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Some prospective undergraduate students will take part in an admissions interview, which, like other aspects of the get-into-college process, can require some preparation. Doing your homework can help you know what to expect and feel more confident. Here are things to get a head start on, including common college interview questions.

How Important Is a College Interview?

Before deciding whether or not an interview is worth the time and effort, students should know how important this step can be to the admissions process. The importance of the interview depends on whether it’s informational or evaluative.

Not all colleges will refer to the interview as “informational” or “evaluative.” Students should pay attention to the wording their schools use for interviews. If the school “strongly encourages” or “highly recommends” that a student schedule an interview, it may be an evaluative interview and an important piece of the application process.

Informational Interviews

Informational interviews are usually optional and mostly for the benefit of the student. These generally exist to allow students to learn more about the school and to show the college that they’re seriously interested in attending.

It’s not required for admission to book an informational interview, but it can help a student demonstrate a strong desire to attend the school and give the school a more multidimensional view of the student.

Informational interviews can also help to figure out which school is the best fit. Doing an informational interview gives students a chance to ask any questions they may have about the school and could give them a more complete picture of what life on campus looks like.

Evaluative Interviews

Evaluative interviews are usually conducted by selective colleges and universities such as most Ivy League institutions, and can affect admission. During an evaluative interview, a write-up of the students’ responses will be added to their application materials.

Whether the interview is evaluative or informational, the following college interview tips apply.

Booking and Practicing

These days, many U.S. schools don’t require interviews in the admissions process. Some schools don’t do them at all. Students who are looking to participate in interviews should check with the schools they’re applying for and see which ones are willing to conduct interviews. This is the first step in the process.

After students have determined schools where they can interview, they will likely need to make an appointment. The most common time to interview is during the fall of one’s senior year, but sometimes a student will be able to interview as early as the summer before senior year or as late as February of senior year. This will vary among schools, so students will want to check with each school individually to see when they’re booking admissions interviews.

Applicants should start preparing as far in advance as possible and will probably want to practice with friends, family members, or even teachers. They should give themselves enough time to schedule these practice interviews and incorporate the feedback given in between each meeting. The amount of time needed to prepare will vary from student to student.

More About Preparing

It’s wise to go into an interview well prepared so you’re not caught off-guard by questions and can feel more relaxed and confident about the process. Here are some tips on how students can prepare for college interviews.

What to Take With You

Show up with just a pen and paper? Transcripts? Applicants don’t need to stress too much about this. Some schools provide students with a list of things to bring with them, and if they don’t, there are some commonly recommended items to take just in case:

•   Two copies of one’s resume

•   SAT/ACT scores

•   A list of AP classes the student will take in spring semester

•   A copy of the completed application

•   A notebook and a pen

•   Questions about the college to ask the interviewer

What Questions Will You Be Asked?

Another important piece of preparing for an interview is finding out what questions are commonly asked during college interviews. Once students find out what questions they can expect to be asked, they’ll be able to rehearse their answers, making the actual interview less intimidating.

According to the National Association for College Admission Counseling , these are some college interview questions that students should be prepared to answer:

•   Tell us about yourself.

•   What are your favorite classes?

•   What extracurricular activities have you been involved in?

•   What special programs are you interested in?

•   Why are you considering our college?

The interviewer will be trying to get to know the prospective student and understand why he or she is interested in the school. If students had a challenging academic year as evidenced with grades on record, they should be ready to discuss that as well.

Questions may vary from one school to the next, but this list can help students get started and have a good idea of the types of questions they’ll be asked.

What Questions Should You Ask?

An interview does not involve questions coming from one side only; applicants will be expected to ask the interviewer questions as well. Showing up with questions ready to go will show the interviewer that the student has done research and is genuinely interested in attending the school.

The National Association for College Admission Counseling also recommends students ask questions during interviews. It includes the following:

•   What is the admissions process for the school?

•   Are there opportunities to participate in special programs like study abroad and first-year seminars?

•   What social options are available?

•   What are some of the school traditions?

•   Can you tell me about dorm life?

Students can ask questions about their prospective majors, campus life, class environments, and anything they’d like that will help bring them closer to deciding on the right college. They should have a list of their questions written down before the interview.

Rehearsing the Interview

The last step of preparing for an interview is to practice it with others. Interviews are like conversations, and there’s no way to predict exactly how it will go. Practicing with a variety of partners will help students feel more confident in their answers.

After practicing the interview, students should ask their partners for feedback. This will give them concrete ideas for what they need to practice more and where they can improve.

It can also be beneficial to schedule the interview for their top choice school last, if possible. This can give them time to interview at other schools first, providing more opportunities for practice and improvement.

Interviews can be stressful, so students can prepare by getting a good night’s sleep and talking to someone for guidance — essentially, employing strategies and habits that they probably used to get this far in the college application process.

Financing Your College Education

Getting into college is a feat in and of itself, but getting accepted is just one piece of the puzzle. If students don’t know how to finance college, they may struggle to attend the school of their choice.

Here are some key options so students can start their financial planning now.

Federal Aid

Every student should fill out the FAFSA®, the Free Application for Federal Student Aid, to determine eligibility for federal aid for school. Eligibility for undergraduates is usually based on the parents’ income. If students are eligible for aid, there are a couple of types they may receive.

Federal aid can come in the form of grants or loans. Grants don’t need to be repaid, whereas loans do. Federal loans usually come with benefits that private loans don’t, such as income-driven payments and lower fixed rates. It’s recommended that students take federal aid before turning to private loans.

Scholarships

Generally, there are lots of scholarships available to students. Scholarships can be need- or merit-based. The eligibility requirements vary for each scholarship. They can be given out by colleges, corporations, or local community organizations. Students should see what resources their school has available in terms of scholarships. Often schools have a scholarship office or information about scholarships at their financial aid office.

Private Loans

Private student loans are another way that students can help fund their college experience. Each lender will have its own set of terms, including the interest rate and repayment methods. Students should make sure to do thorough research on the institution’s terms before choosing to take out a private loan.

There are many ways to finance a college education. Students who start their research early will be better equipped to find the right financial plan for them.

The Takeaway

Some colleges may offer informational or evaluative interviews as part of the application process. For students who want to take advantage of this option, knowing what to expect and practicing can be important steps to being well prepared and confident.

Another key way to prepare for college is to research how best to afford the cost of attendance. Options include grants, scholarships, and federal and private student loans.

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

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

FAQ

What are the 5 P’s of an interview?

In terms of interviews, each of the 5 P’s stands for a facet of interview success. Specifically, these are: preparation, practice, presentation, positivity, and performance. Focusing on these areas can help a student be organized and confident.

What do colleges look for in an interview?

College interviews usually aim to get details on a candidate’s background, academic interests, extracurriculars, and reasons for wanting to attend the college. The interviewer may also ask questions about how you might contribute to the campus community.

How to prepare for a college interview?

To prepare for a college interview, spend time doing your research into the school, deciding how best to express your interest in the school, and practicing your interview skills with different trusted advisors. Also develop some questions to ask college interviewers.

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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. 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).

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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If you’ve decided to apply to grad school, you may be wrestling with a few questions, including how many schools you should apply to secure a positive outcome. The answer to that will depend on your personal situation, but a general rule of thumb is to apply to somewhere between four and six grad schools, including at least one reach school as well as one or two safety schools.

Read on to learn more about how to choose which grad schools — and how many — to apply to, plus options for financing your graduate degree once you get in.

Follow the Money and Consider Cost

When deciding where to apply to grad school, it can be a good idea to consider the quality and reputation of each program, as well as the potential cost. Even if you didn’t take out loans for your undergrad education, you may need to for your graduate-level studies. Indeed, grad students currently shoulder a significant portion of student debt — a full 47% currently. Federal loans can reach the six figures, and many graduates of grad programs may not have earning power to pay back these loans comfortably until years or even decades after their degree is conferred.

If you’re in the early stages of considering going to grad school, here are a few questions and actions that may help you navigate the choices available to you:

•   Talk with people who have gotten a similar master’s degree. What did they wish they had known?

•   Talk with the department or departments at the schools you’re considering and ask about graduate scholarships, fellowships, and other programs that may lower program cost.

•   Consider your career path. Look on various salary sites for median salaries for your proposed field of study.

In the early stages of heading to grad school, you may also want to determine how you’ll pay for graduate school, as this may impact the school you choose to attend. Here are a few suggestions for crafting a plan to pay for your graduate education.

Talk With Your Family

Some students have found that their family may support some or all of their grad school journey. Contributions such as free housing or the use of a family car add up as well, so it can be important to factor those in. For example, some students may look at programs where they can live at home, so they don’t need to pay for housing and travel expenses. If this is the case, make sure everyone is very clear about expectations so there are no surprises later on.

Apply for Federal Student Aid

Be sure to fill out the Free Application for Federal Student Aid (FAFSA). Unlike undergrad education, direct subsidized loans are not available to graduate students. Your loans will also be considered in conjunction with any federal loans you took out as an undergrad when it comes to determining the maximum amount of student loans you’re eligible for as a grad student. Talking to the financial aid office at the schools you’re considering attending can also help you understand what loans, scholarships, and other programs may be available to you.

Consider Private Loans

Some students may find they need more money than they are offered in federal loans, and that’s where private graduate student loans student loans. Private lenders generally won’t lend more than what it costs to go to school, and rates and terms will vary.

Note that because private student loans lack the borrower protections that federal loans offer (like Public Service Loan Forgiveness or deferment options) it’s generally recommended that borrowers rely on these after tapping all federal aid options.

Consider Relevance and Practicality

In addition to prestige, it’s also important to consider degree relevance and how it may be practical for your future career path. Looking at salaries from people who graduated from that program or with that degree can help you assess what the future after graduation will look like. Sometimes, students can become so focused on getting into a grad program and affording the program that they may forget that the first year out of grad school may require a few months to find a job and find footing in a new career.

Asking yourself some questions can help you further drill down into the best programs to apply for:

How Much Will Expenses Cost?

Room, board, and travel all add up. Considering those costs can help assess overall expense. It can also be helpful to consider the cost of living, too, which can vary based on where the program is based.

Recommended: 6 Ways to Save Money for Grad School

Can I Work and Study Simultaneously?

Some programs may be structured for grad students to do both; others might be created primarily for students who can devote all their time to their studies. If you’re self-funding your grad school experience and are currently employed, it may be worth speaking with your HR office to see if there are any options for your company to fund your studies if you are planning to study and go to school at the same time.

How Long Is the Program?

Different grad programs have different time frames. While some, such as law schools, may have relatively standard coursework for traditional students, other programs may offer different structures depending on the school. And it may make sense to see how long or how short the degree can take depending on life circumstances. It can also be helpful to know if an internship or other hands-on experience is essential for the degree, as that may influence feasibility with fitting the degree in with other work.

Recommended: Is It Possible to Take Online Classes While Working?

Consider All Information

When applying to grad programs, getting as much data as possible can be helpful in determining the next steps. Talking with professors, people currently working in the industry, current students, and faculty at several schools you’re considering can all be helpful in assessing how well you may fit in a program — and why a program may be the best fit for you. Because graduate departments tend to be smaller than undergrad departments, you may find it easier to have these sorts of conversations.

It can also be helpful to speak to graduates of a program and to talk with mentors and employers about how a grad degree may enhance your career. While some career paths demand a grad degree, such as an attorney, social worker, or doctor, there are other career paths where a grad degree may not be necessary — or may be subsidized by an employer when they consider it essential. So having a range of opinions can be helpful when it comes to homing in on the best grad school programs for your needs.


💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

The Takeaway

When figuring out how many grad schools to apply to, you may want to shoot for somewhere between four and six. The idea is to apply to enough schools to ensure that you are accepted to at least one program, but not so many that the time, effort, and cost (application fees can add up quickly) becomes too much.

When narrowing your list of target schools, keep in mind both the quality and cost of different programs. And even before you get accepted, it can be a good idea to fill out the FAFSA, and start making a plan for how you’ll cover your graduate school expenses.

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

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

FAQ

Is it okay to only apply to one graduate school?

The prevailing wisdom is that it’s best to apply to four to six graduate programs. Applying to just one could leave you without admission and the ability to pursue the field you’re interested in.

Are 7 Ph.D. applications enough?

In many cases, seven applications can be enough. If you are applying to especially competitive programs, you might add a couple more.

Is a 3.5 GPA enough to get into grad school?

A 3.5 GPA is good, but whether or not it’s enough for grad school will depend on the specific program and university you are applying to. For the most competitive graduate schools, it may not be enough for admission.

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Photo credit: iStock/MicroStockHub

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. 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).

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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While a graduate certificate program is typically not as long, intense, and expensive as a graduate degree, certificate programs can still be a significant commitment — both in terms of time and money. On top of tuition, there may be ongoing additional fees to consider, such as materials, exam fees, and professional association fees.

Not all certificate programs qualify for federal aid, although some may. Fortunately, there are other financial aid avenues that can potentially help you afford your graduate certificate. Here’s a look at some of your financing options, plus the pros and cons of each.

Finding Financial Aid for Graduate Certificate Programs

There are many reasons to pursue a graduate certificate, including access to more job opportunities and the ability to earn more money. In some fields, such as finance, employers may encourage their employees to obtain certificates to move up in their fields. In these cases, employers may provide financial assistance to pay for the certificate program.

Some people may obtain a graduate certificate with an eye toward completing additional coursework toward a master’s degree in the future. While some graduate certificates have discrete coursework unique to the certificate, other post-grad certificates have credits that may go toward a master’s degree. If you’re considering a grad degree, then it may be a good idea to explore what the coursework entails and whether you may be able to use those credits toward a master’s in the future.

If you’re planning on funding your graduate certificate yourself, it may be helpful to speak to people who have done the certification program to hear the pros, cons, and time commitment required. It can also be helpful to hear how other people have funded the certificate, because it could open up certain avenues, such as specific scholarships for that certificate that you may not have heard of yet.

Strategies to fund your graduate certificate include self-funding, funding from your employer, funding from scholarships, or a private student loan. Here, some of the considerations of all avenues.

Recommended: A Guide to Private Student Loans

Funding From Your Employer

In some cases, your employer may recommend you obtain a post-grad certificate. In other cases, you may need to ask your manager and go through your employer’s process for tuition reimbursement.

Pros of funding from your employer:

•   Your employer is covering some or all of the financial burden.

•   Your employer is invested in your career.

•   You can be confident that the certificate will be useful to your future career path.

•   There may be coworkers who have done the certificate as well as who can walk you through their experience as well as specifics about the HR process in getting the certificate funded.

Cons of funding from your employer:

•   Balancing work and studying may be challenging.

•   Your employer may have oversight into your success.

•   You may be on the hook for the costs of the certificate if you leave or are terminated during a set period of time.

•   You may still be responsible for part of the tuition, or for additional materials fees.

Free tuition is an obvious pro when it comes to having a certificate employer-funded. But other considerations come into play: How will you simultaneously manage work and classes plus studying? What happens if you don’t pass? And if you do accept employer funding, is there a contract that locks you into employment for a certain period of time? Knowing the stipulations can be helpful in managing expectations. And of course, talking to coworkers who have already done the program can be helpful in figuring out the ins and outs of how your specific employer expects you to complete the course and what they anticipate for your career future.

Funding From Scholarships

Private scholarships may be available to help pay for the course. They may be issued by the institution granting the certificate. For example, the Certified Financial Planner (CFP®) certificate, a popular financial certificate, has a host of scholarships shared on their website. These scholarships may be distributed by private foundations in honor or memory of certain people. Each scholarship may have specific requirements; some may be exclusive for people who demonstrate financial need, others may be exclusively focused on merit.

Pros of scholarships:

•   They can help offset tuition costs.

•   They can be gratifying to receive and provide motivation for success.

Cons of scholarships:

•   They typically require applications, which can be time-consuming to complete.

•   They may have admission requirements, such as being a U.S. citizen or already completing certain coursework.

•   Receiving the full amount of money may be contingent on performance.

•   You may be required to declare the scholarship on your taxes; scholarships for non-degree programs are generally considered taxable. If that’s the case for you, consider putting aside money for taxes on the scholarship.

Scholarships can be a great way to cover the cost of your certificate. It’s a good idea to research the certificate program you’re considering to uncover scholarship opportunities. Your alma mater’s career development office may also have leads for you to pursue.

Recommended: Finding & Applying to Scholarships for Grad School

Self-Funding a Certificate Program

Maybe you have savings set aside or maybe your family has offered to cover the cost of your degree program. But if you have the funds, should you write the check?

Pros of self-funding:

•   It’s a seamless process — write the check after you’ve been accepted, and you no longer need to worry about payment.

Cons of self-funding:

•   The money used for the degree program may diminish your savings or emergency fund.

•   Payment may come with strings if a family member is covering the program.

If you have the money to cover a certificate program and still have a comfortable emergency fund, then this can be a great option. But if you’d need to decimate your emergency fund or use a credit card to cover the payment, then it could be a good idea to consider other ways to cover the cost.

Student Loans for a Certificate Program

The fourth option is applying for student loans to cover the cost of a certificate program. Unlike a degree program, certificate programs are generally not eligible for federal student loans.

In the case that your certificate program is eligible for federal financial aid, it’s worth filling out the Free Application for Federal Student Aid (FAFSA®). This form will help determine your eligibility for federal aid, including federal student loans.

But private graduate student loans may be an option. Note that private student loans are not subject to the same requirements as federal student loans and don’t offer the same borrower protections, such as the option to pursue Public Service Loan Forgiveness or deferment protections. Be sure to shop around and read all the terms and conditions closely.

Pros of private student loans:

•   You won’t need to deplete your savings.

•   You can compare private loans to find the lowest interest rate.

•   You may be able to find a payback structure that makes sense within your overall budget.

Cons of private student loans:

•   Additional debt can be challenging to take on, especially if you’re not working.

•   Depending on your credit history, some lenders may require a cosigner.

How do you choose which company to get private student loans for a certificate program? In addition to checking your interest rate — which will typically not affect your credit score — you also may want to consider additional elements of the loan. Are there any additional fees? Are there any hardship clauses, if you were unable to make payments for a month? What does the payment structure look like?

In addition to comparing lenders, it can also be helpful to ask yourself some what-ifs. These include:

•   How will these payments fit into my budget?

•   What happens if I don’t obtain the job or payment bump I’m expecting along with my certificate?

•   How will I budget to make sure that my loan payment doesn’t feel like a liability?

Because graduate certificate programs are generally less expensive than degree programs, loan terms may be smaller and shorter-term. Still, applying for any loan is a big deal, and it’s good to go through a few scenarios before you decide on the right avenue for you.

The Takeaway

Even though they may seem like they are lower-commitment than a full degree program, certificate programs have the potential to be time-consuming and expensive. Resources are available for funding, but some expenses, such as professional fees or exam fees, may not be covered under certain scholarships or by your employer. Understanding the full scope of tuition costs, which kinds of loans your program qualifies for, and payback terms can be key for paying for your certificate program.

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

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

FAQ

How can you pay for a graduate certificate program?

While federal student loans are often not available for graduate certificate programs, other ways to finance your studies are possible. These can include self-funding, funding from your employer, scholarships, and private student loans.

How much do graduate certificates cost?

Typically, a graduate certificate program can cost a few thousand dollars. Those from prestigious universities can cost in the range of $10,000-$15,000.

How long does it take to get a graduate certificate?

The length of time it takes to get a graduate certificate can vary tremendously depending on what path you pursue and whether the program is full- or part-time. The typical length of time is several months to a year when attending part-time, but that could stretch out longer. Also, certain highly specialized certificates can be achieved in a matter of a few months.

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Photo credit: iStock/Jacob Ammentorp Lund

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. 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).

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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

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Setting financial goals is one of the most important steps you can take toward building a secure and stress-free future. Without clear goals, it’s easy to spend impulsively, fall into debt, or miss out on opportunities to build wealth. Whether you’re saving for a vacation, trying to get ahead of debt, or preparing for retirement, a well-structured financial plan can help you stay focused and motivated.

What follows is an essential guide to financial goals — from understanding their importance to setting achievable milestones and adjusting your plan when life changes.

What Are Financial Goals and Why Are They Important?

Financial goals are specific money-related targets you set to guide your financial decisions. They give you direction and help you align your daily spending habits with long-term priorities. Instead of letting money just come and go from month to month, you create a roadmap that leads you toward stability, independence, and growth.

Goals are also important because they provide:

•   Clarity: They help you understand what you’re working toward.

•   Motivation: Defined goals encourage you to save instead of overspend.

•   Control: They prevent financial stress by giving you a sense of purpose.

•   A way to track progress: Goals let you measure how far you’ve come.

Without goals, money has a tendency to slip through the cracks. With them, you can make strategic decisions that improve your financial health step by step.

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

Types of Financial Goals: Short-, Mid-, and Long-Term

Financial goals depend on timeframes and priorities. Generally, they fall into three categories — short-, mid- and long-term goals.

Examples of Short-Term Financial Goals (1-3 Years)

Short-term goals are immediate priorities. They include the things you want to buy or do within the next few months or years, and help build momentum for bigger challenges. Examples include:

•   Building an emergency fund

•   Paying off a credit card balance

•   Saving for a vacation or holiday gifts

•   Creating a monthly budget and sticking to it

•   Setting aside money for a new laptop or phone

Examples of Mid-Term Financial Goals (3-10 Years)

Mid-term goals take more time and planning and act as a bridge between short-term wins and long-term security.

They often involve saving or investing for significant life milestones and might include:

•   Paying off significant debt (such as student loans)

•   Saving for a wedding or dream vacation

•   Saving for a down payment on a house

•   Funding a large-scale renovation

•   Growing an investment portfolio

Examples of Long-Term Financial Goals (10+ Years)

Long-term goals shape your financial future and often require consistent commitment. These goals can seem intimidating, but breaking them into smaller steps makes them achievable. Common long-term goals include:

•   Saving for retirement through 401(k)s, IRAs, or pensions

•   Paying off a mortgage completely

•   Funding your children’s college education

•   Achieving financial independence or early retirement

•   Building generational wealth through investments

Recommended: Savings Goals by Age

How to Set Financial Goals in 5 Steps

Now that you understand the different types of goals, here’s how to set them effectively:

Step 1: Understand Your Current Financial Health

Before setting goals, it’s important to have a clear picture of where you currently stand. You can do this by gathering the last several months of financial statements and then using them to determine:

•   Your average monthly income

•   Your average monthly spending

•   Current debt balances

•   Status of your emergency savings and retirement accounts

This assessment forms the foundation for realistic goal setting.

Step 2: Define What You Want to Achieve

Once you have a snapshot of your overall financial situation, it’s worth spending some time reflecting on your money goals: what is really important to you.

While there are many things people commonly save for, like a down payment on a house or retirement fund, your financial goals might not be the same as your sibling’s or your coworker’s.

Think about what you would like to accomplish in the next few years, in five or so years, as well as decades from now, and simply jot them down. Keep in mind that these goals aren’t set in stone — they can and likely will change over time.

Step 3: Make Your Goals S.M.A.R.T.

A vague goal like “save money” is hard to stick to. Instead, consider using the S.M.A.R.T. framework:

•   S for Specific: Be clear  about what you want to achieve, such as exactly what you want to save or how much you’ll need to pay off a debt.

•   M for Measurable: Assign real numbers to your goals. Measurable goals allow you to track your progress and monitor your success.

•   A for Achievable: Setting unrealistic expectations can lead to frustration and disappointment. Ensure your goals are realistic for your income and expenses.

•   R for Relevant: Make sure your goals align with your overall financial plan and your life priorities.

•   T for Time-based: Set a deadline (e.g., within 10 months) for each goal.

SMART goals help keep you accountable and focused.

Step 4: Create a Budget That Includes Your Goals

Your budget is the tool that makes your goals achievable. And thanks to Step 1, you already know your average monthly income and expenses. The next step is to decide if your current spending aligns with your goals, or if you need to rejigger your spending to free up more funds for saving.

There are many different types of budgets, but one popular framework is the 50/30/20 rule. This divides your take-home income into three categories:

•   50% for needs (housing, food, utilities)

•   30% for wants (entertainment, travel)

•   20% for savings and debt repayment

“Thinking about where to put your 20% savings each month can help you reach your goals,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “High-yield savings accounts, money market accounts, certificates of deposit, and cash management accounts are all vehicles that may pay more interest than a traditional savings account, helping your savings grow.”

Step 5: Track Your Progress and Stay Flexible

Once you’ve set some goals and established a budget, it’s a good idea to track your spending for a few months to make sure you are sticking to the plan.

You can track your spending with plain old pen and paper or a computer spreadsheet, but a simpler option is to put a budgeting app on your phone. Your bank may even offer a free tool that automatically tracks and categorizes your spending in real time.

If you find that your budget isn’t realistic, or your financial situation changes at some point, you may need to make some adjustments to your budget. That’s why it’s important to check in with your money regularly.

Common Financial Goal Examples

Here are some six popular financial goals you might include on your list:

1. Build an Emergency Fund

Whether you’re easily covering your monthly expenses or grabbing change from the bottom of your bag to buy a coffee, many people are living paycheck to paycheck. But what if that paycheck disappeared or if you had a large, unexpected expense? Enter the emergency fund.

Having an emergency fund can help you comfortably manage an unexpected medical bill, major car or home repair, or a sudden loss of income with having to run up high-interest debt.

A general rule of thumb is to have three to six months’ worth of living expenses set aside for emergencies. While that can be a sizable sum, keep in mind that you don’t have to build your back-up fund overnight. You might first set a short-term goal of saving a small cushion of $1,000, then build from there.

Recommended: Emergency Fund Calculator

2. Pay Down High-Interest Debt

High-interest credit card debt can feel like a treadmill: Despite constant effort, you never seem to get any closer to the finish line. By prioritizing repayment, however, you can make real progress. This will free up cash flow you can then redirect towards savings and investments.

Two popular payoff approaches are the debt avalanche (paying off the highest-interset debt first) and the debt snowball (paying off the smallest balance first to build momentum). Whichever you choose, the key is to consistently make extra payments and avoid new debt along the way.

3. Start Saving for Retirement

Most of us know we should be saving for retirement, but making it happen can be challenging when there are so many competing places to put our money. The good news is that even small contributions to a retirement account can grow to significant savings over time. This is largely due to the magic of compounding returns — when the returns you earn start earning returns on their own.

One rule of thumb is to save at least 15% of your pre-tax income each year, including any employer match. If that’s not feasible right now, try to contribute at least up to any employer match (otherwise you’re leaving free money on the table).

4. Save for a Down Payment on a House

For many people, owning a home is a major milestone and a symbol of financial stability. But buying a home often requires a significant down payment, typically ranging from 3% to 20% of the purchase price. Saving for this can feel overwhelming, but breaking it into smaller milestones makes the goal achievable.

Consider opening a dedicated high-yield savings account for your down payment fund so it remains separate from everyday spending. Or, if your bank offers savings vaults, you might create a sub-savings account within your main one earmarked for your down payment. Then automate contributions to this account or vault so it grows over time.

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

5. Invest for the First Time

Investing allows your money to work for you, building wealth beyond what traditional savings accounts can provide. While investing might seem intimidating at first, starting small is often the best approach. Low-cost options like index funds, exchange-traded funds (EFTs), or robo-advisors make it easier than ever to get started without needing extensive financial knowledge. As your income grows, you can increase contributions and diversify your portfolio.

6. Pay Off Student Loans

Student loans are a reality for millions of people, and paying them off can take years. Carrying this debt affects your ability to save, invest, and even qualify for other financial opportunities like a mortgage. That’s why making a structured repayment plan is so important.

Start by reviewing your repayment options — federal loans may offer an income-driven repayment plan or refinancing opportunities. Making extra payments towards the principal when possible can reduce the overall interest you pay and shorten the repayment timeline.

Financial Goal Examples for Students

Students often juggle limited income with rising expenses, making financial goals essential. Here are some practical ones to consider:

•  Creating and sticking to a monthly budget

•  Building a small emergency fund (even $500 helps)

•  Paying off credit card balances in full each month

•  Saving for textbooks or tuition payments

•  Beginning to invest through a low-cost brokerage app

•  Applying for scholarships or part-time jobs to reduce student loan reliance

Setting goals early can help students avoid financial pitfalls and build healthy habits for adulthood.

How to Adjust Your Financial Goals if Your Circumstances Change

Life rarely goes exactly as planned. You might face job loss, medical expenses, or unexpected windfalls like a bonus or inheritance. When your circumstances shift, it’s important to:

•  Reevaluate your priorities: Decide which goals still matter most.

•  Adjust timelines: You may be able to shorten a deadline or you might need to extend one or more of your timelines.

•  Reallocate resources: If money is tight or your priorities change, you may want to shift money from one goal to another.

•  Stay flexible: Remember, goals are not fixed — they evolve with your life.

The Takeaway

Setting financial goals isn’t about perfection — it’s about progress. By understanding your current financial health, defining clear objectives, and using the SMART framework, you can create a roadmap toward stability and success.

Whether you’re saving for your first emergency fund, tackling debt, or planning for retirement, goals can give you the motivation and direction you need to take control of your financial future. The key is consistency. Start small, stay flexible, and remember that every step forward brings you closer to your near- and long-term aspirations.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Is it wise to invest your emergency fund?

Generally, it’s not wise to invest your emergency fund in risky assets like stocks or mutual funds. An emergency fund should remain easily accessible and safe, since its purpose is to cover unexpected expenses or a sudden loss of income. Keeping it in a high-yield savings account or money market account balances safety with some interest growth. Once your emergency fund is secure, you can focus on investing other money for long-term goals.

What is the most important financial goal?

For many people, the most important financial goal is to build a strong foundation of financial security. This typically means creating a healthy emergency fund and paying down high-interest debt. Without stability, it’s difficult to make progress toward other goals like saving for retirement, buying a home, or investing.

Once your essential safety net is in place, you can prioritize goals that align with your lifestyle and values, such as long-term wealth building, financial independence, or providing for your family’s future.

How many financial goals should you have at once?

It’s often best to focus on a manageable number of goals (such as two or three) at one time. Trying to juggle too many can spread your money and attention too thin, making it harder to make meaningful progress. A practical approach is to prioritize one short-term goal (like building an emergency fund), one medium-term goal (such as saving for a car or vacation), and one long-term goal (like retirement savings). This balance helps you stay focused while still moving forward in multiple areas.

What is a good financial goal for a beginner?

A great financial goal for beginners is starting an emergency fund. Even saving a small amount, such as $500, can provide a cushion against unexpected expenses and reduce the need to rely on credit cards or loans. Once that’s established, beginners can aim to save three to six months of living expenses. Other beginner-friendly goals include paying off small debts, creating a realistic budget, or setting up automatic savings. These goals build confidence and establish strong money habits for future success.

How can I set financial goals with a partner or family?

Setting financial goals with a partner or family starts with open communication about values, priorities, and long-term dreams. Begin by discussing shared goals, such as buying a home, paying off debt, or saving for children’s education. Next, agree on a budget and assign responsibilities for managing finances to ensure accountability. Regular check-ins help you stay on track, celebrate progress, and adjust goals as life circumstances change.

What tools can help me track my financial goals?

Several tools can make tracking financial goals easier and more organized. Budgeting apps like YNAB, GoodBudget, or PocketGuard allow you to set savings targets and monitor spending. Spreadsheets are another customizable option for tracking progress. Many banks also offer built-in goal-tracking features through their mobile apps.

For long-term goals, investment platforms often provide dashboards showing growth toward retirement or wealth-building objectives. The key is choosing a tool you’ll use consistently, helping you stay motivated and accountable.

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Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

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With the average annual cost of college now $29,910 at public schools (for in-state students) and $62,990 for private schools, figuring out how to pay for college as a low-income student can be daunting. It’s important to keep in mind, however, that students from low-income backgrounds often qualify for grants and scholarships (which you don’t have to pay back), as well as student loans.

Federal student loans are available to all college students, regardless of income, and don’t require a credit check. If you still have gaps in funding after tapping financial aid and federal loans, you may also be able to qualify for private student loans, even with a low income.

Read on to learn more about the financial aid options available to you if you qualify as a low-income student, as well as how to apply for student loans.

What Are Student Loans?

Student loans are an often-used option to help pay for college. In fact, roughly 53% of students who complete their undergraduate programs take out federal loans at some point during their college years, according to the Education Data Initiative.

Student loans can be used to pay for tuition, fees, room and board, as well as other associated costs of college like books and supplies.

Students can use either federal or private student loans to pay for college. Students who take out federal student loans borrow money from the government, through the U.S. Department of Education. Federal student loans typically offer low, fixed interest rates and other benefits, such as income-driven repayment and access to forgiveness programs.

Private student loans, by contrast, are available from banks, credit unions, and other private lenders. These lenders set their own interest rates and conditions for their student loans. To qualify for a private student loan, you need to fill out an application and disclose personal financial information, such as your income and credit score.

Since students typically don’t have well-established credit histories, many private loans require a cosigner. A cosigner is someone who agrees to pay back the loan if the primary borrower is unable to do so. Because private student loans don’t offer the same borrower protections that come with federal student loans, you generally only want to consider them after you’ve depleted all of your federal student aid options.

Can You Get Student Loans With a Low Income?

Yes, you can get student loans if you have a low income. If you can’t cover the full cost of college with scholarships and grants, student loans can help you take care of the remaining costs of college.

You can access federal student loans no matter your income level, but you do need to meet specific qualifications. You must:

•   Have a high school diploma or a recognized equivalency, such as a GED, or have completed a state-approved home-school high school education.

•   Be a U.S. citizen or an eligible noncitizen

•   Have a valid Social Security Number

•   Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program

•   Maintain satisfactory academic progress in college

You may also be able to qualify for some private student loans if you have a low income (more on that below).

Recommended: Finding Free Money for College

Low-Income Financial Aid Options

Students and their families pay for college in a variety of ways, including savings, scholarships, grants, work-study, and student loans. Indeed, paying for college often looks like a puzzle — all the pieces come together in different ways to make everything “fit.”

Here’s a look at how to access low-income student aid options.

FAFSA

Every student (whether they’re low-income students or not) can file the Free Application for Federal Student Aid (FAFSA®). The FAFSA is the free form you can fill out to apply for financial aid for undergraduate or graduate school, and is one of the most important steps students and their families can take to pay for college.

In conjunction with the school you plan to attend, the FAFSA determines your eligibility for need-based and non-need-based financial aid. The FAFSA results determine the amounts you receive for federal grants, scholarships, work-study, and/or federal student loans. In addition to subsidized federal student loan (which are need-based) and unsubsidized federal student loans (which are not need-based), there are two other types of federal aid low-income students may qualify for based on the FAFSA:

•   Federal grants Students who demonstrate financial need may qualify for federal grants, which you generally do not need to pay back. Some examples of federal grants include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Teacher Education Assistance for College and Higher Education (TEACH) Grant. Each grant has its own eligibility requirements. Some, like the TEACH Grant, even have requirements you must fulfill after you attend school. Look at each grant’s eligibility requirements to determine whether you qualify.

•   Work-study Colleges and universities offer part-time work-study opportunities through the Federal Work-Study program. Graduate and undergraduate students who demonstrate financial need can qualify whether they are part- or full-time students, as long as their school participates in the Federal Work-Study Program.

How Do You File the FAFSA?

Typically, the FAFSA becomes available on October 1 for the following academic year. Since some aid is distributed on a first-come, first-served basis, it’s a good idea to complete the FAFSA as soon after its release as possible. Here’s how:

Since some aid is distributed on a first-come, first-served basis, it’s a good idea to complete the FAFSA as soon after its release as possible. Here’s how:

1.    Create your Federal Student Aid ID, also called an FSA ID. You can do this in advance of getting your materials ready and filing the FAFSA.

2.    Make a list of schools you’d like to attend. You can add up to 20 schools on the FAFSA.

3.    Gather financial documents you’ll need. You’ll need information for both yourself and your parents, such as your Social Security numbers, most recent federal income tax return, current bank statements, and records of any investments you have.

4.    Complete the FAFSA. Using your FSA ID, log in to the website, read the directions, and submit your information.

5.    Review your FAFSA Submission Summary to make sure your information looks correct. The FAFSA Submission Summary, formerly known as the Student Aid Report (SAR), is a document that summarizes the information you provided when filling out the FAFSA. It includes your Student Aid Index (SAI), previously called Expected Family Contribution (EFC). Colleges and universities receive your SAI to determine your eligibility for federal and nonfederal student aid.

Federal Pell Grant

Your SAI will determine your eligibility for a Federal Pell Grant, so you have to file the FAFSA in order to qualify.

Undergraduate students who qualify for a Federal Pell Grant must show exceptional financial need. These grants are usually reserved only for undergraduate students, though some students enrolled in a post-baccalaureate teacher certification program might qualify.

How much can you receive from a Pell Grant? The amount varies, depending on your SAI, the cost of attendance of your school, whether you are a part-time or full-time student, and whether you will attend for a full academic year or not. The maximum Pell Grant award for the 2025-2026 academic year is $7,395.

Scholarships for Low-Income Students

Colleges and universities may offer need-based scholarships. The money is yours to use for education — you do not need to pay it back. The results of the FAFSA help colleges and universities determine your eligibility for need-based scholarships and scholarships for low-income students.

You can also find need-based scholarships through employers, individuals, private companies, nonprofit organizations, religious groups, and professional and/or social organizations. There are a number of online scholarship search tools that can help you find scholarships you might qualify for.

Student Loans for Low-Income Families

As mentioned above, you can tap into either federal or private student loans for low-income students. Here’s a closer look at both.

Federal Student Loans

Based on the results of the FAFSA, you may qualify for a few types of federal student loans. Subsidized federal loans are need-based, while unsubsidized federal student loans are available to all students regardless of income or financial need.

Here’s a quick overview of three main types of federal loans:

•   Direct Unsubsidized Loans can go to undergraduate, graduate, and professional students. They are not need-based, and you are responsible for paying all interest, which begins accruing as soon as the loan is dispersed.

•   Direct Subsidized Loans are for undergraduate students who demonstrate financial need. The government pays the interest on these loans while you’re in school, during any deferment, and during the six-month grace period after you graduate.

•   Direct Plus Loans are available for graduate or professional students or parents of undergraduate students and are not need-based or subsidized. Borrowers must undergo a credit check to look for adverse events, but eligibility does not depend on your credit scores. (Note: As of July 1, 2026, Federal Direct PLUS Loans for graduate students will no longer be available. Federal Direct Loans will remain, however, and are available to graduate and professional students.)

Private Student Loans

Federal student loans don’t fully cover the cost of attendance for many students, and some students may consider tapping into private student loans as well.

Private lenders set their own requirements, however, and some students may find it challenging to qualify for a private loan if they have:

•   Little to no income

•   A negative credit history

•   A bankruptcy on file

•   A low credit score

How do you get around these issues? You may need to get a job while in school to prove you have some income. You may also want to work on building your credit before you apply for a private student loan. While you may be able to qualify with low income and low credit, you may make up for it by paying more in interest.

Another way to qualify for a private student loan with a low income and/or poor (or limited) credit is to apply with a cosigner. A student loan cosigner is a creditworthy adult who signs for a loan along with you. It’s a legally binding agreement stating that they’re willing to share the responsibility of repaying the loan on time and in full. Many borrowers turn to a family member for cosigning.

Recommended: University of South Florida Cost

How to Apply for Student Loans

How to apply for student loans will differ depending on whether you are interested in federal or private student loans.

To apply for federal student loans, the first step is to fill out the FAFSA. Once you’ve filed the FAFSA, you basically sit back and wait to see what the school you’re planning to attend will offer you in federal aid, which may include a mix of grants, scholarships, work-study, and federal student loans. Your school will tell you how to accept all or a part of the loan.

Before you receive your loan funds, you will be required to complete entrance counseling, a tool to ensure you understand your obligation to repay the loan, and also sign a Master Promissory Note, agreeing to the terms of the loan.

Applying for private student loans involves directly going to a lender website or simply talking to your college or university’s financial aid office. Many institutions put together a list of what they call “preferred lenders.”

Even if your school makes it easy for you to apply for a private student loan, it’s a good idea to do your research outside of the preferred lender list to find low interest rates and compare interest rate types (fixed or variable), repayment schedules, and fees. You want to find the terms and conditions that best fit your needs.

As you are researching private student loans, you’ll want to make sure that you (or your cosigner) meets the requirements to qualify for the loan.

The Takeaway

Even if you’re a low-income student, you can access student loans. To find out what federal student loans you are eligible for, you’ll need to fill out the FAFSA. As a low-income student, you may qualify for subsidized federal student loans, which won’t accrue any interest while you’re in school and for six months after you graduate. This makes them more affordable than unsubsidized federal student loans and private student loans.

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

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

FAQ

What qualifies as a low-income student?

The U.S. Department of Education defines a low-income student as an individual whose family’s taxable income for the preceding year did not exceed 150% of the poverty income level established by the Census Bureau. For example, a student from a family of four living in the contiguous U.S. with a household income of $48,225 or less is considered low-income.

Do low-income students get free college?

Some low-income students are able to go to college for free through financial aid or merit scholarships. But even without a full ride, low income students can often pay for college through a combination of scholarships, grants, and federal student loans.

Does FAFSA help low-income students?

Yes, filling out the Free Application for Federal Student Aid, better known as the FAFSA®, gives low-income students access to financial aid, including grants, scholarships, work-study programs, and federal student loans.

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