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A $300,000 mortgage payment could range from about $1,700 to more than $2,700 per month, depending on your loan’s interest rate, term, and other factors.When you’re shopping for a home, it’s easy to get fixated on how much you can borrow and finding houses in your price range. But understanding how much your mortgage could cost, upfront and over time, could be just as important to your success as a homebuyer. Read on for a look at what some of the expenses of getting a home mortgage might include.

How Much Can a $300,000 Mortgage Cost?

You can expect to run into a variety of costs when you take out a home loan. Most of the time these expenses can be broken down into three main categories:

Closing Costs

Closing costs are one-time costs that typically include loan processing fees, third-party services such as appraisals and title insurance, and government fees and taxes. You also may choose to pay discount points upfront on your loan to lower the interest rate. Closing costs can vary significantly, but they generally range from 3% to 6% of the loan amount.

Monthly Payments

The payments borrowers make monthly over the life of a mortgage usually include two main components:

•   Principal: This is the part of the mortgage payment that goes directly toward repaying the amount you borrowed.

•   Interest: This is the fee you pay the lender for borrowing money. The amount of interest you’ll pay each month will be calculated by multiplying your interest rate by your remaining loan balance.

Escrow

Your lender may collect and hold money in an escrow account to ensure that your homeowners insurance and property taxes are paid on time. The cost of living by state can vary widely and this is due in large part to taxes.

It’s important to pay attention to all your costs as you go through the homebuying process. You may be able to negotiate the amount of some of these expenses, which means doing some comparison shopping could help you save.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

What Are the Monthly Payments for a $300,000 Mortgage?

To keep things simple, let’s eliminate any costs that might be associated with an escrow account to get a basic estimate of what a $300,000 mortgage payment might be each month.

Let’s say you wanted to buy a home for $340,000, and you had a down payment of $40,000. If your lender offered you a $300,000 loan with a 15-year fixed-rate term at a 7% annual percentage rate (APR), you could expect your monthly payment — principal and interest — to be about $2,696. If you took out a 30-year fixed-rate mortgage with a 7% APR, your payment could be about $1,995.

Here are some more examples that show what the difference can be for a 15-year fixed-rate loan vs. a 30-year fixed-rate loan, using SoFi’s Mortgage Calculator.

Recommended: 2024 Home Loan Help Center

How Much Interest Will You Pay on a $300,000 Mortgage?

The interest rate your lender gives you can make a big difference in the overall cost of your mortgage, and so can the mortgage term you choose. With a $300,000 home loan at a 7% APR, for example, the total amount you pay in interest could range from $185,367 to $418,527, depending on the length of the loan (15 vs. 30 years).

Spreading out your mortgage payments over a longer term can lower your monthly payment. But keep in mind that if you make this choice, you can expect to pay more for the loan overall. You can get more specific information by plugging various scenarios into a home affordability calculator.


💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

How Does Amortization Work for a $300,000 Mortgage?

Though your payment will remain the same every month (if you have a fixed-rate home mortgage loan), you can expect the amount you pay toward interest vs. principal to change over the life of your loan. In the first years, most of your payment will go toward interest. But as your balance goes down, more of your payment will go toward principal.

Your lender can provide you with a repayment schedule, or mortgage amortization schedule, that illustrates how the proportions will change over the length of your loan. Here’s a look at what the amortization schedules for a $300,000 mortgage with 30- and 15-year terms might look like. (Remember that your payments could include other costs besides principal and interest.)

Where Can a Borrower Get a $300,000 Mortgage?

Homebuyers have a few different choices when deciding where to go for a loan, including online banks and lenders, and traditional banks and credit unions. Rates and terms can vary from one lender to the next, so it can be a good idea to shop around for a mortgage that fits your specific needs and goals.

Before you start looking for quotes, though, you may want to look at the different types of mortgage loans you might qualify for. Would you be better off with a conventional or government-backed mortgage? Are you eligible for a VA loan or first-time homebuyer assistance? How many years do you want to make payments on your loan, and would you prefer a fixed or adjustable rate?

Once you settle on some loans that might work for you, you may want to read online reviews of the lenders you’re considering. A good old-fashioned pros-and-cons list could also help you evaluate the possibilities.

Recommended: Tips to Qualify for a Mortgage

How to Get a $300,000 Mortgage

Whether you’re a first-time homebuyer or you’ve done this before, the home-buying and mortgage process can be a little daunting. By breaking it down into some manageable steps, you may be able to make things a little easier.

Start by Determining How Much You Can Afford

Looking at your income, debt, monthly spending, credit status, and how much you’ve saved for a down payment can be a good starting point when you’re trying to figure out how much house you can afford. This can help you decide how much of a down payment and monthly payment you can handle.

Research Different Loans and Lenders

Once you know what you can afford to spend, you can start looking for the loan type, interest rate, loan term, and lender that meet your needs. The mortgage professional you choose to work with should be able to walk you through your options and help you evaluate their pros and cons.

Get Preapproved

Once you’ve chosen a loan and lender, it can be a good idea to go through the mortgage preapproval process. Getting a letter from your lender that says you’re preapproved for a certain loan amount can let sellers know you’re a serious buyer. (This could be especially helpful if you find yourself in a bidding war.)

Go House Hunting

With your preapproval letter in hand, you can start your home search — and potentially make an offer on a house. And because you’re prepared and know how much you can afford, you and your real estate agent can target homes in an appropriate price range.

Submit a Full Mortgage Application

When you find a home and you’re ready to seal the deal, you can work with your lender to fill out a formal loan application. Be ready: Your lender will likely ask for more financial information and documentation before approving the loan.

Prepare for Closing

While you’re waiting for your final loan approval and a closing date from your lender, you can shop for homeowners insurance, get a home inspection, and make sure you have all the money you’ll need for your down payment and closing costs.

Take Ownership of Your New Home

At the closing, you’ll be asked to sign a lot of paperwork, and you’ll hand over the necessary funds to make the purchase. Finally — congratulations! — you’ll get the keys to your new home.

How Much House Can You Afford Quiz

The Takeaway

Researching the different costs you might have to pay when taking out a $300,000 mortgage could help you avoid any unpleasant surprises during the homebuying process and improve your chances of sticking to your budget. The decisions you make about the type of loan you get, the interest rate, loan term, and other costs will all impact how much you pay every month — and what you’ll pay for the loan overall. So it can be a good idea to run the numbers and evaluate your options before you decide on a particular loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

How much is a $300,000 mortgage payment per month?

The monthly payment for a $300,000 mortgage could range from about $1,700 a month to more than $2,700. Your payment will depend on several factors, including your interest rate and loan term.

How much income is required for a $300,000 mortgage?

An annual income in the $90,000-$100,000 range would qualify for a $300,000 mortgage as long as the borrower has few other debts. Mortgage lenders don’t make their decisions based on salary alone. You can expect your lender to look at several factors, including your debt, your credit rating and other factors before deciding how much you’re qualified to borrow.

How much is a down payment on a $300,000 mortgage

If you borrowed $300,000 and were putting down 20% on the property to avoid having to pay for mortgage insurance, your down payment would be around $75,000 (for a home priced at $375,000). But many borrowers put down less than 20%. A down payment of 3% on a home priced at $310,000 would cost you less than $10,000 and in this scenario you would also have a $300,000 mortgage.

Can I afford a $300,000 mortgage on a $70,000 salary?

If you can keep your monthly debt payments (housing costs and other debts combined) below $2,100 a month, you might be able to afford a $300,000 mortgage on a $70,000 salary, but it could be a stretch. How much mortgage you can afford usually depends on your monthly house payment and other debts you may have, such as car loans, credit cards, and student loans.

Photo credit: iStock/irina88w

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

The median pay for a dental assistant was recently calculated to be $44,820 per year, according to the Bureau of Labor Statistics.

If someone is looking for a career in the medical field, but doesn’t want to commit many years and a lot of money to medical school, they may want to look into becoming a dental assistant. This career involves significantly less schooling than one would have to pursue to become a dentist but can offer a stable and rewarding career path.

Keep reading for more insight into what it’s like to work as a dental assistant and what this career’s earning potential can be.

What Are Dental Assistants?

A dental assistant is a healthcare professional who assists dentists in caring for their patients and with general administrative tasks.

Typically, they have completed training as a dental assistant after high school, meaning this can be a potential good job without a college degree.

These are some common responsibilities of dental assistants:

•   Scheduling patient appointments for efficient management

•   Collaborating with patients on medical billing and payment matters

•   Providing instructions to patients on proper oral hygiene practices

•   Preparing both patients and the work area for various treatments and procedures

•   Sterilizing dental instruments to maintain hygiene standards

•   Ensuring the comfort of patients in the dental chair

•   Assisting dentists by handing them instruments during procedures

•   Using suction hoses and other equipment to dry patients’ mouths

•   Processing X-rays and performing lab tasks under the dentist’s guidances

•   Maintaining records of dental treatments for accurate documentation.

As you may have noticed, this job requires a good degree of interaction with coworkers and patients. For this reason, it may be a good fit for those who consider themselves a “people person” and not a great career for an introvert.

Also, it’s important to note that the exact role of a dental assistant can vary based on the state they are working in. This is due to varying state regulations.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Dental Assistants Make a Year?

Understandably, entry-level salaries for dental assistants tend to be less than those for their more experienced counterparts. In terms of how much money a dental assistant makes when they first start their career, here are some numbers: As of 2022, the lowest 10% of workers in this role earned less than $31,450.

However, they can expect to earn more competitive pay over time, as the highest 10% in this role earned more than $59,200.

Recommended: 50 Highest Paying Jobs in the US

What Is the Average Salary for a Dental Assistant?

How much a dental assistant makes an hour can depend a lot on where they choose to work. While the median hourly pay rate for this work is $21.55 per hour as of 2022, the following chart (which goes from highest to lowest) illustrates how greatly this hourly wage can vary on a state level.

What is the Average Dental Assistant Salary by State for 2023

Dental Assistant Job Considerations for Pay & Benefits

The majority of dental assistants work in a dentist’s office (90%), but some do work in the offices of physicians (2%) or for the government (2%). As of 2022, dental assistants held about 371,000 jobs and work under the supervision of dentists.

There are some safety concerns (primarily contracting infectious diseases) that come with this role, which is why dental assistants wear protective clothing and equipment. Being exposed to X-ray machines also comes with concerns, but again, there are safety procedures in place to help protect dental assistants.

Because many dental assistants work full-time, they can qualify for employer-sponsored benefits like healthcare, retirement plans, and paid time off. However, if they only work part-time, they might not qualify for benefits.


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

Pros and Cons of Dental Assistant Salary

Still on the fence about working as a dental assistant? Here are some of the pros and cons of the role:

Recommended: Is $100,000 a Good Salary?

The Takeaway

The median salary for a dental assistant is $44,820, but as they gain work experience, these medical workers can expect to earn more. Because minimal schooling is required to become a dental assistant, many in this field can avoid taking on too much student loan debt.

FAQ

Can you make 100K a year as a dental assistant?

Most dental assistants don’t earn $100,000 per year. The top 10% of earners in this field can earn around $59,200, but the median annual salary is just $44,820.

Do people like being a dental assistant?

Some people find working as a dental assistant to be an engaging and fulfilling career. Because most of their days are spent on patient care, they must enjoy spending time with people. This won’t be an enjoyable role for someone who is an introvert or who is antisocial.

Is it hard to get hired as a dental assistant?

There are more than 55,000 jobs for dental assistants available each year, according to the Bureau of Labor Statistics. Depending on your location and other factors, it may not be hard to get hired as a dental assistant.

Photo credit: iStock/mladenbalinovac

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

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

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.

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

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The total cost of a mortgage depends on the loan term and the interest rate. For a $250,000 mortgage with a 30-year term and 7% interest rate, borrowers can expect a monthly mortgage payment around $1,663 a month.

However, there are other mortgage costs to consider — both at closing and over the life of the loan. Here’s a look at the factors that affect how much your mortgage costs, as well as what you can expect to pay for a $250,000 mortgage.

Cost of a $250,000 Mortgage

The cost of a $250,000 mortgage is more than just the borrowed amount, known as the loan principal. While borrowers repay the principal, they are also required to pay interest, calculated as a percentage of the loan amount, to cover the cost of issuing the loan. A percentage point difference in interest rate could bump up a $250,000 mortgage payment by $100 or more a month, significantly increasing the total interest paid over the life of the loan.

Most mortgages require a down payment, with the exception of VA loans and USDA loans. The minimum down payment depends on the type of loan and a borrower’s financial situation. For example, the required down payment on a FHA loan is 3.5% for borrowers with credit scores of at least 580 versus 10% for borrowers with credit scores between 500-579.

The down payment amount also impacts the total cost of home mortgage loans. Homeowners will be on the hook for paying private mortgage insurance (PMI) with their monthly payments unless they put 20% or more down. PMI is usually 0.5% to 1.5% of the loan principal per year, spread across monthly mortgage payments.

Buying a house also involves closing costs, typically ranging from 3% to 6% of the loan principal. For a $250,000 mortgage, closing costs would likely be between $7,500 and $15,000. If saving up for both the down payment and closing proves to be a challenge, buyers may have the option to roll closing costs into a home loan to spread out the cost over time.

Recommended: Best Affordable Places to Live in the U.S.

Monthly Payments for a $250,000 Mortgage

Figuring out how much you can afford to spend on housing each month is an essential step to determining your homebuying budget. Monthly mortgage payments typically include four components: loan principal, interest, taxes, and insurance.

Assuming a 30-year fixed term and an interest rate of 7%, a $250,000 mortgage monthly payment would amount to $1,663 for the loan principal and interest. Choosing a 15-year loan term with a 7% interest rate would translate to a monthly mortgage payment of $2,247. Note that these figures do not include property taxes and insurance. Taxes vary according to your property’s assessed value, as well as by location — so the cost of living by state is another factor buyers must consider.

Initially, the majority of the monthly mortgage payment goes toward interest rather than paying off the loan principal. Over time, a greater share of the mortgage payment is applied to the principal balance, helping build equity in your home.

For a more detailed look at what a $250,000 mortgage payment amounts to, using a mortgage calculator or home affordability calculator lets you experiment with different down payments, interest rates, and loan terms.

💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

Where to Get a $250,000 Mortgage

The majority of U.S. homebuyers use a mortgage loan to finance their home purchase. Buyers can get a $250,000 mortgage from a variety of lenders, including banks, credit unions, mortgage brokers, and online lenders. Shopping around and looking at multiple lenders is recommended to help secure a lower interest rate and save thousands over the life of a mortgage. Besides the interest rate, examine the differences in fees, mortgage points, and expected closing costs when comparing lenders.

There are also different types of mortgage loans to consider. Your mortgage loan options depend in part on your location, Veteran status, down payment size, and whether you qualify as a first-time homebuyer. For comparison, here’s the mortgage amortization schedule on a 30-year mortgage vs a 15-year loan. In both cases we are assuming a $250,000 mortgage with a 7% fixed rate. Looking at a $250,000 mortgage payment 30 years’ out, borrowers would pay $194,284 more in interest payments than with a 15-year term.

Recommended: Home Loan Help Center

How to Get a $250,000 Mortgage

If the estimated monthly payments above fit your budget, proceed with the following steps to get a $250,000 mortgage. First, take stock of your financial situation and read up on tips to qualify for a mortgage before applying. Start by checking your credit score, calculating your debt-to-income (DTI) ratio, and evaluating your available savings for a down payment and closing costs. Lenders consider all these factors when reviewing a loan application. Ahead of time, prepare the documents you’ll need for the mortgage application, including bank statements, tax returns, and W-2s.

After comparing lenders and loan types, getting preapproved for a home loan is a logical next step. Mortgage preapproval from a lender shows the loan amount and interest rate you qualify for, helping inform your budget and demonstrate that you’re a serious buyer when putting in an offer on a property.

💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

The Takeaway

The cost of taking out a $250,000 mortgage depends on the interest rate and loan term. A monthly $250,000 mortgage payment also includes taxes and insurance. To get a $250,000 mortgage, borrowers need to factor a down payment and closing costs into their homebuying budget.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

How much is a $250K mortgage a month?

The payment on a $250,000 mortgage with a 7% interest rate would be $1,663 a month for a 30-year term and $2,247 a month for a 15-year term. The down payment amount, property taxes, and insurance costs also impact the monthly mortgage payment.

How much income is required for $250,000 mortgage?

The required income for a $250,000 mortgage depends on several factors, including existing debt, down payment size, and interest rate. With a 20% down payment and 7% interest rate, an income of $77,710 or more would qualify for a $250K mortgage, provided you don’t have a lot of debt already.

How much is a down payment on a $250,000 mortgage?

The required down payment on $250,000 mortgages depends on the loan type and lender. FHA loans require down payments of 3.5% or 10%, while buyers could qualify for a conventional loan with as little as 3% down.

Can I afford a $250K house with a $70K salary?

You may be able to afford a $250,000 house with a $70,000 salary. Besides income, how much house you can afford depends on how much you are prepared to pay for a down payment and what your debt-to-income ratio is.

Photo credit: iStock/Antonio_Diaz

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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Credit hours are the building blocks of a college career. They measure progress, and define full- and part-time status and degree types such as bachelor’s and master’s. And these factors determine federal aid eligibility.

A credit hour is defined as one classroom hour and two hours of student work per week. Students who take 12 or more credit hours a semester are considered full-time. University semesters are a minimum of 15 weeks.

What Is a Credit Hour?

A credit hour is a system to measure college course loads. They were invented in 1906.

According to Encyclopedia Britannica, the Carnegie Foundation created the credit hour system to determine how to give scholarship funds to colleges. However, it quickly became a useful tool for universities to measure higher ed programs and student progress. Nearly every U.S. university adopted the system within six years.

Credits are also key in accreditation, an evaluation process that ensures a college’s academic merit. It’s granted to universities that have met minimum credit requirements and other academic standards.


💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

1 Credit Hour Is Equal to How Many Hours?

One credit hour is equal to one hour of classroom or direct faculty instruction and at least two hours of out of class student work per week. That means you can expect to spend three hours of work and classroom instruction per week in a one-credit course.

How Many Hours of Study Time per Credit Hour Online?

Credit hours are no different in-person than online, depending on the type of online course. There are two types: synchronous and asynchronous programs.

Synchronous programs are virtual classes that students can attend in real time. These courses may involve digital lectures, class discussions, presentations, and other styles of scheduled interactive learning. Students also work together outside of class, whether virtually or in-person. This type of program offers ease of access.

In asynchronous programs, students access pre-recorded classes and forums on their own time. Students in these programs set their own pace and manage coursework completion deadlines. Virtual attendance is not required and students may communicate with staff and their peers in board-style forums and email.

Synchronous programs have a similar structure to in-person college classes — and therefore have similar credit hour requirements. Some universities suggest more study hours for online credits. For instance, the University of North Carolina suggests four to five hours of study time each week per credit for a bachelor’s degree program.

Asynchronous programs, on the other hand, have more loosely defined requirements for credit courses. Students meet program requirements by fulfilling coursework needs on deadline.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Credit Hour Calculator

To determine total time spent on classes in a semester, add the credits of all your courses. Multiply that number by two hours, or more depending on your university’s requirements. Then multiply that total with the weeks in a semester.

Courses can be one to six credit hours. Below is an example credit hour calculator chart to determine total hours spent on one or more credits. Rice University has a great example of a chart that converts credits to study time.

How Many Credit Hours Do You Need to Graduate?

The credit hours you need depend on the degree type — but the federal minimum is the same for all. The range of credit hours required also varies by major, so be sure to check with your registrar that you have all the information you need.

Higher education programs include associate, bachelor’s, master’s, professional, and doctorate degrees. Depending on the degree, students can expect to complete around 30 to 120 credit hours.

Bachelor’s Degree Credit Hours

Bachelor’s degrees are generally 120 credits minimum and usually take four years to complete. Schools that operate on a quarterly basis (four terms a year), usually require 180 credits to graduate.

Students enrolled in a bachelor’s program complete core curriculum and various credit hour types: general education, major/minor, and elective credits.

General education courses are required courses for a degree. They often cover foundational subjects such math, English, and sciences. However, the core curriculum might vary by major. For instance, a student majoring in marketing might take intro economics courses, whereas an architect student may take intro art history courses.

Major and minor credit hours are classes related to a student’s field of study. They are categorized into lower- and upper-division credits. Students must complete lower-division courses in order to enroll in upper level courses. Internships may also be mandatory and are converted into credits (up to six).

Finally, bachelor’s programs require elective credits — courses unrelated to a student’s major and general requirements. Students sign up for courses out of interest or to complement their major.

Recommended: What Is the Difference Between BA and BS Degrees?

Master’s Degree Credit Hours

A master’s degree can range from 30 to 60 credits, and usually lasts two years. Students complete a thesis or project at the end of the program.

Master of Arts (MA), Master of Science (MS), and Master of Business Administration (MBA) are common types of masters, but vary widely in credit requirements. MAs and MSs tend to be 30 credits, while MBAs can take up to 60 credits to complete.

How Many Credit Hours Does a Course Have?

As mentioned, a college class must be at least one hour of classroom instruction and two hours of student coursework per week — the federal minimum. Courses can range from one to six credits — but typically are three to four credits.

How Do Semester Credit Hours Influence GPA?

With credit hours and GPAs, the general rule is this: More credits are better.

Your weighted GPA point values determine your GPA — where the weights are the number of credits for each class. To determine your college GPA with credits, multiply your GPA Point Value with the course’s total credits. Then divide the GPA point value total by the credit total.

For example, if you score an A in your three-credit chemistry class, it has more impact on your overall GPA than the A in your one-credit photography class. Below is an example of the impact of an 18-credit semester and a 12-credit semester on GPAs.

If you score all As in your three-credit courses, but all Bs in your one-credit courses, you still walk away with a 3.75 GPA.

In contrast, if all your one-credit courses are As, and three-credit courses are Bs, you end up with a lower GPA. The weight of the courses’ credits impacts your GPA.

What Is the Cost per Credit Hour?

The average college credit costs $477 — or about $1,431 per 3-credit class, according to the Education Data Initiative. Private four-year universities charge $1,200 per credit, or $3,600 for a three-credit class. These averages exclude Cost of Attendance (COA) such as room and board, books, and daily living expenses.

University tuition inflation has an impact on figures too. In 1963, the cost per credit was $21 per credit hour, or $187 adjusted for inflation. That’s a 255% increase to today’s credit hour rate of $477!

Recommended: What Is the Average Cost of College Tuition?

Paying for College

Higher education is a substantial spend, so it’s worth researching ways to earn aid and cut costs.

Determine what your family is expected to cover, as measured by the Student Aid Index (SAI). Apply for scholarships and grants from your school, fill out the FAFSA®, or Free Application for Federal Student Aid, which is used to determine federal aid, and look into cutting expenses like room and board.

Finally, look into undergraduate student loan options and understand the difference between private student loans vs federal student loan options. Federal loans often have lower interest rates, more flexible repayment plans, and offer subsidized loan options for students who demonstrate financial need. However, there is an annual borrowing maximum for students.

Private lenders offer competitive rates for qualifying borrowers. Repayment plans are generally determined by the individual lender. Unlike most federal student loans, private lenders will generally evaluate a borrower’s credit score and history, among other factors. Potential borrowers may be able to apply with a cosigner if they aren’t able to qualify for a private student loan on their own.

While private student loans can be a powerful tool to help fill financing gaps for college, they don’t always offer the same benefits as federal student loans, so are generally borrowed as a last-choice option.

Recommended: How to Pay for College

The Takeaway

Understanding how universities build programs with college credits will help you understand its cost. College credits define degree types, such as master’s and bachelor’s programs. The amount can also determine a student’s status and progress. Finally, these dictate the eligibility rules for federal and private lenders.

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.

Photo credit: iStock/asbe

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., 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 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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

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Military members, veterans, and their families have special opportunities when it comes to funding higher education. Given the high cost of attending college, they’re well worth checking into.

Find out about student loans for military dependents: children, spouses, and sometimes other relatives of active duty service members.

What Are Student Loans?

First things first: What are student loans, and how do student loans work?

Student loans are a type of financial product wherein a bank or other lender gives a student up-front money with which to pay for college and other educational expenses. Student loans can be used to cover tuition, textbooks, and even living expenses such as housing. Student loans are available through the government as well as through private lenders, and can be taken out by parents or students themselves.

Student loans, like all forms of debt, come at a cost: Interest accrues from the time the first loan check is disbursed. In the case of Direct Subsidized loans, the U.S. government covers the interest so long as the student is enrolled at least half-time and for the first six months after the student stops attending.

Although student loan interest rates tend to be lower than, say, credit card interest rates, the charges can still rack up over time. This is part of the reason Americans are saddled with a whopping $1.76 trillion in student loan debt.

Recommended: Using Student Loans for Living Expenses and Housing

Who Is a Military Dependent?

Military dependents are relatives of an active-duty service member, or sometimes a veteran, who can qualify for benefits based on their family member’s service.

Some family members, such as military spouses and children under the age of 21, automatically qualify as dependents. Other family members, such as parents and adult children, may also qualify if they meet certain criteria. Military dependents may receive death benefits, low-cost housing, and other discounts due to their status.


💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

Financial Aid Service Organizations for Military Dependents

Here are some of the financial aid options open to military members and their dependents.

Government-Sponsored Financial Aid

For most students, including military dependents, the government is the first place to turn for financial aid: Along with the opportunity to take out Subsidized Direct Loans, you may be eligible for grants and scholarships thanks to your service or your family member’s. To apply for federal aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) annually.

For instance, if you’re under 24 and your parent or guardian died in service in Iraq or Afghanistan after 9/11, you may qualify for a federal Pell Grant or Iraq and Afghanistan Service Grant, both of which do not need to be repaid.

If you already have federal student loans, you may also be eligible for military student loan forgiveness, depending on the type of loans you have and what you or your family member’s service history looks like.

Additionally, the Army and Navy Reserve Officers’ Training Corps, or ROTC, offers no-cost scholarships at over 1,000 colleges across the United States. See the official Federal Student Aid website (StudentAid.gov) for full details.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

American Legion

The American Legion offers college funding to the children of veterans who died or became disabled as part of post-9/11 service through their Legacy Scholarship program (Legion.org/Scholarships/Legacy). The scholarship awards up to $20,000 and can be renewed up to six times.

AMVETS

AMVETS teams up with corporate sponsors to offer scholarships of up to $5,000 to veterans and military spouses who are interested in pursuing skilled trades, such as carpentry, electrical engineering, and plumbing. The program, called the Generation T Scholarship (AMVETS.org/Generation-T), is offered to the spouses of deceased veterans but not their children.


💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

Paralyzed Veterans of America

Paralyzed Veterans of America offers scholarships of up to $2,500 for full-time students and $1,000 for part-time students to its members, their spouses, and their dependent children under 24 years of age. Awardees may apply a second time, but are only eligible to receive the scholarship twice in a lifetime. (PVA.org/Find-Support/ Scholarship-Program/)

Veterans of Foreign Wars

The organization Veterans of Foreign Wars also offers student veteran support in a variety of ways, including its Sport Clips Help A Hero Scholarship, which awards qualified applicants up to $5,000 per semester (per family), as well as the Student Veteran Support Grant, which is designed to be used for events and outreach efforts that assist veterans who are currently enrolled in college. The grant can be used for up to $500 per event up to twice per fiscal year for a total of $1,000. (VFW.org/ Assistance/Student-Veterans-Support)

Recommended: Types of Federal Student Loans

Private Student Loans for Military Dependents

Finally, military dependents may also choose to look into private student loans to fund their education.

Private student loans are, as their name suggests, not backed by the government and are instead offered by private banks, credit unions, and lenders. They do come with certain advantages — for example, they generally don’t carry the same lifetime maximums as publicly funded student loans, and you may have more flexibility when it comes to your loan term and repayment schedule.

However, private student loans sometimes carry higher interest rates than federal loans do, and your credit report will be pulled in order to qualify you — which isn’t the case for loans from the government. Because private loans lack the borrower protections afforded to federal student loans, they are most often considered as a last resort option.

The Takeaway: Explore Private Student Loan Options With SoFi

As a military dependent, you have a lot of options to consider when it comes to financial aid. Be sure to look into scholarships offered by the American Legion, AMVETS, Paralyzed Veterans of America, and the VFW. Military dependents should also apply for a Pell Grant, which doesn’t need to be repaid. And federal subsidized student loans give borrowers a break on some accrued interest.

For some, private student loans offer an attractive combination of accessibility and flexibility. (Keep in mind, though, that private student loans tend not to be eligible for student loan forgiveness and other programs.)

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

FAQ

Do military dependents get free college?

Not automatically, but there are programs specifically designed to help military members and their dependents pay for college.

Does the military pay spouses’ student loans?

Not directly, but military spouses may be eligible for federal student loan forgiveness if their loans are from the federal government.

Can military dependents get FAFSA?

Yes, military dependents can qualify for federal financial student aid using the FAFSA, or Free Application for Federal Student Aid. The FAFSA is a good first place to turn when looking for financial aid because it can match you with low-cost, need-based options like Direct Subsidized Loans.

Photo credit: iStock/Liudmila Chernetska

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.

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., 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 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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

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

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