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Free money for college sounds too good to be true, but it’s a real thing. It comes in the form of scholarships and grants, which almost never have to be repaid.

Families may need to put in effort to find scholarships and grants, but the hustle can pay off.

Free Money for College‽

Yes, that’s right. Scholarships and grants are gifts that reduce the need to take out student loans.

The average student loan debt loads, rounded up, are as follows, according to EducationData researchers:

•   $37,700 for undergraduate students

•   $80,500 for master’s degree holders

•   $132,300 for doctorate holders

Depending on your perspective, that might seem like a lot or might seem manageable. But let’s say a borrower was eligible for free money and left it on the table: That, unfortunately, does happen.

Here are details about the two types of financial aid gifts.

What Are Scholarships?

The many types of scholarships include merit scholarships, which are not based on financial need.

Academic and athletic scholarships are well known, but merit aid also may be determined by community involvement, dedication to a field of study, or your ability to do a killer duck call or create promwear from duct tape.

Scholarships can also be based on a specific trait, like your race, ethnicity, or gender, if you’re a first-generation college student, or where you live.

Scholarships are awarded by companies, nonprofits, states, religious groups, employers, individuals, and professional and social organizations. A big source of merit scholarships is colleges themselves.

What Are Grants?

Grants are awarded by the federal government, state government, private companies, and nonprofits.

Almost all federal and state grants for college are need based, but some nonprofit and for-profit organizations offer need- or merit-based grants.

Students who plan to attend a community college, career school, or four-year college are smart to complete a FAFSA application each year. Information in the Free Application for Federal Student Aid determines what kinds of federal financial aid they qualify for, including grants.

Most states and schools use FAFSA information to award non-federal aid, so even higher-income families may benefit from submitting an application.

How Much Does Free Money for College Help?

Scholarships and grants can make a big difference in lightening the college debt load.

Take a look.

Finding Scholarships and Grants

With federal and institutional grants, you are automatically considered for need-based financial aid when you submit the FAFSA.

Finding private scholarships can take more time and effort.

Federal Student Aid recommends that students start researching scholarships the summer after their junior year of high school. An ambitious few start before that.

Researching Scholarships

Here are ideas to look for scholarships:

•   Consider using a database like Scholarships.com that lets you create a profile with all of your information, which could help you match with scholarships and grants.

•   Use the Department of Labor’s CareerOneStop site to sort more than 9,000 opportunities for financial aid.

•   Try more than one scholarship search tool. The nonprofit College Board also offers one.

•   Ask college financial aid offices about their scholarship availability and process.

•   See if your employer or your parents’ employers offer college aid.

•   Look for scholarships offered by foundations, religious or civic groups, local businesses, and organizations related to your field of interest.

You don’t have to be a scholar or standout athlete to get a scholarship. Students may have success finding non-academic scholarships for, like, an awesome duck call.

Finding those private scholarships and completing the essay and application will take time, however.

Recommended: Search Grants and Scholarships by State

Researching Grants

Grants are typically awarded in a federal financial aid package.

In addition to federal grants, schools may award institutional grants.

It’s a good idea to take a shot at free money by submitting the FAFSA each year when it becomes available or soon after.

The Sallie Mae “How America Pays for College” report found that 75% of families were not aware that the FAFSA is available on Oct. 1 and that 36% did not file an application because they thought their income was too high to qualify for aid.

Other Options to Help Pay for College

There are many ways to pay for school, and students and their parents may use a combination of methods to cover the cost of attendance, an estimate of the total cost of attending a particular college for one year.

Paying for College With Student Loans

Most students leave school with debt, thanks to all the costs of college, which go well beyond tuition and fees.

When it comes to private vs. federal student loans, most students first go for federal student loans.

For one thing, an undergrad might qualify for Direct Subsidized Loans. The government pays the interest on those loans as long as the student is enrolled at least half-time. The interest is also covered for six months after the student leaves school, graduates, or enters a period of deferment.

For another, borrowers may qualify for an income-based repayment plan, Public Service Loan Forgiveness, or federal deferment or forbearance down the road.

Not all students or parents will be able to rely solely on federal aid to cover all their bases, though, and that’s where a private student loan could come in handy.

Private student loans don’t come with all the borrower protections and programs that federal student loans do, but they can be used to cover any remaining school-certified costs, here or abroad, from transportation to books and lodging.

The interest rate may be competitive with federal student loan rates. Also, most federal student loans have loan fees — a percentage of the total loan amount — whereas a private student loan may have no fees.

Federal Work-Study

The federal work-study program allows students to earn money that can be used to pay day-to-day expenses. Students who demonstrate financial need may be eligible for jobs on or off campus.

Not all colleges participate in the program.

Does a Student Ever Have to Repay a Grant?

Federal Student Aid says the only time you might have to repay all or part of a federal grant is when:

•   You withdrew early from the program for which the grant was given to you.

•   Your enrollment status changed. If, for example, you switch from full-time to part-time enrollment, your grant amount will be reduced.

•   You received outside scholarships or grants that reduced your need for federal student aid.

•   You received a TEACH Grant, but you did not meet the service obligation. In that case, the grant could be converted to Direct Unsubsidized Loans.

If you don’t meet the expectations of a scholarship, such as GPA or credit-hour minimums, you could lose the gift and have to pay out of pocket.

When it comes to sports, the head coach decides whether an athletic scholarship will be renewed. Injury or poor academics can sack an athletic scholarship.

NCAA Division I and II colleges alone award more than $3.7 billion in athletic scholarships each year. But only a tiny fraction of high school students are offered athletic scholarships, and an even tinier number get a full ride.

Recommended: FAFSA Tips and Mistakes to Avoid

So Who Wants Free Money for College?

Changes to the federal application for student aid are afoot. What hasn’t changed is the benefit of filling out the FAFSA on or soon after Oct. 1 for the next school year. Funding is limited and often doled out on a first-come, first-served basis.

And, to reiterate, other student aid programs piggyback off the FAFSA.

The FAFSA considers student income, parent income and assets, and family size to calculate the expected family contribution (EFC).

The EFC is used to determine whether a student qualifies for federal grants like the Pell Grant, for low-income families; federal student loans; or work-study. The maximum Pell Grant award for the 2023-2024 year is $7,395.

Some FAFSA changes will be launched this year. Starting with the 2023-24 award year, for example, students incarcerated in federal and state correctional facilities will be eligible for Pell Grants.

The “Student Aid Index” will replace the “expected family contribution” starting with the 2024-25 award year, to clarify the misunderstood EFC.

The Takeaway

Free money for college is a real thing. Grants and scholarships are worth seeking out because they reduce the need to take out student loans. But if you still need to borrow, there’s no shame in that game. Most students do.

If you’re a student or parent and don’t anticipate being able to cover every cost of college in any given year, consider a SoFi Private Student Loan.

SoFi offers undergraduate, graduate, and parent student loans — with a variety of repayment options and no fees whatsoever.

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.

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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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Community colleges offer a more affordable path to a Bachelor’s degree for students who are interested in transferring to a four-year institution. Students at community college can fulfill general education requirements on a flexible schedule while earning their associates degree. However, community colleges don’t offer a Bachelor’s degree option and can lack student life and extracurricular opportunities.

Community colleges can be a great fit for some students while others may prefer to start out at a four-year college or university. As you explore your choices, review the differences between community colleges and four-year universities. See how they stack up with what you’re looking to get out of a college career.

What Is a Community College?

Community colleges are one type of post secondary institution. Sometimes called junior colleges, these are educational institutions that offer two-year degrees and a path to transferring to a four-year college or university.

Community College vs University: How They Compare

Community colleges, as mentioned generally offer two-year associates degrees. In comparison, colleges and universities often offer four-year degrees such as a Bachelor of Arts or Sciences.

Similarities

Both types of colleges have some similarities, including the types of aid that you may receive to attend.

Financial Aid

It’s possible to get student loans for community colleges. Students at both community colleges and four-year schools may qualify for the same types of federal financial aid. These options may include scholarships, grants, and federal student loans.

Prerequisite Courses

Community colleges will offer some of the same prerequisite courses as universities. Classes like General Chemistry 101 or Microbiology 101 are similar at community colleges and students may be able to transfer these prerequisite courses toward a four-year degree if they choose to transfer.

Academic Challenge

It’s easy to think of community college classes as a breeze to complete — but, in many cases, community colleges offer academically rigorous classes that cover material comparable to those offered at four-year institutions. Additionally, community college professors do not conduct research, so there may be more of a focus on in-classroom instruction at community colleges than at four-year colleges or universities.

Differences

There are also plenty of differences between attending a community college vs. university. In addition to the estimated time to earn a degree and the type of degree available, these include things like the cost of attendance, class size, and the application process.

Cost

Attending a community college can be significantly cheaper than going to a four-year university. For example, at schools that are part of the California Community College system, the cost of classes is $46 per credit unit. According to the Education Data Initiative, the average cost per credit at a four-year university with in-state tuition is $390.

Class Size

The average class size can vary dramatically depending on the school you attend. Community colleges typically have class sizes that hover around 25 to 30 students, depending on the course and school. Some four-year universities can have class sizes into the hundreds, especially for intro-level courses.

Application Process

The application process at a university vs. community college can be much more competitive. At many four-year colleges, the application process consists of requirements like a college essay, recommendation letters, and high school transcripts. Additionally, schools may have strict deadlines for admissions each year.

Community colleges often offer more flexibility in the application process. Many community colleges are open access, meaning almost anyone can enroll in classes. There may be restrictions for certain programs or classes, for example, classes required for nursing programs.

Campus Life

While some community colleges may offer on-campus housing for students, a large number of them will continue to live at-home or off-campus. This can make on-campus life feel very different than at a four-year college where most students live on-campus.

Pros and Cons of Attending a Community College

There are both downsides and benefits of community college. Community colleges can offer an affordable path to get a four-year degree, but transferring and a lack of on-campus community can detract from the community college experience.

Pros of Community College

Cost

One of the top pros in the community college column is the price tag. As previously outlined, courses at community college can be significantly less costly than at a four-year institution. For students who are paying for college without parents’ help, starting at a community college can help them significantly lower the cost of their overall degree.

Additionally, students may be able to continue living at home with their family, which can cut costs even further since they won’t be paying for room and board.

Flexibility

Community colleges have flexible scheduling options that can make working while you are in school easier.

Students may also be able to take a variety of classes if they are not sure what field or major they’d like to pursue at a four-year college.

Qualified Professors and Small Class Sizes

As already mentioned, community colleges may offer smaller classes. These small class sizes can lead to more hands-on professors and lecturers — who may be just as qualified as those at larger universities.

Cons of Community College

Limited Curriculum and Degree Programs

Community colleges can be a good place to explore interests and fulfill requirements for a four-year degree. But they may be limited in the types of courses available. Students who are interested in exploring or fulfilling general education programs.

Need to Transfer for Bachelor’s Degree

To pursue a Bachelor’s degree, community college students will need to transfer to a four-year institution.

Lack of On-Campus Life

Because many students live off-campus, on-campus activity and extracurriculars may be limited.

Pros and Cons of Attending a University

Attending a four-year college or university can have pros and cons — just like its community college counterpart. Some benefits of universities include improved long-term earning potential and the opportunity to build a network. The major downside can be the steep cost.

Pros of a University

Long-Term Earning Potential

Bachelor’s degrees can lead to a significant boost in earning potential. According to the Georgetown University Center on Education and the Workforce, individuals with Bachelor’s degrees can earn up to 31% more than those with an associate’s degree.

Plus, a Bachelor’s degree is sometimes a prerequisite for careers in some fields, like human resources, marketing, or computer science and software engineering.

On-Campus Life and Extracurriculars

Many colleges have a rich on-campus life with an active student body and a variety of extracurriculars. Depending on your interests and the school you attend you could participate in the school’s television and radio station, join an intramural sports team, and more.

Build a Network

Many colleges have a strong and extensive alumni network that students can tap into post-graduation while they look for a job. While you are attending school, you’ll also build soft-skills like time-management, organization, and interpersonal communication that can be invaluable in the professional world.

Cons of a University

Cost

One of the biggest downsides to college is the cost. According to the College Board, the average cost of tuition and fees at private four-year institutions was $38,070 during the 2021-2022 school year. Add in costs for room and board and other living expenses and it can be easy to see why some students may be dissuaded from pursuing a four-year degree.

Social Distractions

With all of the hustle and bustle at a college, it can be challenging to balance work, well-being, and fun. With parties, extracurriculars, sports, and more it can be easy for students to get distracted from their studies.

Can You Combine Community College and University?

Yes! It’s very possible to attend a two-year community college and then transfer to a four-year college to complete your Bachelor’s degree. Many community colleges have articulation agreements in place with local state schools that can make it easier to transfer credits.

Check in with your academic advisor as you complete community college classes to be sure they will transfer to the college of your choice.

Figuring Out What’s Right for You

As you’re crafting your own pro/con list, here are some questions to ask yourself before making your decision.

•   Do I want to live at home or on campus? If you’re hoping to be close to family or need to stay in town for a job, finding a community college campus nearby could be the right call.

•   Do I want to join clubs and organizations? While community colleges offer lots of activities, universities typically provide a lot more for students to partake in.

•   Do I have enough money to go to a big school? Whether a major state school or a private college or university, student loan debt could follow you for a long time after you graduate.

•   Where is my support system? Not having friends and loved ones around may make school more difficult for some. If your support system is vital to you, and you can’t find a big school near your close family, opting for a community college might be better.

•   Is this the best option for my major? Determining what you want to pursue as a career is a big deal. If you aren’t certain about what you want to do, you might not want to move far away quite yet. Or alternately, maybe getting some distance from your close friends and family will help you find your direction.

The Takeaway

Community colleges can offer a more affordable path to a four-year degree. Universities can offer a rich on-campus experience and a strong long-term earning potential. Depending on your personal situation, either or both could be a good fit. Once you decide where you want to go, you’ll need to figure out how to pay for college. Typically, students rely on a few different funding sources to fund their education including scholarships, grants, work-study, and student loans.

If you’ve exhausted your federal student loan options, private student loans may be something to consider. They can help fill in funding gaps, but keep in mind, may lack borrower protections available to federal student loan borrowers.

SoFi doesn’t offer funding for community college classes, but does for undergraduate degrees and some graduate certificate programs. If you’re looking for funding to cover some higher education costs, consider SoFi. Student loans from SoFi have no fees and as a SoFi member, borrowers will qualify for additional benefits like career coaching.

FAQ

Is community college easier academically than university?

Community colleges often have qualified professors and courses that are comparable to those offered at a four-year institution. The course selection and degree programs available at a community college may be more limited than at a university.

Is getting a degree from a community college worth it?

Getting a degree from a community college can be worth it. In addition to securing an associate’s degree, you may be able to transfer to a four-year institution to continue your education to get a Bachelor’s degree. Doing this can be less expensive than pursuing a Bachelor’s degree exclusively at a four-year institution.

Is going to community college a good way to cut down on the cost of a 4 year college degree?

The cost of classes at a community college is typically significantly cheaper than the cost at a four-year institution. Starting out at a community college transferring to complete your degree can significantly cut the cost of tuition. Plus, community college students may have the option to live at home which can reduce room and board expenses.

Photo credit: iStock/simonkr

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

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

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

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

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All student loans are not alike. In fact, shopping around for a loan is not so different from buying a car. Some lenders offer better deals than others. And it helps if you know a little something about what’s “under the hood.”

Read on to find out what to look for when comparing student loans — from interest rates and fees to payback terms and special protections for borrowers. Soon, you’ll be able to choose a loan with confidence that it’s the right one for you.

But First, the FAFSA

Before turning to private student loans, you’ll want to complete the Free Application for Federal Student Aid, or FAFSA. Federal financial aid includes grants, scholarships, and work-study programs, which don’t need to be paid back. The FAFSA also gives you access to federal student loans, which are generally a better deal than private loans. The financial aid office at your preferred college can also help you navigate the different types of loans available to students.

4 Key Factors to Consider When Comparing Loans

Once you’ve completed the FAFSA, you may realize that you’ll need to cover some education costs with a private lender. Weighing the factors below will help you choose the right lender and loan for you.

1. How Much Do You Need to Borrow?

When calculating how much you’ll need to borrow the first year, answer the following questions to the best of your knowledge:

•   Will you have an off-campus job?

•   Will you receive any tuition assistance from your family?

•   How is tuition structured at your institution? At some colleges, you may pay per credit. Other colleges have flat tuition, regardless of how many credits you take.

•   Living expenses should be a part of your calculations. Are there ways to trim those costs? For example, can you live at home or with roommates? Can you rely on public transportation instead of your own car?

•   How many years will it take to complete your course of study? Does it make sense to take an accelerated program and complete coursework in fewer years? On the flip side, can you stretch out coursework to make more time for a part-time job?

•   Do you need to spend all four years at your first-choice college? Some students minimize their overall tuition bill by spending a year or two at a state or community college before transferring to a pricier dream school.

This isn’t an exact science, so don’t sweat the nickels and dimes. The goal is to avoid over-borrowing, because you’ll be paying interest on your loans. Also, there’s no rule that says you need to accept the largest loan offered, if you can get by on less.

You may even want to look at how well your future income will cover your bills after graduation. Search job listings and talk to recent grads in your potential field of study to get the scoop on entry-level salaries.
All this will give you a solid understanding of how much you’ll need to borrow. The next step is to compare the loans available from a variety of lenders.

Recommended: Cash Course: A Student’s Guide to Money

2. Do You Need a Cosigner?

Private loan terms are mostly determined by the borrower’s financial history, employment status, and credit score. The longer your history and higher your score, the better your interest rate. Since most students have a minimal credit history, they often apply for student loans with a cosigner.

A cosigner is someone who agrees to pay the loan in case the main borrower is not able to. A cosigner needs to provide financial information (such as employment status) and agree to have their credit checked. Should there be any issues with repayment on the loan, both the borrower’s and the cosigner’s credit may be affected.

Some borrowers can have a hard time finding someone with good credit who is willing to cosign. Knowing before you begin the loan process whether you’ll need a cosigner and who that cosigner will be can speed the application process. (If you have a minimal credit history, you’ll probably need a cosigner regardless of which lender you use.) Learn more about whether you need a cosigner.

3. What Are the Loan Terms?

Your loan “terms” will determine the overall cost of your loan and your monthly payments. These terms include:

Interest Rate

Your interest rate will partly determine how much money you owe over the life of the loan. Many private lenders have an online tool that allows potential borrowers to see their estimated interest rate before they apply for the loan. First, you can check out the average interest rates for student loans.

Interest rates may be either fixed or variable. A fixed-rate means the rate won’t change during the life of the loan. A variable rate can fluctuate over time. Variable rates may start lower than fixed rates but can go higher in the future. Sometimes, a variable rate makes sense for people who plan to pay off the loan quickly. A fixed rate is a good idea for people who want to budget the same amount per month.

Length of Loan

A shorter loan term typically has higher monthly payments but is less expensive, since interest has less time to accrue. A longer repayment period usually has lower monthly payments, but will cost you more in interest overall.

Another factor to consider is prepayment penalties. This is when a lender charges you a fee for paying off your loan before the end of the loan term. Many private lenders allow prepayment without any fees, but make sure to check with any lenders you are considering.

Repayment Options

Repayment schedules vary by lender. Some may allow borrowers who are in school to defer payment until after they graduate. Others may allow student borrowers to make interest-only payments.

Find out whether or not the lender offers flexibility in switching repayment plans during the life of the loan.

Loan Fees

Lenders make money on loans by charging borrowers interest. Some student loan lenders also charge additional fees. Student loan fees may include:

•   Origination fees – charged by the lender for processing the loan

•   Late payment fees

•   Returned-check fees

•   Loan collection fees

•   Forbearance and deferment fees

Before you choose a private loan, find out what fees (if any) you may incur.

Recommended: How Do Student Loans Work?

4. How Good Is the Lender’s Customer Support?

The above three factors are what’s known as “loan terms.” The last factor has to do with how the lender will support you, the borrower, during the life of the loan. This includes:

Customer Service

If you have questions or concerns, how can you contact your lender? Can you call a live person, or must you deal with a chatbot?

Financial Tools

Some lenders offer financial resources and tools to their borrowers, such as webinars, articles, and calculators.

Unemployment Protection

Some lenders may offer benefits that protect borrowers who are temporarily unable to pay their bills due to unemployment.

The Takeaway

If you’re new to borrowing money — as most undergrads are — you may not know what to consider when choosing a student loan. Before you shop around, determine how much you need to borrow by creating a college budget that includes tuition and fees, books and supplies, and living expenses. Then decide whether you’ll need a cosigner for the loan — someone with good credit who can help secure you a lower interest rate than you’d qualify for on your own. When comparing loans from different lenders, you’ll want to look at the interest rate, length of the loan, any fees and penalties, and the lender’s reputation for customer service. It all comes down to saving money over the life of the loan. If you’re careful, you won’t pay more than you need to.

If you’ve exhausted your federal financial aid options and still need funds to cover your cost of attendance, private student loans are one option to consider. Private student loans with SoFi have no fees, including no origination fees or late payment penalties.

Photo credit: iStock/fizkes

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.

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

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 .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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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The cost to become a nurse or nurse specialist ranges from a few thousand dollars to hundreds of thousands. The cost rises with education level — from a two-year associate degree to a doctorate — but so do average earnings.

You already know that you’ll be in demand. More than 203,000 new openings for registered nurses alone are expected each year over the next decade.

Typical Nursing School Costs and Salaries

There are a number of routes to becoming a nurse or nurse assistant. Here are the main types, median pay (based on 2021 figures from the U.S. Bureau of Labor Statistics), and average educational costs.

Keep in mind that many students benefit from student loans and scholarships. Working nurses reaching for the next rung up may be eligible for tuition reimbursement from their current employer.

Certified Nursing Assistant (CNA)

Becoming a CNA may require a high school degree. You typically need to complete four to 12 weeks’ worth of courses and onsite training and pass an exam.

The cost of a CNA program varies, sometimes substantially, based on length and whether the program is state approved.

Average education cost: $600 to $2,000

Median pay: $30,310

Licensed Practical Nurse (LPN)

Also known as a licensed vocational nurse, an LPN must complete a state-approved educational program, which typically takes 12-18 months, and pass a licensing exam.

Tuition cost: as low as $1,000 to $5,000

Median pay: $48,070 per year

Recommended: Guide to Nursing Student Loans

Registered Nurse (RN)

Registered nurses need at least a two-year associate degree in nursing from an accredited college or technical school to practice.

Average in-state tuition cost: $3,500 per year at public institutions; $15,470 per year at private schools

RNs with an associate degree in nursing can seek a bachelor of science in nursing (BSN) in an RN-to-BSN program, which usually takes one to two years to complete.

Average cost of online RN-to-BSN: $25,000 to $80,000

The American Association of Colleges of Nursing considers the four-year Bachelor of Science in nursing the degree that provides the educational and experiential base for entry-level professional practice.

Average total in-state cost of a BSN: $40,000 to $80,000 at a public school; $60,000 to $120,000 at a private school

Median pay for all RNs: $77,600 per year

Advanced Practice Registered Nurse (APRN)

An advanced practice registered nurse holds at least a master’s degree in nursing. The four specialties are nurse practitioner, certified registered nurse anesthetist, certified nurse midwife, and clinical nurse specialist.
A Master of Science in nursing will take one to two years. The tuition cost is often higher than that to obtain a BSN.

Tuition cost of a Master of Science in nursing: $22,000 to $100,000 per year

Master’s-level programs still allow grads to join the APRN ranks, but a doctorate is quickly becoming the standard, according to the American Association of Colleges of Nursing.

Most research-focused doctoral nursing programs grant a Ph.D. The Doctor of Nursing Practice degree is more practice focused.

Cost of Doctor of Nursing Practice program after earning a master’s degree: $20,000 to $40,000

Median pay for nurse anesthetists, nurse midwives, and nurse practitioners: $123,780 per year

If you need to borrow in order to get through school, know that you’re in good company. Most nurses take out loans (federal and private student loans are available) to earn their professional titles.

Other Fees While Studying to Be a Nurse

The anatomy of a nursing degree consists of much more than tuition, which might be the figure on a website that catches your eye. Still, the cost of college tuition alone can be helpful in calculating the total tab: Multiplying the current tuition price by four will yield a rough estimate.

Myriad fees can add up to hundreds of dollars. Books and software can average $2,000 to $3,000 per academic year.

Other expenses to keep in mind include travel costs, living costs (especially if you’re unable to work while studying), lab fees, and the cost of a laptop.

Some nursing schools may also require students to take out liability insurance and get immunizations.

Before stepping into a new job or practice, aspiring RNs have to pass the National Council Licensure Examination test, better known as the NCLEX exam, which costs $200 per attempt. Taking the NCLEX exam a second (or even third or fourth time) time costs more in studying, coursework, and time.

How to Pay for Nursing School Without Going Broke

If just thinking about the cost of nursing school raises your blood pressure, know that student loans, grants, and scholarships are available.

Plus, some hospitals will help pay for nursing school. Duke University Health System employees, for example, may be eligible for tuition assistance.

Here are the main ways to pay for nursing school.

Federal Student Loans

Students can apply for federal aid — including student loans, scholarships, grants, and work-study — by completing the FAFSA, the Free Application for Federal Student Aid, each year.

It’s a good idea to submit the FAFSA even if you’re not expecting federal aid because other student aid programs piggyback off the application.

Many nurses plan to work for a qualifying nonprofit or government organization. They aim for the federal Public Service Loan Forgiveness program and one of the income-based repayment plans.

Scholarships and Grants

An aspiring nurse may want to use a scholarship search tool and seek out grants. Pell Grants go to undergraduate students only.

The American Association of Colleges of Nursing also maintains a grants and scholarship database for nursing schools.

The Nurse Corps Scholarship Program will pay your tuition, fees, and other educational costs if you agree to work at a critical shortage facility after graduation.

Recommended: Search for Scholarships and Grants by State

Private Student Loans

If federal aid does not cover the total cost of nursing school, private student loans are another option.

Private student loans are available from private lenders and generally allow students to borrow up to the school’s estimated annual cost of attendance. That includes tuition and fees, room and board (or living expenses), books, supplies, a personal computer, transportation, and child care.

Two- and four-year colleges are required to publish the cost of attendance on their websites.

It’s important to keep in mind that federal protections and programs like income-based repayment apply only to federal student loans.

Still, private student loans can fill gaps in need. Learn more in our guide to private student loans.

The Takeaway

How much is nursing school? Getting an associate degree can cost a few thousand dollars. The full path leading to a master’s or doctorate can cost hundreds of thousands. A lot will depend on whether the school is public or private, whether you’re an in-state student, and whether you receive scholarships or grants.

In any case, here’s to your health, and to heeding the call to become a nurse.

In addition to private student loans for all qualifying students, SoFi offers private graduate school loans for health care professionals that come with a variety of repayment options and no fees.

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.

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

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

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Don’t believe everything you hear about student loans. With tuition costs outpacing income, the fact is that 70% of college graduates need student loans to help pay for college. But bad information can make borrowers feel like they might have made the wrong decision.

Relax. Here are 5 myths about student loans that are pure fiction.

5 Myths About Student Loans

Have you been taken in by any of these student loan fictions and fallacies? A lot of students and parents are, which is why they’re still floating around.

Myth #1: Interest Rates Are Super High

It’s true that federal student loan interest rates can be higher than auto loan rates. But that doesn’t make student loans a bad deal. Here’s why.

Auto loans and mortgages are “secured” loans. The borrower’s car or home serves as collateral and can be repossessed by the bank if they default on the loan. Secured loans have lower interest rates because they’re less risky for the lender.

Student loans, meanwhile, are “unsecured.” If a borrower defaults on student loans, the bank doesn’t have anything to repossess. And so the interest rate is set a bit higher. But the interest rates on federal student loans are still much lower than what you’d qualify for at a bank.

Myth #2: Saving Money Is Impossible With Student Loans

For most people, student loan payments aren’t sky high. The key is choosing the right repayment plan. Take income-based repayment plans, which set monthly payments at just 10% of “disposable income” — or what’s left after your other bills are paid.

Let’s run some numbers. The average new graduate from a 4-year public college has $32K in student loan debt. And the average salary for 20- to 24-year-olds is $37K.

With income-based repayment, a single grad might pay about $138 per month. If they start a family, they pay much less: just $20 a month until their income grows. Which still leaves room for saving.

See how different terms and rates affect your monthly payment with our student loan refinance calculator.

Myth #3: Student Loans Kill Your Credit

Like any loan, student loans could help or hurt your credit depending on how you manage them. As long as you make your payments on time, student loans may build your credit history and boost your score over the long run.

If you’re struggling financially, consider switching your payment plan, or applying for student loan deferment or forbearance. Neither of these options will hurt your credit.

Myth #4: Student Loans Are All the Same

Nope. In fact, federal student loans are typically a better deal for borrowers than private loans. With subsidized loans, the government pays your interest while you’re in school and for 6 months after. And all federal loans offer special protections to borrowers in case of financial hardship.

In short, subsidized federal loans are pretty much the gold standard.

Myth #5: You Can Get Student Loans Forgiven, for a Fee

It sure seems plausible that a law firm or financial advisor might be able to cut through the red tape and reduce your payments or get them forgiven entirely. For a fee, of course.

Alas, this is a scam. If anyone reaches out to you by phone, text, email, or social media promising to help you with your student loans, it’s utter bull. You may catch on when the caller asks for your financial info, but your parent or grandparent may not, so you might want to warn them.

To make sure you hear about the latest student loan forgiveness news straight from the source, sign up for alerts from the DOE .

ReFi With SoFi

SoFi refinances student loans — both federal and private. (Just be aware that refinancing federal loans makes them ineligible for federal forgiveness and protections.) You can choose to lower your monthly payment by extending your term or pay off your debt faster and save money on interest. SoFi offers flexible terms and low fixed or variable interest rates. And there are no fees: no origination fees or late fees.

Photo credit: iStock/Khosrork
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.

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