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College financial aid includes grants, scholarships, work-study and federal student loans. Scholarships and grants are forms of aid that generally don’t need to be repaid. Students who qualify for work-study are able to find part-time employment that can help them pay for college costs. Federal student loans are also considered financial aid, but unlike scholarships or grants, generally need to be repaid, typically with interest. Because you’ll be responsible for repaying student loans, it’s essential that you fully understand the terms of borrowing.

After applying for federal aid by filling out the Free Application for Federal Student Aid (FAFSA®), students can expect to receive a financial aid award that details the type and amount of aid for which they qualify. Financial aid can be incredibly helpful when trying to finance your college education, but it’s possible that you may not receive enough to fully foot your tuition bill. If that’s the case, there are other options available to help you pay for your education. Continue reading for more information on understanding your financial aid package and the options to consider should you find yourself in need of additional funding.

The Steps to Getting a Financial Aid Package

In order to get any financial aid package for college, the first step is generally to fill out a Free Application for Federal Student Aid , commonly known as FAFSA^®.

The FAFSA for the 2023-24 school year became available Oct. 1, 2022, and the application cycle ends on June 30, 2024. Some states and colleges have separate deadlines for the FAFSA to determine aid. Consider contacting your school’s financial aid office for questions on the deadline required by your state or school.

Filling out the FAFSA requires some basic financial and income information. If you’re a dependent student, then you’ll need your parents’ financial info as well. For higher income families or those in unique financial situations, this can be a little tricky.

All federal loans, both subsidized and unsubsidized, require a FAFSA in order to determine eligibility. Colleges may also use the FAFSA to determine their own financial aid awards and packages, based on things like expected family contribution and financial need.

After you fill out the FAFSA, the Office of Federal Student Aid at the U.S. Department of Education will process your FAFSA and send you a Student Aid Report (SAR), which is essentially a summary of your information. It’s usually worth reviewing this information in detail to confirm that all of the information is accurate. If you find a mistake after reviewing your SAR, you’ll likely need to update or correct your FAFSA .

The SAR will include the calculated Expected Family Contribution (EFC), which is how much you and/or your family can be expected to contribute personally towards your education. (Next year, the EFC will be replaced by the Student Aid Index.)

Then, colleges use this information to determine eligibility for university, local, state, and federal financial aid. Sometimes schools may also ask for additional information, particularly if you are applying for school-specific scholarships.

The schools will then assemble a financial aid package that could be made up of grants, loans, work-study, and other waivers, and send you an “award letter.” Reviewing your award letter carefully can help you choose the financial aid mix that is right for you. Often these financial aid award letters come shortly after admissions decisions, though this may vary. Students typically have a deadline (often May 1, which is National College Decision Day) to make their decisions by.

It’s important to understand and compare the financial aid packages you’ve gotten from different colleges — even if that can be a little confusing. The key is to break down the jargon in order to help make an informed decision.

Understanding What’s in the Average Financial Aid Package

The format of an award letter can vary from college to college. That, in combination with financial aid jargon can make it difficult to decipher, but at its heart a financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your expected family contribution.

Yet, you may have to decode the language and research each of the line items. Sometimes, for example, instead of clearly identifying loans as such, they might be simply denoted with abbreviations like “L” or “LN” in the award letter. Here are the different types of financial aid you may see in your financial aid package:

Grants and Scholarships

These don’t have to be repaid, so they are sometimes referred to as “gift aid.” These could be school, state, or federal scholarships and grants you qualified for and were awarded.

Work-Study

This is part-time work you will do and be paid for. You’ll be paid at least the federal minimum wage, but depending on the job, you could earn more. Being granted work-study in your aid package does not always guarantee a job. Depending on the school you attend, you may be matched with a job or you may have to apply for and secure your own job.

Federal Student Loans

Federal loans can be either subsidized or unsubsidized, and usually have lower interest rates than private loans. There is also typically a cap on how much you can borrow.

Subsidized loans are for undergrads and are awarded based on financial need; additionally, the government pays the interest on them while you’re in school at least half-time, during your grace period, or during periods of deferment.

Unsubsidized loans are available to undergraduate and graduate students and are not awarded based on financial need. This type of loan accrues interest while a student is enrolled at least half-time, during the loan’s grace period, or during other periods of deferment.

Borrowers have the option to make interest-only payments during this time, but are not required to do so. If the interest on the student loan accrues, at the end of the deferment period it will be capitalized or added to the principal value of the loan.

There are also PLUS loans for parents and graduate students, which are also unsubsidized.

Beyond Federal Financial Aid: Private Student Loans

Private student loans are not part of a federal financial aid package. Private student loans can be borrowed from a private lender, which typically have more stringent financial qualifications and, like federal loans, must be paid back with interest. Typically, that interest also accrues while you’re in school.

Check the terms of any private student loans you’re considering and the interest rate being offered to get a sense of how they stack up to federal loans. Federal loans also offer benefits that private student loans do not, such as income-driven repayment plans, deferment options, or the

In order to make the decision that’s best for you, you’ll want to compare the total cost of attendance, how much gift aid is being awarded, and the loans you’ve received and their terms. This should give you a better idea of how much any federal loans will cost you, and whether there is a gap in funding.

The total cost of college may change over a student’s enrollment, so it generally needs to be calculated each year. Consider things like fluctuation in tuition rates, federal interest rates, and your financial aid award which, among other factors, have the potential to change.

Tips on How to Compare Financial Aid Packages

One of the most important things to look at when comparing financial aid packages for college is the net price. What that means is the actual cost to you, minus all awards. To find the net price you need to figure out the total cost for each college and then subtract the amount of grants and gift aid (e.g., not loans).

Factor in how much you can borrow in loans, and carefully consider the loan terms. And then you can calculate how much each college will cost you additionally out-of-pocket.

Just because one school is giving you more in financial aid doesn’t mean it’s necessarily the best financial option. For example, if it will ultimately cost you more because the college is more expensive and, perhaps, you’re going to need to borrow a private student loan with a comparatively high interest rate to cover what your federal aid doesn’t cover.

However, a financial aid package won’t always list the net price and many of the financial aid award letters don’t even necessarily tell you how much a specific college costs in total.

Some letters only outline the direct cost to the school — e.g., tuition and fees — but don’t include room and board or other expenses.

It can be helpful to make your own spreadsheet to ensure you’re comparing apples-to-apples. Figure out the total cost of attendance for each school you’re considering. Include tuition, fees, room and board, and you can even estimate expenses like books, supplies, and living expenses.

Note how much is being awarded in gift aid (grants and scholarships), how much you’re offered federal student loans, and how much it’ll cost you out-of-pocket. If needed, consider private student loans, carefully evaluating their loan terms.

Also understand whether the scholarships or grants in your aid package are a recurring award that will be given to you each year, or whether they are a one-time award.

It’s also worth noting that you are not required to accept all of the loans offered in your financial aid package. You can choose to borrow a lesser amount, which could help save you money in the long run by reducing the money you owe in interest.

The Consumer Financial Protection Bureau and the College Board both have tools to more accurately compare financial aid packages and the costs of college.

If Your Financial Aid Package for College Isn’t Enough

Sometimes you do the math, compare all the costs, and feel like your financial aid package for college just isn’t adding up.

Appeal the Financial Aid Decision

It is possible to appeal a financial aid package, particularly if you’ve had changed circumstances or if there was a gap between the cost and the award. While writing an appeal letter might be a first step if your financial aid package isn’t enough to cover the cost of college, it doesn’t guarantee your award will change.

It also might be the case that circumstances change and you lose your financial aid or portions of your award package. In these situations, there are options in addition to or besides appealing.

Apply for Private Scholarships

You can look into private scholarships, of course. These are different from the scholarships and grants awarded by the state or school. However, private scholarships are considered non-need-based aid and will factor into the cost of attendance — and each school deals with that differently.

Get a Part-Time Job

Even if you don’t qualify for the work-study program, you could look for a part-time job. There may be on-campus jobs available, like working as a teaching assistant, or tour guide. Another option is to look off-campus for a job. There may be local restaurants, coffee shops, or stores that are looking for part-time associates.

Consider a Private Student Loan

Private student loans are another tool that could help students fill in financial gaps. Keep in mind, that, as mentioned, private student loans may lack borrower benefits afforded to federal student loan borrowers. If you think a private student loan is something that could work for you, get quotes from a few different lenders to compare the terms and conditions, so you can find the best loan for you. Some student borrowers may also consider applying with a cosigner, who could potentially help them qualify for more competitive loan terms.

The Takeaway

Your financial aid package will state the amount and types of aid you receive. Financial aid includes scholarships, grants, work-study, and federal student loans. Carefully compare your financial aid awards at each college when you are making your college decision.

If you don’t get enough financial aid, you might consider getting a part-time job, applying for private scholarships, or borrowing a private student loan. Keep in mind that, as mentioned, private student loans are generally only considered an option after all other financing has been exhausted. If you’re interested in a private student loan, consider SoFi. SoFi offers private student loans with no origination fees and no late fees.

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Does it seem like your student loan balance never gets any smaller? This may ring true if you’re one of the 60% of borrowers who stopped making payments on their federal student loans during the Covid-19-related payment pause. (The moratorium also set the interest rate at 0%.)

But even when you start making monthly payments again, or if you graduated during the pandemic and are new to making payments, it still may seem like your loan balance isn’t budging much. Where do your payments go if not to the principal? The short answer: interest.

Understanding how and when student loans accrue interest can help you make smart choices about paying off your balance faster.

What Makes Up a Student Loan Balance?

Your student loan balance is made up of two parts: the amount you borrowed plus any origination fees (the principal) and what the lender charges you to borrow it (interest).

Once you receive your loan, interest begins to accrue. If it’s a Direct Subsidized loan, the federal government typically pays the interest while you’re in school and for the first six months after you graduate. After that, the borrower is responsible for paying the interest.

If the loan is a Direct Unsubsidized loan or a private student loan, the borrower is solely responsible for accrued interest.

How Do Payments Affect My Student Loan Principal?

Most people pay a fixed monthly payment to their lender. That payment includes the principal and the interest. At the beginning of a loan term, a larger portion of your payment goes toward paying interest, and a smaller portion goes to the principal. But the ratio of interest to principal gradually changes so that by the end of the loan term, your payment is mostly going toward the principal.

How Does an Income-Based Repayment Plan Affect My Student Loan Balance?

Things are a little different if you’re making payments under an income-based repayment plan. Your payments are tied to your income and shouldn’t exceed a certain percentage of your salary. The interest, however, doesn’t change based on your income.

This means there may be situations where your monthly payment doesn’t fully cover the interest charges for that month, much less contribute to your principal. In fact, your student loan balance may actually grow over time, despite the payments you make.

How Has the Payment Pause Impacted My Student Loan Balance?

When the government suspended payments on federal student loans, they also hit the pause button on interest accrual. Essentially, the debt has been frozen in time since March 2020. When the moratorium ends, interest will likely start accruing again.

Note that the payment pause didn’t include private student loans. For a refresher on the balance and interest rates on private loans, contact your loan servicer. Be sure the company has your most up-to-date contact information on file, so you don’t miss out on important information about your loans.

Your student loan servicer may have changed since the last time you made a payment. To find out which company is handling your federal student loans, log on to the Federal Student Aid website; the information will be listed in your dashboard. You can also call the Federal Student Aid Information Center at 800-433-3243.

To find out which company is handling your private student loans, contact the lender listed on your monthly statement and find out if they still handle your loan. More often than not, they will. If your loan servicer has changed, the lender can give you the new company’s contact information.

How to Pay Down Your Loan More Quickly

When it comes to repaying student loans, the key is to find an approach you’ll stick with. One way to tackle the debt is by making extra payments toward the principal. Even a little bit can help bring down the loan balance.

Another approach is to refinance to a lower interest rate. Or you could refinance to a shorter loan term. Or you could do both. Your payments may be higher, particularly if you switch to a shorter loan term, but you will be finished paying off the debt sooner. (Please note that if you refinance a federal student loan, you will lose access to federal protections and programs such as the Covid-related payment pause, the Public Service Loan Forgiveness program, and income-driven repayment plans.)

The Takeaway

The way loan payment schedules are set up is likely why your regular payments don’t seem to be making much of a dent to your balance or loan principal. Initially, more of your payment goes toward paying interest and less toward the principal. But gradually that changes so that by the end of the loan term, most of your payment is going toward the principal.

If you want to pay off your loan faster or generally pay less interest over the life of your loan, one strategy is to refinance student loans to a lower interest rate and/or a shorter loan term. If you decide refinancing makes sense for you, it might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more — at no extra cost.

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.

For millions of students, pursuing a college degree means taking on some amount of debt. That’s because college costs have risen much faster than wages, and the average cost of a four-year degree has far outpaced the rate of inflation in the past 15 or so years.

Today, a typical student borrows around $30,000 to pursue a bachelor’s degree. That amount can be even higher for students pursuing a degree needed for higher-paying jobs, such as those in medicine or law.

Here are the professions whose graduates, on average, owe the most. This list is not exhaustive, and rankings can change based on different data sets.

Average Student Loan Debt by Profession

While it’s true that jobs for people with higher degrees can pay in the six figures, student loan debt can make a significant cut into earnings. Considering student loan debt, along with salary, can give a more complete picture of what kind of financial future many graduates face.

1. Oral Surgeon

Even with a relatively high salary, oral surgeons typically graduate with a large student loan burden. The debt has a significant effect on their professional and personal decisions for decades to come, according to the American Association of Oral and Maxillofacial Surgeons.

The organization has lobbied for student loan reform, including halting interest accrual on student loans during an internship or residency, making sure fair income-based repayment structures are in place, and allowing qualified participants in the Public Service Loan Forgiveness Program (PSLF) to have remaining loan balances forgiven earlier than the standard 10 years.

Average student loan debt: $500,000+

Median salary: $311,460

2. Orthodontist

Like other dental school graduates, orthodontists may face substantial student loan debt. After dental school, orthodontists train for orthodonture during a residency that can last several years.

The American Association of Orthodontists has supported legislation aimed at student loan reform: “Reducing interest rates and fees and allowing refinancing for today’s graduates are critical steps to helping them repay these loans sooner and more efficiently so they can begin to invest in their futures and careers,” Dr. Nahid Maleki, a former association president, has said.

Average student loan debt: $560,000

Median salary: $267,280

3. Endodontist

Less than 3% of all dentists are endodontists, according to the American Association of Endodontists. Endodontists specialize in diagnosing and treating complex causes of tooth pain. The field requires two to three years of education and training beyond dentistry. This means that endodontists may shoulder a greater debt burden than their dental school counterparts.

“The high cost of a dental or medical education is a crippling problem and threatens the future of our specialty,” Dr. Keith V. Krell, then president of the American Association of Endodontists, said. The organization has supported legislation to “funnel more money into dental schools so that unreasonable tuition costs can be offset.”

Average student loan debt: $533,000

Median salary: $242,866

4. Dentist

Many dental students bite off a lot of debt. While the dental industry can be thought of as relatively recession-proof (your aching tooth doesn’t care about market fluctuations), dental spending may become flat during and after lean times while the supply of dentists rises.

Navigating insurance as a dental practice can also be tricky for practice owners, and the field can be competitive and crowded for new dentists.

Average student loan debt: $304,824

Median dentist salary: $167,160

Recommended: Budgeting as a New Dentist

5. Radiologist

While radiologists can be high earners in the medical field, they also may hold a staggering amount of debt that accumulates during medical school and residency. The American College of Radiologists has supported legislation to halt interest accrual during residency.

Currently, residents can request deferment or forbearance on loans, depending on their circumstances, but even if granted, interest accrues. This can add thousands or tens of thousands of dollars to the balance of a radiologist’s student loan debt.

Average student loan debt: $241,600

Median salary: $455,000

6. Obstetrician-Gynecologist

For many medical students, residency is when student loan debt balloons. Unlike their high-earning counterparts who may immediately begin earning six-figure salaries after grad school, med students earn an average of $64,200 during residency.

During this time, interest may accrue on loans. Increasing patient loads, malpractice vulnerabilities, and more have led to burnout in this profession. According to the American College of Obstetricians and Gynecologists, a shortage in the speciality may be on the horizon.

Average student loan debt: $241,600

Median salary: $296,210

7. Anesthesiologist

Residency requirements can cause interest accrual to add to the debt load of these medical professionals. The American Society of Anesthesiologists supports legislation that would allow borrowers to qualify for interest-free deferment on loans while in residency.

The legislation has been introduced to Congress but has not gained traction. The work of an anesthesiologist can be grueling: Some reports have shown that anesthesiologists have a higher risk of burnout than other physicians.

Average student loan debt: $241,600

Median salary: $417,000

8. Physician

Also called a doctor, primary care physician, or family practitioner, a physician is an essential element of primary care for all ages, and a point of contact who works with other doctors to diagnose and treat patients. Not a medical specialty, this umbrella term can also refer to pediatricians and internal medicine doctors.

While the career path may not be as lucrative as some specialized medical careers, it offers intangible benefits, such as control over your hours worked and the ability to get to know your patients, according to the American Academy of Family Physicians (AAFP).

But the salary compared with student loan debt can make the debt burdensome. The AAFP has advocated for federal loans and scholarship programs that target primary and family care as well as interest deferment during residency.

Average student loan debt: $205,037

Median salary: $235,930

Recommended: Budgeting as a New Doctor

9. Osteopath

Members of one of the fastest-growing segments of health care, according to the American Osteopathic Association, osteopaths take a whole-person approach to medicine. Osteopaths may practice all medical specialties, but attend an osteopathic medical school where they receive specialized training in the musculoskeletal system.

The osteopathic association found that 86% of osteopathic medicine graduates have student loan debt. Like their medical school counterparts, osteopath students can be susceptible to burnout.

Average student loan debt: $247,218

Median salary: $231,500

10. Pharmacist

Pharmacists require undergraduate and graduate school degrees, and the career path can be varied upon graduation. Some pharmacists enter research and development, while others choose to work with patients in hospitals, clinics, or commercial settings.

This can allow for career flexibility for pharmacists, as they can balance family and personal obligations with a career. But student loan debt can become a burden for pharmacists that can affect their financial decisions for decades. As with other professions, the challenge becomes balancing debt with future financial goals such as saving adequately for retirement.

Average student loan debt: $170,444

Median salary: $125,690

11. Physician Assistant

Educated at the master’s degree level, a physician assistant can diagnose, treat, and prescribe medication to patients and can often be a patient’s main health contact. A physician assistant does not have to go through the years of medical school and residency training of doctors but still must have hours of clinical experience.

The career is in demand, with three-quarters of graduates receiving multiple job offers after graduation, according to the American Association of Physician Assistants. But the student debt burden can be intense.

Average student loan debt: $112,500

Median salary $121,530

12. Lawyer

“Lawyer” has come to mean “high earner,” but the truth is much more nuanced. Lawyers have a large income discrepancy based on the type of law they pursue and the state they practice in. Some 71% of law school graduates have some form of student loan debt, and the average debt has risen in the past several decades.

For example, in 2000, law school graduates came out of the gate with an average of $59,000 (nearly $88,000, adjusted for inflation) in student loans, while today, new graduates have an average of $180,000 in cumulative debt. The American Bar Association has lobbied the government to provide student loan debt relief for lawyers.

Average student loan debt: $180,000

Median salary: $127,990

13. Physical Therapist

Physical therapists must earn a doctor of physical therapy degree, a three-year course after a bachelor’s degree. After graduation, physical therapists may do a residency or fellowship, or may begin practicing right away. Salaries can depend on the type of work a physical therapist pursues. Student debt can affect those decisions.

According to the American Physical Therapy Association, 70% of respondents to a survey said debt caused anxiety. The association has been advocating for physical therapists on Capitol Hill, lobbying for more scholarship opportunities for therapists from underrepresented backgrounds and inclusion of physical therapists in the National Health Service Corps Loan Repayment Program, a loan repayment program for health professionals.

Average student loan debt: $116,183

Median salary: $95,620

14. MBA Holder

Many people think a master of business administration degree (MBA) translates into a high-salary career, and while it’s true that graduates of top programs often receive high pay offers, top programs are expensive, and there’s no guarantee that a job will result. So is an MBA worth it? That depends on your career goals.

Some employers will offer full or partial tuition reimbursements to employees who pursue an MBA. Requirements vary by employer, but some expect employees to continue working during school. Though rigorous, this means that MBA students may not necessarily lose out on a salary while getting their graduate degree.

Average student loan debt: $80,892

Average salary: $115,000

15. Occupational Therapist

Occupational therapists (OTs) need to obtain a master’s degree and satisfy licensing requirements, as well as supervised fieldwork. Like physical therapists, the salary progression for OTs depends on the type of work they pursue, and the type of work they pursue also affects the type of potential loan forgiveness that may work for their circumstances.

The American Occupational Therapy Association recognizes that many students graduate with student loan debt that can be tough to pay back on a median OT salary. The association actively lobbied for occupational therapists during the COVID-19 pandemic to make sure their interests were covered under the CARES Act.

Average student loan debt: Varies

Median salary: $89,470

16. Registered Nurse

Nursing salaries — and the student loan debt that nurses carry — depend on education level. Nurses who have a Master of Science in nursing have the most student loan debt, while those who have a bachelor’s degree or associate degree have lower debt, but may have lower salaries as well. Scholarship opportunities for nurses can limit the necessity of student loans, and some nurses may qualify for forgiveness opportunities, including the Public Service Loan Forgiveness Program and the Nurse Corps Repayment Program, a federal program for nurses who work in high-need areas.

Recommended: Budgeting as a New Nurse

Average student loan debt (with master’s degree): $47,321

Median RN salary: $77,600

The Takeaway

The price of college has soared, and a typical student borrows around $30,000 to pursue a four-year degree. That amount can be substantially higher for students who choose more lucrative degrees, such as those in medicine and law. Orthodontists, for example, owe an average of $560,000 in school loan debt, while lawyers owe around $180,000 in school loan debt.

There are options to help borrowers manage their debt, such as the Public Service Loan Forgiveness program, student loan consolidation or student loan refinancing. Refinancing student loans could help you snag a lower interest rate and/or extend or shorten the loan term. (Note: You may pay more interest over the life of the loan if you refinance with an extended term. Also note that when you refinance, you will no longer have access to federal protections and benefits, such as certain loan forgiveness programs, the current payment pause, flexible payment plans, and more.)

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

FAQ

How much student loan debt is there in the U.S.?

Currently, there is more than $1.76 trillion in outstanding student loan debt, and more than 43.5 million Americans have federal student loan debt.

Which major has the largest amount of student debt, and which major has the least amount of student debt?

Doctor of Osteopathic Medicine is the major with the largest median debt, at $287,820, according to the Education Data Initiative. An associate’s degree in Biological and Physical Sciences is the major with the smallest median debt, at $7,590.

Which age group holds the most student debt?

Student debt is most prevalent among borrowers under 40 years of age, according to the New York Federal Reserve. That said, only 57 percent of balances are owed by those under 40. Borrowers with larger balances are more likely to be older, perhaps because they borrowed for graduate school.

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.

Losing a job can be scary, but help is out there. For many, it starts with getting unemployment benefits.