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Homeschooling has long been an option for parents looking to educate their children outside the traditional bounds of public and private schools. The movement gained momentum in the 1970s, when educational theorist John Holt argued that formal schools placed too much emphasis on rote learning.

Since then the number of homeschooled children has grown to 2.5 million, about 3% to 4% of the population of school-aged children. And it looks as if those numbers will continue to grow by an estimated 2% to 8% each year.

COVID-19 has turned traditional schooling on its head and increased interest in homeschooling. Many formal institutions have decided to switch to online learning to avoid the risk of spreading the virus through in-person instruction. As a result, more parents are wondering whether homeschooling is a good option for them.

While homeschooling methods can offer benefits, there are some downsides to consider as well. Here’s a look at the pros and cons of homeschooling that might help parents decide whether it’s the right path for them.

The Pros of Homeschooling

Creating a Unique Curriculum

Parents who wish to homeschool their kids have a lot of flexibility when it comes to the direction of their child’s learning. Depending on their child’s needs and interests, parents might choose to spend more time teaching their kids musical instruments, developing foreign language skills, or going on educational field trips.

Homeschooling can be a personalized curriculum that works best for a particular child, rather than trying to make that child fit into the confines of a pre-existing curriculum.

That said, rules for what a homeschool curriculum must cover vary by state, and states may require annual assessments to make sure children are on track.

Tailoring the Child’s Education to Their Needs

The traditional school day and curriculum functions on a relatively strict schedule. Each subject tends to be given the same amount of time. And teachers must move at a certain pace in order to make sure they cover everything the curriculum requires.

This one-size-fits-all approach doesn’t necessarily work for all learners. For example, while a child may be a whiz at math, they may need extra time learning to read.

Parents of homeschoolers can adjust schedules to make sure that kids are spending enough time on the subjects in which they need the most help, while avoiding lingering too long on subjects that come easily.

Some kids may have challenges learning in a traditional classroom setting with 20 other kids and multiple distractions. Maybe a child works best with long blocks of uninterrupted study, or maybe they work best in shorter blocks of time with short bursts of physical activity outside in between tasks.

Parents may learn that some subjects are best taught at certain times of day. For instance, maybe a child is most focused in the morning, making it a good time to cover more challenging subjects, saving easier tasks for the afternoon.

Cost Saving

Homeschooling may be a good option for parents who are dissatisfied with their local public schools but don’t want to pay for private school. On a moderate budget, homeschooling could cost $300 to $500 per child each year. That figure assumes that parents are taking some money saving measures, such as saving money on school supplies, buying used textbooks, renting or borrowing curricula, and leaning on the public library as a resource. But it also assumes they’ll be spending on a few extras like tutors as needed and extracurriculars like art classes.

On the other hand, the average private school tuition is more than $11,000 per year. Parents who can devote their time to teaching their kids at home have the opportunity to save a lot of money, especially if they are teaching multiple children at the same time.

The Cons of Homeschooling

Increased Workload

While there are plenty of benefits, it’s also important to weigh some factors that could be considered disadvantages of homeschooling. Chief among these is the sheer amount of time and effort it takes to homeschool a child.

In many ways, homeschooling is a full-time job, requiring careful planning each day to make sure kids are covering the necessary ground.

Depending on where parents live, adding the extracurriculars that can make sure a child has a well-rounded education can be difficult. Living in a rural area may make it difficult to find extracurricular classes outside the home or make frequent visits to a museum or experience other cultural activities in person.

Social Constraints

Traditional schools have a built-in social structure. Kids are gathered into one class and learn to interact with each other and work together. Some parents may fear their children won’t learn proper socialization if they are homeschooled.

While homeschoolers don’t necessarily have the same opportunities to socialize, there are still plenty of ways for parents to make sure their children are making friends and interacting with peers.

For example, parents may consider homeschooling co-ops, groups of families of homeschoolers that come together to go on field trips, work on life skills or do extracurriculars that traditional schools might offer, and homeschoolers might otherwise miss.

Opportunity Costs

Not only will parents be paying out-of-pocket for costs associated with homeschooling, there are also opportunity costs—the loss of a potential gain when choosing one alternative over another—to consider.

A parent who stays home to teach a child is usually not spending that time at work earning a salary. For many parents, this is a worthy sacrifice to ensure their child gets the education they need. But parents should consider opportunity cost when deciding whether homeschooling is an affordable option.

Researching Homeschooling Options

There are a wide variety of homeschooling options and resources available to parents, from fully developed private, online homeschool curricula to web-based public schools that allow students to follow a public school curriculum at home.

Some school districts may even allow kids to go to school part-time while completing some of their schoolwork at home, a compromise that some parents might feel is the best of both worlds.

When selecting a curriculum, look for the best options that meet you and your children’s needs, making sure that it aligns with the legal guidelines for your state and will meet your state’s evaluation standards.

Preparing for the School Year

Whether you choose to homeschool or stick with a traditional school setting, students will still need school supplies. Homeschoolers’ lists may look different than those from your neighborhood school, but looking for back-to-school sales will typically save parents money on these supplies.

Using a bank account like SoFi Checking and Savings® can be a great way to spend on back-to-school supplies—while saving and earning.

For parents who want to save ahead of time for school supplies, setting up a checking and savings account can be a good way to make sure the funds are there when they’re needed.

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SOMN20074

So, you’ve been accepted to law school—congrats! You’re well on your way to embarking on a career that could help you fight for others’ rights and further the public good.

These are all laudable motivations, but chances are there’s something stronger weighing on you: How to pay for law school? It’s not necessarily clear how to find (or negotiate) scholarships for law school.

According to The Association of American Law Schools, on average, law school students paid $49,567 in tuition and fees for the 2019-2020 academic year to attend a private, out-of-state school—and, that amount doesn’t even include living expenses and other non-school costs that could pop up during graduate school.

U.S. News & World Report notes that the average annual cost of a public, out-of-state law school is $41,726, or $28,264 for in-state . (Even the lower cost option here comes to $84,792 for a three-year law program.)

Because students aren’t yet racking up those billable attorney hours, it can be helpful to research law school scholarship opportunities before applying. Here’s a broad overview of potential law school scholarships—plus some links to resources for students thinking about going to law school.

Crunching (and Swallowing) the Numbers

On the whole, according to non-profit organization Law School Transparency, law school tuition has been steadily rising over the last 35 years for all American Bar Association-approved law schools.

Per the numbers mentioned above, there might be a fair amount of sticker shock for those who haven’t yet applied for graduate school and are only thinking of someday going the lawyer route. (Here’s SoFi’s guide on how to apply to law school.) Fortunately, there are a range of options for aspiring attorneys seeking to fund law school.

In some cases, there are full-ride tuition scholarships and need-based grants out there. Full-rides of course, are not available at all law schools. If a law school doesn’t explicitly advertise or highlight information regarding full-ride opportunities, interested students can contact the school to ask. To offset the cost of attending law school, some school applicants may opt to apply only to programs that offer full- or partial- rides. One simple way to figure this out is old-fashioned Googling.

Students deciding whether to apply to law school may want to familiarize themselves with the language universities adopt to explain these scholarships. In some cases, specific scholarships are designated for particular students. Here are a few examples of how law schools describe their full-ride law school scholarship offerings— including, the University of Chicago Law School (which has several such opportunities), NYU’s Latinx Rights Scholarship, and Duke Law’s Mordecai Scholars. Magoosh, the higher education test-prep and study counseling company with the silly-sounding name, has published a 2018 list of a handful of others (along with suggestions on how to strengthen one’s resume when applying for such scholarships).

Full-ride law school scholarships can be highly competitive—with some schools offering as few as two to four per enrollment year. One potential tip for the search for scholarships is to target law schools with more tuition help.

U.S. News & World Report has organized and tabulated a list of 10 law schools that offer the most tuition assistance—reporting that “at least 77.8% of students who received grants at these schools got enough to cover more than half of tuition.” Some of the schools listed in U.S. News & World Report , like Pennsylvania State University-Carlisle, go as high as 93.2% of full-time students receiving aid in that amount.

If all of this is starting to sound like alphabet (and number) soup, there are dedicated resources like Fastweb to help prospective students find scholarships for which they may qualify. Fastweb is an online resource to help students find scholarships, financial aid, and even part-time jobs in support of college degrees.

The American Bar Association’s law-student division also has a running list (along with deadlines) of law student awards and scholarships. Additionally, the Law School Admission Council offers a list of diversity scholarships available to students from diverse racial and ethnic backgrounds. Here’s another guide on finding and applying for scholarships and one on unclaimed scholarship money.

Another resource that could be useful in factoring living expenses is this student loan calculator for aspiring law school students. Tools like this can, usually, auto-load the tuition and cost-of-living breakdowns for specific law schools. From here, it’s possible then to compare how much degrees from particular schools may end up costing.

Negotiating Wiggle Room

Doing all this research and the math around law school scholarships could put applicants in a more informed position when evaluating which program to attend—and, potentially, help them to identify schools more likely to be interested in their application.

A reality of today’s admissions process for law school is negotiating scholarships. Some schools have a strict policy against negotiating, but others fully expect their initial offer to be countered. That’s why it can help to save acceptance letters and anything in writing from schools that offer admission.

Offer letters could then be shared with competing schools, asking if they’re able to match another university’s aid. It might be uncomfortable asking for more tuition assistance upfront, but a little discomfort now could help applicants shoulder less law school debt later on. If arguing a position makes an applicant uncomfortable, it might be worth pondering whether to become a lawyer.

Doing research on law schools (and figuring out the likely cost-of-living expenses at each institution) could help applicants to determine which scores or grades to aim for in an effort to make law school more affordable for them. Tabulating expenses (and having them on hand) may also demonstrate to universities that the amounts being negotiated are based in well-documented expenses.

Law School Scholarships

There are lots of options for law-school hopefuls to find potential scholarships. The nonprofit organization Law School Admission Council (LSAC) has compiled a list of the many law school scholarships available to applicants .

From the LSAC’s list, the Attorney Ken Nugent Legal Scholarship ($5,000) and the BARBRI Law Preview’s “One Lawyer Can Change the World” Scholarship ($10,000) are worth pinning, due to the sizable chunk of change they offer.

Many law schools themselves offer competitive scholarships to attract stronger candidates. It might be helpful to check if a school also offers in-state residents specific tuition reductions or grants—especially true, if the applicant is considering a public school in their home state.

Similarly, some law firms offer scholarships. Usually applying is a straightforward process: Many, like the Rise To Shine Scholarship , only require a short essay to be considered. On top of this, there’s the rising trend of law firms helping new hires to repay a portion of their student debt once onboarded.

Federal vs. Private Loans for Law School

Students wanting to apply to law school could consider the differences between federal and private student loans. Federal loans come with certain benefits not guaranteed by private ones (such as, forbearance or income-driven repayment).

Private loans—like SoFi’s—can also help applicants to cover the expense of graduate school. So, it might be a good idea to weigh the pros and cons of both federal and private student loan options for law school.

For example, Direct PLUS loans for grads charge 7.08% in disbursement fees for the 2019-2020 academic year. (2020 numbers aren’t out yet.) SoFi Graduate Student Loans, by comparison, have no fees whatsoever—not even late or overdraft fees. Another great resource in understanding federal loans can be found over at studentaid.gov .

It’s important to note that private student loans don’t offer the same benefits and protections afforded to federal student loan borrowers, like Public Service Loan Forgiveness (PSLF). If a law school applicant is interested eventually in becoming a public defender or pursuing non-profit legal work, forgiveness and forbearance perks may play a role in their decision.

In addition to the financial aid resources mentioned above, more information can be found in SoFi’s overview of private student loans for graduate school. Those interested in figuring out how to pay for law school may want to check out SoFi’s competitive-rate private law school and MBA loans.

Law School Loans from SoFi

Going to law school is a big life decision. And, law school’s attendant costs add even more weight to this choice. If students interested in law school find themselves coming up short on funds for the JD after scholarships or federal aid, additional options may be available.

Some might seek out a student loan from a private lender, to name one possibility. SoFi’s private loans for law school offer competitive rates, flexible repayment options, and access to member benefits.

You can check your rates in just three minutes to see if a SoFi Law School Loan might help you pursue that dream of becoming a lawyer.

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.

SOPS20019

For soon-to-be-grads, the senior year of college is both an end and a new start. Finishing up a university degree can mark the beginning of a career or diving into grad school.

Senior year in college can mean the start of mapping out a more independent adulthood. While each college senior has a unique situation, there’s one constant: life after college involves change.

Here are some tips on navigating the senior year of college—from polishing up that resume to hunting for a job, from understanding student loan obligations to creating a more professional presence on social media channels.

Preparing for Life Beyond College

Post-secondary education in the U.S. has been on the rise for decades. There’s a growing number of seniors preparing to wrap up their college educations and move to the next stage in life—whatever form that takes.

In the year 1900, just 27,420 Bachelor’s degrees were awarded nationwide (back then, the vast majority of graduates—80.9%—were male). Those numbers look a quite different today, with 3.9-million students a year graduating with a college degree.

For US college students, graduation rates for four-year degrees were 60.4%, while completion rates for two-year programs was 31.6%. And, although college is often the last stop before pursuing a full-time job, a lot of college seniors feel ill-prepared for the changes to come after graduation.

According to one annual survey of college students , only four in 10 students say they feel “very” or “extremely” prepared for their future careers. Some college seniors may be searching for tips on how to position themselves for life after graduation.

The above-mentioned study also found that students feel they’re lacking in key areas of preparation for life beyond college. Fewer than half of students say college has imparted critical skills for transitioning to the workforce—including solving complex problems, resume writing, interviewing, and job searching. And while 77% of students felt good about their professionalism and work ethic, there’s a significant gap in how employers see new grads on these key areas.

Global forces haven’t made it easy on new grads, either. As the novel Coronavirus pandemic drives high unemployment rates and shutters businesses, some data shows that college seniors have access to fewer entry-level positions—with openings paying less than in recent years. As such, it’s never been more important for college seniors to plan in advance for life after college. Here are some tips for turning that senior year in college into a lily pad for post-grad life:

Confirm degree requirements

For students embarking on their senior year of college, it can be a good idea to confirm that they’ve met all the prerequisites for graduating.

Whether it’s a forgotten phys-ed requirement, general education credits, or a class required to complete a specific degree, it’s helpful to double-check that all required courses have been completed—while there’s still time to make up for any missed credits or must-complete classes. This can be especially important for students who have transferred schools during college.

According to one study, of the one-third of students who change schools during their post-secondary education, nearly 40% get no credit at all for the courses completed before the move. On average, students who transfer lose 27 credits, the equivalent of a year in school.

Even for those who confirmed their credits at the time they transferred, it’s smart to double-check to avoid any unpleasant (and costly) surprises during senior year in college. While they’re at it, outgoing students may also want to confirm there’s nothing else standing in the way of collecting their degree on graduation day.

Depending on school policy, outstanding library fines and overdue books or other penalties may prevent a student from graduating on time.

Brush up on skills

Each year, the Graduate Management Admission Council, which administers the GMAT exam, surveys recruiters to better understand what hiring companies want to see in new graduates. Communication skills, including oral communication, listening skills, written communication, and presentation skills are among those that top the list.

These skills are values across industries—with employers in healthcare and pharmaceuticals, technology, products/services and government/non-profit all ranking oral communication as tops. Skills tied to teamwork also ranked highly.

Even if it’s not possible to gain on-the-job experience during your senior year in college, future grads may want to hone these important skills during their final years in college.

Extra-curricular activities, whether a team sport or debate club, can help to deepen core competencies, provide demonstrable experience to prospective employers—and even help to deepen one’s connections to their fellow students (ahem, networking, ahem).

Start a resume

An up-to-date resume is needed throughout one’s career. Generally, a resume lists things like:

•   Work and educational history
•   Professional skills and capabilities
•   Accomplishments and successes

It can be helpful to understand the resume format that companies expect from job applicants. At some larger companies, resumes are initially filtered by AI software—not a living person in the human resources department. So, it may be a good idea to seek out model resumes online—as seemingly small things, like the choice font, can impact how the resume is (or is not) processed.

For some college seniors, applying for a post-graduation job will be one of the first times they’ve needed a professional resume. But, without formal work experience or a job history related to one’s desired field, it can also be difficult to know what to include.

Even in the absence of formal work experience, college seniors can write a resume that highlights what they offer to a prospective employer. College seniors could take some time to think about jobs and activities they’ve participated in to date. What does this documented experience demonstrate about them as a worker or team member?

Part-time jobs (even roles like a camp counselor or on-campus tutor) can show a proven history of increasing responsibility, leadership and teamwork abilities—all things that recruiters may look out for.

Foreign language skills and extracurricular activities can also demonstrate cultural competency and drive. Listing academic achievements, including a high GPA and/or awards won, may help college seniors to stand out in the crowded job-applicant pool.

Time for a social media cleanse

For many college seniors, social media profiles are a proud record of good times with friends over the last four years. But, social media can also be a career liability.

According to one survey, 70% of hiring managers look at an applicant’s social media when deciding whether to offer employment. And, for those that think fun times in college won’t come back to haunt them: 57% of HR managers who looked at a candidate’s social media profile found that it contained content that caused the applicant not to get the job.

As such, senior year in college can be a good time to “professionalize” one’s social media presence. Seniors don’t need to delete their profiles—in fact, nearly half of recruiters say they’ll ignore an applicant if they can’t find them online—but they could pay closer attention to how they are representing themselves.

Among the types of things recruiters say could disqualify an applicant are some obvious inclusions—for example, photos that display drinking and drug use or discriminatory comments about race, gender, and religion. But, less obvious infractions, such as that now-embarrassing profile handle that was set up years ago and never changed, bad-mouthing employers or teachers, or even posting overly frequently, are all things that can potentially make an employer think twice.

A social media cleanse is also an opportunity for college seniors to stand out. While new grads’ resumes may be thin compared to those who have been in the workforce for years, a dynamic, creative social media profile that highlights one’s interests and hobbies, positive college relationships, and achievements, can help bring a candidate’s application to life.

In addition to crafting a resume, college seniors may also want to set up an up-to-date profile on a social network used by both job seekers, recruiters and employers—sites such as LinkedIn or GlassDoor. This is one more space to display accomplishments and self-presentation skills.

Get finances in order

For some college seniors, transitioning from college to work life can present new financial obligations.

For students with financial aid, senior year is a good time to start thinking about how they will pay off student loans—once they’re due. Because student loans are subject to interest, which compounds over time, the sooner they can be paid off, the less their education will cost in the long run.

To start, students may want to make a list of all of their educational loans along with the interest rate and repayment terms for each. Because some student loans are not subject to interest during school, seniors with extra money from part-time employment or other sources may want to pay down a portion of their principal while still enrolled.

Doing so can reduce the amount that will be subject to interest later on. (It’s worth noting that some student loans do accrue interest while a student is enrolled, so doing your fine-print homework is key here).

Some college seniors may want to research different ways to repay their educational debt. For federal student loan borrowers , there are specific repayment programs that some seniors may be eligible for—including income-driven repayment, public service loan cancellation, and forbearance.

After exhausting all federal repayment options, some students may want to research refinancing a student loan with a private lender. It’s important to note that private lenders do not guarantee the same repayment options as federally backed student loans.

Replacing a federal loan with a private loan can cause the borrower to forfeit federal repayment options.

Positioning Seniors for Success

Senior year in college is a bittersweet time. For many it marks the end of carefree school days, and the start of exciting new adult responsibilities. But, more than just a time of impending transition, senior year means undertaking some next-step preparations.

From learning how to position oneself for employment opportunities to mitigating the long-term burden of a student loan, what a college senior does now can help them to get ready for the life ahead.

The Takeaway

For some seniors in college, the conclusion of classes doesn’t truly mean the end. It’s the start of a time of change—ripe for further honing one’s professional skills and mapping out a plan for the years that lie beyond college.

Student loan debt is one long-term obligation for millions of recent college graduates. Refinancing educational debt to a lower interest rate can reduce monthly repayments ( lengthening the loan term can do this even more). A lower rate can also mean paying less interest over the life of the loan (shortening the loan term will further cut the interest paid).

Refinancing student loans with SoFi can be done all online—with no prepayment, origination or application fees.

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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.