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Commercial pilots can have exciting and lucrative careers. However, the tuition for flight school is quite a financial investment: at least $30,000 for two months of ground training plus 1,500 hours of flight experience. Altogether, it takes about two years for someone with no experience to become a commercial pilot.

If you’re considering flight school but can’t pull together that kind of cash, you’ve got options, from scholarships and grants to military — and airline-sponsored training.

Typical Cost of Flight School

In the U.S., to become a commercial airline pilot can cost upwards of $30,000. Associated costs can also add up: There’s an initial medical exam ($75-$200), test fees ($500-$700), and supplies like headsets and books ($500-$1000). Depending on the flight school, you might also be on the hook for instructor fees, fuel surcharges, landing fees, and more.

If you just want to fly but don’t have your heart set on being a commercial airline pilot, you’ll pay less for training and certification. You can become a recreational pilot for $6,500, or a private pilot for $10,000.

10 Tips for Paying for Flight School

Even if you have money set aside for flight school, financial help is always good. Below are the top ways that aspiring pilots help cover their costs.

•   Federal loans and grants

•   Scholarships

•   Military tuition assistance

•   Sallie Mae flight training loans

•   Private loans

•   Working at a flight school

•   Personal loan

•   HELOC

•   Airline-sponsored training

1. Savings

This may be the least complicated method of funding your education. But as noted above, just because you have savings doesn’t mean you shouldn’t consider other ways to fund your dream. Also, you may need that savings to support yourself over the two years it takes for someone with no experience to earn their commercial pilot’s license.

2. Federal Loans and Grants

You may be eligible for undergraduate student loans if you attend an aviation program at an accredited university or college. (Most of these programs are located east of the Rocky Mountains, for some reason.) Independent flight schools usually don’t qualify for federal aid, but it’s worth checking with your program just in case.

If your school does qualify for federal aid, simply fill out the Free Application for Federal Student Aid (FAFSA®) to apply. First, be sure to read our complete guide to the FAFSA.

The same application will submit your information to the federal Pell Grant program. These grants assist students with exceptional financial need and generally don’t have to be repaid (unlike student loans). The maximum amount available for the 2022-2023 academic year is $6,895.

3. Scholarships

As with academic programs, scholarships are available for flight school. Check with your flight school of choice for guidance. The Federal Aviation Administration also shares information about grants and scholarships.

SoFi’s Scholarship Search tool can help you find flight school funding. For the School Type filter, choose Trade or Tech, and select Aviation for your Field of Study.

4. Military Tuition Assistance

The Post 9/11 G.I. Bill may pay a portion of your flight school costs depending on the program you select, whether you’ve received benefits in the past, and other factors. Veterans who qualify can receive funding to help with tuition, housing, and books and supplies. Go to VA.gov for details. (And keep an eye on current legislation for possible changes to the G.I. program.)

5. Sallie Mae Flight Training Loan

Check with your flight school of choice to see if they offer Sallie Mae funding. To qualify, you’ll need to be a U.S. citizen or a permanent resident. These loans are specifically created for students who attend schools that provide professional training and trade certificates instead of degrees. Students may borrow amounts up to the full cost of attendance.

6. Private Student Loans

Private student loans are offered by banks, credit unions, and online lenders. Interest rates and repayment terms vary by lender and the type of program you’re enrolled in. Shop around to find the best terms you can qualify for.

For more information, check out our guide to private student loans.

7. Work at a Flight School

Working at a flight school in a non-pilot capacity may earn you a discount. Flight schools are known to offer generous employee discounts on aircraft rental, and for accepting some work hours as flight hours. If you have your eye on a particular school, ask about career opportunities and employee discounts.

8. Personal Loan

Personal loans provide borrowers with a lump sum — typically from $5,000 to $100,000 — that they pay back in equal installments plus interest. Because personal loan funds can be used for almost any personal expenses, they can be a good option for older students with excellent credit histories.

It’s important to note that some lenders don’t allow personal loan funds to be used for post-secondary education, so check with your lender.

9. HELOC

HELOCs (home equity lines of credit) allow you to borrow against equity in your home, on an as-needed basis. Throughout the draw period, you can take out money up to your pre-approved limit. HELOCs are often used for big expenses; flight school can qualify.

Airline-sponsored Training

Airlines are currently experiencing a dire shortage of pilots. As a result, U.S. companies are beginning to follow in the slipstream of European airlines by offering pilot training programs.

Frontier Airlines announced it will open a two-year training program in partnership with ATP Flight School. Candidates must be 19 years or older, have a high school diploma, and pass a background check. After their training is complete, grads will have a guaranteed job waiting for them with Frontier.

Alaska, Delta, United, and JetBlue have created similar pilot development programs.

Why Go to Flight School?

What sort of personality do you need to become a commercial airline pilot? According to one NASA study, pilots should be low in anxiety, depression, hostility, and impulsiveness. The ideal pilot is high in conscientiousness, deliberation, striving, dutifulness, and assertiveness. If this sounds like you, you’ll probably fit right in at flight school.

Once your training is complete, your job outlook is golden. Due to current pilot shortages and better-than-average job growth, airlines no longer require pilots to have a four-year degree or an educational background in aviation and aeronautics.

If that doesn’t convince you, how about this: Pilots earn on average $135,000 a year (and free travel!).

The Takeaway

Flight school is pricey: $30,000 or more for two years of education and training. But financial aid is available — from scholarships and need-based grants to programs subsidized by the G.I. Bill and airline companies. Take care when selecting your flight school, because only certain accredited programs offer opportunities for federal aid.

If the idea of taking out a private student loan fits into your plan, SoFi makes it easy to check private student loan rates. Named by U.S. News and World Report as a Best Private Student Loan Company, SoFi makes it convenient to explore the possibilities.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

FAQ

Can you go to flight school with no money saved up?

Financial aid is available for qualifying candidates. If you enter an undergraduate aviation program at an accredited college or university, you can submit a FAFSA. Also, due to the current shortage of commercial pilots, several airlines have developed pilot training programs that place graduates in airline jobs.

Do airlines pay for flight school and training?

It’s complicated. Airlines do have pilot development programs that require no prior experience or educational background. However, funding varies by company — some may offer financing (basically, a loan) rather than subsidizing tuition. Check with Frontier, Delta, United, Jet Blue, and Alaska Airlines to see how their programs are structured.

What makes the cost of flight training so high?

It’s expensive to rent aircraft for training purposes. Additional costs may include surcharges for fuel, insurance, instructor fees, and so forth. A school must cover its costs, and one way to do so is through student fees.

Photo credit: iStock/mladn61

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

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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When you file the Free Application for Federal Student Aid (FAFSA®), question 22 allows you to sign up for the Selective Service System (SSS). The FAFSA is a free document that you can fill out to learn more about your eligibility for financial aid, including federal student loans, grants, work-study, institutional scholarships, and more.

The SSS provides the Department of Defense with a list of names in the case of a national emergency that requires a draft. When they turn 18, male U.S. citizens and immigrants must register with the Selective Service System.

Keep reading to learn the answer to, “What is the Selective Service System and FAFSA connection?” and what it might mean for you or your student.

Do You Have to Register for Selective Service to Receive Financial Aid?

As mentioned, you do not have to register for Selective Service in order to receive financial aid. If you failed to register in the past and you weren’t exempt from registering for Selective Service, the Department of Education would not allow you to obtain federal financial aid. This meant you could lose access to student loans, grants, and work-study programs. The rule changed due to the FAFSA Simplification Act of 2020.

Men must register for Selective Service within 30 days of their 18th birthday, though the Selective Service accepts late registrations up until age 26. Note that those who were assigned the male sex at birth must register. Failure to do so is a felony and punishable by up to five years in prison and $250,000 in fines.

You may also forfeit the following benefits if you fail to register for the Selective Service:

•   State-based student loans and grant programs in certain states

•   Federal job training under the Workforce Innovation and Opportunity Act

•   Federal and possible state and local jobs

•   Delay of U.S. citizenship proceedings for immigrants

Why the Question Is Still on FAFSA

The Selective Service question gives those who must register an easy way to fill out the draft form — you can do it at the same time you file the FAFSA.

How to Answer the Question about Selective Service

It’s helpful to know why people must register for Selective Service. If a crisis requiring a draft were to occur, those required to register would be called through a random lottery number based on year of birth. You’d be examined for mental and physical fitness before being drafted into the Armed Forces.

You can now completely skip over the question about registering for Selective Service on the FAFSA if you choose.

Recommended: FAFSA 101

Is It Better to Register for Selective Service Through FAFSA?

It’s not “better” to register for Selective Service through either the FAFSA or through the Selective Service System website as long as you complete one or the other. However, if you have to fill out both the Selective Service registration and the FAFSA, it may make sense to fill out the FAFSA and take care of both at once.

If you register on the Selective Service website, you’ll provide your:

•   Gender

•   Name

•   Address

•   Social Security number

•   Birthdate

•   Email

•   Phone number

•   How you learned about Selective Service registration

Will Applying for Financial Aid Get Me Drafted?

Applying for financial aid will not automatically “get you drafted” into the military.

What Happens if I Don’t Submit the FAFSA?

If you don’t submit the FAFSA, you could lose out on thousands of dollars of financial aid to help you attend college. Here are some of the different types of financial aid you could lose out on by not filing the FAFSA:

•   Grants: Grants are a type of financial aid that you don’t have to pay back and can come from the federal government, such as qualifying for Pell Grant, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants. You may also lose out on state grants as well.

•   Scholarships: Scholarships also do not have to be repaid and they can come from colleges and universities based on the results of the FAFSA. They can be based on academic merit, talent, or a specific academic area.

•   Work-study: The federal work-study program allows you to earn money by getting a part-time job on campus.

•   Loans: Federal student loans, which must be repaid, allow you to tap into student loans at a lower interest rate. You can borrow up to a certain amount over the course of your academic career. The government pays the accrued interest on subsidized loans while you’re in school part-or half-time while you repay the principal. In the case of unsubsidized loans, you’ll pay the interest that accrues while you’re in school as well as the principal.

You may also be able to access student loan forgiveness for military students and other types of aid. In addition to learning about FAFSA, it’s a good idea to organize your finances using a Ca$h Course guide for college students.

Upcoming Changes With FAFSA

In addition to the FAFSA Selective Service changes, other 2023–24 FAFSA changes include the removal of drug conviction eligibility questions and the retirement of the myStudent Aid app on June 30, 2022.

You’ll be required to fill out this question when completing the FAFSA, but drug convictions no longer affect your eligibility for federal student aid.

The myStudentAid mobile app launched in October 2018 to allow families to complete the FAFSA in app form. However, due to lack of use and families’ preferences of accessing StudentAid.gov on a mobile device instead of the myStudentAid mobile app, the myStudentAid mobile app was removed from app stores on July 10.

Other changes to the financial aid eligibility formula will affect the 2024-25 academic year, including fewer questions about untaxed income, a change in the term “Expected Family Contribution (EFC)” — it will become the “Student Aid Index (SAI).” The term makes it more clear that the SAI refers to an eligibility index for student aid, not the FAFSA amount — the amount a student will pay for school.

In addition to these changes, the parent who provides the most financial support for a student must complete the FAFSA and the discount for families with more than one child in college also goes away.

Important FAFSA Deadlines

The FAFSA opens on October 1 during each new academic year. There are a few different types of deadlines you need to consider. For the 2022-23 academic year, you must submit the FAFSA on June 30, 2023 by 11:59 p.m. Central Standard Time (CST). Corrections or updates must be submitted by 11:59 p.m. CST on Sept. 9, 2023.

However, colleges may have their own deadlines and each state also has its own deadline , which you should check prior to filing the FAFSA. Learn more about the FAFSA with SoFi’s FAFSA guide.

The Takeaway

In the past, Selective Service and FAFSA were intertwined. You’d be asked, “Are you registered with the Selective Service system on the FAFSA?” As a male, you were required to register in order to receive financial aid. In the past, if you failed to register and you weren’t exempt, you would see student loans denied to you, as well as access to grants and work-study programs. However, you no longer have to register for the Selective Service system for FAFSA. The FAFSA and Selective Service rule changed due to the FAFSA Simplification Act of 2020.

After exhausting their federal financial aid options, some borrowers may turn to private student loans to fill in the gap. While these can lack borrower protections afforded to federal student loans, they can be helpful if all other avenues of financing have been depleted.

Photo credit: iStock/SDI Productions

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

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

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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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Although many people haven’t heard of these policies, borrowers can get insurance coverage for a personal loan. In the event you get injured, sick, lose your job, or die, the insurer will make loan payments for you.

Personal loan protection insurance is available to borrowers for specific situations that prevent them from repaying their loan. Although costs vary and raise your monthly expenses, loan insurance can help you out in a tight spot, protect your credit, and prevent the financial burden from falling on your family. Read on to learn if loan insurance may be right for you.

What Is Loan Insurance?

Loan protection insurance is coverage borrowers can purchase for various loans — such as personal loans — to guard against situations where the borrower can’t repay the loan. Typically, personal loan insurance covers the borrower when they suffer a disability, injury, job loss, or death. The personal loan protection policy pays a prearranged amount to satisfy the borrower’s balance.

Is Personal Loan Insurance Required?

Personal loan insurance is not mandatory when you obtain a personal loan, and a lender can’t refuse to give you a personal loan because you don’t insure it. However, if you get a secured loan, you may have to insure the collateral you put up. Borrowers with unsecured loans won’t have these concerns, although they will likely have a higher interest rate.

If a lender ever tells you they won’t provide you a loan unless you purchase loan insurance from them, know that you have options. You can report the lender to your state’s attorney general, insurance commissioner, or the Federal Trade Commission.

How Much Is Insurance on a Loan?

You can pay for loan insurance either through a one-time payment or monthly premiums. Your premium will vary based on several factors. First and foremost is the loan balance, with bigger loans incurring higher insurance costs. Paying your premium with an upfront lump sum can decrease the cost.

Your coverage will also determine personal loan insurance costs. For example, you might purchase a $15,000 policy for a $20,000 loan because you have $5,000 in savings. This protection would cost less than a $20,000 policy.

Your location and lender will also influence how much your personal loan insurance costs. Therefore, it’s recommended to shop around for personal loan lenders, just as you would when looking for a new bank or investment firm.

What Are the Benefits of Personal Loan Insurance?

Personal loan insurance helps when you can’t repay your loan. Here are the specific ways a personal loan protection policy benefits you:

Prevent Delinquency or Default

If you suffer a severe injury that prevents you from working, any lost income could result in missed payments. If you have personal loan insurance, it will repay the loan, and you won’t need to worry about delinquent (late) payments or default (failure to repay the loan).

Protect Your Credit Score

Late payments and defaulted loans are reported to the credit bureaus, and that can negatively impact your credit report, causing your credit score to drop. A low credit score can hurt your chances of qualifying for competitive interest rates. You don’t need to worry about late payments and default if you have personal loan insurance, so you can feel confident your credit score won’t be damaged if you’re not able to pay the loan.

Protect Your Dependents and Coborrowers

Similar to life insurance policies, personal loan insurance can help your beneficiaries so your family won’t have to pay off the loan if you cannot. You can purchase a plan that covers coborrowers as well, protecting spouses, loved ones, and business associates from the financial burden.

Recommended: Types of Personal Loans

Types of Loan Insurance

Loan insurance goes beyond personal loans. You can purchase coverage for the following loan types:

Business Loans

Business loans can help small business owners get their companies off the ground or sustain operations. These loans can fund equipment purchases, scaling efforts, or fund payroll. As a result, they are crucial for small businesses in getting established or enduring a market downturn.

Business loan insurance will pay out if the owner or a crucial employee can no longer work. This policy names the lender as the beneficiary and repays the loan on the borrower’s behalf. Business loan insurance can keep a company afloat if it is struggling due to slowed operations and a hefty financial obligation.

Personal Loans

A personal loan is a flexible financial tool that a borrower can use for many purposes. For example, common personal loan uses include repaying high-interest debt or remodel your kitchen.

Personal loan insurance protects the borrower in case they can’t repay the loan due to a serious life event. You may want to consider purchasing insurance for a high-balance personal loan if your dependents and beneficiaries can’t afford to pay it without you.

Recommended: What Is a Personal Loan?

Student Loans

Student loans cover the cost of higher education. Borrowers can take out student loans from either the federal government or private lenders (or both), but these loans have different terms and conditions, and it’s important borrowers know the difference.

Federal student loans are canceled if the borrower dies. Similarly, Direct PLUS loans are canceled if the parent or student dies. As a result, insurance is usually unnecessary for federal student loans.

Private lenders don’t typically discharge student loans when the borrower dies. Instead, they may pursue family members, cosigners, or anyone mentioned in the contract for repayment. Therefore, student loan insurance can be a good investment if you’re concerned about resolving unpaid balances for borrowers who die or become disabled.

Home Loan

A mortgage loan, also called a home loan, is likely your highest debt balance, and the idea of not being able to repay it because of injury, illness, or death is scary. Mortgage protection insurance is for a specific balance your beneficiaries will receive if something happens to you.

For example, if you have $150,000 left on your mortgage, your policy will be for that same amount. If you pass away with $100,000 left, your coverage will pay the balance and transfer the leftover $50,000 to your family.

When applying for mortgage protection insurance, there are fewer health-related questions and standards than for life insurance, so it’s easier to get approved. However, wider accessibility comes with a higher premium cost.

Mortgage protection insurance policies come in all shapes and sizes. You might have coverage solely in the event of your death, or you can limit the payout to your mortgage balance to reduce costs. These policies vary depending on the lender and product type. It’s important to thoroughly understand the policy before committing so you understand exactly what you’re paying for.

Reasons for Getting Loan Protection

Loan protection insurance allows you to safeguard your finances when unexpected crises occur. For example, it ensures that loan repayment won’t be a burden if you’re struggling with illness or unemployment. Similarly, your family won’t have to repay your debts if you die. But it’s important to understand the coverage to determine if it suits your needs.

While loan protection is usually optional, its primary advantage is that it offers borrowers some peace of mind. It allows you to focus on your recovery or job search instead of worrying about meeting loan obligations and maintaining financial stability.

There are other kinds of insurance that are not directly tied to your financial products but can still help pay off debts if you get injured, have a long-term illness, or die.

Disability Insurance

You can also include disability as a condition for your loan insurance. While some policies only cover the borrower’s death, you can add disability to expand your coverage. Doing so means you’ll receive financial relief if you can no longer work due to an illness or injury.

Life Insurance

Your life insurance policy offers a payout if you die. However, it can specifically insure your personal loans and lines of credit if you have high balances. The advantage of the limited coverage is you don’t have to pass a medical examination as you would with a traditional life insurance policy. The drawback is the policy will be more expensive.

Pros and Cons of Loan Protection

Here is a comparison of the pros and cons of loan protection insurance:

The Takeaway

Loan insurance for a personal loan covers scenarios where you become disabled, unemployed, or deceased. This coverage allows you to maintain strong credit instead of missing payments. In addition, it protects your loved ones from unexpected debt. As a result, purchasing insurance when taking out a personal loan can grant peace of mind and help you focus on what matters most.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

FAQ

What is loan insurance?

Loan insurance is a policy from a lender providing a payout to cover your loan if you can’t repay it. You can purchase coverage for situations where you become disabled, lose your income, or die.

How much is insurance on a loan?

The cost of a loan insurance premium depends on multiple factors, such as the loan size, the lender, your location, and if you pay the premium in one shot. In addition, your insurance may have an interest rate, increasing its cost.

What is the benefit of personal loan insurance?

The advantage of personal loan insurance is that your loan will be repaid even if you lose your income or die. As a result, you don’t have to worry about a situation where your loved ones must dig their way out from under your debt. In addition, you’ll preserve your credit score because you won’t fall behind or default on the loan.

Photo credit: iStock/Pekic

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Scholarships can be a great way to get help paying for college, but unfortunately the competition for these awards can be intense. Many college scholarships require writing an essay as a part of the application process.

Writing an exceptional college scholarship essay stand out is just one thing that can help set your application apart from the rest. Continue reading for tips on crafting a strong college scholarship essay.

1. Plan Ahead

Let’s start with one of the most practical tips for writing a scholarship essay. The first step to success when writing a college scholarship essay is to not procrastinate. Plan ahead to make sure there is plenty of time to write the essay, review it, and edit it.

It’s also important to write down the deadline and to set reminders as that deadline nears. If you’re applying for multiple scholarships consider setting up a tracker with important deadlines and application requirements so you can stay on top of the needs for each application.

Allowing enough time to write and edit can help you improve the quality of the essay, instead of trying to cram at the last minute.

2. Write to Your Audience

All scholarship providers are looking for students who meet certain criteria. Often this criteria includes students who have experiences or interests that match the mission of their organization.

Spending some time researching the organization offering the scholarship can help give essay writers the ability to customize their essay to their unique audience. If their writing can illustrate an alignment of values, their essay may be more memorable.

3. Read the Instructions and Follow Them

Before starting an essay, students should take their time to carefully read all application instructions and make a plan to follow them. No matter how strong an essay is, if the applicant fails to follow the instructions they may find themselves disqualified from the competition.

4. Pick a Topic You Care About

Because scholarship application essays can feel like a lot of work, it’s helpful if the writer chooses a topic they are really passionate about. Their essay will come across as more genuine and meaningful if they care about what they are writing about which will make a stronger impact on the scholarship committee than if they chose to write about a more generic topic.

5. Crafting a Strong Introduction

The introduction is the first chance the student has to capture the attention of their essay reviewer. It’s a good idea to spend some extra time crafting a compelling introduction so that the reader is interested, and excited, to finish the essay.

6. Pay Attention to Style

College scholarship essay reviewers will be more impressed by essays that take spelling, grammar, and general style into account. Read and re-read your essay to ensure that the tone of voice is consistent and there are no grammatical errors. Get some other opinions on the writing too. Consider asking teachers, counselors, or trusted friends or family members to review the essay before submitting it. A second set of eyes can go a long way in catching spelling, grammar, or style issues.

7. Follow a Pre-Planned Structure

To avoid having a messy essay, starting with an outline can help. Sit down and create a pre-planned structure before starting to write the actual essay. It can be helpful to think about how to incorporate the following messages into the outline.

•  Who are you? And why are you who you are?

•  What have you accomplished?

•  What are you hoping to accomplish in school and after school?

•  Why do you need a scholarship?

•  How will a scholarship make a difference?

8. Show, Don’t Tell

Another key scholarship application essay tip is to show, not tell. What do we mean by that? Instead of telling the reader exactly what they need to know, show them what they need to know.

For example, if a student wants the reader to know they are committed to their community, instead of saying “I am committed to my community” they can show this by saying, “I volunteer at my local dog shelter and beach clean up organization to help improve the life in our community for all residents and pets.”

9. Sell Yourself

It’s important to use the space in a college scholarship application to highlight achievements and how the scholarship will make it possible to achieve future goals. Pick a few select accomplishments or traits to focus on so the essay isn’t too heavy handed, but don’t shy away from being complementary.

10. Reread and Spell Check, Spell Check, Spell Check

We mentioned paying attention to spelling and grammar earlier, but as a friendly reminder don’t forget to do one last spell check at the end. This is one of the most important scholarship essay writing tips to keep in mind.

Our eyes get used to seeing what we type, so print out the essay and review it on paper to catch typos you may have missed on the screen. This is another time it’s a good idea to ask for a second set of eyes to look at the essay and to flag any errors. Be especially careful to double check the spelling of the name of the scholarship or organization.

Alternatives to Scholarships

Scholarships generally don’t need to be repaid and finding this free money for college can be an incredibly helpful resource for students trying to pay for college. Spending time applying for scholarships is well worth it. In addition, students may also rely on alternative funding sources to pay for college.

Some common funding sources include grants, federal student loans or private student loans. To apply for federal financial aid, students will need to fill out the Free Application for Federal Student Aid (FAFSA®) each year. This application will allow students to find out if they qualify for federal grants, scholarships, work-study and federal student loans. Some colleges use information provided on the FAFSA to determine institution-specific awards. Continue reading for more information on alternatives to scholarships.

Grants

Similar to scholarships, recipients of grants don’t usually need to pay back the money they’re given. Students can check with their college’s financial aid office to learn more about available grants and can fill out the FAFSA annually to see if they qualify for any grants.

Financial Aid

Alongside grants and scholarship, students can also consider pursuing other types of financial aid such as work-study jobs designed to help students earn money to pay for school. Those who served in the military or are the spouse or child of a veteran may be eligible for aid and students who are studying internationally may qualify for unique types of financial aid.

As mentioned, to apply for federal financial aid students will need to fill out the FAFSA each year they are in school.

Private Student Loans

Private student loans come from a variety of different financial institutions and they can help fill any financial gaps left after using financial aid and federal student loans to pay for college. To apply, students will need to file applications directly with the private lenders.

Private student loans don’t necessarily offer the same benefits as federal student loans — like deferment options or income-driven repayment plans. For this reason, students generally consider private student loans after thoroughly reviewing all other options.

Federal Student Loans

Whether someone is an undergraduate or graduate student, federal student loans — which are funded by the U.S. Department of Education — usually have better interest rates and terms than private student loans do and they come with unique federal protections like income based repayment plans.

The Takeaway

Scholarships are a great way to get some financial relief when paying for school, but students shouldn’t expect scholarships to cover all of their higher education expenses. Many students will use a combination of scholarships, grants, savings, and student loans to pay for their education.

When federal student loans and other sources of funding aren’t enough to fully foot the bill, private student loans can be an option to consider. SoFi private student loans have absolutely no fees and allow borrowers to select one of four flexible repayment plans.

FAQ

How do you start or address your scholarship essay?

To start off a college scholarship essay, it can be helpful to address: what, what, when, where, and why. This way the reader will know the basics of who the student is and why they are applying for the scholarship.

What is the most important thing to avoid in a scholarship essay?

Unnecessary mistakes are the most important thing to avoid when writing a scholarship essay. Double check for spelling or grammatical errors, make note of any key deadlines, and be sure you are fulfilling all application requirements.

How long should scholarship essays be?

All scholarship essays will have different length requirements. Double check the desired word count for the essay before submitting it.

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A degree in finance can open doors to a wide range of exciting career opportunities. Whether you’re looking to work as a financial analyst in a private business, an accountant for a nonprofit, or help individuals achieve their retirement goals, enrolling in a collegiate finance program can give you the tools you need to succeed.

But the tools of higher education don’t come cheap. Even with an online finance degree program can cost $24,000 to $75,000. Fortunately, there are many available avenues in the way of loans, grants, and scholarships that can support your dreams and ease financial anxiety.

What Is a Finance Degree?

A finance degree program focuses on the study of money management, investing, and market trends. It can prepare you for a job in the economic sector, or lay the groundwork for graduate studies in business or law.

Undergraduates enrolled in an accredited four-year program typically obtain either a Bachelor of Science or a Bachelor of Arts, depending on the area of focus. Introductory coursework can include the fundamentals of economics, statistics, business law, and accounting. Some people interested in working in finance may also consider pursuing a math degree.

Is a Degree in Finance Worth It?

Good News: Entry-level compensation in the field of finance tends to top the national median salary. The employment rate in this sector is expected to grow 8% “from now until 2030.

While jobs in the financial realm are competitive, there is an expanding need for more accountants, strategists, and market analysts. Most of these ground-floor opportunities require at least a bachelor’s degree in finance. Another big bonus of a business finance degree program is connections—the alumni and internship possibilities that could lead to employment.

What Kinds of Finance Degrees Are There?

Educational institutions can offer a Bachelor’s in finance, Associate’s Degrees, Master’s Degrees (including MBAs), and Doctorate programs. Wondering what to do with a finance degree? Popular subfields within a finance program include financial planning, management, and accounting, which could help steer you in a career direction.

Financial Management

A student pursuing a degree in financial management learns how to make informed financial discussions for nonprofit businesses and corporations. Students can take classes in business economics, data analysis, financial reporting, and business law.

Financial Planning

A degree in financial planning prepares you to assist businesses, individuals, and families in creating monetary plans for the future. Course topics can be in retirement strategies, investment portfolios, tax planning, healthcare, estate planning, and risk management.

Accounting

While a degree in accounting offers a more specific focus than a general finance degree, the employment opportunities are far from limited. There are an estimated 135,000 job opportunities projected each year. Students take courses in auditing, tax preparation, and qualitative analysis.

What Can I Do With a Finance Degree?

From analysts to money managers, to a think tank researcher or top government economist, a degree in finance can pave the way to a world of job opportunities.

Loan Officer

Loan officers work for banks, mortgage companies, and credit unions. They are instrumental in helping businesses and individuals acquire a home, a business loan, or new car. A loan officer usually holds a bachelor’s degree in finance, accounting, or business.

Personal Financial Advisor

Personal financial advisors work with individuals and families to reach their economic goals. They assist with investment portfolios, navigating tax laws, and can help make retirement dreams come true. Financial advisors may be required to complete certifications, acquire licenses, or complete ongoing education requirements. Requirements may be dictated by your specific career path, employer, or state.

Financial Examiner

Banks and other institutions rely on financial examiners to help keep them out of trouble. A financial examiner helps businesses comply with current laws and regulations, making sure all their transactions follow mandated guidelines. They can specialize in risk assessment, keeping companies fiscally secure, or in consumer compliance to protect customers.

Financial Analyst

A financial analyst works for banks and investment companies assessing market trends to inform investment choices and strategical direction. They help create financial forecast models, fiscal reports, and then recommend a course of action.

Financial Manager

A financial manager oversees the financial well-being of a business. Responsibilities include supervising company cash flow, keeping tabs on expenses, submitting financial reports, and developing long-term fiscal goals for investment institutions, banks, or insurance companies.

How to Pay for a Finance Degree

A degree in finance can help put you on a career path to success, but the journey usually isn’t free. In 2020, 64% of college grads took out loans for school. An undergrad program can cost you, and a graduate degree only adds to the educational price tag.

Fortunately, there is federal aid, private student loans, scholarships, and other options that can help alleviate the fiscal burden of higher education.

Federal Student Loan

Applying for a federal student loan is usually the first stop on the quest for college funds. With a current interest rate of 3.73% for undergraduates, federal loan rates are fixed and lower than most private loans. They also don’t require a credit check or cosigner. You don’t have to start repayment until after college, so you can worry about your coursework vs. a monthly bill.

The first step is to fill out the Free Application for Federal Student Aid “Free Application for Federal Student Aid (FAFSA®) to determine how much financial aid you can receive. This application is used to determine student eligibility for federal financial aid including scholarships, grants, and work-study, in addition to federal student loans.

Private Student Loan

When federal loans and things like scholarships aren’t enough to cover the cost of a finance degree program, a private loan for students can be one option to fill in the gaps. These loans are issued by banks, online lenders, or credit unions. The lender will check your credit score and financial records to determine the loan amount and terms for which you qualify.

Younger applicants who don’t have a credit score or have limited employment history may consider applying with a cosigner, typically a parent or legal guardian, to pledge responsibility for your loan. Rates for undergrad and graduate student loans can vary, so be sure to do your homework and shop around at various lenders to find the best loan for your situation.

It’s a good idea to research the pros and cons of federal vs. private student loans to determine how they can work best for you.

Credit Card

Most colleges and universities accept credit cards for tuition payments. But while it may be tempting to rack up those travel points and cash back rewards, be careful. Many schools will charge you a convenience fee. And even if you have a 0% interest card, that rate can jump up to 12.99% to 24.99% after 18 to 21 months. Might be wise to check out other ways to get that finance degree before paying with plastic.

Borrow from Loved Ones

Borrowing from a loved one for your finance degree may allow for lower interest rates (if any) and generous repayment arrangements. But be sure to spell the terms of the loan on paper to legally protect you and the lender, and to avoid potential confusion, argument, or future resentment.

If a parent or guardian is unable to loan you money directly, they could consider borrowing a Direct PLUS Loan from the government or a private parent student loan.

Pay Cash

“Cash is king!” as the saying goes. No educational institution will turn it down. By working as much as you can during school and summer vacations to help pay for college, you can avoid borrowing interest-accruing loans.

Scholarships

College scholarships mean free money gifted from numerous organizations. They can be based on financial need or merit — awarded for grades, test scores, talent, ancestry, or special interests.

Scholarship money does not generally have to be paid back. You can find information from government resources, a college financial aid office, a high school counselor, or this state-by-state scholarship guide. Pay attention to the submission deadlines and application requirements so you don’t miss your chance to qualify.

Grants

One difference between grants and scholarships is that grant money is typically awarded solely based on financial need, and often by government agencies. For example, the Federal Pell Grant is gifted to undergraduate students from low-income households. Like scholarships, grants do not have to be repaid.

The Takeaway

The job rate in the finance sector is growing, with higher than average entry-level salaries. There’s an optimistic chance a degree in finance could yield good returns in the future. With all the potential funds from federal and private student loans, scholarships, and grant money, pursuing a degree in finance doesn’t have to be a high-risk investment.

FAQ

What does a finance degree do?

A finance degree can prepare you for employment in the financial sector—as an analyst, accountant, manager, financial planner, or loan officer.

What is the best degree for finance?

Any kind of degree from a finance program could set you up to succeed in your desired field. Some of the higher paying finance jobs are in financial management and analysis.

How can I pay for a finance degree?
Investigate federal and private student loans, grant money, and scholarship opportunities.

Photo credit: iStock/Nuthawut Somsuk

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

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

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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