If advice for paying off student loans were as simple as “Just keep paying those monthly payments,” over 43 million borrowers would have no concerns about wiping away more than $1.7 trillion in student loan debt.
But of course, many do stress about it and wonder how they can pay off their college loans. It’s best to first figure out exactly what you owe and what your interest rates are. From there, you can come up with a game plan to get your student loan debt under control.
Tips to Pay off College Loans
1. Set a Budget
Rather than feeling helpless, it’s better to remember that the path to paying off college loans is, at its core, about making a budget and sticking with it.
It’s best to resist the urge to momentarily feel better through retail therapy. If you do happen to slip up with spending or are caught unprepared for a bill, though, realize that living within your means is a challenge for many adults and learning from your mistakes is better than fixating on them.
The important thing is to create a budget you can actually follow. Give yourself enough flexibility that you’ll be able to stick to your goals and spend your money on what you really want to spend it on.
There’s more to paying off college loans than paying the lowest amount required every month. A big reason to pay more than the minimum each month is that student loan repayment is structured around amortization, which is where a portion of your fixed monthly payment goes to the costs associated with interest and another portion goes to reducing your loan balance.
With amortization loans, you typically pay more in interest than principal at the beginning and the ratio gradually reverses as you keep paying your loan. Paying more than the minimum monthly payment means you can accelerate the reduction of the total amount you owe rather than covering the interest.
One plan of attack is to consider signing up for automatic payments. You can customize the payment amount to be withdrawn on its own, and there can be a discount for doing so. If you have a Direct Loan, you can get an interest rate reduction for participating in automatic debits. (As a side note, many federal and private student loan servicers offer a discount for enrolling in autopay, so it can’t hurt to ask and get that discount, if it’s available to you.)
One final tip: Try to get in touch with your lender before you make additional payments so you can verify that your extra cash is going toward paying down the loan principal.
3. Refinance Your Student Loans
If it ever reaches a point where making real progress on repaying your loans feels nearly impossible, and income-driven repayment and forgiveness options either don’t apply or aren’t the right fit, then refinancing with a private lender might be a good option.
When you refinance federal and/or private student loans, you’re given a new — ideally, better — interest rate on a single new private loan. A lower rate translates to total interest savings over the life of the loan. Further, you may be able to lower your monthly payments with a longer term or pay your loan off faster (with higher monthly payments) if you decide to shorten your repayment term.
Don’t forget: Refinancing federal student loans with a private lender means you’re no longer eligible for federal repayment programs, forbearance, loan forgiveness programs, and other protections and benefits extended to federal student loan borrowers.
4. Apply for Forbearance or Deferment
If you’re struggling with your loan payments, it might be time to grit down, pick up the phone, and call the loan servicer. Quite a few banks and lenders have forbearance and deferment programs, although they are mostly dependent on the customer reaching out and asking for help.
Federal student loans also offer student loan forbearance and deferment options. Forbearance can allow for decreased or delayed payments for a specific period of time, often up to 12 months.
Some lenders may offer to reduce the interest rate being charged on the debt, but there are no federal guidelines for terms for forbearance agreements across all industries (with the exception of federal student loans).
On the surface, this sounds positive, but be forewarned that these options can significantly affect credit history and credit scores. The effects on credit depend on the type of loan and the lender, and whether forbearance or other payment or rate adjustments are available or chosen.
Here’s to Stability
You’ve paid down whatever you’ve managed so far on your college loans, so what are your plans now? Are you happy with your current interest rates? Do you like your lender and/or servicer?
As you get more established with a financial track record and the start of a career, know that refinancing or consolidating can help either pay things down more quickly or help secure terms that fit where you are in life right now — and where you’d like to be in the near future.
If you’re thinking about refinancing, consider SoFi. SoFi offers a fast, easy online application, competitive rates, and no origination fees.
Prequalify for a refinance loan with SoFi today.
SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
Whether you’ve been turned down for a private student loan or you’re applying for the first time, it’s important to understand how a cosigner can impact your loan application.
Having a cosigner on a student loan is a bit like a letter of recommendation to get into college. A cosigner can reassure the bank or lender that you are capable of repaying the loan. A cosigner is not always required for student loans, such as with most federal student loans. Depending on a student’s financial history, employment, and what type of loans they’re applying for, the likelihood of requiring a cosigner will vary.
Read on to learn more about what a cosigner is and when it may make sense to add one to your student loan application. This article will also discuss some of the risks involved with being a cosigner, and some tips on how to ask someone to be a cosigner on a student loan.
What Is a Student Loan Cosigner?
A cosigner is a person who agrees to repay the loan if a borrower defaults or is otherwise unable to pay their debt. Adding a cosigner to a student loan application could help the primary borrower secure a lower interest rate, depending on the cosigner’s financial and credit history.
When a cosigner takes on a student loan with the borrower, they’re assuming equal responsibility to repay the loan. Any negative actions on the loan, such as a late payment or defaulting, could harm the cosigner’s credit.
How to Decide If You Need a Cosigner on a Private Student Loan
Before deciding whether you need a cosigner on a private student loan, you’ll want to fill out the Free Application for Federal Student Aid (FAFSA®). This will determine how much aid you’ll receive, and help you and your family determine how much of a gap you’ll need to fill with other sources of funding.
Once all other options are exhausted, students could look into private student loans and consider a cosigner. When considering a cosigner, there are several factors to evaluate, including the type of loan you’ll be applying for, your credit history, credit score, income, and any history of missed payments. Continue reading for a more in-depth discussion of these factors.
1. What Type of Student Loans Are Being Considered?
The type of loans you’re applying for may affect your need for a cosigner.
Federal Student Loans
For the most part, federal loans do not require a credit check or a cosigner. The federal loan types that do not require a cosigner include:
• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Direct Consolidation Loans
The exception is a Direct PLUS Loan, which does require a credit check. Borrowers interested in a Direct PLUS Loan may need an “endorser” for the same reasons they may need a cosigner for a private student loan: if their credit history and other financial factors are lacking.
A Direct PLUS Loan can help graduate students and parents of undergraduate students pay for the entire cost of school attendance, minus any other financial aid. Direct PLUS Loans are the only federal student loans that look at an applicant’s credit history, thus the potential need for an endorser.
An endorser is the equivalent of a cosigner — they agree to repay the Direct PLUS Loan if the borrower defaults or is delinquent on payments.
Private Student Loans
If an applicant doesn’t meet the lending requirements on their own, they might need a cosigner to obtain any private student loan. To qualify for a private student loan, you typically have to check more boxes regarding financial history than you would for a federal student loan.
According to a report by MeasureOne, 92% of private undergraduate student loans and nearly 66% of private graduate student loans originated in the 2021-2022 school year had a cosigner. Based on this, it is more likely than not that a student will add a cosigner on their private student loan application.
Both Federal and Private Student Loans
Once a student has a full understanding of the financial aid they qualify for after submitting their FAFSA, they can determine if federal student loans and other federal aid like scholarships and grants will cover the cost of their education or if they need to supplement the amount with a private student loan. While the borrower might not need a cosigner for federal loans, they might require one for private student loans they might take out.
2. Are You an Undergraduate or Graduate Student?
The necessity of a cosigner may vary depending on whether a person is applying for graduate or undergraduate private student loans.
Undergraduate Student
Undergraduates are generally more likely to need a cosigner on their private student loans. That’s because undergraduates typically haven’t established a lengthy credit history. Without an established credit history, there is no track record for lenders to evaluate. In addition, undergrads might not have a steady income, which can also affect whether they are approved for a loan without a cosigner.
Graduate Student
The type of schooling a person is pursuing won’t have an impact on the need for a cosigner. However, a person’s credit history and income will still factor into the decision.
3. How Does Your Credit Score Factor into the Decision?
Most private lenders will look at an applicant’s credit score (among other factors) to determine eligibility. Having a lower credit score may make it more challenging to get a loan without a cosigner.
FICO® Scores (the most common credit scores used by lenders and financial institutions) range between 300 and 850. If a person wants to check their score, many websites offer free credit scores or credit score monitoring (just be sure to read terms and conditions carefully).
It’s possible to get a free credit report annually from AnnualCreditReport.com. It is important to note that this is not the only site where someone can request a free credit report. For example, they can get their credit report directly through the credit bureaus or on other online sites.
Ultimately, it’s up to each individual lender to consider the credit score and other financial factors before approving a loan, and every lender has different criteria.
4. How Long Is Your Credit History?
A person’s credit history gives lenders a sense of their ability to pay on time, or ability to pay off debt in full. The length of a person’s credit history makes up about 15% of their FICO® Score.
Length of credit history is determined by Average Age of Accounts (AAoA). Lenders take the lifespan of a person’s accounts and divide by the number of accounts that person holds. A potential borrower can determine this number by figuring out how long they’ve had each account in their credit history, then dividing by the number of accounts.
The real sweet spot for credit history comes at the seven-year mark. From that point, early negative marks on accounts might have faded away. It shows lenders that a borrower can pay loans and maintain accounts over time.
There are a number of factors at play in lending decisions, but a short credit history could mean that adding a cosigner is beneficial.
5. What Is Your Employment Status?
Lenders want to be sure that you can repay your debts, so they’ll generally also evaluate an applicant’s income.
Employed Full-Time
Generally, if a person is employed full time at a salaried job, it shows lenders they have the capability to repay the loan they’re borrowing. Lending requirements vary based on the lender, but having an established income history may help an applicant avoid needing a cosigner.
Employed Part-Time
While part-time employment can still be beneficial for a loan application, it’s possible that a cosigner might help boost the application. The applicant’s debt-to-income ratio will come into play — that is, how much debt a person owes (credit cards, rent, other bills) divided by the income they earn before taxes and other deductions.
Of course, all lender requirements vary, but significant, consistent income can factor into whether the applicant will still need a cosigner.
Only a Student (Not Employed)
If an applicant is not employed, lenders may be more inclined to approve a loan if there’s a cosigner who is able to show stable income.
6. Have You Ever Declared Bankruptcy?
Lenders can and do consider all aspects of a person’s financial history before granting a loan, bankruptcy included. Declaring bankruptcy negatively affects a person’s credit score, which private lenders pay close attention to with a loan application. A bankruptcy filing can stay on a person’s credit history for a decade.
Bankruptcy filings can affect a credit score in a number of ways, and depending on how long ago it took place, the effects on a person’s score will vary.
7. Have You Defaulted on a Loan?
The terms of each loan are different, but after a period of nonpayment, the loan enters default. Defaulting on a loan stays with a person’s credit history for at least seven years and typically negatively affects their credit score.
If a person has defaulted on a previous loan, they’ll likely need a cosigner on their student loan to potentially bolster their lend-ability.
8. Have You Ever Missed a Payment?
On-time payments each month can help show lenders that a person is a responsible borrower. Missing payments or consistently making late payments can have a negative impact on a person’s credit score. Payment history accounts for approximately 35% of an individual’s FICO® Score.
Consistently missing payments that have affected a person’s FICO® Score might cause a potential lender to require a cosigner. It could also cause concern for a potential cosigner, so students might want to keep that in mind.
A solid history of on-time payments shows a lender that a person is a responsible candidate for a loan and might not need a cosigner.
Choosing a Cosigner
As stated near the beginning of this post, the majority of private student loan borrowers have a cosigner. But not all cosigners are built the same, and choosing the right person to cosign a loan could be as important as the terms of the loan itself.
A cosigner should not only have a strong financial history, but also a strong relationship with the applicant. A cosigner might be a parent or blood relation, but they don’t have to be. A cosigner ideally has a stable financial history and a relationship to the applicant where they feel comfortable discussing money.
Asking Someone to Be a Cosigner
There’s a common misconception that cosigning on a loan is as easy as signing a contract, but it actually means more than that. When a person asks someone to be their cosigner, they shouldn’t shy away from discussing the challenging topic.
It may make sense to talk about worst-case scenarios with a cosigner, and make it clear it would be their responsibility to take on the payments if you default. Discuss how you could repay the cosigner in the event that you can’t make payments.
Risks of Cosigning
Beyond the worst-case-scenario discussion, cosigners should know the additional risks they take on when cosigning a student loan:
• Credit score. Cosigning a loan will affect a person’s credit score, since they’re taking on the debt as well. Even if the borrower makes on-time payments and doesn’t default, the cosigner will see a change in their credit score by taking on the additional debt. It could potentially benefit their score.
• Liability. If the borrower defaults on the loan, it becomes the cosigner’s responsibility to pay for it. A lender can come to collect from the cosigner, seizing assets and garnishing paychecks to cover missed payments.
However, the cosigner doesn’t need to stay tied to the loan forever. Private student loans may have a cosigner release policy in place. After a duration of on-time payments and additional paperwork, a lender may release the cosigner from the loan, leaving the borrower on their own.
It might sound easy, but a cosigner release isn’t a guarantee and not all private loans will offer this option. Read the terms of your loan carefully to understand the requirements for cosigner release.
The Takeaway
Like every college application, each loan application is a little different. Certain aspects of a person’s credit history or employment might make them more compelling to a lender. Other elements, like late payments or a limited credit history, might make a person less compelling to lend to.
Adding a cosigner to a private student loan is common and can improve your chance of approval, sometimes even with a lower interest rate than if you applied on your own.
If a student has exhausted all of their federal student loan options, private student loans could be an option worth considering.
SoFi offers private student loans with no origination fees, no late fees, and no insufficient fund fees. Plus, SoFi offers flexible repayment options to help students find the loan that fits their budget.
Learn more about private student loans with SoFi.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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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.
Typically, when you apply for a loan, the lender wants proof of income, aka proof that you can pay them back. For graduate students, this can pose a catch-22 since they are going to school in order to become gainfully employed. The customary workaround: having a cosigner on the private graduate student loan.
But some graduate students, perhaps MBA, law school, or computer science students about to start their final years, may have offer letters of employment for when they graduate. Wouldn’t it be great if they could submit those offer letters as proof of income — a practice used in mortgage lending?
How Common Is the Practice of Using an Offer Letter as Proof of Income?
Certainly, accepting offer letters as part of graduate students’ applications is not standard. Luckily, for graduate private student loans, SoFi now accepts an offer letter as a form of income for eligible borrowers.
When a loan applicant can submit an offer letter as proof of income, a cosigner may no longer be needed. Read on for more ways an offer letter may strengthen the loan application and empower the funding process for the student.
Using an Offer Letter as Proof of Income
Given how much a student likely already has on their plate, chances are they want the student loan application process to be as straightforward as possible. Needing to supply an additional document might sound like an extra hassle, but there can be plenty of benefits to using a job offer letter as proof of income on a student loan application.
Qualifying Without a Cosigner
A student loan cosigner is a second person who signs a loan along with the borrower and who is therefore also responsible for the debt should the borrower fail to repay. In the case of student loans, cosigners are often parents or guardians, though other relatives and even friends can be cosigners, as well.
In many cases, it can be hard for graduate students to qualify for additional student loans without a cosigner, particularly if they’re young and newly graduated from college — which probably means their credit histories are short and their income is limited.
Because a job offer letter demonstrates the applicant’s individual earning potential, using one in a student loan application may empower students to be able to qualify without a cosigner (if the loan company doesn’t expressly require one).
Increasing Approval Chances
Even if a graduate school student loan applicant does still elect to have a cosigner, using an offer letter as proof of income may help increase the chances of approval. When it comes to borrowing large amounts of educational funding, every little bit of qualification can help.
Potentially Qualifying for a More Favorable Rate
With or without a cosigner, additional income validation in the form of a job offer letter may be able to qualify you for a more favorable interest rate, which may potentially mean savings over time. It is important to remember that this is just one of the many factors that lenders take into account when determining what rate you qualify for.
What’s the Process of Using a Job Offer Letter?
To use a job offer letter as part of your student loan application package, the applicant will need to include the letter in their application materials.
Depending on the loan company’s process, the letter may be uploaded directly online or a copy included in a mailed-in application. Offer letters typically include a start date and pre-tax pay rate so the lender can accurately assess how the offer augments the application.
Funding a Graduate Education with SoFi? Your Offer Letter Could Help
Students may already know that SoFi offers a range of private student loans for undergraduates, graduates, and parents. The loans carry competitive interest rates and are free of origination, late, or insufficient funds fees, and they’re getting even better.
SoFi now allows graduate, law, and MBA students to use a job offer letter as proof of income in addition to, or instead of, adding a cosigner to their application.
While students should exhaust all their federal student aid options before considering a private student loan, sometimes additional assistance is necessary to handle the expense of graduate or professional graduate programs.
SoFi members can also qualify for perks like rate discounts on additional loans, career services, financial advisors, and more. With competitive rates and multiple repayment options, SoFi Private Student Graduate Loans might be just the thing for you and your budget.
See if you prequalify for a private graduate loan with SoFi in just two minutes.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
There’s almost nothing as ominous as the phrase “finals week.” Cue the thoughts of cramming, sleep deprivation, and high anxiety. The stress the two words can induce is almost universal among college students.
However, students can both survive and succeed during finals week as long as they prepare. Here are four tips to help students get ready for finals week.
1. Get Organized
Getting organized is a great way to feel in control before finals begin. College finals week doesn’t have to blindside students, forcing them into all-nighters and sleepovers in the library. There are a couple of things students can do to get set up for finals week.
Memorize Your Finals Schedule
The dates for finals week are usually available from the beginning of a semester. This may vary by school, but students can sometimes find their finals information in their syllabus.
Memorizing the schedule and writing it down will ensure that students don’t forget to study for any exams and can budget enough time for each test.
Make a Study Plan
Once students have their finals schedule memorized, they can start mapping out their study strategy. Students can base their study tips on which finals will require the most studying and the dates they occur.
It is recommended that students avoid long cram sessions. Studying ahead of time in shorter increments helps to retain information. This is why mapping out a study plan ahead of time can be helpful.
When making a plan, there are different strategies students can use. They can create a schedule based on the difficulty level of the tests, choosing to set aside more time to study for the finals that will be the most challenging for them.
They can also plan their schedule based on the order of their finals, saving more time later on to study for the last exams.
Having a plan can help students avoid cramming, spending too much time studying for one final over another, or forgetting to study for one altogether.
As tempting as it is to stay in the library 24/7 living on ramen and coffee, staying physically healthy during finals week is important for bringing home those good grades.
Eating a balanced diet — yes, that means fruits and veggies too, before and during finals week — can help students stay focused and avoid getting sick during finals.
Drinking water is also a good idea when plotting to ace those finals. Dehydration can have many negative effects, like tiredness, headaches, reduced alertness, and diminished concentration, which could affect test performance. Even drinking water during an exam can lead to better performance.
Another important piece of staying healthy is getting enough sleep. It’s common to see students pulling all-nighters in the library during finals week, but a lack of sleep can result in a worse memory and therefore, an inability to remember what has been studied. Missing out on a full night’s sleep can be detrimental to students’ ability to pass their exams.
Exercising is also often deprioritized during finals week. Students are so focused on studying that it’s easy to skip that 30-minute workout. Exercise, though, needs to find a place in a hectic schedule because it will benefit a student during this stressful time. Exercise can both lower stress and maintain high-level brain functioning, leading to a better chance of crushing those exams.
3. Keep Your Mind Healthy
Maintaining good mental health during the school year may already be a challenge, but especially during finals week it’s important to pay attention to and take care of mental health.
Even students who don’t regularly have anxiety may experience it during finals week. There are many calming techniques available to ease anxiety, and each student should see what feels best. Here are a few techniques they can try.
• Breathing. There are tons of breathing techniques out there that can help with anxiety or stress. Students should look up a few simple ones and see what works best for them.
• Grounding. This is a technique where students focus on their senses, naming five things they can see, four things they can feel, three things they can hear, two things they can smell, and one thing they can taste. Doing this can reduce anxiety or panic and help students stay focused.
• Meditation. Taking up a daily meditation practice before studying and before exams start could help a person stay calm during stressful events. There are lots of meditation apps available as well as guided meditations online.
Another piece of maintaining mental health during finals week is taking breaks. Breaks are beneficial both for studying ability and mental health. Taking a break to do something enjoyable can decrease stress and keep a student’s mind in a good place.
Anyone experiencing high levels of anxiety can reach out to school counselors and see about making an appointment. Students may also benefit from talking about their stress with friends, family members, or professors. Leaning on a social support network during this stressful time may alleviate some of the nervousness that comes with finals week.
Lastly, students should ask for help if they need it. Most colleges have mental health services on campus.
4. Team Up
Students should remember that they’re not going through finals alone. They have a whole class of students struggling right alongside them. This can be a huge asset come finals week.
Instead of studying alone, students can form study groups.Study groups can help students be better prepared for finals. There may be some in the class who understand the material better and can teach it to others.
This helps both the student struggling and the student teaching. The struggling student gets new explanations for tricky material that may be easier to understand. The teaching student solidifies the material in their memory even more by explaining it to others.
Being in a study group can also help with accountability, so students are less likely to slack off and stop studying.
Those who need further support during finals week can visit their professors during office hours or consider getting a tutor. Professors want to see their students succeed, and though they can’t give answers to exam questions, they can help explain parts of the material that someone is struggling with.
No Pay, No Gain
Wait, so college students are paying to suffer through finals week? Technically, yes, because college costs money, of course, and even if the nightmare of finals week is still far off, it’s never too soon for students to start sorting out how they’re going to finance their entire college education.
There’s more than one resource available to students when it comes to funding college expenses. Here are a few, broken down in an easy-to-understand way.
Federal Aid
Students already in college might be familiar with the Free Application for Federal Student Aid, commonly known as the FAFSA.® Eligibility for undergraduates is usually based on parents’ income. Federal aid can come in the form of grants or loans. Grants usually don’t need to be repaid, but loans do.
Federal loans usually come with benefits that private loans don’t, such as income-driven repayments and lower fixed rates. It’s recommended that if students need to take out loans, they use federal loans before turning to private loans.
Is the FAFSA® one and done? Not at all. You must complete the application every year that you attend school if you hope to gain federal aid, and on time.
Free Money
The world of scholarships is vast. Though it can take some digging to find scholarships that students are eligible for, it’s money that usually doesn’t need to be repaid.
Scholarships can be need based or merit based, with the eligibility requirements different for each one. Scholarships come from colleges, corporations, local community organizations, religious organizations, and more.
Students might want to check if their college has any information available on scholarships. Usually, schools have a scholarship office or information about scholarships at their financial aid office.
Another Option
Private student loans are another way to help fund the college experience, when federal aid doesn’t cover all the bases, a student doesn’t qualify for federal aid, or someone has reached a limit on federal direct loans.
The eligibility for private student loans is usually based on a student’s income and credit history, or that of a cosigner. Each lender will have its own terms, including the interest rate and repayment methods, which merit research.
SoFi offers private student loans with attractive fixed or variable rates, no fees, and a quick online application.
See if you prequalify with SoFi in just two minutes.
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.
College is a time for students to learn and grow, both academically and in their personal development. As a parent, you want what’s best for your child, and that includes helping them pick the right college. But finding the right school for your child may require some time and research, and you’ll likely want to make sure you leave the final decision up to your child.
As you consider various factors, it’s important to zero in on the ones that matter the most for your student.
How to Find the Right College for Your Child
Depending on how much time you have to invest in the process, here are some tips that can help you and your child pick the right college for them.
1. Make a List
Start by creating a broad list of colleges for which you and your child might be a good fit. Consider both local and out-of-state colleges, and don’t be afraid to let your student dream big.
Every student is different, so it’s worth curating a diverse list of options to consider. Typically, various rules of thumb suggest students apply to a mix of “target,” “reach,” and “safety” schools. This could be a good way to organize your child’s initial list of schools.
As you work through the other steps in the process and learn more about each school, you can refine the list.
2. Talk About What They Want to Study
Your high schooler may not yet know what they want to be when they grow up, but they may already have an idea of what direction they want to go. It may be worth having an initial conversation with your child about choosing a major.
Once you have an idea of what they’re interested in, you can look at the colleges on your child’s list that excel in those areas of study. If there aren’t many, you could always consider adding more.
A college education can get expensive, and some universities charge much more than others. If your child already has an idea of which schools they want to apply for or have already received their admissions letters, a key step is to dig into the cost of attendance for each school.
This step is important regardless of whether you’re planning to help your child cover the cost of their education. Finding a college with good value can reduce how much your student may need to borrow in student loans during their stay.
The cost of attendance isn’t the only important cost factor, however. If your child has already received an admission letter, consider whether there’s a financial aid package included, including grants and scholarships. If there is, calculate the total amount you or your child would have to pay after applying that financial aid to get the net price.
4. Talk About Location
Discuss with your child about whether they would prefer a college close to home or far away. Each person is different in this regard, and your teen’s desires on the matter are important.
That said, sending a child off to college, especially out-of-state, can be a stressful experience for parents. It’s normal to feel anxious about this milestone in your child’s life, but avoid allowing your anxiety to dictate your role in the process.
Explore information about student loans,
grants, and scholarships per state.
5. Learn About the Environment
Finding the right college for your child isn’t just about the school itself; it’s also about the environment the school provides. This is where it can be worth making a trip to visit college campuses with your child to get a feel of the place — or at least to take virtual tours.
It may also be worthwhile to look into some of the extracurricular activities the schools provide. If your child is athletic, for instance, ask about intramural sports. If they want to study abroad, look into the quality of each school’s international programs.
Another factor to consider that can affect your child’s experience is classroom size. If you think your child may need more attention, a school where every class is in an auditorium with hundreds of other students may not be the right one.
6. Give Your Child Time
Picking a college may be easy for some students, but it can take time for others. If your teen is having a hard time, it can be a fine line between supporting them and annoying them. Finding the right balance can be tricky.
As a happy medium, consider choosing a night each week to discuss college plans with your teen. Ask about their thought process and offer help if they’re feeling stuck.
It can be frustrating to sit back and watch your child struggle, but allowing them to make the decision for themselves can help them develop the independence they’ll need in the coming months and years.
7. Be Supportive
No matter what your child decides, they need your support more than anything else. Remember that you’re finding the right college for your child, not for you.
And keep in mind that your child may choose to transfer at some point in the future if they decide the school is no longer a good fit.
Regardless of what happens, your support can give them the confidence they need to make their college experience a good one.
Financing Your Child’s College
Once your child has picked a college, talk about how they’re going to finance their education. If you’ve managed to set money aside in a 529 Plan or can help with your current income and savings, discuss the numbers and whether your teen will need to pick up some of the slack.
Also, talk about student loans and how to use them wisely, as well as how to reduce how much they’ll need to borrow. Ideas include applying for scholarships and grants, working part-time, and borrowing only what they need.
Other options to look into include federal Parent PLUS Loans, private parent student loans, or private undergraduate student loans to help fund their education. If all federal aid options have been exhausted, SoFi offers no-fee private student loans to help parents and students pay for school.
Prequalify for a private student loan with SoFi in just two minutes.
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.
