What Are Federal Perkins Student Loans?

Perkins loans, which were offered through the Federal Perkins Loan Program, are low-interest subsidized federal student loans for students with high financial need.

The Perkins Loan Program was discontinued in 2017. While these loans are no longer offered, borrowers who have Perkins loans are still required to repay them. These borrowers may also qualify for certain federal benefits like Perkins loan forgiveness.

Read on to learn more about repaying Perkins loans, federal Perkins loan forgiveness, plus current financial aid options to help make college more affordable.

Key Points

•   Federal Perkins Loans offered a fixed 5% interest rate for students with exceptional financial need.

•   Perkins loans were subsidized, and the government covered the interest while a borrower was in school.

•   The Federal Perkins Loan Program was discontinued in 2017, but existing borrowers must still repay their loans.

•   Perkins loan forgiveness is available for eligible public service workers, with up to 100% forgiveness over a five-year period.

•   Although Perkins loans are no longer available, students can seek out alternative federal loans to help cover the cost of college.

Overview of Federal Perkins Loans

Students may choose to take out federal or private student loans to help pay for college. A type of federal student loan, Perkins loans were unique in that they were issued by schools. Federal Perkins Loans were intended for students with exceptional financial need and had a fixed 5% interest rate. Perkins loans were also subsidized, which means the government covered the interest that accrued while a borrower was in school.

The Perkins loan program allowed students to borrow the following amounts:

•   $5,500 a year with a cumulative limit of $27,500 for undergraduates

•   $8,000 per year for graduate students with a lifetime maximum of $60,000, including undergraduate Perkins loan debt

Repayment of Federal Perkins Loans

Federal Perkins loan borrowers are required to repay their Perkins loans plus interest within 10 years. That’s how college financial aid works in this particular instance.

Perkins loan borrowers had a nine-month grace period after graduating, leaving school, or dropping below half-time status before they needed to start repayment. Schools typically require monthly, bimonthly, or quarterly payments on Perkins loans.

These loans offer forgiveness and cancellation programs. Borrowers may be eligible for Perkins loan forgiveness if they work full-time in public service. Forgiveness through public service is available to those who hold such jobs as:

•   Child or family services workers

•   Educators

•   Firefighters

•   Law enforcement officers

•   Nurses

•   Members of the U.S. armed services

For eligible public service workers, up to 100% of their Federal Perkins loans may be forgiven over a five-year period. For more information on forgiveness, check out this student loan forgiveness guide.

If forgiveness isn’t an option, borrowers might qualify for cancellation of their Perkins loans in certain circumstances, including:

•   Bankruptcy

•   Total and permanent disability

•   Death

•   If your school closed while you were getting your degree

If one of these situations applies to you, you may be eligible for total and immediate discharge of your Perkins loans.

To apply for Perkins loan cancellation or forgiveness, contact your school’s financial aid office. They should be able to give you the appropriate forms to complete. If the school transferred your loans to a loan servicer, you can reach out directly to the servicer.

If you are not eligible for forgiveness or cancellation, you may want to consider the option of student loan refinancing. When you refinance student loans, you replace your old loans with a new loan that ideally has lower rates and more favorable terms if you qualify for them.

Recommended: Student Loan Payment Calculator

Comparison with Other Federal Student Loans

Although Perkins loans are no longer available, there are several other types of federal loans that may help you cover the cost of college. Here’s how these loans compare to Perkins loans:

•   Direct Subsidized Loans: Undergraduate students with financial need may be eligible for Direct Subsidized Loans. The school determines how much they can borrow with these loans based on the student’s Free Application for Federal Student Aid (FAFSA). Like Perkins loans, the federal government subsidizes Direct Subsidized Loans by paying the interest on them while the borrower is in school and during the six-month grace period after graduation.

For the 2024-2025 school year, federal student loan interest rates are 6.53% for undergraduate students. That’s higher than the 5% interest rates on Perkins loans.

•   Direct Unsubsidized Loan: Undergraduate, graduate, and professional students are eligible for these loans, which are not based on financial need. Unlike Perkins loans, the interest on Direct Unsubsidized loans accrues while the borrower is in school and during the six-month grace period afterward. The borrower is responsible for paying that accrued interest.

•   Direct PLUS Loans: These loans are for parents who borrow money for dependent undergraduate students, and for eligible graduate and professional students. Unlike most federal loans, Direct PLUS loans require a credit check.

Current Status of the Federal Perkins Loan Program

The Federal Perkins Loan Program was discontinued in 2017 after Congress failed to renew it. Even though these loans are no longer available, borrowers who have Perkins loans must repay them. Alternatively, they can apply for forgiveness or cancellation of Perkins loans to help with getting out of student loan debt if they are eligible.

Alternatives for Students

Even though borrowers can no longer take out Perkins loans, there are a number of other financial aid options for college students. These include:

•   Federal Direct Loans: These loans offer helpful benefits for borrowers, including income-driven repayment and some forgiveness options. And as noted above, with Direct Subsidized Loans, the federal government pays the interest on the loans while the borrower is in school.

•   Scholarships: This type of aid is considered gift aid because it does not need to be repaid. Scholarships can come from a wide variety of sources, including your state, certain businesses, and national and local organizations. Explore the different scholarships available to see what you might be eligible for.

•   Grants: Many grants are need-based, and they typically do not need to be repaid. Grants may be available from the federal government or your state government.

•   Private student loans: These loans are offered through private lenders, including banks and online lenders. The repayment terms and benefits vary from lender to lender, and the interest rates on these loans may be fixed or variable.

A lender will typically do a credit check and review your financial history before approving you for a private loan, so it may be beneficial to have a student loan cosigner in order to qualify. It’s also important to be aware that private loans do not provide access to federal income-driven repayment plans and forgiveness programs.

Recommended: Scholarship Search Tool

The Takeaway

Federal Perkins loans are no longer available, but borrowers who have these loans must still repay them. If you have a Perkins loan you’re working to pay off, you can look into Perkins loan forgiveness and cancellation to see if you might be eligible.

Another option to consider is refinancing your Perkins loan, especially if you can qualify for a lower interest rate or better terms. Refinancing these loans means you’ll no longer be eligible for federal Perkins loan forgiveness, however, so make sure you won’t need to take advantage of that program.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Who is eligible for Federal Perkins Loans?

Federal Perkins loans are no longer available because the program was discontinued in 2017. However, there are other types of student loans you may be eligible for, including Federal Direct Subsidized and Unsubsidized Loans, as well as private student loans.

What is the interest rate on Federal Perkins Loans?

All Federal Perkins loans have a fixed interest rate of 5%. In addition, Perkins loans were subsidized, which means that the federal government paid the interest on the loans while borrowers were in school.

Are Federal Perkins Loans still available for new borrowers?

No, Federal Perkins Loans are no longer available. However, there are several other federal loan options for new borrowers, including Federal Direct Subsidized and Unsubsidized loans, that come with certain benefits such as access to federal programs such as income-driven repayment plans.


Photo credit: iStock/cagkansayin

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Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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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.

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

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

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15 Scholarships for Hawaiian Students to Apply for in 2025-26

Finding the right financial aid can make all the difference when pursuing higher education. For Hawaiian students, there are numerous scholarships available for the 2025-26 academic year, specifically designed to support your educational journey.

Whether you’re seeking aid based on academic performance, financial need, or cultural background, these scholarships offer valuable opportunities. If you have a Native Hawaiian lineage, here are 15 prominent scholarships you may want to apply for.

Key Points

•   Scholarships are available for Hawaiian students based on both financial need and academic excellence, ensuring opportunities for a wide range of applicants.

•   Many scholarships for Hawaiian students emphasize cultural preservation and support individuals who demonstrate a commitment to their Hawaiian heritage.

•   Some scholarships target students pursuing degrees in specific fields such as health care, education, and environmental sciences.

•   Scholarships are available for high school seniors, undergraduates, and graduate students, offering assistance at different stages of education.

•   In addition to scholarships, Hawaiian students can apply for grants, federal student loans, and private student loans to help pay for college.

Scholarships for Native Hawaiians

Scholarships are essentially free money from different organizations, groups, or institutions to be used toward your education. Since these are awards, the money doesn’t need to be paid back. They can help make affording college easier and may even eliminate the need to apply for federal or private student loans.

Below you’ll find some of the more commonly touted Native Hawaiian scholarship opportunities. However, this list is only partial, and you can find others through the Hawai‘i Community Foundation, the Office of Hawaiian Affairs, and by using SoFi’s scholarship search tool. You can also register for a chance to win a $2,500 SoFi Scholarship simply by entering your name and email address.

Here are the top 15 scholarships you can consider applying for if you are of Hawaiian ancestry:

1. Native Hawaiian Chamber of Commerce Scholarship

Sponsored by the Native Hawaiian Chamber of Commerce, this scholarship is geared toward students pursuing study in the area of business administration at an accredited two- or four-year college institution in Hawaii or the continental U.S.

Applicants for this must exhibit interests in the Hawaiian language, culture, and history, and have a commitment to contribute to the greater community.

2. Native Hawaiian Health Scholarship Program

The Native Hawaiian Health Scholarship Program (NHHSP) is a merit scholarship given to students seeking a degree in the field of healthcare. Some of the health professions include physician, nurse, dentist, clinical psychologist, dietitian or nutritionist, and social worker, among others. It’s important to note the eligible health professions may change each year.

Native Hawaiian students enrolled full-time at an accredited college or university in Hawaii can apply. Recipients who receive an NHHSP award are obligated to work full-time in medically underserved areas in Hawaii for a minimum of two years and a maximum of four.

Along with covering the student’s tuition and other education-related costs, the scholarship provides a monthly stipend for their full-time work requirement in their health care discipline.

3. Second Century Scholarship

The Second Century Scholarship is an award available to all Native Hawaiians attending any of the 10 campuses and educational centers within the University of Hawaii system. Since the scholarship is need-based, students who apply need to show they qualify for the requisite amount of financial aid.

Award amounts differ and are determined by the applicant’s financial need and the availability of funds. Native Hawaiian students can apply for financial aid through their campus financial aid offices. All regular financial aid deadlines apply.

4. Jean Ileialoha Beniamina Scholarship for Ni‘ihau Students Fund

A need-based scholarship, the Jean Ileialoha Beniamina Scholarship for Ni‘ihau Students Fund is for students who reside on either Kaua‘i or Ni‘ihau Island. Current Ni‘ihau residents or Kaua‘i residents who are one or two generations removed from Ni‘ihau Island are given preference, along with those students who are proficient or fluent in the Hawaiian language.

5. Blossom Kalama Evans Memorial Scholarship Fund

The Blossom Kalama Evans Memorial Scholarship Fund is sponsored by the Hawai‘i Community Foundation, which has over $7 million dollars a year available for scholarships from more than 300 funds.

College juniors, seniors, or those going on to grad school can apply. Applicants must be a resident of Hawaii and attend college in the state. Preference is given to those students who major in Native Hawaiian or Hawaiian studies.

6. Prince Kūhiō Hawaiian Civic Club Scholarship

The Prince Kūhiō Hawaiian Civic Club, an organization dedicated to the preservation and perpetuation of Hawaiian values, culture, and education, sponsors scholarships open to a variety of students pursuing degrees or certificates.

Preference for these awards are given to Hawaiian students that have engaged in community service or volunteer work, along with individuals pursuing degrees in the Hawaiian language, culture, studies, journalism, or education.

In addition, there is a vocational scholarship program for students who live in Hawaii. Applicants need to be enrolled at least part-time in a vocational degree program, including associate degrees, or a certification program on a list of their approved educational institutions and approved programs in Hawaii.

7. Warren Nakupuna Ah Loo Memorial Scholarship

This merit-based prize, named for the late civil servant Warren Nakupuna Ah Loo, is funded by the Nakupuna Foundation, a nonprofit committed to the advancement of the Native Hawaiian community.

Created for high school graduates or anticipated graduates from one of Hawaii’s Kamehameha Schools, the Warren Nakupuna Ah Loo Memorial Scholarship is designed to support students attending college anywhere in the U.S. who are pursuing studies in STEM (science, technology, engineering, or math).

Recommended: 30 College Scholarships for Minority Students

8. Rosemary & Nellie Ebrie Scholarship

This scholarship, also sponsored by the Hawai‘i Community Foundation, is for Native Hawaiians who were born and currently reside on the island of Hawai‘i, otherwise known as the Big Island.

Applications for the Rosemary & Nellie Ebrie Scholarship are open to undergraduate and graduate students who demonstrate financial need.

9. Asian & Pacific Islander American Scholarship Program

Asian & Pacific Islander American (APIA) Scholars offers a range of scholarships for students who identify as Asian, Native Hawaiian, or Pacific Islander. These awards are for undergraduate students who are already attending a U.S. accredited college or university, and range from $2,500 for one-year awards to $20,000 for multi-year awards.

APIA scholarships give special focus to those students who live at or below the poverty level and are first-generation college students. Applicants also must be a citizen, national, or legal permanent resident of the U.S.

Recommended: FAFSA Grants and Other Types of Financial Aid

How Do I Know if I’m Eligible for Native Hawaiian Scholarships?

The term Native Hawaiian refers to a person with origins in the aboriginal, indigenous people who settled in Hawaii, founded the Hawaiian nation, and exercised sovereignty over their territory. A Native Hawaiian person is also considered to be a Pacific Islander, which refers to those people from Polynesian, Micronesian, and Melanesian cultural backgrounds.

It’s important to note people who are born in Hawaii but don’t have any ancestral links aren’t considered to be Native Hawaiians.

Scholarships for Native Hawaiian Women

If you’re a Native Hawaiian woman, you have the opportunity to apply for scholarships specifically created to support your educational pursuits. These scholarships include:

1. Ida M. Pope Memorial Scholarship

Women of Hawaiian ancestry can apply for the Ida M. Pope Memorial Scholarship through the Hawai‘i Community Foundation. This scholarship is set up to benefit a female student pursuing a career in the field of health, education, or STEM. Applicants need to demonstrate financial need, be a resident of Hawaii, and enroll as a full-time student.

2. Ka‘ehu Scholarship Fund

Another women-only scholarship offered through Hawai‘i Community Foundation, the Ka‘ehu Scholarship Fund, is for female-identifying students working toward earning an undergraduate or graduate degree.

The need-based award gives preference to women of Hawaiian ancestry that identify as LGBT and have participated in community service, clubs, and/or high school athletics.

3. AAUW Honolulu Branch Education Funds

The American Association of University Women (AAUW) promotes equity and education for women and girls. The Honolulu branch of AAUW offers need-based scholarships for Hawaiian female undergraduate students who already have some college credits.

The AAUW Honolulu Undergraduate Scholarship is for women who have already completed some college (a minimum of 12 credits), but had to halt their education for certain life circumstances. For this reason, the application is open to those who are 21 or older.

Female students must already be accepted or enrolled as a full- or part-time undergraduate in a college, community college, university in Hawaii, or online program from a regionally accredited public or private not-for-profit educational institution. Applicants need to be a Hawaiian resident and demonstrate financial need.

AAUW Honolulu also has graduate scholarships that are offered and administered through the Hawai‘i Community Foundation.

4. The Betty Bell Scholarship for Kauai Women

Established in 2020, the Betty Bell Scholarship for Kauai Women benefits women from the island of Kauai who demonstrate a strong work ethic and may not normally have the opportunity to go to college.

The prize is named after Betty J. Bell, the first licensed pharmacist on the island of Kauai, who was a strong advocate for women, especially for those who wanted to achieve their career dreams. Her namesake scholarship prioritizes working mothers, as well as women who are returning learners who had started college but didn’t get to complete their degree.

The scholarship is administered through the Hawai‘i Community Foundation, and applicants must be a resident of Kauai Island and demonstrate financial need.

5. Ka’iulani Home for Girls Trust Scholarship

A need-based scholarship, the Ka’iulani Home for Girls Trust Scholarship supports female students of Hawaiian ancestry who are full-time college freshman or sophomores.

Women must be of Hawaiian ancestry, residents of Hawaii, and attend an accredited, two- or four-year, not-for-profit college or university within the Aloha state.

Recommended: 10 Popular Scholarships for Women

Can I Get a Scholarship for Being Hawaiian?

Yes, there are many scholarships for those who are of Hawaiian ancestry as well as for individuals who are Hawaiian born and residents of the state.

How Do I Get a Hawai’i Promise Scholarship?

If you are planning to attend one of the University of Hawaii’s seven community colleges, you can apply for a Hawai’i Promise Scholarship. This scholarship offers money from the state of Hawaii, along with the University of Hawaii, to provide qualified students with all of their direct education costs (tuition, books, fees) that aren’t met by other forms of financial aid.

In 2023, almost $3.8 million was awarded to 1,774 eligible students in the UH Community College system, with the average award per student equaling $2,142.

To qualify for a Hawai’i Promise Scholarship, you’ll need to be enrolled in at least 6 credits per semester at a UH Community College, be a resident of Hawaii, and complete the Free Application for Federal Student Aid (FAFSA). You’ll then be notified by your campus if you’re eligible for the scholarship.

Recommended: Important FAFSA Deadlines to Know

What Is Native Hawaiian Exemption Tuition?

Students who can show proof of their Native Hawaiian ancestry may be able to get a Native Hawaiian Tuition Waiver. Those who apply must have a financial need based on information given on the FAFSA form.

The waiver applies to part of your tuition (not fees) and you must be at least a part-time student (6 credits) and attending an institution within the University of Hawaii system.

Recommended: What Is Need-Based Financial Aid?

The Takeaway

There are a multitude of scholarship opportunities available for Native Hawaiians, aka people who are of Hawaiian ancestry. Scholarships for Native Hawaiians can be need- or merit-based and are open to undergraduate, graduate, vocational students, and community college attendees. Since competition for scholarships can be fierce, being able to apply for specific scholarships can give a Native Hawaiian student a major leg up when it comes to paying for college.

Other ways to pay for college include cash savings, grants, federal student loans, and private 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.


Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

If I was born and live in Hawaii, does that make me a Native Hawaaian?

Not necessarily. A Native Hawaiian is a person who is a descendant of one of the original Polynesian settlers in Hawaii. You can be a Native Hawaiian and not live in Hawaii, or even not have been born there, but you must have indigenous ancestry.

Do you have to live in Hawaii to be eligible for a scholarship?

It depends. Some Native Hawaiian-specific scholarships require the applicant to be a Hawaiian resident, but it’s not always a prerequisite.

How much does it cost to go to school in Hawaii?

The average cost for tuition and fees for a four-year college program is $7,723 for in-state students and $20,995 for out-of-state students. Tuition for private colleges or universities in Hawaii clocks in at $17,121.


Photo credit: iStock/davidf

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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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


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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Budgeting for New Nurses

Budgeting as a New Nurse

When Jennifer S. clocked in on her first day of work as a nurse at a major hospital, she remembers thinking, “I’ve got this.” And she did. Nursing school had prepared her well for working in the emergency room.

She felt less confident about navigating her finances, however. Jennifer had to balance her living expenses and long-term goals with $40,000 in student loans while earning $25 an hour.

She cooked meals at home and kept her expenses low. Jennifer also created a monthly nursing budget to help organize her finances. “I saw that I should start saving a little more during the second half of the month, when I usually had leftover money, in case I needed it for the next month’s bills,” she says.

In addition, Jennifer discovered ways she could make extra money. Consider this nursing budget example: She switched to overnight shifts making an additional $7,000 a year. When a hurricane hit her state, she worked around the clock at the hospital for a week — and earned roughly $6,000, which she put toward a down payment on a home. And she routinely picked up per diem and travel assignments.

Key Points

•   Nurses encounter financial challenges, such as repaying student loans, which require a well-structured budget to manage effectively.

•   Budgeting techniques like the 50/30/20 rule can help nurses manage their money, control spending, and save for financial goals.

•   Regularly reviewing and adjusting the budget is essential as financial circumstances evolve over time.

•   Saving strategies for nurses involve allocating 20% of income toward retirement and establishing an emergency fund for unforeseen expenses.

•   Student loan management can be aided by options like refinancing and forgiveness programs for nurses, helping to alleviate debt.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. On one hand, staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow until 2035. The rising cost of higher education, including how to pay for nursing school, has resulted in a growing number of students graduating with debt.

According to the latest figures from the American Association of Colleges of Nursing (AACN), roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt is between $40,000 and $55,000.

On the plus side, nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives like sign-on bonuses, shorter hours, and student loan repayment help.

And in general, nurses can earn a good salary. According to the latest data from the U.S. Bureau of Labor Statistics, the median income for a registered nurse in 2023 was $86,070. The median income for a licensed practical nurse or licensed vocational nurse was $59,730. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $129,480 per year. Nurses who are willing and able to take on additional shifts, work overnight, or accept lucrative travel assignments stand to make even more.

If you’re a new nurse who is figuring out your finances, a nursing budget is a good place to start.

How to Budget as a Nurse

With tens of thousands of dollars’ worth of student loans to repay, it’s helpful for nurses to create a budget to manage their money, cover their living expenses, pay down the debt they owe, and plan for their financial future. Here’s how to do it.

•   Set financial goals. Think about your short-term and long-term aspirations. These might be things like saving $2,000 in your bank account, paying off your student loans, or investing for retirement. Knowing what you’re working toward will help give you the motivation to get there.

•   Calculate your income. Look at your pay stubs to see how much you’re bringing home each month. That’s the amount you have to work with.

•   Determine your expenses. Pull out all your bills and add up how much you’re spending each month for rent, food, utilities, loan and credit card payments, and so on. Be sure to include “fun” expenses such as dining out, entertainment, and self-care costs.

•   Find a budgeting method that works for you. There are different types of techniques, such as the 50/30/20 rule that divides your budget into different categories: 50% for essential expenses like rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures such as eating out, travel, and shopping; and 20% for goals like saving for a home, your child’s education, and retirement. There’s also the envelope budgeting system, which has you put cash monthly into envelopes for each spending category like housing and food. Once the money in an envelope is gone, you’ll need to wait until the next month to spend in that category again or take money from another envelope. Explore the different methods and choose the one that works best for your lifestyle.

•   Review your nurse budget regularly and update it as needed. Make adjustments as your situation changes. For instance, maybe your car breaks down and you need extra money for emergency repairs. Or perhaps you get a raise that increases your income. Tweak your budget accordingly.

Common Financial Challenges for Nurses

As a nurse, you’ll face some unique money-related challenges. For example, you may have work expenses, such as purchasing a uniform, comfortable shoes, and certain tools to do your job. Many hospitals and clinics require you to buy your own stethoscope, for instance. And working long shifts or irregular hours may leave you with less time for cooking so that you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree like a master’s to move up the ladder and earn more money. That could mean taking out new student loans to cover the cost of your continuing education, in addition to the loans you already have.

These financial challenges are all things to factor into your nurse budget so that you have a plan for paying them off.

Watch Your Spending

Even when you’re on a budget, it can be easy to fall into the habit of overspending because there are different ways to supplement your income as a nurse. “When I was doing travel assignments, I just kept working,” Jennifer says. “At the time, I didn’t realize it would stop, so I didn’t think to save as much as I could have.”

In fact, lifestyle creep can be a common pitfall, especially when you start earning more money, says Brian Walsh, CFP, senior manager, financial planning for SoFi. Spending more on nonessentials as your income rises can potentially wreak havoc on your savings goals and financial health. That’s why budgeting for nurses is so important.

While you’re starting to establish your spending habits, Walsh recommends using cash or a debit card for purchases. Automate your finances whenever possible by doing things like pre-scheduling bill payments.

Develop Your Savings Strategy

A sound savings plan can help you make progress toward your short- and long-term goals and provide a sense of security. Walsh suggests nurses set aside 20% of their income for retirement and other savings, like building an emergency fund that can cover three to six months’ worth of your total living expenses. He recommends placing it in an easy-to-access vehicle, like money market funds, short-term bonds, CDs, or a high-yield savings account.

The remaining 80% of your income can go toward current living expenses, including monthly student loan payments.

Jennifer found success by adopting a set-it-and-forget-it approach to saving. “Whenever I worked a per diem shift, I got in the habit of putting $100 or $200 of every check into a savings account,” she says. Before long, she had a decent-sized nest egg and peace of mind.

Explore Different Investments

One simple way to build up savings is to contribute to your 401(k) or 403(b) retirement plan, if one is available to you, and tap into a matching funds program. There’s a limit to how much you can contribute annually to one of these plans. In 2024, the amount is $23,000; if you’re 50 or older, you can contribute up to an additional $7,500, for a total of $30,500. In 2025, you can contribute up to $23,500 to a 401(k), and if you’re 50 or older, you can contribute an extra $7,500, for a total contribution of $31,000.

If you don’t have access to an employer-sponsored retirement plan, there are other ways to save for the future. “Start by figuring out what your targeted savings goal is,” Walsh says. If you’re going to save a few thousand dollars, you can consider a traditional IRA or Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA are tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars; your money grows tax-free and you don’t pay taxes when you withdraw the funds in retirement. However, there are limits on how much you can contribute each year and on your income. In 2024 and 2025, you can contribute up to $7,000 to an IRA annually with an additional $1,000 for individuals 50 and up.

Ideally, Walsh says, you’re saving more than a few thousand dollars for retirement. If that’s the case, then a Simplified Employee Pension IRA (SEP IRA) may be worth considering. “Depending on how your employment status is set up, a SEP IRA could be a very good vehicle because the total contributions can be just like they are with an employer-sponsored plan, but you control how much to contribute, up to a limit,” he says. What’s more, contributions are tax-deductible, and you won’t pay taxes on growth until you withdraw the money when you retire.

Another option is a health savings account (HSA), which may be available if you have a high deductible health plan. HSAs provide a triple tax benefit: Contributions reduce taxable income, earnings are tax-free, and money used for qualified medical expenses is also tax-free.

Depending on your financial goals, you may also want to consider after-tax brokerage accounts. They offer no tax benefits but give you the flexibility to withdraw money at any time without being taxed or penalized.

Take Control of Your Student Loans

You have different priorities competing for a piece of your paycheck, and nursing school loans are one of them. You may need to start repaying loans six months after graduation, and options vary based on the type of loan you have.

If you have federal loans and need extra help making payments, for example, you can look into a loan forgiveness program or an income-driven repayment (IDR) plan, which can lower monthly payments for eligible borrowers based on their income and household size.

If you’re struggling to make payments, you may qualify for a student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You can also explore the option of student loan forgiveness. There are a number of student loan forgiveness programs for nurses, such as the NURSE Corps Loan Repayment Program. If you work for a government or nonprofit organization, you can look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at a student loan debt can feel overwhelming. And while there’s no one-size-fits-all solution, there are a couple of different debt pay-off approaches you may want to consider. With the avalanche approach, you prioritize debt repayment based on interest rate, from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the highest balance.

While both have their benefits, Walsh says he often sees greater success with the snowball approach. “Most people should start with paying off the smallest balance first because then they’ll see progress, and progress leads to persistence,” he explains. But, he adds, the right approach is the one you can stick with.

Consider Whether Student Loan Refinancing Is Right For You

When you choose refinancing, including medical professional refinancing, a private lender pays off your existing loans and issues you a new loan. This combines all of your loans into a single monthly bill, potentially reduces your monthly payments, and may give you a chance to lock in a lower interest rate than you’re currently paying. A quarter of a percentage point difference in an interest rate could translate into meaningful savings if you have a big loan balance, Walsh points out.

A student loan refinancing calculator can help you determine how much refinancing might save you.

Still, refinancing your student loans may not be right for everyone. By choosing to refinance federal student loans, you could lose access to benefits and protections, like the current pause on payment and interest or federal loan forgiveness plans. Be sure to weigh all the options and decide what makes sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nursing can be a rewarding career, with flexibility and opportunities to add to your income. However, as a new nurse, you are likely trying to stretch your paycheck to cover student loan debt and everyday expenses. Fortunately, by using a few smart strategies, such as budgeting and saving, and exploring options like refinancing, you can start to pay down your loans—and reach your financial goals.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


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SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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


This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

The member’s experience below is not a typical member representation. While their story is extraordinary and inspirational, not all members should expect the same results.
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.

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

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

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.

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Our Guide to Military Scholarships for Veterans, Dependents, and Spouses

Veterans have access to various scholarship and grant opportunities that can lessen the financial burden of pursuing ongoing education. These unique financial aid programs are sometimes also available to military families, which may include dependents or spouses of veterans.

If you’re a veteran who’s enrolling in college or have a dependent in your family who’s collegebound, we’ve created this guide to scholarships and grants for veterans to get you started.

Key Points

•   Military scholarships are often available to veterans, active duty service members, and their dependents, such as spouses and children.

•   These scholarships help cover tuition, fees, and other educational expenses, reducing the financial burden of higher education.

•   Some scholarships require a commitment to continue serving in the military or working in specific fields post-graduation, like health care or public service.

•   Military scholarships often have streamlined applications, but may require proof of service or military affiliation.

•   In addition to military scholarships, students can apply for traditional scholarships, grants, and federal and private student loans to help cover the cost of college.

Best Scholarships for Military Veterans

There are many scholarship programs available for military veterans and their dependents, all of which have different eligibility and application requirements. Below are just a handful of scholarships for veterans, or their dependents or spouses, that offer awards that are $2,000 or higher.

•   Pat Tillman Foundation Scholarship: The Pat Tillman Foundation Scholarship is a merit-based scholarship program that’s available to active duty and veteran military service members, including their current or surviving spouses. The average recipient receives approximately $10,000 per academic year and awards are renewable as long as you maintain eligibility requirements.

•   Folds of Honor Scholarship: The Folds of Honor Scholarship is available to dependents and spouses of a qualifying service member. Dependents must be enrolled in an accredited institution, a certificate- or license-granting technical, or a trade school program. The scholarship offers $5,000 per academic year, which is disbursed in amounts up to $2,500 per term. Awards are renewable, but recipients must reapply for each academic year.

•   AMVETS Scholarships: AMVETS Scholarships are a need-based program that’s open to veterans, active duty, and National Guard and Reserve service members and their families. The maximum award is $12,000. Applicants must be studying toward an undergraduate degree and meet other eligibility requirements.

•   Military Order of the Purple Heart Scholarship: Recipients of a Purple Heart who are members of the organization and their families — including spouses, children, grandchildren, and great-grandchildren — can apply for this scholarship program. Scholarship amounts vary each year and are based on available funding.

Another scholarship option is SoFi’s scholarship sweepstakes. It offers one $2,500 scholarship award per month over a 12-month period. Entry is available to SoFi members who are at least 17 years old and enrolled in an accredited, nonprofit, Title IV four-year college or university in the U.S. You can enter once per monthly scholarship period. Awards are sent directly to the winner’s school and can be used toward your cost of attendance.

Grants for Veterans

Grants are another type of college financial aid which doesn’t need to be repaid. Some grants require applicants to meet specific eligibility criteria. If your military family fits the program’s application requirements, a grant award can help make college costs more accessible.

Below are two grants veterans or their family members may qualify for.

The Iraq and Afghanistan Service Grant

The Iraq and Afghanistan Service Grant is a federal grant that’s offered by the U.S. Department of Education. It’s uniquely available to students whose parent or guardian died in active duty while serving in Iraq or Afghanistan, post-9/11. The available award is equal to the maximum Federal Pell Grant during the award year; in 2024-25 the amount is $7,395.

To qualify, veteran dependents must meet the Federal Pell Grant eligibility requirements but must not have received a Federal Pell Grant award in the same year. Additionally, recipients must have been under 24 years old or at least a part-time college student at the time of their parent or guardian death.

General Henry H. Arnold Education Grant

The General Henry H. Arnold Education Grant is provided by the Air Force Aid Society (AFAS). Children under 24 years old who are dependents of qualifying U.S. Air Force or U.S. Space Force members, as well as legally married spouses of Air Force or Space Force service members, can apply. Award amounts vary based on the recipient’s financial need.

Applicants must have graduated high school and be enrolled in an undergraduate program at an accredited school that participates in federal aid programs. You must maintain a cumulative minimum GPA of 2.0 and not be a graduate or professional student, veteran, or military branch member, including the National guard or Reserves.

Veterans Affairs Educational Benefits

Veterans have earned a slew of education benefits that can help them — and under some programs, their families — financially pursue higher education or career training. The list of programs you might have access to through Veterans Affairs (VA) include:

•   Montgomery GI Bill for Active Duty

•   Montgomery GI Bill for Selected Reserve

•   Post-9/11 GI Bill

•   Reserve Educational Assistance Program

•   Post-Vietnam era Education Assistance Program

•   National Call to Service

•   Survivors’ and Dependents’ Educational Assistance

Depending on your service background, you might be eligible for multiple VA education benefit programs. Additionally, you can receive financial support to help pay for books and supplies, test fees for licenses or certifications, national exam fees, and more.

Recommended: What Are Student Loans for Military Dependents?

Grants for Active Duty Servicemembers

Financial aid grants aren’t just for veterans and their families. Service members can also apply for grant programs while in active duty.

One option to explore is the Federal Pell Grant, which is available to undergraduate students who demonstrate exceptional financial need and are enrolled in a U.S. school. As a federal financial aid program, applying for a Pell Grant only takes submitting a Free Application for Federal Student Aid (FAFSA). If you qualify, the maximum Pell Grant award for the 2024-25 academic year is $7,395, though this award might vary year over year.

Recommended: How to Complete the FAFSA Step by Step

Can I Get a Scholarship if My Grandfather Was in the Military?

GI Bill benefits are reserved for the service member’s education or that of their spouse or children. However, grandchildren of military service members also have access to some scholarships for veterans.

For example, the AMVETS Scholarship is also available to grandchildren of veterans and active duty U.S. military members. Grandchildren of active duty National Guard or Reserves members are also eligible.

What Qualifies You as a Veteran for FAFSA?

Unlike the criteria for veteran status under the VA, the FAFSA defines veterans as a service member who served in active duty for a minimum of one day and was released.

The condition for release must not be dishonorable discharge. Time spent by service members in basic training — except those in the National Guard and Reservists — also qualifies as active duty under the FAFSA.

The Takeaway

Utilizing your VA education benefits, including all eligible GI Bill benefits, is the first step you can take to help pay for college costs. Applying for scholarships for veterans, or for dependents or spouses of veterans, can make higher education or career training accessible for you and your family.

In addition to military scholarships, you can apply for traditional scholarships and grants to help pay for college. You can also apply for federal student loans and private 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.


Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Does the VA offer college scholarships?

Yes, the VA offers college scholarships through programs like the Post-9/11 GI Bill and Survivors’ and Dependents’ Educational Assistance (DEA). These scholarships help cover tuition and education costs for veterans, active duty service members, and their dependents, providing financial support for higher education and career advancement opportunities.

Can veterans apply for FAFSA?

Yes, veterans can apply for the FAFSA. In fact, some grants and scholarships for veterans require a submitted FAFSA for the award year as part of their application requirements.

What is it called when the VA pays for college?

The VA benefit that pays for service members’ college and training expenses is called the GI Bill. The Department of Veteran Affairs website offers a helpful GI Bill Comparison Tool that lets you see and compare GI Benefits across approved institutions.


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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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


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.

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Scholarships for STEM Students

STEM stands for science, technology, engineering, and mathematics, and it’s a popular area of study for its higher-paying occupations and expected job growth. According to the U.S. Bureau of Labor Statistics, careers in STEM earn more than double the national average and are expected to grow more than 10% by 2033.

There are numerous scholarships exclusively available to students pursuing a degree in a STEM field. Below, we’ve outlined a list of STEM scholarships, plus common eligibility requirements and tips for applying.

Key Points

•   STEM scholarships are designed to support students pursuing degrees in science, technology, engineering, and mathematics, providing financial aid for education in these critical fields.

•   These scholarships encourage students to enter high-demand STEM careers, where opportunities for growth and advancement are strong.

•   Scholarships are available for undergraduate, graduate, and even specialized STEM programs, offering options for students at different educational levels.

•   Some scholarships focus on underrepresented groups in STEM, such as women, people of color, or first-generation college students.

•   In addition to STEM scholarships, students can apply for traditional scholarships, grants, federal student loans, and private student loans.

STEM Scholarships for Graduate Students

Students in a master’s or doctoral program can apply for specific STEM scholarships to help cover tuition and living expenses. Scholarship eligibility may be based on the program type and focus of a student’s research.

Below are five STEM scholarships for graduate students.

•   American Nuclear Society Scholarship Program: Multiple awards ranging from $1,000 to $5,000 for graduate and undergraduate students enrolled in a degree program related to nuclear science or nuclear engineering.

•   American Welding Society Research Fellowships: Funding and support up to $35,000 annually for graduate students who are engaged in cutting-edge research within the field of welding.

•   Charles LeGeyt Fortescue Scholarship: Funding for one year of full-time graduate studies (up to $24,000) in electrical engineering at an accredited engineering school in the U.S.

•   DOE Computational Science Graduate Fellowship: Tuition assistance, stipend, and professional development ($45,000 value) for incoming and first-year PhD students enrolled in engineering, physical, computer, mathematical, or life sciences programs.

•   Dr. Nancy Foster Scholarship Program: Financial support of up to $47,000 for master’s and doctoral students in oceanography, marine biology, engineering, and resource management disciplines conducting research related to the mission of the National Oceanic and Atmospheric Administration.

For a chance to win SoFi’s monthly $2,500 Scholarship Sweepstakes, simply let us know your name, email address, and school.

STEM Scholarships for Undergraduates

There are many STEM scholarships available to undergraduate students. Eligibility requirements may include a student’s major, location, financial need, academic achievement, and class standing.

Below are five STEM scholarships for undergraduate students.

•   Changing the World Scholarship: Offers $1,000 awards per semester for undergraduate students who are pursuing a STEM degree and have a GPA of 3.0 or higher and demonstrated financial need.

•   Cold War Veterans Scholarship: Three $2,500 scholarships for students who are an active member of the Marine’s Memorial or a child or grandchild of an active member to pursue undergraduate studies in a STEM field.

•   Goodyear STEM Career Day Scholarships: Multiple awards ranging from $1,000 to $2,500 for Ohio high school graduates pursuing a bachelor’s degree in engineering or a STEM discipline.

•   Lockheed Martin STEM Scholarship: Multiple scholarships for undergraduate students enrolled in a four-year degree program and majoring in engineering, computer science, mathematics, or physics.

•   SAE/Ford Partnership for Advanced Studies Scholarship: One $5,000 scholarship for an incoming freshman pursuing an engineering or related science degree at an accredited U.S. college or university.

Recommended: Grants, Scholarships, Loans: The Differences

How to Apply for a STEM Scholarship

To apply for a STEM scholarship, you first need to put in the time to research and find STEM scholarships you qualify for. During your search, keep track of submission deadlines and application requirements for any opportunities you plan on applying to, as these can vary between scholarships.

A personal statement or essay is a common requirement for STEM scholarships. While it’s best practice to tailor your writing to address the scholarship’s specific prompts and instructions, creating a generic personal statement that you can modify for each application can save time.

STEM scholarships often require school transcripts and a letter of recommendation or references. Think about which high school teachers, college professors, or employers are best suited to speak to your academic merit and personal character. When applying for a STEM-specific scholarship, using a reference who teaches or works in a STEM field could be advantageous.

Recommended: How to Pay for College

When Should I Apply for STEM Scholarships?

There are STEM scholarships and grants available to help pay for all levels of higher education, from freshman year of undergrad to completing a master’s or doctoral degree.

For high school seniors, it’s okay if you’re not sure what college you should go to yet to begin applying for college scholarships. Some scholarship deadlines are one year in advance, so it’s helpful to be planning well ahead for applications.

Current college and graduate students can continue applying for scholarships every year of their education, and it may be necessary to reapply for an award if it doesn’t renew annually.

What Kind of GPA Do I Need to Apply for a STEM Scholarship?

STEM scholarships have different eligibility criteria, including GPA requirements. However, many merit-based scholarships require a GPA of at least 3.0 to apply, whereas students could qualify for some need-based awards with a GPA below a 3.0.

Recommended: Tips for Getting Straight A’s in College

Are International Students Eligible for STEM Scholarships?

Many STEM scholarships are intended for students who are U.S. residents. But there are still opportunities for international students to consider, including university-specific scholarships and grants.

Recommended: Can International Students Get Student Loans to Study in the U.S.?

Top 5 STEM Scholarships for Women

There are many scholarships specifically for women pursuing a STEM degree and career. STEM scholarships for women are offered by companies, professional associations, and nonprofit organizations.

The top five STEM scholarships for women include:

•   Advancing Women in Science Scholarships: Various awards for undergraduate and graduate students who are pursuing degrees in STEM fields and members of the Association of Women in Science.

•   Elevate Women in Technology Scholarship: One $1,040 STEM scholarship for a woman who intends to enter a career that leverages technology to make the world a better place, with preference for a student involved in a STEM field and entrepreneurial endeavors.

•   SAE Women-in-Automotive Scholarship: Thirteen $5,000 scholarships for women with strong academic achievement and who are enrolled in an engineering degree program to pursue a career in the automotive industry.

•   Scholarships for Future Women Engineers: Multiple awards ranging from $2,500 to $20,000 for women pursuing an associates or bachelor’s degree in STEM, manufacturing, or industrial engineering.

•   STEMinist Scholarship: Financial support of up to $5,000 for women of color from the Chicago metropolitan area pursuing a college degree in engineering or a STEM-related field.

Recommended: 10 Popular Scholarships for Women

Full Eligibility Requirements

When browsing STEM scholarships, it’s important to verify that you meet eligibility requirements before spending time and effort applying. There may be minimum GPA and residency requirements for applicants.

Depending on the type of scholarship, students could be required to demonstrate leadership experience, involvement in community service, and other experiences or skills to qualify.

Completing the FAFSA can be a prerequisite to apply and be considered for both need-based awards and merit scholarships.

Recommended: How to Complete the FAFSA Step by Step

The Takeaway

Earning a degree in a STEM field can put you on the path to a rewarding and high-paying career. There are many scholarships for undergraduate and graduate students interested in a variety of STEM-related disciplines. Students can apply every year of school to increase their chances of getting scholarships and grants for college.

Still, many students require additional financing, such as federal and private student loans, to fund their education.

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.


Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What does STEM scholarship stand for?

A STEM scholarship is a type of free financial aid for students studying science, technology, engineering, or mathematics — a collection of subject areas known as STEM.

What is a STEM scholar?

A STEM scholar is someone who studies an academic discipline related to either science, technology, engineering, or math.

How can I apply for STEM scholarships?

To apply for STEM scholarships, students usually need to complete an online application, provide academic transcripts, and sometimes submit essays or letters of recommendation detailing their interest in a STEM field.


Photo credit: iStock/gorodenkoff

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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


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.

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