around $48,077 per year. Location, experience, and the size of the employer can all play a role in a starting salary for a news anchor.

Photo credit: iStock/milanvirijevic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

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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SORL-Q425-037

If you work in public service for a government agency or nonprofit, you may be able to have the remaining balance on your federal student loan forgiven after a certain number of payments through the Public Service Loan Forgiveness Program (PSLF).

Created by the Education Department (ED) in 2007, PSLF is intended to help public-service professionals who may earn lower salaries and struggle to repay their federal student loans. In this context, many teachers, firefighters, and social workers qualify.

However, it’s important to be aware that on October 2025, acting on an executive order signed by President Trump, the ED announced a final rule to the PSLF program, which may exclude some borrowers starting on July 1, 2026.

Below is the latest information borrowers need to know about PSLF eligibility and student debt forgiveness.

What Is Public Service Loan Forgiveness?

The PSLF program provides professionals working full-time in public service with a way to ease the burden of their student loan debt. After making 120 qualifying monthly payments under an eligible repayment plan, such as income-driven repayment, and by working full-time for a qualifying employer, the remaining balance of a borrower’s federal Direct Loans will be forgiven.

What Are Public Service Loan Forgiveness Jobs?

Borrowers working as teachers, firefighters, first-responders, nurses, military members, and doctors may qualify for PSLF. But with this program, it is not only the type of job you have that determines if you can get forgiveness, but also the type of employer.

Currently, qualifying employers include federal, state, local, tribal government and non-profit organizations. (As noted above, the new final rule may affect which organizations qualify, starting July 1, 2026.)

To find out if your employer currently qualifies for PSLF, you can use the Federal Student Aid employer eligibility search tool.

Who Is Eligible for the Public Service Loan Forgiveness Program?

The way that PSLF works is that borrowers must meet certain eligibility criteria to qualify. These criteria include:

Work for a Qualified Employer

Part of PSLF eligibility requires working for a qualified government organization (municipal, state, federal, military, or tribal) or a qualified 501(c)(3) non-profit organization. Full-time AmeriCorps or Peace Corps volunteers are also currently eligible for PSLF.

Some other types of non-profits also qualify, but labor unions, political organizations, and many other non-profits that don’t have 501(c)(3) status do not qualify. Working for a government contractor doesn’t count; you have to work directly for the qualifying organization.

Only full-time workers are eligible — that is, workers who meet their employer’s definition of full-time or work a minimum of 30 hours per week. People employed at multiple qualifying organizations in a part-time capacity can be considered full-time as long as they’re working a combined 30 hours per week.

Having Eligible Loans

Only federal Direct loans, including Stafford loans, Grad PLUS loans (but not Parent PLUS loans), and Federal Direct Consolidation loans, are eligible for PSLF.

If you hold Federal Family Education Loans (FFEL) or Perkins loans, you need to first consolidate them into a Direct Consolidation Loan for them to be eligible for PSLF. Just be aware that unless your Direct Consolidation loan was disbursed on or before October 1, 2024, any payments you made on the FFEL Program loans or Perkins Loans before you consolidated will not count toward the 120 qualifying payments for PSLF.

Private student loans are not eligible for PSLF.

Recommended: Student Loan Forgiveness Guide

Applying for Public Service Loan Forgiveness

To apply for the PSLF program, you’ll need to take the following steps:

1. Consolidate FFEL Program and Perkins Loans

As noted above, borrowers with FFEL Program and Perkins Loans must consolidate them with a Direct Consolidation Loan to be eligible for PSLF.

However, as mentioned, payments on FFEL and Perkins loans included in a Direct Consolidation Loan that was disbursed on or after October 1, 2024, will not count toward PSLF. Your payment count on the new Direct Consolidation Loan will start at zero.

2. Sign Up for an Income-Driven Repayment Plan

There are now three available income-driven repayment plans to choose from — Pay As You Earn (PAYE), Income-Contingent Repayment (ICR), and Income-Based Repayment. These plans are designed to make student loan debt more manageable by giving you a monthly payment based on your discretionary income and family size. You must enroll in one of these plans to qualify for PSLF.

Note that any borrowers on the SAVE (Saving on a Valuable Education) plan have been placed in forbearance due to a court injunction; the time in forbearance does not count toward PSLF. Those who are eligible need to switch to one of the other three IDR plans to continue making qualifying PSLF payments.

3. Certify Your Employment

To certify your employment, use the PSLF Help Tool. You can either print out the form for you and your employer to sign and then send it in for approval, or you can sign the form electronically and the Education Department will email your employer and request their electronic signature.

4. Make 120 Qualifying Monthly Payments

You must make these qualifying payments while you’re employed by a qualified public service employer. If you switch employers you can still qualify as long as you continue to work for a qualifying organization — but you will have to certify your employment with your new employer.

5. Apply for Forgiveness

After you make your final payment toward PSLF, you will need to fill out and submit a PSLF form for forgiveness.

Current State of the Program

Because the program was created in 2007, the first borrowers to qualify for loan forgiveness applied in 2017. However, early estimates by the Government Accountability Office (GAO) reported the denial rate as more than 99%. At the same time, many borrowers weren’t even aware that the forgiveness program existed.

In 2022, the Biden administration worked to address these issues by introducing a “limited PSLF waiver,” which allowed student loan holders to receive credit for payments that previously didn’t qualify for PSLF. That was later followed by an IDR account adjustment program. In October 2024, the administration said that more than 1 million public servants had received debt relief through PSLF.

In March 2025, President Trump signed an executive order directing the Education Department to revise the PSLF program. In October 2025, the department announced the final rule to exclude organizations that have a “substantial illegal purpose.” Because the new rule changes the definition of a qualifying employer, it could restrict eligibility for PSLF. The rule is scheduled to go into effect on July 1, 2026, though legal challenges to the rule have been filed. For now, the PSLF program is not changing, and those enrolled in PSLF do not have to take any action, according to the ED.

Pros and Cons of the Public Service Loan Forgiveness Program

There are a number of advantages of the PSLF program, but there are some drawbacks as well. These are some of the benefits and disadvantages to consider.

Pros of PSLF

1.   The balance of your student loans is forgiven after a set period of time. This can result in significant debt relief for qualifying borrowers working in the public sector.

2.   The amount forgiven is typically tax-free when it comes to federal taxes. Because it generally isn’t considered taxable income, the amount forgiven under PSLF isn’t subject to federal taxes, unlike other loan forgiveness programs. (Some states may tax the amount, however.)

3.   By offering forgiveness, PSLF encourages professionals to work in public service roles. Professionals in qualifying jobs are making a difference, and your government appreciates it enough to give you a break on your federal student loans.

4.   Those pursuing PSLF may have lower monthly student loan payments than they would otherwise because they are on an income-driven repayment plan that bases their payments on their discretionary income and family size.

Cons of PSLF

1.   The rules regarding PSLF— including the types of loans, employers, and repayment plans that qualify — are strict.

2.   The time commitment is long-term. Borrowers in the program must be employed with a qualifying public service employer — potentially earning a lower salary than they would in the private sector — for at least 10 years.

3.   The process to enroll in PSLF and achieve forgiveness can be quite time-consuming and complex.

4.   There is some uncertainty regarding the program. The new final rule scheduled to be implemented by the Education Department on July 1, 2026 could restrict some public service organizations and their employees from PSLF.

Alternatives to the Public Service Loan Forgiveness Program

For borrowers looking for student loan debt relief, there are other options besides PSLF. For example, the Teacher Loan Forgiveness program is available to full-time teachers who have completed five consecutive years of teaching in a low-income school. And borrowers reaping their loans under an IDR plan are also eligible for forgiveness after 20 or 25 years.

These federal forgiveness programs do not apply to private student loans. If you are looking for ways to reduce your interest rate or lower your monthly payments for private student loans, refinancing your student loans with a private lender may be an option to explore. When you refinance, you replace your existing loans with a new loan that, ideally, has a lower interest rate, which could reduce your monthly payments potentially saving you money.

However, it is important to be aware that refinancing federal student loans with a private lender may make you ineligible for the Public Service Loan Forgiveness program as well as other federal benefits, such as income-driven repayment and student loan deferment.

The Takeaway

The Public Service Loan Forgiveness program is one way that eligible borrowers working in public service may be able to have their federal student loans forgiven. Although changes to the program are scheduled to take place in July 2026, for now, the program is proceeding as usual.

Borrowers whose student loans aren’t eligible for PSLF may want to consider different options, including other forgiveness programs or student loan refinancing.

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

FAQ

Who qualifies for PSLF?

To qualify for PSLF, borrowers must have federal Direct loans and work full-time in public service for a qualifying non-profit or government agency. They must make 120 qualifying payments under an eligible repayment plan, such as income-driven repayment.

What types of loans are eligible for Public Service Loan Forgiveness?

Only federal Direct loans are eligible for PSLF. Other federal loans, such as Perkins Loans and Federal Family Education Loans (FFEL) must be consolidated into a federal Direct Consolidation Loan to be eligible.

What is the downside of Public Service Loan Forgiveness?

Some downsides of Public Service Loan Forgiveness include strict eligibility rules and a long-term commitment to working in public service — typically at least 10 years — before forgiveness may be achieved. Additionally, those employed in public service jobs may earn lower salaries than individuals employed in private sector jobs.

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).

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.