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The average cost of the CPA exam is about $2,000, but the exact cost varies for each candidate. The biggest reason for this is that each state has its own board of accountancy, each of which sets its own costs for several items that are needed to sit for the exam.

There are also necessary costs that aren’t tied to the exam itself, such as licensing fees and continuing education costs. If you have to retake or reschedule the exam, you may have to repay registration and examination fees. Plus, the single most expensive part of the process tends to be the review course, the price of which can vary widely.

Passing the CPA exam can be expensive. Fortunately, there are many ways to cover the costs, and the price can be well worth it if you pass the exam.

How Much Does It Cost to Take the CPA Exam?

As just noted, the cost to take the CPA exam is about $2,000, but the final estimate will vary depending upon where you live. Hence, you could end up paying several hundred dollars above or below this amount. However, while the total cost can vary significantly, there are certain items that are common expenses for all exam candidates.

This is a wide range, but that is expected given that the costs can be different from one state to the next. Examination fees shown above are approximate; your state’s fees may be higher or lower.

In addition, the CPA review courses sometimes have tiered pricing, so even two people taking the same course and living in the same state may have different costs. There can be several differences between different tiers of review courses, such as 24-month access versus lifetime access.

Do You Need a Finance Degree to Take the CPA Exam?

Each of the 55 licensing jurisdictions (all 50 states, plus Washington, DC, Guam, Puerto Rico, the Virgin Islands, and the Mariana Islands) maintains its own licensing requirements. Because of this, each state may have slightly different requirements to sit for the exam.

All 50 states require a bachelor’s degree plus 150 credit hours in order to become a licensed CPA. However, rather than requiring a finance (or accounting) degree, states may require 120 credit hours of college credits plus 30 additional, accounting-specific credit hours to sit for the exam.

Still, you should review your state’s requirements before you begin preparing for the exam. Some states require 30 hours of accounting courses, while others require upper-level accounting courses. Your state or territory’s board of accounting website will list the specific requirements needed to sit for the exam.

Recommended: What Can You Do With a Finance Degree and What Is the Cost?

Other CPA Exam Costs

There isn’t just one fee to sit for the CPA exam; candidates must cover several costs, all of which vary depending upon where you live. This is one of the reasons the cost can be quite different from one state to the next.

Ethics Exam

Your state may require you to take and pass an ethics exam in order to practice there. Some states have their own ethics exams, while others administer the AICPA exam. Currently, the AICPA exam costs $250 – $320 and can vary depending on the course option you select.

Registration Fees

Most states require a registration fee for each of the four exam sections. Fees vary but are generally $75 to $100 per section. Some states also have tiered pricing for registration, allowing you to save money if you register for multiple sections at once. If you choose to register for multiple sections at once, keep in mind that each section is estimated to take four hours, with a total of 16 hours for the entire exam.

Application Fees

Application fees are due when you apply to take the CPA exam. Because each state sets its own fees, these vary but are usually between $100 and $200. The fee is non-refundable, but you usually don’t have to pay the application fee again if you have to retake the exam. However, if your application is rejected, you may have to pay the fee more than once.

CPA Licensure

The CPA licensure fee is only necessary after you pass the exam. This is the fee you pay to your state accountancy board to be a licensed accountant. These fees also vary by state and can run anywhere from $50 to $500. This cost is an annual one, so you should expect to pay the fee every year to maintain your license.

Keep in mind that each state has its own licensing requirements and accountancy board. Hence, if you move out of state, you will have to be licensed in the new state to be recognized as a CPA there.

Background Check

Your state may require you to pass a background check as part of the licensing process. According to NASBA, the fee ranges anywhere from $1 to $49. In the case of California, there is an additional “rolling” fee of $15 for fingerprinting.

Travel and Accommodations

Currently, the CPA exam cannot be taken online; it can only be administered at Prometric Testing Centers. You can find a testing center with Prometric’s Pro Scheduler . Testing centers are only located in select cities, so you may end up spending hundreds of dollars on transportation and accommodations depending on how close you are to a testing center.

International Candidate Credential

If you want to take the exam outside the United States, you may be required to pay additional fees for international candidate credentialing. Most states allow international applicants to sit for the exam, but six states and two territories do not administer it. In addition to any domestic fees, you may also have to pay additional fees of $371.55 for each of the following: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting, and Reporting (FAR), and Regulation (REG).

Covering CPA Exam Costs

Although the exact cost of the CPA can vary significantly, one thing is for certain: the exam and licensing process is expensive. Fortunately, there are many ways to cover the costs.

Private Student Loan

A private student loan can help you cover some or all of the cost of the CPA exam. For example, SoFi student loans have no fees, come with multiple repayment options, and have low fixed and variable rates. Everything is handled online and the application process is simple.

Private student loans are different from federal student loans. Federal student loans may have more consumer protection, but private student loans may offer more competitive interest rates. Consider both private and federal student loans if you need to finance your CPA exam costs.

Credit Card

You may be able to pay for some or all of your costs with a credit card. In fact, if paying online, payment by credit card may be required for examination fees. The same may be true for application and registration fees.

Exam prep courses are offered by third parties, so you should be able to pay for them with a credit card in most cases.

Personal Savings

Avoid tapping into your emergency fund, but any excess savings can help cover exam costs. If you aren’t able to pay for the entire cost with personal savings, scholarships, grants, and student loans can help you pick up the tab. But personal savings can also be useful, particularly if you still owe money after considering other options.

Scholarships

There are several scholarships available that can help you cover much of the cost of the CPA exam. For instance, the American Institute of Certified Public Accountants offers a scholarship of up to $1,000 to exam candidates. Another example is the Newt D. Becker scholarship, worth up to $2,499.

Your state board may also offer scholarships; for example, Wisconsin offers several $2,500 college scholarships to go toward your 150 hours required to sit for the exam. Check with your state board to see if the state offers any additional scholarships.

Employer Reimbursement

Some employers will reimburse you for the cost of the exam itself, review materials, or both. If you work for an accounting firm and the exam is relevant to your job, it’s a good idea to ask whether your employer reimburses these costs.

The Takeaway

There are many costs associated with CPA licensure, from prerequisite coursework all the way to maintaining your license each year. Each of the 55 licensing jurisdictions has its own requirements and fees, so where you live can affect not only licensing requirements but also the cost of the whole process.

However, what is for sure is that becoming a licensed CPA isn’t cheap. The price tag is likely to be four figures, which is high, especially before you are certified.

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 the CPA exam cost to take?

The cost is about $2,000 on average, but the exact cost depends upon where you live. Each state sets its own fees, so they may vary significantly from one state to the other. Also, exam prep courses can add to the overall cost.

Are there any hidden costs to take a CPA exam?

Hopefully, there will not be any hidden costs of the CPA exam if you have considered all of the costs mentioned here. However, there may be some fees you don’t anticipate. For example, if you have to retake or reschedule the exam, you may have to repay the registration fee in addition to repaying fees per exam section.

Photo credit: iStock/ridvan_celik

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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.

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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.

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SOIS-Q224-1917051-V1

When it comes to financing a college education, there are several very different options, and it’s important to understand the pros and cons of each.

Depending on your academic qualifications, you may have been awarded scholarships or grants, which is funding that won’t (typically) need to be repaid. Any expenses not covered by a scholarship will need to be financed, often through a combination of work-study, personal funds, and student loans.

It is fairly common for college students to take out student loans to finance their education. There are two main types of student loans — private student loans and federal student loans. We’ll compare and contrast some of the more popular features of both private and federal student loans and explore some features that can help you determine what makes the most sense for your financial situation.

Types of Federal Student Loans

Federal student loans are funded by the federal government. In order to qualify, you must fill out the Free Application for Federal Student Aid (FAFSA^®) every year that you want to receive federal student loans. We’ll delve more into the FAFSA soon — but first, here are some important distinctions to consider.

Subsidized vs Unsubsidized Loans

Federal loans can be subsidized or unsubsidized. If you’re an undergraduate student in financial need, you may qualify for a subsidized loan. The amount of money you qualify for will be determined by your school.

With subsidized loans, the U.S. government covers the interest that accrues while you are a full- or half-time student, during a six-month grace period after graduation, and for any periods of loan deferment.

If you receive an unsubsidized federal loan, you don’t need to demonstrate financial need when applying. Interest begins accruing from the day your loan is disbursed — though borrowers are not required to make payments until six months after graduation. As with subsidized loans, your school will determine the amount you can receive, based on your cost of attendance.

Direct PLUS Loans for Parents and Graduate Students

Direct PLUS Loans are another source of federal student loan funding. To qualify for graduate PLUS Loans, you need to be a graduate-level or professional student in a program that offers degrees or certifications, and attend college at least half-time.

Parents can also apply for a Parent PLUS loan if their dependent undergraduate student attends an eligible school at least half-time. “Parent” is defined as biological, adoptive, or sometimes a stepparent.

To obtain a Direct PLUS loan, you cannot have an adverse credit history. And you and your dependent child must meet the general eligibility requirements for federal student aid.

Recommended: How Do Student Loans Work? Guide to Student Loans

More About the FAFSA

If you plan to apply for any of these types of federal loans, you’ll need to fill out the FAFSA form. Be aware of your state’s FAFSA deadline — FAFSA funding is determined on a rolling basis, so the sooner you can apply, the sooner you may qualify.

The new FAFSA application typically is available on October 1 of the prior year. The 2025-26 FAFSA form is expected to be released on October 1, 2024.

Benefits of Federal Student Loans

First off, you won’t be responsible for making student loan payments while you are actively enrolled in school. Your repayment will typically begin after you graduate, leave school, or are enrolled less than half-time.

Another perk is that your credit history doesn’t factor into a federal loan application. One exception is Direct PLUS Loans for grad students and parents.

Interest rates on federal student loans are fixed and typically lower than interest rates on private student loans. Depending on the type of federal loans you have, the interest you pay could be tax-deductible.

When it comes to federal student loan repayment, there are several options to choose from, including several income-driven repayment plans.

If you run into difficulty repaying your federal student loans after graduation, or if you drop below half-time enrollment, deferment and forbearance options are available. These programs allow qualifying borrowers to temporarily pause payments on their loans should they run into financial issues — but interest may still accrue. The loan type will inform whether a borrower qualifies for deferment or forbearance. Borrowers can contact their student loan servicer for more information on these programs.

Qualifying borrowers can also enroll in certain forgiveness programs, such as Public Service Loan Forgiveness (PSLF). These programs have strict requirements, so borrowers who are pursuing forgiveness should review program details closely.

Federal Student Loan Pros and Cons

Here is a recap of some of the pros and cons of federal student loans.

The CARES Act and Federal Student Loans

The CARES Act, passed in March 2020 in response to COVID-19, temporarily paused payments on most federal student loans and set interest at 0%. With the signing of the debt ceiling bill in June 2023, the three-year pause came to an end. Interest on federal student loans resumed on September 1, 2023, and the first post-pause payments were due shortly after. To ease the transition, borrowers won’t be reported as delinquent if they are late with payments through September 2024.

The CARES Act and the payment pause did not apply to private student loans.

Private Student Loans

Private student loans are not funded by the government. To apply for them, you can check with individual lenders (banks, credit unions, and online lenders), with the college or university you’ll be attending, or with state loan agencies.

Because these loans are available from multiple sources, each will come with its own terms and conditions. So when applying for private student loans, it’s important to clearly understand annual percentage rates (APRs) and repayment terms before signing, as well as the differences between private vs. federal student loans.

Since private student loans are not associated with the federal government, their repayment terms and benefits vary from lender to lender. Some private loans require payments while you’re still attending college. Unlike federal loans, interest rates could be fixed or variable. If you are applying for a variable-rate loan, it’s a good idea to check how often the interest rate can change, plus how much it can change each time and what the maximum interest rate can be.

When applying for a private loan, the lender typically reviews your financial history and credit score, which means it may be beneficial to have a cosigner.

Be sure to ask your lender about repayment options in addition to any deferment or forbearance options. These will all vary by lender, so it’s important to understand the terms of the particular loan you are applying for.

Benefits of Private Student Loans

Private student loans offer several benefits that can make them an attractive option for some students. One significant advantage is their ability to cover the full cost of attendance, including tuition, fees, and living expenses, which can be particularly helpful if federal loan limits are insufficient.

Additionally, private lenders often provide a variety of loan options with different repayment terms and interest rates, allowing borrowers to choose a plan that best fits their financial situation and future income expectations. Some private loans offer competitive interest rates, especially for borrowers with excellent credit or those who have a creditworthy cosigner, potentially resulting in lower overall borrowing costs compared to federal PLUS loans.

Another benefit of private student loans is the potential for customization and flexibility in loan features. Many private lenders offer interest rate discounts for autopay enrollment, loyalty discounts for existing customers, and even the option to release a cosigner after a certain period of on-time payments.

Private loans can also be accessed more quickly than federal loans, which can be advantageous in time-sensitive situations.

Private Student Loans Pros and Cons

Here is a recap of some of the pros and cons of private student loans.

Private loans can help fill the monetary gap between what you’re able to cover with grants, scholarships, federal loans, and the like, and what you owe to attend college. It’s never a bad idea to take the time to do your research, shop around, and find the best loan options for your personal financial situation. For a full overview, take a look at SoFi’s private student loan guide.

Determining Whether a Student Loan Is Federal or Private

To find out if the student loan you have is a federal student loan, one option is to check the National Student Loan Data System (NSLDS). This database, run by the Department of Education, is a collection of information on student loans, aggregating data from universities, federal loan programs, and more.

Borrowers with federal student loans can also log into My Federal Student Aid to find information about their student loan including the federal loan servicer.

Private student loans are administered by private companies. To confirm the information on a private student loan, one option is to look at your loan statements and contact your loan servicer.

Options for After Graduation: Consolidation vs Refinancing

After graduation, depending on one’s student loan situation, borrowers may wish to consider consolidation or refinancing options to combine their various loans into a single loan.

The federal government offers the Direct Consolidation Loan program that allows borrowers to combine all of their federal loans into one consolidated loan.

Loans consolidated in this program receive a new interest rate that is the weighted average of the interest rates of all loans being consolidated — rounded up to the nearest one-eighth of a percent. This means that the actual interest rate isn’t necessarily reduced when consolidated. If monthly payments are reduced, it is most likely because the repayment term has been lengthened. Additionally, only federal student loans are eligible for consolidation in the Direct Consolidation Loan program.

Student loan refinancing, on the other hand, means taking out a new loan and using it to pay off all the other student loans. Depending upon individual financial situations, applicants could qualify for a lower interest rate through refinancing.

When an individual applies to refinance with a private lender, there is typically a credit check of some kind. Each lender reviews specific borrower criteria that influences the rate and terms an applicant may qualify for.

Recommended: The SoFi Guide to Student Loan Refinancing

Combining Federal and Private Student Loans

Refinancing federal loans with a private lender is the only option that allows borrowers to combine both federal and private student loans into a single loan. While refinancing may allow borrowers to secure a competitive interest rate or preferable terms, it’s very important to understand that when you refinance federal student loans, they no longer qualify for federal benefits or borrower protections.

Refinancing may make sense for federal student loan holders who do not plan to take advantage of any federal programs or payment plans, but it won’t make sense for everyone. When you are evaluating whether you should refinance student loan debt, reflect realistically on your professional and financial situation. For example, borrowers who are enrolled in income-driven repayment plans or are pursuing Public Service Loan Forgiveness, may find that refinancing their federal student loans doesn’t make sense for their personal goals.

The Takeaway

Federal student loans differ from private student loans in key ways. You must fill out the FAFSA every year to qualify for federal loans. With subsidized federal loans, interest doesn’t accrue until after graduation and a six month grace period. Federal loans also offer special protections to borrowers, such as deferment and Public Service Loan Forgiveness. The same protections are not available on private student loans. You may or may not qualify for a lower interest rate on a private student loan, depending on your credit history, whereas your credit score doesn’t affect your ability to qualify for 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.

FAQ

What is the difference between a federal and private student loan?

Federal student loans are issued by the U.S. government with fixed interest rates, more flexible repayment options, and benefits like income-driven repayment plans and loan forgiveness programs. Private student loans are offered by private financial institutions with rates and terms based on creditworthiness, often requiring a cosigner, and generally lacking the same level of repayment flexibility and borrower protections. However, private student loans are a good option once federal student loans have been exhausted.

What is the downside to using private student loans instead of federal student loans?

The downside to using private student loans instead of federal student loans includes higher and potentially variable interest rates, less flexible repayment options, and fewer borrower protections. Private loans often require a good credit score or a cosigner, lack income-driven repayment plans and loan forgiveness programs, and generally offer limited deferment and forbearance options compared to federal loans.

How much student loan debt is federal vs private?

According to the Education Data Initiative, federal student loan debt significantly outweighs private student loan debt in the United States, with federal loans comprising approximately 92% of the total student loan debt, amounting to around $1.6 trillion, while private loans account for the remaining 8%, or roughly $140 billion.

Is it better to get a federal or private student loan?

It is generally better to get a federal student loan due to its lower interest rates, flexible repayment options, and robust borrower protections. However, private student loans can be a good option once federal student loans have been exhausted.

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.

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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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SOIS-Q224-1920889-V1

Yes, international students can get student loans to study in the U.S. However, international students have fewer financing options than American borrowers and may face some additional hurdles to securing a loan.

Going to college in the U.S. can help international students advance their education and professional goals. It’s also a big undertaking financially. For the 2023-24 academic year, tuition and fees averaged $38,421 at private colleges, $9,750 for in-state students at public colleges, and $28,386 for out-of-state students at public colleges.

Read on to learn what type of student loans you might qualify for as an international student, and how to evaluate and compare options.

Who Is Considered an International Student?

An international student is typically defined as a student who chooses to pursue education in a country other than their own. This status applies to students across various levels of education, including high school, undergraduate, graduate, and post-graduate studies. For undergraduate students, international students would include anyone who has graduated high school outside of the United States.

What Is an International Student Loan?

An international student loan is a type of private loan available to the nearly one million foreign students studying in the U.S.

The U.S. Department of Education does not issue international student loans, as federal student loans are only available to U.S. citizens and eligible non-residents.

There are many lenders to choose from for international student loans. Loan terms and eligibility requirements can vary by lender. It’s generally recommended to exhaust any opportunities for scholarships, grants, and school-based financial aid before applying for an international student loan.

U.S. citizens looking to get an education overseas have options for student loans for studying abroad, too.

Loan Options If You Are an Eligible Noncitizen

Are federal loans for international students possible? In some cases, yes. To be eligible, noncitizens must fall into one of several categories:

•   You are a U.S. national or green card holder.

•   You hold an Arrival-Departure Record (I-94) showing “Refugee,” “Asylum Granted,” “Cuban-Haitian Entrant,” “Conditional Entrant,” (if issued before April 1, 1980) or “Parolee” (with one year paroled minimum and proof that you’re in the U.S. for a non-temporary purpose and intended to become a U.S. citizen or permanent resident).

•   You or your parents hold a T-1 nonimmigrant status.

•   You or a parent are a battered immigrant-qualified alien.

Other noncitizens may be eligible for other forms of federal aid. For example, citizens from Palau can apply for Pell Grants, Federal Supplemental Educational Opportunity Grants, and Federal Work-Study.

There are additional student loan requirements that eligible noncitizens must satisfy to qualify for federal loans, such as completing the Free Application for Federal Student Aid (FAFSA^®) and attending school at least half-time.

Loan Options if You Are Not Eligible for Federal Student Loans

When federal loans aren’t an option, private student loans may be needed to cover the cost of attending college in the U.S.

Private student loans are offered by banks and financial institutions and are credit-based — meaning the borrower’s ability to repay the loan will be evaluated by the lender based on factors such as the individual’s credit score and income, among others.

Some lenders may require an international student to apply with a cosigner who is a U.S. citizen or permanent resident, though there are lenders who offer specialized student loans for international students.

International students might also explore parent loans to pay for college. Instead of the student, a parent, relative, or trusted individual takes out a loan for their student’s education expenses.

It could be beneficial to ask your school’s financial aid office for a list of lenders to begin your search. Browsing online may also be helpful for understanding your options as a borrower and comparing loans and lenders.

Do International Students Need a Cosigner to Get a Student Loan?

A cosigner is someone who takes on a legal obligation to pay back a loan if the borrower is unable to. Having a cosigner for a student loan reduces the risk for the lender and can help the borrower obtain financing with better terms.

With private student loans, lenders may require a cosigner if a borrower’s income and credit aren’t enough — which is often the case. According to the Enterval Private Student Loan report, during the 2023-2024 school year, 91% of undergraduate student loans had a cosigner while 69% of student loans made for graduate students had a cosigner.

As briefly mentioned, for international students, applying for student loans often requires having a U.S. cosigner. Generally, cosigners are a relative or close friend since they are on the hook for paying the loan if a borrower fails to make loan payments or defaults.

But can international students apply for student loans without a cosigner in the U.S.? Applying for a student loan without a cosigner is possible, but a no-cosigner loan will likely come with a higher interest rate.

After building up credit and making regular on-time payments post-graduation, borrowers may be able to get a cosigner release. This frees the cosigner from legal liability for the loan, which is especially important if another college-bound family member needs a cosigner.

Typical Requirements for International Student Loans

Many lenders require international students to have a cosigner and study at least half-time at an eligible college to obtain a loan. Here are some typical student loan requirements that could impact approval, as well as the loan amount and terms:

•   Personal credit history and score in the U.S.

•   Cosigner’s creditworthiness

•   Live in the U.S. while attending school

•   Qualify for a student or other temporary resident visa that does not expire within six months of graduation

•   Personal financial information, such as bank statements and tax returns

•   Estimated future earnings

•   Employment and education history

Can international students get student loans without meeting all these requirements? Student loans have varying requirements, so it’s possible to qualify with one lender and not another.

International Student Loan Repayment Terms

A loan’s repayment term stipulates how long the borrower has to pay back the loan, the monthly payment amount, and conditions for when payment starts.

A longer repayment term translates to smaller monthly payments, and vice versa. Keep in mind that the longer the term, the more interest you’ll pay over the life of the loan.

Private student loans don’t offer the same repayment options as federal loans. Whereas the standard repayment plan for federal loans has a 10-year repayment term, international student loan terms may vary depending on the lender and could range from five to 20 years.

International student loans may come with a grace period of up to six months after graduation as long as you’re enrolled at least half-time in college. Alternatively, interest-only payments could be required while enrolled in college, or repayment may begin as soon as the loan is disbursed.

International Student Loan Interest Rates

Interest is the amount charged by the lender on top of the original loan amount. With international student loans, your creditworthiness is a major factor for determining the interest rate you’ll pay.

Lenders may offer either fixed or variable interest rates. The former remains constant over the life of the loan, while the latter can fluctuate over time based on market conditions.

The main benefit of fixed-rate loans is the predictable monthly payments. The loan terms outline how much interest you’ll pay each month and over the entire life of the loan.

Later on, refinancing international student loans could help secure a lower fixed interest rate.

On the other hand, variable-rate student loans can be advantageous if you qualify for a low interest rate or expect to land a high-paying job after graduation. If you can make extra payments early on before variable rates rise, you could potentially reduce how much you pay in the long run.

Recommended: All About Interest Rates and How They Work

What Can You Use an International Student Loan For?

How much you can borrow is determined by the school’s cost of attendance minus any other financial aid you receive, such as scholarships and grants. If you have money left over after tuition, international student loans could be used for other education-related and living expenses, including:

•   Room and board or off-campus housing

•   Health insurance

•   Textbooks, laptop, and supplies

•   Equipment (e.g. lab equipment)

•   Transportation and commuting costs

Generally, lenders are not monitoring how borrowers spend their student loan funds once disbursed. The rationale to avoid using loans for unnecessary expenses is that you have to pay it back with interest.

Recommended: Using Student Loans for Living Expenses and Housing

Do International Students Have Other Financing Options?

Yes, international students have other financing options outside student loans. Options include scholarships and grants, sponsorships, assistantships and fellowships, getting a part-time job, asking family or friends, and crowdfunding.

Private Student Loans for International Students

As an international student, attending college in the U.S. can come with challenges. Besides adjusting to a new culture, foreign students can’t receive federal aid or loans unless they qualify as eligible noncitizens.

Still, international students have several options for paying for college in the U.S., including scholarships, grants, 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.

FAQ

Can international students get a student loan?

International students cannot get federal student loans unless they qualify as eligible noncitizens. They can, however, apply for scholarships, grants, and private student loans. Private student loans do not offer the same benefits as federal student loans, but they can be a solid way to help fund an education.

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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.

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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.

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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.

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