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Getting a law degree is bound to take a big commitment — in time, energy, and money. And it’s tough from the very first step. Getting into law school isn’t easy, especially for those aiming for the top tier. So the sooner you can attack the application process, the better.

Keep reading for an overview and timeline of how law school applications work.

Applying to Law School

When you’re figuring out how to go to law school, the application process alone can feel like quite a journey. In addition to completing a Bachelor’s degree, the law school application process involves preparing for and taking the LSAT, writing a personal statement, and securing letters of recommendations. With all that on your list, figuring out how to get into law school can feel like a bit of a maze.

After getting into law school, you’ll also need to pay for your education. This can also require some leg work, such as filling out the grad school FAFSA or potentially applying for scholarships or private law school loans. Continue reading for a more detailed explanation on the law school application process.

1. Prep for the LSAT

Because the LSAT, otherwise known as the Law School Admission Test, is the only test accepted for admission purposes by all ABA-accredited law schools, most American Bar Association-approved law schools in the U.S. require students to take the exam. The half-day, standardized test is administered nine times and students can take the test at home or from another preferred location, as the tests are now proctored remotely.

At a minimum, the Law School Admission Council (LSAC) recommends taking a practice test, including a writing sample, under the same time constraints allowed for the actual test. The results could give you some idea of your strengths and what areas need improvement.

Those who plan to take the practice test and/or sign up for classes will probably want to leave enough time before their LSAT test date. The LSAT and your GPA are two important numbers to law schools. LSAT scores range from 120 (lowest possible) to 180 (highest possible).

Though other factors are considered, if you want a good chance at getting into a certain law school, your LSAT score and GPA should be at or above the LSAT and GPA medians of that school. You can generally find this information on the college’s website.

Recommended: How to Study for the LSAT

LSAT Prep Timeline

Many law schools require applicants to take the test by November or December in order to be admitted the following fall. However, organizations like Kaplan, a college admission services company that offers test preparation services and admissions resources, suggest factoring in the law school admissions cycle when selecting your testing date. They note that June, July, and September test dates are generally popular since they allow for plenty of time for students to receive scores.

Be sure to factor in your schedule and workload when deciding when you’ll take the LSAT. Taking the test in June will give you time to retake it if you aren’t happy with your score — but if you’re still in college, you’ll have to prepare while you’re busy with coursework.

If you take the test in October, you’ll have the summer to prepare and you can take the test again in December, if necessary. But your applications may be submitted later than other test takers — and some schools already will have started filling their seats. Some students may choose to take a year off between college and law school to prepare for the LSAT and work on their applications.

Test takers may want to look for some free prep materials online or may decide to sign up for paid online classes, in-person classes, or tutoring sessions.

2. Register for CAS

The Law School Admission Council (LSAC) is a not-for-profit organization that offers services and programs to help students manage the law school application process. Creating an account at the LSAC.org website allows applicants to track their progress and manage deadlines as they connect with their selected schools.

The Credential Assembly Service (CAS), which is provided by the LSAC, is required by most ABA-approved law schools. For a fee (currently $45), the CAS will put together a report containing transcripts, LSAT scores, and letters of recommendation.

3. Submit Your Transcripts and Letters of Recommendation to CAS

Students must contact their college (or colleges) to have transcripts sent to the CAS. And it’s up to the student to find professors they believe will provide positive evaluations of their past and future performance to send recommendation letters to the CAS. It’s a good idea to do this in August or September when college offices and faculty are back in full swing.

You’ll only have to do this once. Then, when you apply to your chosen law schools, they can contact the CAS and request a copy of your report.

4. Search for Law Schools

There are several factors that could go into your school choice. Just as with your undergraduate education, you may want to apply to a mix of “reach” schools, “safety” schools, and a few that land right in the middle.

But the application process can be pricey, so if you’re on a budget, you may want to narrow the field. When you’re deciding how many law schools to apply to, here are some things to consider:

•   Location: If you’re hoping to go to a top law school, you’re probably prepared to relocate. If not, you may want to start your search by thinking about where you’ll want to practice law someday. After all, you’ll be building a network with your fellow students, professors, and people you meet in the community.

•   Reputation: Starting out, fellow attorneys (and potential employers) won’t know much about your skills. Instead, they’ll likely regard you as a “Duke grad” or a “Harvard man” (or woman), and judge you by what they know about your law school. That doesn’t mean you have to go to a big, prestigious school — but you may want to look for a respected school.

•   Interests: By attending a school that offers classes that focus on the type of law you think you’ll want to practice (sports and entertainment, criminal, business, health care, etc.), you’ll likely be better prepared for your career. And you’ll probably have an opportunity to find mentors who could help you as a student and in the future.

•   Recruitment, tours, and alumni events: If you have the opportunity, you may want to attend a meet-and-greet event in order to touch base with recruiters, former students, and faculty who can fill you in on what law school and a law career have in store. You also may be able to get an idea if the campus and community are a good fit for you.

•   Let the schools find you: The LSAC’s Candidate Referral Service (CRS) allows law schools to search a database and recruit students based on certain characteristics (LSAT score, GPA, age, geographic background, etc.). Registration is free for anyone with an LSAC.org account.

Recommended: A Guide to Transferring Law Schools

5. Apply to Law Schools

After you’ve taken the LSAT, set up your CAS, and squared away your letters of recommendation, you’ll need to start on your personal statement. Stellar LSAT scores and grades are important to a law school application, but a personal statement could also tip the balance in your favor. The goal of a personal statement is to explain to the admissions committee why you would be a valuable addition to their student body.

Start early so you have a chance to show your work to others who might help you fine-tune it — advisors, teachers, parents, friends, and any grammar snobs or professional writers/editors you might know. This is your chance to stand out from the crowd, so use your personal statement to explain what makes you, you. And if you’re applying to multiple schools, you may want to take the time to tailor your piece as needed.

When you have everything ready to go, you’ll have the option to apply to as many U.S. law schools as you like through your LSAC.org account. Make sure all the information on file is accurate and up to date, and keep good records of every step in the process.

And be patient: Many schools practice rolling admissions, which means the earlier you get your application in, the sooner you’ll hear back. But there’s no set timetable, so you may have to wait a while.

How Will You Score?

It can be difficult to predict how you’ll score on the LSAT, but taking practice tests can be an indicator of how well you’ll perform on the day of the exam. The questions on the LSAT are all weighted equally and you won’t be penalized for incorrect answers. What matters is the number of questions you answer correctly.

Paying for Law School

Once you’ve cleared the hurdle of applying to law school, you might want to start considering ways to pay for law school. You may be familiar with the financial aid process from applying for undergraduate loans, but graduate students are also eligible for federal student aid.

The requirements of FAFSA are similar for grad students, and the information provided will be used to determine federal financial aid like scholarships, grants, work-study, and federal student loans. When those sources of funding aren’t enough — graduate private student loans could help fill in the gap. Though, they are generally considered after all other sources of financing have been exhausted because they don’t offer the same borrower protections (like deferment options) as federal student loans.

The Takeaway

Applying to law school requires dedication, time, and preparation. Taking the time to understand the application process can help students get into law school. Plan out your LSAT study schedule so you are prepared for test day, think critically about which law schools are a best fit for your personal and professional goals, and don’t forget to devote enough time to write, edit, and rewrite your personal statement.

Once you’ve gained admission, you’ll need to figure out how to pay for law school. Law students are eligible for federal financial aid like grants, scholarships, and federal student loans.

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

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

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

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

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

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

SOIS-Q224-1917167-V1

Once you’ve been accepted to college, an important decision you’ll need to make is whether to attend full-time or part-time. Status is determined by the number of credits you take during a term, but you may want to consider more than just academic workload. Your enrollment status can also impact your financial aid, cost of attendance, taxes, and college experience.

Below, we’ll explain key differences between going to school full-time and part-time. We’ll also look at the implications of both to help you determine what makes sense for you.

What Is a Full-Time Student?

Undergraduate students are typically considered to be full-time when they’re enrolled in 12 or more credits during a term. Graduate students may take as few as nine credits to be considered full-time. However, every institution sets its own threshold, so check your school’s policies and requirements.

How Many Classes Do You Need to Be Full-Time?

Most classes are worth three credits. To be considered full-time, undergraduate students usually take at least four classes per semester, and graduate students enroll in at least three classes.

What Is a Part-Time Student?

In general, part-time undergraduate students take fewer than 12 credits. Graduate students attending school part-time often enroll in fewer than nine credits. As with full-time enrollment, thresholds for part-time status can vary by institution, so consult your school’s policies.

How Many Classes Do You Need to Be Part-Time?

Part-time undergraduate students typically take three or fewer classes per semester. Graduate students studying part-time may enroll in one or two classes.

Difference Between Full-Time and Part-Time Students

The difference between full-time and part-time students comes down to the number of credits they take during a term. Enrollment status can impact how students pay for their education. Here are some other differences between full- and part-time students.

Tuition Cost

Part-time students generally pay per credit hour. This allows them to spread out the cost of their education over a longer period of time.

Full-time tuition is capped once a student reaches the credit threshold. This means a student may be able to pay the same in tuition for taking anywhere between 12 to 18 credits in a term. Because of this, full-time students may be interested in maximizing credit hours to reduce education costs. While this can help students stay on track or even graduate early, they may be charged an additional fee per credit hour if they enroll in more than 18 hours per term.

Recommended: What Is the Cost of Attendance in College?

Time Commitment

For many, the choice to be a part-time vs full-time student can often come down to scheduling.

As a general rule of thumb, students can expect between two and three hours of work per week for each credit they’re taking. This means that a three-credit course would require approximately six to nine hours of student engagement, including class time, homework, readings, and studying.

Many full- and part-time students work while completing their degrees to help pay for education and living expenses, according to information from the Bureau of Labor Statistics. In October 2022, 42.4% of full-time students had some type of employment while 81% of part-time students were employed.

To make their schedule more feasible, part-time students may consider taking online classes while working to reduce commute times and have access to a wider selection of academic programs.

Taking night classes is another option for students to study while working.

Financial Aid

Enrollment status can affect a student’s financial aid options. For instance, some types of federal student aid require students to be enrolled at least half-time (six or more credits) to qualify.

Pell Grants, which are awarded based on a student’s financial need, vary according to enrollment status. Full-time students may receive up to $7,395 for the 2024-2025 academic year. Awards for part-time students are proportional to the number of credit hours a student takes. For example, a student taking nine credits would be eligible for 75% of the maximum award. Part-time students should keep in mind that eligibility for Pell Grants can’t exceed 12 academic terms.

Both full-time and part-time students can qualify for federal Direct Loans and, if they attend a participating university, the federal work-study program. Interested students must indicate that they’d like to be considered for work-study on the Free Application for Federal Student Aid (FAFSA).

Since financial aid awards can vary by institution, consider checking with your school to determine how enrollment status could impact your overall financial aid package.

Recommended: Types of Federal Student Loans

Student Loan Repayment

Whether studying part-time or full-time, many students take out an undergraduate loan to pay for their education expenses. Most federal student loans do not require repayment while the student is enrolled in school at least half-time. Part-time students have to repay loans once they drop below half-time enrollment.

Borrowers with Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loans will also have a six-month grace period after graduation before loan payments are due. And if you return to half-time or full-time enrollment prior to the end of the grace period, you will be eligible for the full six-month period upon graduation. Interest on Direct Subsidized Loans is covered by the U.S. Department of Education while students are enrolled and during certain periods of deferment.

Graduate and professional students with PLUS loans may also receive a six-month deferment on repayment when falling below half-time status.

Borrowers with private student loans and certain federal loans may be expected to begin repayment immediately.

Scholarships

Scholarships can help pay for tuition and related educational expenses. Organizations may use a variety of criteria when awarding scholarships, including academic merit, financial need, quality of application responses, and enrollment status.

Some scholarships have eligibility requirements that require recipients to be full-time students. Still, opportunities exist for part-time students to secure financial help, including unclaimed scholarships and grants.

Recommended: Scholarships and Grants to Pay Off Student Loans

Tax Credit Eligibility

Enrollment status can have implications for your or your parents’ taxes. There are two main programs — the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) — that can give tax credits for out-of-pocket education expenses.

The AOTC can provide an annual credit up to $2,500 per student, given they are enrolled at least half-time.

Meanwhile, the LLC is open to all students regardless of enrollment status. The maximum credit per return is 20% of eligible education expenses up to $10,000, or $2,000 total.

College Experience

Financial considerations are only part of the picture when deciding whether to go to school full- or part-time. Your overall college experience is another piece. Students carrying a full course load tend to stay in school longer. In 2022, the retention rate for full-time students was 76.5%, compared to 45.9% for part-time students.

Enrollment status could influence aspects of campus life and extracurricular activities as well. For instance, some schools may only allow full-time students to live in on-campus housing. And student-athletes must abide by NCAA regulations, which include minimum coursework requirements, to be eligible to play.

The Takeaway

The difference between going to college full-time or part-time comes down to how many credits are taken during a term. In general, full-time students take 12 or more credits, while part-time students take 11 or fewer credits.

When deciding whether to be a full-time vs part-time student, you may want to consider more than courseload. Enrollment status can impact tuition costs, taxes, and financial aid options.

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

FAQ

What are some benefits of being a full-time student?

Students who go to school full time are often able to focus completely on their studies, and a full course load means they can complete their degree faster. Full-time enrollment is also required for some scholarships, grants, and financial aid.

What are some benefits of being a part-time student?

Studying part time gives you the chance to work while going to school, which can make tuition and fees easier to manage. Plus, some employers will help pay for a portion of the cost.

What factors should I think about when weighing whether to enroll full time or part time?

Deciding whether to be a full-time vs. part-time student is a personal decision. As you’re weighing your options, consider factors like how much time you have in your schedule for school; any work or family commitments; your financial situation and available financial aid options; and your goals after graduation and their time frames.

Is it cheaper to be a part-time student?

Being a part-time student can be cheaper in terms of tuition costs per semester since you are paying for fewer courses at a time. However, part-time status may extend the overall duration of your studies, potentially leading to higher total costs due to prolonged living expenses and delayed entry into the full-time workforce. Also, part-time students might have limited access to certain financial aid options, scholarships, and campus resources, which could offset some of the immediate savings on tuition.

Can you work and be a full-time student?

Yes, you can work and be a full-time student, but it requires strong time management and organizational skills to balance academic responsibilities with job commitments. Many students successfully juggle both by taking advantage of flexible work hours, on-campus employment opportunities, and jobs that offer part-time or weekend shifts.

How long does graduate school take for part-time students?

Graduate school for part-time students typically takes longer than the standard duration for full-time students, often extending to about 3 to 6 years or more, depending on the program and the student’s course load each semester.

Photo credit: iStock/Drazen Zigic

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

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

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

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

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.

SOIS-Q224-1920906-V1

Studying abroad can be a life-changing opportunity that will enrich your college experience. But that enrichment can come with a strain on your bank account. If you’ve always wanted to head overseas, your college years are a great time to do it. But can you afford it?

If you’re looking for how to get money to study abroad, there are a few different student loan options that may be worth exploring. Whether you’re about to head off to college, currently enrolled, or in graduate school, student loans may be available to help finance your trip. Read on to understand how student loans to study abroad work.

Can Student Loans Be Used for Studying Abroad?

As mentioned, studying abroad can be an outstanding opportunity for a college student to expand their cultural horizon, meet new friends, and maybe learn a new language. While this can be an incredibly enriching experience, it’s important to factor in both the pros and cons of studying abroad — it can also be expensive.

Costs for studying abroad vary depending on where you go, what you study, and how long you stay, but average costs can hover around $16,000 per semester as of 2023. Students can use a combination of savings, federal student loans, private student loans, and some scholarships or grants to pay for their study abroad experience.

Federal Student Loans for Studying Abroad

It’s possible to use federal student loans to pay for your study abroad experience. Federal student loans can be used to pay for any qualifying educational expense — you can even use student loans to pay for living expenses like rent or room and board.

To get federal financial aid — which includes grants and loans — you’ll need to complete the FAFSA® each year. The financial aid office at your domestic university should be able to tell you which forms of aid can be used to cover study abroad expenses. Be sure to file your FAFSA in plenty of time and check in with both your American school and the international school as additional paperwork may be required.

Recommended: How to Complete the FAFSA Step by Step

Private Student Loans for Studying Abroad

Federal financial aid may cover some expenses for certain study abroad programs, but there might not be enough cash to cover the whole experience. That’s where private student loans could come in handy.

Private student loans are available from private financial institutions and can be used to cover up to a school’s cost of attendance, less other forms of financial aid. Unlike most federal loans, private lenders will generally review information about the applicant including their credit score, among other factors, when making their lending decisions.

There are a few things to keep in mind before taking out a private student loan for study abroad, including:

•   Interest rate: A high interest rate can cause you to pay significantly more than you expected. Also, see if you’re signing up for variable or fixed interest rate loans, as variable rates fluctuate up and down depending on the markets.

•   Repayment: Review loan terms to see when you will start paying back your student loans. Federal loans usually start student loan repayment six months after graduation (or when you drop out or drop below part-time hours), but private loans can vary in their repayment schedule. Some may require you to start repayment even while you’re in school. At the very least, consider looking for loans that don’t require repayment until after you’ve graduated.

Private student loans can be a tool to help students pay for college and study abroad costs, but because they don’t necessarily offer the same protections (like income-driven repayment options or forgiveness) as federal student loans, they are generally borrowed after other options have been exhausted.

Recommended: Guide to Private Student Loans

Grants and Scholarships

Many grants and scholarships can be used to help students pay for studying abroad costs. Some scholarships may require students to participate in specific study abroad programs, so be sure to review the details of each application closely. Looking for study abroad scholarships? Check out SoFi’s scholarship search tool.

Depending on your school’s policies and the program you choose, you may be able to use the institutional or federal financial aid you receive to pay for study abroad costs. Some schools may require that you participate in a study abroad program affiliated with the school in order to apply institution-specific aid to the study abroad program. Check in with your school’s financial aid office to be sure.

Are Student Loans for Studying Abroad Different From Typical Student Loans?

Student loans for studying abroad are not different from the typical student loans used to pay for college. Federal student loans can be used to pay for study abroad costs so long as the program is offered through an eligible institution. As mentioned, you may be required to fill out additional paperwork for federal financial aid if you are studying abroad, so check in with your financial aid office to determine any requirements.

Determine How Much Your Study Abroad Will Cost

To determine how much you’ll need to borrow to pay for your study abroad experience, you’ll need to figure out how much the experience will cost in comparison to a typical semester. Continue reading for some of the study abroad costs to consider.

Tuition

Tuition costs vary depending on the program type and location. Some schools may offer affiliate programs for study abroad, which may have similar tuition costs to attending the university in-person.

Other programs may offer direct enrollment at a local institution in the destination country. Enrolling directly in a local school may allow you to secure a more affordable tuition, but you may be responsible for additional costs like health insurance or rent.

Living Expenses

Consider the living accommodations available in the program you have selected. If you are working with your school or another third-party provider, they may have living accommodations set up for you. If you are enrolling directly with a local university, you may need to find an apartment to rent or live in on-campus housing (if available). Review the options at your destination closely. This guide has more information on college money management that could help you build out your study abroad living expenses budget.

Travel Expenses

Factor in not only the expense to travel to your initial destination, but also any additional travel costs you may incur during your semester abroad. For example, if you are living in Paris for a semester, will you be taking any weekend trips elsewhere in Europe? Map out your other travel plans and estimated prices for flights, trains, hostels, and food. You could consider setting up a dedicated travel fund to save for your semester abroad.

Graduate Study Abroad Loans

If you’re in search of how to get money to study abroad, when you go can be just as important as where you go. Undergraduate degrees are usually less expensive than graduate ones (though this may depend on the field of study), which means studying abroad during undergrad may also be less expensive. Graduate student loans are a bit different from undergrad ones in a few ways, including:

•   Higher interest rates, higher limits. Since graduate degrees are more expensive than undergraduate ones, you can borrow more money with graduate loans. Unfortunately, graduate loans also tend to have higher interest rates.

•   Unsubsidized loans. Undergraduate students may qualify for Direct Subsidized Loans, or loans where the federal government pays your interest rate while you’re in school. Direct Unsubsidized Loans for graduate studies start accruing interest while you’re in school. This could be costly once you graduate.

Do your research on the different student loan options, and if you have flexibility in your timing, you may wish to consider going abroad as an undergraduate rather than as a graduate student. You could potentially save some money in the long run.

Private Student Loan From SoFi

Both federal and private student loans can be used to pay for costs associated with qualifying study abroad programs. The requirements for federal loans may vary depending on the program you are enrolling in, so check in with the financial aid office at your school.

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

FAQ

Can I use student loans to receive a degree from an international school?

Yes, you can use student loans to receive a degree from an international school, but the availability and type of loans will depend on several factors, including the country and the specific institution. Many U.S. federal student loans can be applied to eligible foreign institutions that participate in the Federal Student Loan Program.

Additionally, private lenders may offer loans for studying abroad, often with different terms and requirements compared to federal loans. It’s crucial to research and confirm the eligibility of the international school for federal student loans and to explore various private loan options.

Can you get a federal student loan to study abroad?

Yes, federal student loans can be used to pay for study abroad expenses. There may be some additional requirements so check in directly with your college’s financial aid office.

However, if your school does not participate in the federal aid program, you likely will not be able to secure financial aid to study abroad either.

Are there special loans for studying abroad?

Both the federal and private student loans can be used to pay for study abroad expenses. It’s possible to apply for a private student loan specifically to study abroad, but these loans are generally the same as student loans used to pay for classes at your American school.

What are other ways to finance studying abroad aside from loans?

Students may also be able to use savings, scholarships, or grants to pay for study abroad costs.

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

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

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

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

SOIS-Q224-1920957-V1

A career in medicine can be rewarding, but the high cost of medical school means many students take on additional student debt on top of their existing undergraduate student loans.

Some students defer student loan payments while they’re in medical school and others choose to refinance their student debt. The right choice for you depends on a number of factors, such as whether you have federal or private student loans. Here’s what to know about refinancing student loans during medical school.

What You Can Expect to Pay

Going to medical school is expensive: The average cost of medical school is $264,704 for four years at a private institution and $161,972 at a public medical school, according to the Education Data Initiative.

Many students need loans to cover the high cost of medical school tuition and other educational expenses. In fact, 70% of medical school students use loans specifically to help pay for medical school (as opposed to undergraduate debt). The average medical school graduate owes $250,995 in total student loan debt, which includes undergraduate debt.

If you don’t have the option for in-school deferment for your undergraduate loans while you’re enrolled in med school, refinancing your undergraduate student loans might be worthwhile and may help lower your loan payments while you’re in medical school. Here’s what you need to know to decide if refinancing loans as a medical student is right for you.

Can You Refinance Student Loans During Medical School?

Whether you have federal or private student debt, you can technically refinance your student loans at any time along your journey toward becoming a physician.

During a student loan refinance, you can combine multiple student loans of any type — federal and private — into one new refinance loan. This new loan is from a private lender, and comes with a new interest rate and different loan term.

The lender will repay your original loans that were included in the refinance process. You’ll then repay the lender, based on the details of your refinance loan agreement, in incremental monthly payments.

Another Option for Federal Student Loans During Medical School

It’s important to know that if you have federal student loans, refinancing them will remove you from the federal student loan program.

Keeping your federal student loans within the Department of Education’s loan system gives you access to benefits and protections that can be useful while in medical school, like extended deferment or forbearance.

Generally, automatic student loan deferment is applied to federal Direct Loans of borrowers who are enrolled at least half-time at an eligible school. If your federal student loans from your undergrad program weren’t placed on in-school deferment status, reach out to your school and ask them to report your enrollment status.

This student loan refinancing alternative can postpone your monthly payment requirement until after you leave school. However, if you borrowed Direct Unsubsidized Loans or Direct PLUS Loans, you’re responsible for repaying interest that accrues during this time.

Pros of Refinancing During Medical School

A student loan refinance during medical school can offer benefits.

Extend Your Loan Term

Generally, once you’ve signed your student loan agreement you’ve committed to a specific repayment term. For example, if your private student loan has a 5-year term, you’ll need to repay the loan’s balance, plus interest, in that time period.

However, repaying your loan balance while attending medical school might be difficult. With a student loan refinance, you can choose to prolong your repayment timeline over a longer term, like 10 or 15 years.

Lower Monthly Payments

By extending your student loan refinance term, your monthly installment payments become smaller since they’re stretched over a longer period. Prolonging your loan term can result in paying more interest over the life of the loan. However, it affords you a lower monthly payment so you have more funds in your budget toward the day-to-day cost of medical school.

Some Refinancing Lenders Offer Deferment

Some refinancing lenders offer borrowers the option to defer their student loan refinance payments while in medical school. Generally, you’ll need to meet the lender’s minimum enrollment status and possibly meet other requirements.

This benefit, however, isn’t offered by all lenders so always confirm with the lender before finalizing any student loan refinance offer.

Recommended: A Guide to Refinancing Student Loans

Cons of Refinancing During Medical School

Although there are benefits to refinancing your student loans, there are downsides to this repayment strategy as well.

You Could Pay More Interest Over Time

Extending your loan term causes you to pay more interest throughout the life of the loan, assuming you don’t make extra monthly payments. This means that you’ll ultimately pay more overall for your undergraduate degree.

You’ll Lose Access to Loan Forgiveness

If you refinance federal student loans, you’ll lose access to federal benefits and protections. Physicians who expect to work in the government or nonprofit sector might be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.

To be eligible for forgiveness, you must have eligible Direct Loans, and have made 120 qualifying payments toward your federal loan debt while working for a qualifying employer. After PSLF requirements are met, the program forgives the remainder of your eligible federal loan balance.

You’ll lose access to this significant benefit if you refinance federal loans into a private refinance student loan.

Should You Refinance Your Student Loans?

Student loan refinancing is a strategy that can be advantageous for certain borrowers in specific circumstances. For instance, it might be a good option for borrowers who already have a private undergraduate loan and simply want to lower their interest rate to save money.

It can also be a strategy to extend your term if your main goal is to lower your monthly undergraduate loan payments. Borrowers who have adequate savings, reliable income while in medical school, and who are confident that they won’t participate in programs, like PSLF, might benefit most.

Assess your current financial situation, and talk to your loan servicer or undergraduate loan lender to get a full understanding of your repayment options during medical school.

Refinancing Student Loans With SoFi

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

Can you refinance student loans in residency?

Yes, you can refinance student loans while in residency. However, if you refinance federal loans, it will make that portion of your student debt ineligible for federal loan forgiveness in the future.

Do doctors ever pay off their student loans?

Yes, doctors pay off their student loans, though how they do so can vary. Some start making small payments during residency or apply for an income-driven repayment plan, while others refinance or pursue loan forgiveness programs.

When should I refinance my medical student loans?

Exploring a private student loan refinance can be done at any time, especially if your income is stable and your credit has improved since you first took out the loan. If you have federal student loan debt, consider whether you’ll pursue loan forgiveness at any point along your career journey. If you might, your student loans must be kept within the federal loan program to be eligible for forgiveness.

Photo credit: iStock/Edwin Tan

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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The cost of attending college in the U.S. can be quite expensive. In addition to tuition and fees, students may need to cover the cost of room and board, and other expenses like books and lab fees.

To help students going to college manage their budgets, it’s important that they carefully weigh their options when it comes to public and private schools. In-state tuition at public colleges can be far cheaper than out-of-state tuition or the price of attending private nonprofit schools.

College Tuition in the United States

The United States has some of the highest tuition costs, and prices have risen over time. Some of the factors that drive increasing prices are increased demand from students and increased availability of financial aid.

Colleges have also added amenities to their campuses to help attract higher-paying students. The cost of these amenities can account for as much as $3,000 per student per year. Schools are also spending more on administration.

Average College Tuition

The cost of colleges varies depending on whether students choose to attend public or private institutions. Public schools generally have different costs for in-state versus out-of-state tuition.

The average tuition in 2024 at a public, four-year school for in-state students is $9,750 per year. Students attending a public four-year program from out-of-state could expect to pay $28,386, according to Education Data Initiative.

Students who wished to attend a private nonprofit four-year college paid an average of $38,421.

In addition to tuition and fees, students have to cover other costs, such as the price of room and board, transportation, and other expenses. These additional expenses will vary depending on whether you’re living on or off-campus, but they can add more than $10,000 to the price of attending school. The average cost of attendance for students attending a public four-year in-state program is $27,146 for the 2023–2024 school year. Out-of-state students had an average of $45,708. And students attending a private nonprofit four-year program had an average annual cost of attendance of $55,840.

Recommended: What is the Average Cost of College Tuition?

States With the Cheapest College Tuition

College tuition prices vary widely by state at public four-years institutions. Generally speaking, public colleges in the South and the West are the cheapest to attend. Colleges in the Northeast are the most expensive. Vermont has the most expensive in-state tuition and fees, topping out at $17,180. New Hampshire is a close second at $17,170. To learn more, take a look at the annual study published by the College Board that tracks trends in college pricing and financial aid.

Here’s a look at the states with the cheapest in-state tuition and fees at four-year flagship university programs over the 2023–2024 school year.

Wyoming

University of Wyoming
In-state tuition and fees: $6,700
Out-of-state tuition and fees: $22,480

Florida

University of Florida
In-state tuition and fees: $6,380
Out-of-state tuition and fees: $28,660

Montana

University of Montana
In-state tuition and fees: $8,150
Out-of-state tuition and fees: $31,620

Idaho

University of Idaho
In-state tuition and fees: $8,820
Out-of-state tuition and fees: $28,050

North Carolina

University of NC-Chapel Hill
In-state tuition and fees: $9,000
Out-of-state tuition and fees: $39,340

Nevada

University of Nevada: Reno
In-state tuition and fees: $9,010
Out-of-state tuition and fees: $25,970

Mississippi

University of Mississippi
In-state tuition and fees: $9,410
Out-of-state tuition and fees: $26,980

South Dakota

University of South Dakota
In-state tuition and fees: $9,430
Out-of-state tuition and fees: $12,940

West Virginia

West Virginia University
In-state tuition and fees: $9,650
Out-of-state tuition and fees: $27,360

Arkansas

University of Arkansas
In-state tuition and fees: $9,750
Out-of-state tuition and fees: $28,770

Paying for College

Because the price of college tuition, fees, and room and board can be so high, many students have to take out student loans, apply for grants and scholarships, or apply for student aid in order to make college affordable. Students may take out federal loans or private loans to help them pay for school. They will have to repay these loans through a series of monthly payments with interest.

Federal student loans are offered by the U.S. Department of Education under the William D. Ford Federal Direct Loan Program. This program offers four types of federal loans:

•  Direct Subsidized Loans are available to undergrads who demonstrate financial need. Interest on these loans is covered by the Department of Education while the students are enrolled in school at least half-time.

•  Direct Unsubsidized Loans are available to undergrads, graduate students, and professional students and are not made based on need.

•  Direct PLUS Loans are for graduate and undergraduate students and parents of dependent undergrads. Eligibility is not based on financial need.

•  Direct Consolidation Loans allow students to combine federal loans into a single loan.

To apply for federal student loans and other forms of federal aid, students are required to fill out the FAFSA®, or Free Application for Federal Student Aid, each year.

Recommended: FAFSA Guide

Private student loans may be available through private lenders, such as banks and online lenders. These institutions set their own terms, interest rates, and loan amounts. When determining individual rates and terms, lenders will generally evaluate the applicants credit history, among other factors. Private student loans are typically considered a last resort when it comes to financing college because they aren’t required to offer the same borrower benefits or protections (like income-driven repayment options) as federal student loans.

There are also various sources of financial aid that can help students pay for school. It can come from federal, state, school, and private sources.

•  Grants, such as federal Pell Grants, are a form of financial aid that doesn’t need to be paid back, unlike student loans.

•  Scholarships are funds offered to students often based on academic performance, an area of study, or special talents. Scholarships also do not generally need to be repaid.

•  Work-study programs allow students to earn money while they are in school. Students may qualify for the federal work-study program based on financial need.

•  Many schools offer financial aid or scholarships.

The Takeaway

College can be a huge expense, but there are also a lot of benefits of a college education. As you’re choosing schools, it’s important to evaluate all of your options and think seriously about choosing one that’s in your budget as well as finding manageable ways to pay for it. That may mean attending the public school in the state you live in. And if you live in one of the states with the cheapest in-state tuition, you may pay less than $10,000 a year to go to school.

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

FAQ

How much does college cost on average in the U.S.?

The estimated cost of attendance for one year of college is $27,146 for in-state students at public four-year schools, $45,708 per year for out-of-state students at public four-year colleges, and $55,840 for students at private nonprofit schools.

What state has the cheapest tuition?

States with the cheapest tuition include Florida, Wyoming, and Montana.

Photo credit: iStock/Bet_Noire

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

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

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

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

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