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If you’re looking to break into the tech field, a coding bootcamp might help you get there. Coding bootcamps are short-term, intensive programs that teach in-demand coding skills, such as JavaScript, data science, and web and app development.

They may span three to six months to complete, and are usually available in person or online. According to Course Report, bootcamp tuition can range from $7,800 to $21,000, with an average cost of $13,584. Since coding bootcamps are usually not accredited programs like a degree program at a university, they don’t qualify for federal financial aid.

However, there are other options for financing this cost, such as scholarships, loans, and income-share agreements. Here’s a closer look at how to pay for a coding bootcamp so you can launch your career in tech.

Apply for Scholarships from the Bootcamp

Some coding bootcamps offer scholarships to students. Scholarships can be the best form of financial aid, since you can put them directly toward program costs and don’t have to pay them back. Scholarships are typically based on financial need or the student’s background; sometimes, they are based on a student’s aptitude and achievements.

Some specifics:

•   Coding Bootcamp Tech Elevator, for example, offers the Represent Tech Scholarship of $13,175 to historically underrepresented groups to increase access to tech careers. You might qualify for this scholarship if you identify as Black/African American, Hispanic/Latino, Native American/American Indian, female, transgender, or non-binary.

•   You might also find scholarships from private organizations. Code Fellows, Hack Reactor, and V School are just a few groups that offer scholarships for coding bootcamps. Use a scholarship search engine to find additional opportunities.

To boost your chances of winning a coding bootcamp scholarship, apply early and cast a wide net. Make sure to meet all the scholarship requirements, and, if required, put time and effort into crafting a thoughtful personal statement and any other answers to questions on the scholarship application.


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Take Out a Student Loan

If you’re wondering how to pay for coding bootcamp, borrowing a student loan may be another option. While you can’t use a federal student loan to pay for most bootcamps, you may qualify for a private student loan.

Do some research on the basics of student loans and which lenders offer coding bootcamp loans. Find out what the qualification requirements are, such as a minimum credit score or income. Depending on your financial profile, you may need to apply with a creditworthy cosigner to qualify for a loan.

With private student loans, you can often choose between a fixed and variable interest rate, as well as loan terms that span several years. Keep an eye out for any fees that could add to your costs of borrowing, such as an origination fee. Many people have student loans and it can be a challenge to repay them, so you want to be sure you are getting the best deal possible.

A personal loan may also be an option for paying for coding bootcamp. However, interest rates may be higher, and it can be tough to qualify without good credit. It may be worthwhile, though, to see what you might qualify for.

Consider an Income-Share Agreement or Deferred Tuition

Some coding bootcamps let you finance the cost of your program with an income-share agreement (ISA) or deferred tuition. An income-share agreement lets you postpone paying tuition until you get a job. Once you start earning a certain amount of income, you’ll pay a percentage of that income back to the coding bootcamp for a certain period of time.

Deferred tuition works in a similar way. With this option, you don’t have to pay tuition until you’ve finished the program and gotten a job. Unlike an ISA, which involves paying a fixed percentage of your income, a deferred tuition agreement typically has you pay off your tuition bill in monthly installments.

ISAs and deferred tuition arrangements help you attend the program and gain valuable skills without having to pay tuition upfront. However, you can end up paying significantly more with this approach than the initial price tag of the program. Crunch the numbers and see what makes sense for your financial situation.

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Attend a Tuition-Guarantee School

If you want reassurance that you’ll get a return on your investment for coding bootcamp, consider a tuition-guarantee program. Bootcamps that offer a tuition guarantee will refund your tuition if you don’t find a relevant job within a certain time frame after finishing the program. Some of these bootcamps also offer deferred tuition, so you won’t have to pay your tuition bill at all if you don’t find suitable employment.

Some bootcamps that offer tuition guarantees include Springboard, Jigsaw Labs, and Bloom Institute of Technology, among others. The criteria for a tuition guarantee can be strict, however. For instance, the program may not allow you to turn down a job offer, and you may be required to apply for a certain number of jobs, meet with a career coach, and go to networking events in order to verify that you are hunting for a position. Plus, you might have to be willing to move if you get a job offer in another city or state.

If you’re attending a bootcamp with a tuition guarantee, make sure to read the fine print of that agreement. You don’t want any surprises after you complete the program.


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FAQs About Paying for Bootcamps

Here are a few common questions about affording coding bootcamps, plus answers, to help you make your decision.

Does FAFSA Cover Coding Bootcamp?

The FAFSA does not cover coding bootcamps, as coding bootcamps are typically not eligible for federal financial aid. Schools that are eligible for federal aid include most accredited public, nonprofit schools, as well as some privately-owned, for-profit post-secondary institutions.

Can You Get a Student Loan for Bootcamp?

While federal student loans are not available, some private lenders offer student loans for coding bootcamp, though not all do. Some coding bootcamps may have a relationship with particular lenders. Whether or not this is the case, it can be wise to research multiple lenders to find a student loan that you can use for coding bootcamp and that also has reasonable rates and terms.

Can You Get Financial Aid for Coding Bootcamp?

You typically cannot qualify for federal financial aid for coding bootcamp. However, you may be able to find scholarships from coding bootcamps or private organizations. Plus, you can explore your options for private student loans, personal loans, income-share agreements, and tuition-guaranteed programs.

Can You Use a 529 Plan to Pay for Coding Bootcamp?

You can only use a 529 plan to pay for coding bootcamp if that program is offered by a school that’s eligible for federal student aid. As most coding bootcamps do not fit this criteria, withdrawals from a 529 plan for a coding bootcamp would likely not count as qualified educational expenses.

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The Takeaway

If you want to learn web development, make your own app, or become fluent in JavaScript, CSS, or another programming language, a coding bootcamp can teach you those skills and potentially help you in your career. If covering the costs of a coding bootcamp upfront are out of reach, you have various ways to pay for it, including scholarships, student loans, personal loans, and income-share agreements.

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.

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SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Getting into law school is competitive, especially if you’re aiming for a top-tier school. To make yourself the strongest candidate possible, you may be wondering about the best major for law school.

However, there’s no single path to law school admissions nor one best pre-law major; law students typically have a variety of academic backgrounds. Choosing a major that will equip you with the skills to succeed in law school — as well as help you earn good grades — is more important than selecting a specific pre-law field.

As you consider what undergrad degree to pursue for law school, read on for some help making your decision, including what are the most popular majors among law school students..

Do Law Schools Really Care About Your Major?

While law schools care about your GPA and LSAT scores, they don’t require you to study a specific major as a student. According to the American Bar Association (ABA), students from almost every academic discipline are admitted to law school.

According to the ABA, you may choose to major in subjects that are considered to be traditional preparation for law school, such as history, English, philosophy, political science, economics or business. Another option is to focus your undergraduate studies in areas as diverse as art, music, science and mathematics, computer science, engineering, nursing or education, if that’s what appeals to you.

Law schools want to see that you’ve challenged yourself as an undergraduate student. They also may appreciate relevant professional experience that you gained from an internship or job following graduation.


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How Should You Choose Your Pre-Law Major?

Rather than choosing a specific pre-law major, pursue a course of study that you find both interesting and challenging. Taking a range of difficult courses can prepare you for law school and help you develop skills you’ll need as a lawyer.

According to the ABA, some core skills to prioritize developing prior to law school include:

•   Problem solving

•   Critical reading

•   Research, writing, and editing

•   Oral communication and listening

•   Organization

•   Relationship building and collaboration.

By honing these skills through your courses, extracurriculars, and professional experiences, you’ll become a stronger candidate for applying to law school. Having some background knowledge and exposure to the law can also be helpful in your quest for law school admission. You might be able to gain this knowledge from legal courses, an internship, or post-graduation work.

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What Are the Most Popular Majors of Law School Applicants?

While there’s no single best major for getting into law school, some majors are popular among students accepted to law school. Here are some of the most popular pre-law majors, based on 2023 data from the Law School Admission Council (LSAC).

Top 10 Most Popular Pre-Law Majors

Here’s a look at the college major choices that many prospective law school students pursue:

1.    Economics: In 2023, 3,149 economics majors applied to law school, and 80% succeeded in getting in. As an economics major, you’ll likely study the global economic conditions that often play a major role in legal policy and reform.

2.    History: Among the 2,763 history majors who applied to law school in the 2023 enrollment year, 79.7% were accepted. Majoring in history can help give you the background knowledge, research experience, and writing skills that are helpful for law school.

3.    Philosophy: More than three-quarters (77.9%) of the 2,454 philosophy majors who applied to law school were admitted. Whether you focus on ethics, political philosophy, or another area, you’ll gain analytical, argumentation, logic, and communication skills that will benefit you as a future lawyer.

4.    English: English majors also tend to have a good shot of getting into law school. In total, 2,688 English degree holders applied, and 76.6% were admitted. The writing, editing, research, and communication skills you hone as an English major can be useful for the study and practice of law.

5.    Finance: About 76% of the 1,735 finance majors who applied to law school got it in. As a finance major, you might study business economics, accounting, and other related topics.

6.    Political Science: Political science is one of the most popular majors among law school applicants, as 13,659 political science majors applied to law school. Of that group, 75.3% were admitted. Studying political theory and system of government can help prepare you for a career in any specialty of the law.

7.    Psychology: Psychology majors also had a high acceptance rate at 72.9% out of 4,153 applicants. Studying human behavior can be helpful in many types of law.

8.    Arts and Humanities: Among the 2,493 arts and humanities majors who applied to law school, 72.3% were accepted. This large category could include a number of specialties, such as music, art, literature, and languages.

9.    Communications: If you want to study public speaking, journalism, public relations, or another communications field, you may be glad to find out that 69% of the 1,634 communications majors who applied to law school got in.

10.    Sociology: Rounding out the list of popular pre-law majors is sociology, or the study of social theory, policy, religion, human behavior, and related topics. According to the LSAC, 2,007 sociology majors applied to law school and 68.8% gained acceptance.

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Is Pre-Law a Major?

Pre-law is not a major at some schools, but you may work with a pre-law advisor as an undergraduate student. If you’re interested in going to law school, a pre-law advisor can help you select courses that will teach you about law. They might also have suggestions for paid or unpaid internships and other ways to expose yourself to the legal profession.

If your school does offer a pre-law major, your schedule might involve courses on law and other classes that build your analytical, reasoning, research, and writing skills. However, if you are in another program, you don’t necessarily have to rush to switch majors.

Choosing a challenging major that you enjoy, while also cultivating the skills that will help you succeed in law school, may be a better option than a pre-law major.

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The Takeaway

If you’re interested in pursuing a law career, there’s no single college major that you have to choose, since admissions officers accept students from a wide range of academic backgrounds. It can be wise to pick a major that you find interesting and that will also develop skills and knowledge that will help you succeed as you continue your studies.

Along with planning your academic journey, you might start thinking about the best way to finance law school. Grants, scholarships, federal financial aid, and private student loans can help you cover your cost of attendance.

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.

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SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

If you think biology or chemistry is the best college major if you want to attend medical school, that’s not necessarily true. Getting into medical school is highly competitive, but you can typically choose any undergraduate major, as long as you meet medical school prerequisites.

The best pre-med major is whichever one aligns with your interests, goals, and aptitudes. It should also be one that won’t stand in the way of earning good grades, as a high GPA will improve your chances of getting accepted to medical school.

Here’s a closer look at the best majors for pre-med students so you can pick the field of study that’s the best fit for you.

What Is the Best Pre-Med Major?

The term pre-med indicates that you plan to apply to medical school after you earn your bachelor’s degree, but it doesn’t require a specific major. Instead, it means taking the necessary medical school prerequisite courses, such as biology and chemistry. Some points to consider:

•   As long as you take those courses, you can major in any field of study, from biology to political science to English. Of course, choosing a major in the sciences can make it easier to fulfill your prerequisite course load. Plus, science courses may equip you with the concepts, vocabulary, and knowledge that will help you do well on the MCAT, the medical school admissions test, and in medical school in the future.

•   If, however, you know you’ll be devoting the rest of your life to the medical field, you may prefer to explore other interests in college, such as the humanities or math. Having a degree in a non-sciences field could also potentially help you stand out among the pool of applicants to medical school, especially if it equips you with a unique perspective or experiences.

Here’s a perspective to consider: In an article for the Association of American Medical Colleges (AAMC), Dr. Leila Amiri, Assistant Dean of Admissions & Recruitment at the University of Illinois College of Medicine, writes, “You don’t have to be a science major to apply to medical school … Medical schools want students who are authentic with genuine interests, so it’s best to major in what you want, not what you think they want.”


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Best Pre-Med Major Based on Matriculation Rate

When considering the best majors for medical school, one statistic you can look at is matriculation rate. This lets you know, of incoming students with various majors, how many enrolled as a student. Here’s how the data breaks down by undergraduate major.

As you can see, humanities and math majors have the highest matriculation rates into medical school, while specialized health sciences majors have the lowest. This data doesn’t necessarily mean that humanities and math are the best pre-med majors, though.

There are a lot fewer humanities and math majors applying to medical school in the first place, which could suggest that those who do apply are highly motivated to study for the MCAT and accept admission.

By contrast, health sciences students have various fields open to them and may choose to go to nursing school or another alternative program rather than enrolling in medical school. The cost of medical school and the length and rigor of the program can mean it’s not for everyone.

For these reasons, you may find that the best major for med school is the one that you find most motivating and satisfying.

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Best Pre-Med Major Based on Graduation Rate

Although the AAMC doesn’t share data on graduation rates by pre-med majors, it does reveal that the four-year graduation rate among all medical school students ranges from 81.7% to 84.1%. Six years after matriculating into medical school, the average graduation rate is 96% for non-dual degree MD students.

It’s worth considering how your choice of a major as a pre-med student will impact your chances of graduating on time. The medical school curriculum is science-based and will require you to understand scientific terms and use them in a sophisticated way in papers, projects, and exams.

If you choose a non-sciences undergraduate major, make sure to get up to speed on scientific concepts and terminology through your prerequisite courses, preparation for the MCAT, and other outside studies and experiences. While some sciences could seem like the best major for pre-med, they aren’t the only possibility.

Best Pre-Med Major Based on GPA and MCAt

Your GPA and MCAT play a major role in your chances of admission to medical school. Choosing a concentration where you can get good grades, then, may be a top priority when considering good majors for applying to a graduate school pre-med program.

According to AAMC data, math and statistics majors have the highest average GPA at 3.69. They also score highly on the MCAT, with an average total score of 511.9 (total MCAT scores range from 472 to 528).

Biological sciences and humanities majors follow close behind, with an average GPA of 3.65. Humanities majors beat out biological sciences majors in terms of MCAT scores, with an average score of 509 as compared to 506.3.

As with the other data points in this guide, remember that correlation does not equal causation. In other words, a math or humanities major doesn’t necessarily prepare you to score higher on the MCAT.

Since there are a lot fewer math and humanities applicants to medical school, this group may be more self-selecting and represent some of the most academically strong students. At the same time, this data should reassure you that choosing a non-sciences major won’t necessarily be a roadblock on your journey to medical school.

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Best Pre-Med Major Based on Number of Applicants

In the 2023 to 2024 school year, 52,577 students applied to medical school, according to the AAMC. Here’s how many of those students majored in the biological sciences, humanities, social sciences, and other majors.

As you can see, more than half of applicants to medical school majored in the biological sciences. Majoring in biology can help you meet your prerequisite course load, as well as prepare you for the types of classes you’ll be taking in medical school.

However, majoring in biology isn’t required, and choosing an alternative major could help you stand out among applicants. When choosing a major, whether you’re aiming for a B.A. or a B.S., consider what will best prepare you to meet your future goals, and commit yourself to earning a strong GPA and MCAT score.

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Takeaway

Are there best majors for med school? While the majority of medical school applicants (57%) major in the biological sciences, that’s not required to get into medical school. While you may have to take some science class prerequisites as an undergraduate, your choice of major is entirely up to you.

As the data shows, choosing a non-science major isn’t necessarily an obstacle, as humanities and math majors had some of the highest GPAs and MCAT scores among all medical school applicants.

When choosing your college major, consider your personal interests and aptitudes, and work closely with your advisor to make sure you’re fulfilling all your major and pre-med requirements.

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.

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SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

College tuition inflation since 1980 has been rising. In fact, widely cited statistics have consistently shown college tuition rising faster than inflation.

It’s no secret: College tuition is on the rise, and it has been for years. According to the most recent data from the National Center for Education Statistics, during the 2021-2022 academic year, tuition and fees costs at undergraduate institutions were:

•   $9,700 at public institutions

•   $17,800 at private for-profit institutions

•   $38,800 at private nonprofit institutions

Between 2008-2009 and 2018-2019, costs rose 28% at public institutions and 19% at private nonprofit institutions. However, the costs for private for-profit institutions have reduced 6% in 2018-2019 compared to 2008-2009.

In comparison, public institutions cost $9,100 in 2010-2011, private for-profit was $19,400, and nonprofit institutions cost $34,000 in the same year, according to NCES , a subagency of the U.S. Department of Education.

Why has college tuition outpaced inflation, anyway? We’ll walk you through a complete guide to understanding college tuition vs inflation and the reasons college tuition has outpaced inflation over time.

What Is the College Tuition Inflation Rate?

First of all, inflation refers to a decrease in how much individuals can purchase with their money, based on increases in the prices of goods and services. According to Macrotrends, the general U.S. inflation rate for 2022 was 8%. Inflation peaked at 13.55% in 1980, at its highest levels since 1960.

Each college has its own tuition rate increase per year, so to get an accurate measure of an individual college’s tuition inflation rate, you can use the Bureau of Labor Statistics (BLS) inflation rate calculator to calculate the current inflation of college tuition rate for each institution based on previous tuition costs.

Ultimately, the average cost of tuition has increased nearly 180% over the past 20 years, even after accounting for inflation.

How Does Inflation Affect College Tuition?

When the cost of goods goes up, colleges and universities offset the increased cost of operating by increasing tuition costs.

The Higher Education Price Index (HEPI), which measures the price changes of items that allow universities to stay afloat, doesn’t align exactly with the Consumer Price Index, which refers to what consumers pay for goods.

It can be difficult to make an apples-to-apples comparison between rising tuition at colleges and universities and changes in inflation because the HEPI is affected by more than just the cost of goods. For example, administrators, professors, financial aid professionals, admission counselors, and others also require salary increases on top of the miscellaneous expenses associated with keeping college and university facilities running.

Why Is the Cost of College Rising?

There are other reasons that cause tuition, room, board, and fees to increase from year to year. In the next section, let’s explore the reasons that it becomes more expensive to run a school. We’ll discuss state funding availability, demand, and financial aid.

Less State Funding

Declining state funding has influenced tuition costs at state universities as health care and pensions increase for state employees.

As a direct result of the last two economic recessions, education appropriations remain 6% and 14.6% below 2008 and 2001 levels, respectively, according to the 2022 State Higher Education Finance (SHEF) report produced by the State Higher Education Executive Officers Association (SHEEO).

However, state funding for financial aid has increased steadily for two decades. State and local funding reached $100 billion for higher education for the first time in fiscal 2019.

More Demand

As demand rises, costs increase as well. More than five million more students attended U.S. colleges in 2017 than in 2000, though between fall 2010 and fall 2021, total undergraduate enrollment decreased by 15% (from 18.1 million to 15.4 million students), according to the most recent data from NCES.

Despite recent statistics, it’s still evident that the demand for higher education has continued to increase over the past few decades. The dependence on a highly skilled workforce and growing wage differences between college and high school graduates means more students choose to attend college and drive up the demand for higher education. Higher education prices must increase in response to a growing student population.

More Federal Aid

The 1987 Bennett hypothesis (named after President Ronald Reagan’s secretary of education, William Bennett), stated that colleges will raise tuition when financial aid increases, especially subsidized federal loans that offer low interest rates. In other words, the theory was that colleges can raise prices because federal financial aid will cover the excess costs and students can offset the cost increase with federal student loans.

Is the Bennett hypothesis still a worry today?

The New York Federal Reserve compiled a 2015 study that supports that finding. It found that student credit expansion of the past fifteen years has risen with college and university tuition.

Why Has College Tuition Outpaced Inflation?

It’s not easy to pinpoint one single reason for the rise in college tuition — you might be quick to blame governments that face deep deficits and cannot subsidize the full costs of higher education. However, the truth is that the costs of outpaced inflation are multifaceted.

Colleges often attempt to raise tuition to appear competitive with similar institutions, increasing costs across the board. University presidents also face enrollment demands and increases in HEPI also inflate budgets. That’s why high school students, together with their families, may want to carefully plan for the costs of attending a particular institution.

Some options for students who are looking into financing their education might include finding work during the summer, applying for financial aid, or looking into payment tuition plans.

College Tuition Inflation Since 1985

According to data from the NCES, since 1985 the average college tuition at all institutions has increased nearly $20,000 from $4,885 to $24,623 during the 2018-2019 school year. That number is even higher when considering the cost of attending a four-year institution, which in 1985 was $5,504 and during the 2018-2019 school year increased to $28,123

College Tuition vs Inflation

The increase in college tuition and fees have outpaced the rise of inflation for decades. According to Forbes, the cost of attending a four-year college or university during the 2021-2022 school year was increasing at double the rate of inflation. The cost of attending a two-year community college is increasing a third faster than the rate of inflation.

However, in light of the COVID-19 pandemic, this has changed slightly. From the 2020-2021 school year and the 2021-2022 school year, tuition and fees increased by about 0.6% on average, while overall prices in the U.S. increased by 3.2%, according to Bloomberg based on data from the BLS.

The Takeaway

College tuition has increased dramatically — increasing by nearly 180% in the past 20 years. The reasons for such an rise in tuition can be attributed to a variety of factors including less state funding, an increase in demand, and even an increase in the amount of federal aid awarded.

Despite the seeming downsides to inflation and college costs, SoFi can offer some major perks to help you pay for school with our private student loans. Note because private student loans don’t offer the same benefits as federal student loans (like income-driven repayment options), private student loans are generally considered only after students have carefully reviewed all other sources of funding and financial aid.

But, if private student loans seem like an option, you can check your rates and apply in minutes and easily add a cosigner if you so choose.^* Borrowers can choose from four flexible repayment options and there are no fees.

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Nursing can be a rewarding career in a couple of important ways. It involves caring for the health of others and helping them through what can be a challenging moment in their lives, which can be satisfying. A nursing degree can mean job stability as well. According to the Bureau of Labor Statistics, demand for nurses will increase at 6% per year, faster than the average career growth. And here’s one other important fact: The average registered nurse salary is at a median of $81,220 per year. Compare that with the median US salary for the same period of $54,132, and you can see that nursing can be a lucrative career, too.

The average nursing salary will vary depending on the type of nursing you do. For instance, there’s the average nurse salary vs. the average registered nurse salary vs. the average nurse practitioner salary. Qualifications and other factors will determine how much you make as a nurse.

Read on to learn more about this important topic. The information that follows can help you decide if nursing is the right career path for you, and, if so, which type of nursing you want to pursue.

Average Salaries for Different Types of Nurses

Wondering, “How much do nurses make?” First, understand that when considering nursing as a career, it’s vital to know about the different types of nurses. Each has its own education and certification requirements.

•   A licensed vocational nurse (LVN) or licensed practical nurse (LPN) is one of the lowest-paid jobs within the nursing field. Job responsibilities are typically similar for LVN and LPNs. California and Texas use the term LVN, while the rest of the country uses the designation LPN. These positions also have the lowest educational requirements.

While LVN/LPN roles don’t always require a college education, there are usually state-approved training certification programs. Most of these courses take aspiring LVN/LPNs one year to complete, and then they must pass the NCLEX-PN examination for state licensing. How much does a nurse make a year with this kind of credential? The average salary for LVN/LPNs as of 2023 was about $50,580 annually.

•   Aspiring registered nurses (RN) typically need a bachelor’s or associate’s degree from an accredited program. There are also some accelerated programs available and some second degree programs for students who already have a bachelor’s degree in another field.

After successfully completing their chosen coursework, nursing students must then pass the NCLEX-RN exam in order to become a certified RN. In addition, RNs usually must obtain a state license after passing the NCLEX-RN exam.

To drill down on the details here, know that each state has its own licensing board. You may want to research the specific requirements in the state where you plan to practice. How much do RNs make? The average RN salary as of 2023, as noted above, was approximately $88,220 per year. (Below you will find state-by-stage nursing salaries, though not specifically for RNs.)

Next, consider the career of a Clinical Nurse Specialists (CNS). This type of nurse has gone a step beyond RN and pursued additional education. At a minimum, you must have a master of science in nursing (MSN) to become a CNS.

A CNS typically trains extensively in a specialty area, such as emergency medicine, oncology, or women’s health. At the end of 2023, the average salary for a CNS was $99,148 annually, which is higher than the RN salary, reflecting the additional education and skills.

•   A Nurse Practitioner (NP) holds an advanced degree, but their responsibilities vary slightly when compared with a CNS. For example, in most states, a nurse practitioner is able to prescribe medication, while a CNS is not. The average nurse practitioner salary at the end of 2023 was $124,680 annually.


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Average Salaries and Location

Here’s another factor that can impact the average nurse’s salary: location. After all, wages and overall cost of living can vary dramatically depending on whether you live in, say, a small town or close to a pricey urban center.

Check this chart to see how average nurse salaries compare state by state. Note that these figures reflect LPN salaries, which are at the lower end of the spectrum, but they can give you an idea of how much nurses make by location. This could be good information to consider when deciding where to practice.

How Much Does it Cost to Get a Nursing Degree?

The cost of getting a nursing degree varies based on the type of nursing program you choose. Each of the nursing positions listed above requires different degrees and certification.

•   The process to become an LVN/LPN generally costs between $1,000 and $5,000.

•   Taking an RN two-year associate’s program can cost $3,500 per year at public institutions; $15,470 per year at private schools.

•   An alternative is to become an RN through a four-year bachelor’s program. This process works similarly to most other bachelor’s degree programs and typically costs the same as a four-year college or university.

•   In addition to having already been an RN, both CNS and NP careers require advanced degrees. Typically, a masters of science in nursing (MSN) is required for both positions, which can cost between $18,000 to $57,000 in total.

•   Some choose to further their education, becoming a Doctor of Nursing Practice (DNP). These degrees can be expensive but also have the potential to increase a nurse’s salary. After a master’s degree, expect to pay an additional $20,000 to $40,000, but your nursing salary is likely to rise, too.

There are usually costs beyond nursing school tuition. You’ll likely have to buy textbooks and supplies like a lab coat, scrubs, and a stethoscope. Many programs also charge additional lab fees each semester. Many schools will require nursing students to take out liability insurance and get some mandatory immunizations.

After graduating from your chosen program(s), you’ll also likely want to factor in the cost of licensing and exam fees as you enter the job market.


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Paying for Your Nursing Degree

Becoming a nurse can be a pricey process, depending on the path you choose. But there are options available to help students pay for their nursing degree. The American Association of Colleges of Nursing has a database of scholarships for nursing schools. As you may know, scholarships don’t need to be repaid. This can make them an especially valuable resource in making ends meet as a nursing student.

In addition, federal aid, including grants, scholarships, work-study, and federal student loans could provide some relief. To apply, students must fill out the Free Application for Federal Student Aid (FAFSA) each year.

Student Loan Forgiveness Options for Nurses

There are a number of student loan forgiveness programs available to nurses. Keep in mind that each typically has its own program requirements, so it’s helpful to review them closely to determine whether you qualify.

•   Public Service Loan Forgiveness (PSLF) forgives certain federal Direct loans after 10 years of qualifying, on-time payments. This program is open to borrowers who work for a qualifying organization. You can find details online about qualifying for the PSLF program to see if you could benefit from it.

•   The NURSE Corps Loan Repayment Program will repay a portion of a nurse’s eligible student loans when they work full time at a Critical Shortage Facility or as a faculty member at a qualifying nursing school. Those accepted by the program are eligible to have 85% of their outstanding loan balances forgiven over a two-year commitment.

•   The National Health Service Corps Loan Repayment Program provides loan forgiveness to qualifying nurses who commit to working for two years in clinical practice at a National Health Service Corps site.

Repaying Student Loans after Nursing School

If you borrowed federal or private student loans to help you pay for nursing school, developing a repayment strategy can be valuable. Not only will it set you on a path to repaying your debt, it can teach you valuable budgeting skills as well.

If you don’t qualify for any of the available loan forgiveness options, federal student loans come with a few different student loan repayment plans so you can find the option that works best for your budget.

If you relied on private student loans to help you pay for your tuition at nursing school, you may want to review your repayment terms. Each lender will determine their own terms and conditions for the loans they lend.

As you develop a game plan to help you repay your student loans, one option to consider is student loan refinancing.

When you refinance a loan, you take out a new loan with new terms. This loan can then be used to repay your existing loans. If you borrowed multiple loans, that means you could have the option to consolidate them into one single monthly payment — potentially with a lower interest rate.

However, it’s important to keep in mind a couple of factors:

•   You may pay more interest over the life of the loan if you refinance with a longer term.

•   If you are considering refinancing federal student loans, know that they come with an array of benefits and protections that are forfeited if you refinance.

To see how refinancing could impact your student loan, you can take a look at this student loan refinancing calculator.

The Takeaway

Nursing can be a challenging but rewarding profession, and the average nurse salary could provide a well-paying career. How much do RNs make? The typical salary currently tops $88,000. There are different kinds of nursing degrees and positions, so it’s wise to do your research to understand what each one requires and which might best suit your needs. Also, financing your education as a nurse can also need research to understand the obligation and how you might fund it.

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.

SoFi Student Loan Refinance
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