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If you’re a borrower who paid interest on a qualified student loan, it’s possible to deduct some or all of that interest on your federal income tax return with a special tax form for student loans.

To do so, you’ll need to acquire a student loan tax form commonly known as IRS Form 1098-E. You can use this form to report how much you paid in student loan interest. One copy will go to the IRS, and you’ll keep the other.

To learn how to get your hands on your student loan tax form, when to deduct student loan interest and how to file a student tax form, keep reading.

What Are the Tax Forms for Student Loans?

The IRS Form 1098-E is a tax form for student loans that’s sent out by your loan servicer, or the company that collects your student loan payments. Sometimes, your lender services their own loans. Other times, they hire an outside service to collect their payments for them.

The loan servicer is required to send borrowers a 1098-E to complete their taxes if the borrower owes at least $600 in student loan interest. Typically, they’ll get them out by the end of January, since the interest forms for student loans and tax season coincide.

If you have more than one loan servicer, you’ll receive a 1098-E form from each.

The Purpose of a Student Tax Form

The student loan tax form is designed to give people with student loan debt the opportunity to deduct some or potentially all of the interest the debt accrues on their federal income tax return.

If you paid at least $600 in interest on a qualified student loan, the lender you paid that interest to should send you a 1098-E. Regardless of how many student loans you have, the $600 threshold still applies.

Recommended: What is the Average Student Loan Debt After College?

Uses of a Student Loan Tax Form

The student loan tax form is used to calculate your student tax interest deduction on your tax return.

As long as you meet certain conditions, you may be eligible to deduct up to $2,500 in student loan interest from your taxable income:

•   You are filing separately and/or not married

•   Your income is below the annual limit

•   You are legally obligated to pay the interest, not someone else

•   If you’re filing a joint return, neither you nor your spouse is being claimed as a dependent on another person’s tax return

The eligibility for the student loan interest deduction is determined based on a borrower’s modified adjusted gross income (MAGI), or their adjusted gross income (AGI) after factoring in any tax penalties incurred and allowable deductions. At a certain higher income bracket, the deduction is reduced or eliminated.

•   For taxpayers filing as single: The deduction is reduced once they have $75,000 of modified AGI and it’s eliminated at $90,000.

•   For taxpayers filing jointly: The deduction is reduced at $150,000 of modified AGI and it’s eliminated at $180,000.

Getting Your Student Tax Form

To obtain your college student tax form and ensure you aren’t missing any tax documents this season, there are a few steps you can take:

1.    Go directly to your loan servicer ’s website, where a downloadable 1098-E form will likely be available.

2.    Contact your loan servicer via telephone if you’re unable to visit their website.

3.    If you don’t know who your loan servicer is, visit StudentAid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID, then complete steps 1 and 2.

Finally, note that student tuition tax form 1098-E is not available for download through the Federal Student Aid website .

There are plenty of useful tools on the site to get you where you need to go, but, ultimately, you can’t download your student loan tax form directly from the website.

If you have private student loans, contact your lender directly.

Recommended: What Is IRS Form 1098?

Filling Out a Student Loan Interest Tax Form

When it comes to filling out a college student loan tax form, the IRS provides detailed instructions for the 2023 tax season to help financial, educational, and governmental institutions and borrowers cover all their bases.

At the most basic level, according to the IRS , if a loan servicer receives student loan interest of $600 or more from an individual during the year in the course of their trade or business, they must:

•   File a 1098-E form and;

•   Provide a statement or acceptable substitute, on paper or electronically, to the borrower

There are two boxes on the 1098-E form:

•   Box 1 is the amount of student loan interest received by the lender. It’s important to note, this figure represents interest paid, not loan payments made.

•   Box 2, if checked, denotes the fact that the amount in Box 1 does not include loan origination fees and/or capitalized interest for loans made before September 1, 2004.

Once you receive the 1098-E form, it’s up to you to include it when you file your taxes.

When to Deduct Student Loan Interest?

Student loan interest tax deduction is a type of federal income tax deduction that lets student loan borrowers deduct up to $2,500 of the interest paid on qualified student loans from their taxable income. It’s one of many tax breaks available to students and their parents to help them pay for college.

To know when to deduct student loan interest, it’s important to know if you meet the necessary qualifications:

•   Your student loan was taken out for the taxpayer (you), your spouse, or your dependent(s).

•   Your student loan was taken out when you were enrolled at least half-time in an academic program that led to a degree, certificate, or recognized credential.

•   Your student loan was used for qualifying education expenses such as tuition, textbooks, supplies, fees, or equipment (not including room and board, insurance, or transportation).

•   Your student loan was used within a “reasonable period of time,” and its proceeds were disbursed 90 days before the beginning of the academic period in which they were used or 90 days after it ended.

•   The college or school where you were enrolled is considered an eligible institution that participates in student aid programs managed by the U.S. Department of Education.

Do International Students Have a Different Tax Form?

For international students, it’s possible to deduct student loan interest from a foreign country, as long as their student loan is qualified (meeting the requirements listed above) and they’re legally obligated to make student loan payments on that loan.

There’s no need for international students to acquire a special international student tax form, however. The year-end financial statement from their loan servicer is typically sufficient enough proof for them to claim the student loan interest.

The Takeaway

If you paid interest on a qualified student loan for yourself or a dependent, you can likely deduct that interest on this year’s tax return. Once you’ve determined when and whether you’re able to deduct student loan interest and how to file a student loan interest form, you can simply wait for your loan servicer to send along a copy of your 1098-E or visit their website.

When you work with a private student loan lender like SoFi, you can access your 1098-E online, making it even easier to file your taxes and deduct student loan interest without waiting by your mailbox.

Photo credit: iStock/FG Trade

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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.

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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After attending college, you might have a hefty student loan you need to pay off, and you might also have some credit card debt you’re ready to eliminate.

Having two (or more) separate payments each month, as well as more than one interest rate, can get messy, and could negatively impact your credit if you don’t make all the minimum payments required. You may be wondering if it’s possible to consolidate student loans and credit card debt together to make things easier.

We’ll look at the differences between debt consolidation, debt refinancing, student loan consolidation, and student loan refinancing, plus explore your options to lower your interest rates and possibly get one single payment for all your student loan and credit card debts.

What Is Debt Consolidation?

There are two different ways you can change what your debt looks like: debt consolidation and debt refinancing.

It’s important to understand that when it comes to loans and credit cards, consolidating is different from refinancing. Refinancing refers to changing the financial terms of a debt. Maybe when you took out your student loan, for example, interest rates were higher than they are now. You might be able to refinance your loan with current, lower rates or you could refinance to extend the loan term.

Debt consolidation, on the other hand, refers to combining more than one debt into a new loan with a single payment. Maybe you have three different credit card balances and you take out a new loan to pay them off. Now, those three credit cards have a zero balance and you’re left with a single monthly payment and a new interest rate and terms with the new loan.

But is consolidating credit cards and student loans together possible? Or are they two different animals?

Consolidating Student Loans

The U.S. Department of Education offers what’s called a Direct Consolidation Loan, which consolidates all your federal education loans that qualify into one new loan with a single interest rate, typically the average of the loans you’re consolidating. When you consolidate federal student loans, you keep federal benefits, such as income-driven repayment plans and student loan forgiveness.

Student loan consolidation may be useful if you have federal loans from different lenders and are making more than one payment per month. However, your interest rate won’t necessarily be lowered, nor will you be allowed to consolidate private student loans or credit card debt.

So, what can you do if you have private student loans you want to consolidate or other loans that don’t qualify for the Direct Consolidation Loan? And what if you want to consolidate student loans and credit card debt together?

Before we get to the solution, let’s talk about consolidating credit cards.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Consolidating Credit Cards

Just like with student loans, you may have multiple credit cards each with their own balance, interest rate, and minimum payment due each month. This can make paying off all this debt next to impossible and feel like you’re treading water as you pay the minimum amount due on each card.

With credit card consolidation, you take out a new personal loan and pay off all outstanding credit card debt.
You then have one payment and one interest rate (which may often be significantly lower than some astronomically high rates for credit cards). You’re now making one monthly payment for all your credit card debt. Sounds good, right?

How to Consolidate Student Loans and Credit Card Debts

As discussed, with a Direct Consolidation Loan, you can’t add credit card debt to the consolidation loan. Direct Consolidation Loans are reserved for federal student loans only.

However, if you’re wanting to consolidate both student loans and credit card debts, there are options you can consider.

Personal Loan

One way to pay off different types of debt is with a personal loan. While personal loans may have higher interest rates than you’re paying for your student loans, the rates for personal loans may be significantly lower than credit card interest rates if your credit is good.

By taking out a personal loan, you may be able to pay off all of your student loans and credit card debt. Your debt is now rolled up into one monthly payment with one interest rate.

The higher your credit score, the lower the interest rate you may qualify for with a personal loan. But even if you don’t get a fantastic rate, you can extend the loan term to make your payments more manageable. And, of course, you can usually pay off a personal loan early without penalty, which can cut down on what you’d otherwise pay in interest.

Balance Transfer

If a personal loan isn’t for you, check to see if you have a credit card with a balance transfer offer. Often, credit cards will offer a promotion of 0% on any balances from other credit cards or loans transferred. Take note though: often these promotions end after a year, and then you’re stuck with the interest payment on the remaining balance.

A balance transfer makes sense if you know you can pay off your debts within a year. If you have a large amount of credit card debt or a high student loan, this may not be the best solution if you can’t pay it off quickly. Instead, you might consider transferring the amount of your debts that you know you can pay off within the timeframe.

Alternatives to Consolidation

If you’re hoping to consolidate student loans and credit card debt together, taking out a personal loan or using a transfer balance are two options to explore.

You might also look at a debt reduction strategy, such as the Avalanche Method or the Snowball Method.

The Avalanche Method

The Avalanche Method focuses on paying off your debts with the highest interest rates first. Once those are paid off, you put that money toward the debts with the next highest interest rates, and so on and so forth, until they are all paid off.

The Snowball Method

With the Snowball Method, you focus on the largest balance first. Put extra money toward paying that off, then when it’s paid off, move to the next largest balance.

Continue Payments

Whatever strategy you choose, the key is to keep making payments. And if possible, pay more than the minimum amount due. Even paying an additional $25 a month on a debt will help you pay it off faster and reduce the total amount of interest you pay overall.

Student Loan Refinance Tips from SoFi

Because student loans are often the largest debts people carry (even if they don’t have the highest interest rate), you may want to have a separate strategy for paying off your student loans.

When you refinance student loans, look for loans that offer a longer time period if you want a smaller monthly payment. However, keep in mind that with a longer loan term, you’re likely to pay more in interest over the life of the loan.

Also, if you plan on using federal benefits, it’s not recommended to refinance with a private lender. Instead, look into a Direct Consolidation Loan or refinance your student loans once you’re no longer using federal benefits.


💡 Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.

The Takeaway

While it may be challenging to consolidate student loans and credit card debt together, you may be able to do so with a personal loan or a credit card balance transfer. Using one of these methods allows you to transfer these debts into a single loan with a single payment and interest rate.

However, if a personal loan or balance transfer credit card isn’t an option, you could consider refinancing your student loans to possibly lower your interest rate and save money each month. The money you save could then be put toward paying off your credit card debt.

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

FAQ

Do I lose my credit cards if I consolidate?

Consolidating credit card debt does not cause you to lose your credit cards. It merely wipes out the debt on each card you include in the consolidation.

Will consolidating my student loans lower my credit score?

If you use the Direct Consolidation Loan, this will not impact your credit score. However, if you consolidate your student loans with a personal loan or through student loan refinancing, it may impact your credit.

Can my student loans be forgiven if I consolidate?

If you consolidate your loans with a Direct Consolidation Loan, you’re still eligible for student loan forgiveness. However, if you refinance your student loans with a private lender, you are no longer eligible for federal benefits, including loan forgiveness.

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Photo credit: iStock/PeopleImages

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.

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

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If you want to start a business, one thought may go through your mind (particularly if you’re funding your business out of pocket): “If I didn’t have to repay my student loans, I’d have more money to put toward my business.”

No doubt about it, student debt can be steep. The current average federal student loan debt per borrower is $37,338 and $54,921 per private loan borrower. Student loan borrowers who feel stymied by their debt may wonder how to get their business idea off the ground.

If student loans gobble up a chunk of your cash every month, refinancing might free up funds to put your fledgling business on the right track. Read on to learn how refinancing student loans can benefit the launch of your new business.

What Is Student Loan Refinancing?

Before diving into the definition of student loan refinancing, let’s discuss the components that make up a student loan: principal, interest rate, and loan term.

•   Principal: The principal is the original amount that you borrowed, which you will repay with interest over time.

•   Interest rate: The interest rate is a percentage of the loan principal that you pay monthly — on top of a portion of the principal. This is charged by the lender and is how they earn money while lending you cash.

•   Loan term: The loan term is the amount of time in which you will repay your loan.

Student loan refinancing means replacing your existing student loan with a new student loan. You can refinance either federal or private loans with funds from a private lender. There are two important points to keep in mind if you are considering refinancing. These factors can help you determine if refinancing is a good fit for you.

•   When you refinance federal loans with a private loan, you forfeit federal protections and benefits, such as deferment and forbearance.

•   If you refinance for an extended term, you may end up paying more in interest over the life of the loan, even if your monthly payment is lower.

💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Benefits of Student Loan Refinancing

Some of the key reasons to refinance your student loans include the following:

•   Potentially lowering your interest rate: Reducing your interest rate on your student loans can save you a lot of money over time because you won’t pay as much in interest per monthly payment. Check with various lenders to ensure you’re getting the lowest interest rate possible. You can usually get the best rates by having a strong credit score and a steady source of income. Your credit score is the three-digit number that reflects how well you’ve paid back debts in the past.

•   Reducing your monthly payment: When you work with a lender to extend your loan term, you may reduce your student loan payments per month. For example, you may extend your loan term from 10 years to 15 years, though the specific options will depend on your lender. Note, however, as mentioned above, that extending your term often means you’re likely paying more interest over the life of your loan.

•   Obtaining a single monthly payment: Instead of making multiple monthly payments, you can refinance and make one monthly payment. Sticking to one monthly payment can help you stay organized and make your payments on time. You don’t have to refinance all of your student loans, however. For example, if you have five student loans and you have a low interest rate on one and a high interest rate on the rest, you could refinance just those four. Use a student loan refinance calculator to determine how different refinance scenarios might work to your advantage.

•   Choosing between variable- and fixed-rate loans: Refinancing may allow you to choose between a fixed- or variable-rate loan. A fixed-rate means your interest rate stays the same throughout the life of the loan, while a variable rate changes — and could increase or fall over time.

Note that you can also consolidate student loans, which involves combining several federal student loans into one loan, through the Direct Loan Program.


💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

How Refinancing Student Loans Can Benefit a New Business

So, how exactly does refinancing student loans benefit a new business? Here’s a closer look.

1. Lower Your Loan Payments

As mentioned earlier, refinancing can help lower your loan payments by possibly offering a lower interest rate and/or by stretching out your loan term. Lowering your monthly payments can allow you to devote more financial resources toward your new business. You can also use the extra money to pay for household expenses or financial goals, like the down payment on a house or your retirement nest egg.

2. More Money to Get Business Loan

First, to clarify: Using student loans to start a business is a no-go. Student loan money should go toward education costs, living expenses, and housing. When you refinance, you can lower your monthly repayment amount. That can help your overall financial outlook. Then, if you apply for a business loan, you may have a more creditworthy profile.

A bank or credit union will review your financial information to evaluate your qualifications for a business loan. If you refinance your student loans and lower your monthly payment, that could help improve your debt-to-income ratio (DTI), an important indicator when you apply for a loan. Your DTI is calculated by all your monthly debt payments divided by your gross monthly income. If you lower a component of your monthly debt (say, your student loan), you can lower your overall DTI, which is a positive.

3. Use Business Income to Pay Student Loans

Are you wondering, “Can my business pay my student loans?” The answer to that is “no,” if you mean pay directly through your enterprise. However, if you launch a business and earn income, of course you can use your pay to eliminate your debt, whether from a student loan or another source.

Keep in mind that as a business owner, you could get tax breaks that other taxpayers can’t claim, but you can’t deduct the principal payments you make on student loans.

Recommended: How to Get Out of Student Loan Debt

Refinancing Student Loans With SoFi

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

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

FAQ

Can you start a business if you have student loans?

Yes, you can start a business if you have student loans, but it may be harder to access business credit and save cash to put toward your business. No matter what, you must keep up with your student loan payments. Not making your payments can hurt your credit score later, which in turn can hurt your application for a small business loan.

How do I start a student loan?

You can apply for federal student loans by filing the Free Application for Federal Student Aid (FAFSA), which helps determine the amount of federal student aid you can receive. You can apply for private student loans on lender websites.

Can I get an SBA loan with defaulted student loans?

Through the Small Business Administration, SBA loans require potential borrowers to keep up to date on student loan payments. Unfortunately, you could become ineligible with defaulted student loans.

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

SoFi 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.

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.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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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As a student, you must submit a new FAFSA each school year. It’s the only way to learn the types of federal aid you qualify for, including student loans, grants, and work-study programs. Plus, other student aid programs piggyback off the FAFSA, so it’s worth submitting even if you’re not expecting federal aid.

Keep reading to find detailed instructions on how to complete the 2025-2026 FAFSA. We’ll walk you through the required fields and highlight changes from previous forms.

Documents You’ll Need

Before you sit down to fill out the online FAFSA application , it’s best to have the following documents or information handy, especially if you want to fill out the FAFSA as quickly as possible. Documents needed include:

•   Completed tax returns

•   Parents’ SSNs if you’re a dependent student

•   Child support records

•   Cash, savings, and checking account balances

•   Investment, business, or farm net worth

How to Fill Out the FAFSA in 6 Steps

Ready to file the FAFSA? First, check your watch.

Ensure you have at least an hour to fill it out. Most people find that it takes around one hour to complete, including gathering the personal and financial information you need.

Here’s how to fill out the FAFSA step by step.

Step 1: Create an Account

The preferred way to complete the FAFSA is online, as you’re likely already aware.

But where do you fill out the FAFSA?

You can do so for free at fafsa.ed.gov — remember that you should never pay any site to file the FAFSA.

Create a StudentAid.gov account before you start the FAFSA. Ensure your name and Social Security number (SSN) look exactly as they do on your Social Security card.

The individuals who must include information on the form — a spouse, a biological or adoptive parent, or your parent’s spouse — must all have an FSA ID (account username and password). However, contributors without an SSN can create an account to fill out their portion of the 2025-2026 form.

A contributor is anyone required to provide information and approval to have their federal tax information transferred directly into the FAFSA form. This person, while not required to pay for a student’s college education, may include a student’s spouse, a biological or adoptive parent, or a stepparent.

Step 2: Provide Personal Information

After logging in, select either “student” or “parent,” depending on whether you are the student or parent filling out the form. We’ll assume that you’re filling it out as a dependent student for the next few steps.

What is a dependent student vs. independent student? Check out the full list of dependent vs. independent qualifications . Independent students will also answer the same basic set of questions and add spouse information if they are married.

You’ll start by filling out basic personal information, such as:

•   Name

•   Birthdate

•   SSN

•   Email address

•   Mobile phone number

•   Mailing address

Next, as a dependent student, you’ll indicate personal circumstances, such as marital status, college or career school plans, and any unusual personal circumstances.

You’ll answer questions about your parents and “invite” your parents to fill out the FAFSA information. You’ll also answer questions about:

•   Gender identity (though you can select “prefer not to answer”)

•   Race and ethnicity (you can also select “prefer not to answer” here)

•   Citizenship status

•   Parent education status

•   Whether a parent was killed in the line of duty

•   Student’s high school completion status

•   High school information

Step 3: Add Dependent Student Financials

Next, you’ll fill out information about your tax returns and assets (including any cash, savings, and checking accounts you have, or businesses, investments, farms, and/or real estate).

Step 4: Select Colleges

In this section, select colleges you’re considering. You can choose up to 20 colleges or universities where you want your FAFSA recognized. You can search based on city, state, or college name.

Step 5: Review Page and Add Signature

The review page shows the responses you’ve added to the FAFSA. You can review all responses by clicking “Expand All” or show each section individually. Select the question’s hyperlink to edit. Once you invite a parent to the form, you can see the status of the parent invitation.

Finally, you acknowledge the terms and conditions of the FAFSA form and sign, which means you’ve submitted your section of the FAFSA form. It’s not considered complete, however, until a parent signs their portion.

Recommended: Who Qualifies for FAFSA? FAFSA Requirements

Step 6: Parents Add Information

Once a dependent student invites a parent and they log in, the parent will receive information about onboarding. They will add their:

•   Name

•   Birthdate

•   SSN

•   Email address

•   Mobile phone number

•   Mailing address

The parent must provide consent to transfer federal tax information directly from the IRS into the Parent Financials section.

The FAFSA form will also ask the parent about:

•   Demographic information

•   Marital status

•   State of legal residence

•   Finances

•   Federal benefits

•   Tax filing status

•   Family size

•   Number of kids in college in the household

•   Tax return information

•   Assets

Next, the FAFSA will prompt questions about that parent’s spouse or partner, walk through a review page similar to the student review page, and ask for a signature where the parent acknowledges the terms and conditions of the FAFSA form. Finally, the parent signs that section.

Can a parent fill out the entire form on a student’s behalf, without student consent or signature?

Yes. A parent can fill out the entire FAFSA on behalf of the student indicating from the very beginning that they are filling it out as a parent.

If You Need Additional Help Filling Out the FAFSA

If you need help filling out the FAFSA form, you can click on the white question mark icon next to each FAFSA question to reveal a tip on how to answer that question. You can also visit the FAFSA Help Center to learn more about the recently updated form, look at our FAFSA guide, or watch the FAFSA tutorial video .

You can also chat with Aidan, the virtual assistant, or access the Federal Student Aid Information Center .

Finally, you can get help through the financial aid office at the college or career/trade school you plan to attend. They will often walk through the form with you.

Recommended: Avoid These Common FAFSA Mistakes

What Happens After You Submit the FAFSA?

After you hit the “submit” button, you should receive an email version of the submitted confirmation page and a notification via email that your FAFSA form was processed and sent to the schools you requested.

Finally, the government calculates your Student Aid Index (SAI), which lets schools determine the amount of aid you can receive. It also helps schools determine the financial aid you can receive from that particular institution. The financial aid office at each school will send you a financial aid award letter, which may include types of government aid such as:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Work-study

•   Pell Grants

•   TEACH Grants

•   Federal Supplemental Educational Opportunity Grants (FSEOG)

Recommended: How Financial Aid Works

Who Should Complete the FAFSA?

Anyone who could benefit from college financial aid has nothing to lose by filling out the FAFSA. Many students leave money on the table every year by failing to complete it, and low-income families are often less likely to complete the form than wealthier ones.

Even if you’re not eligible for federal aid, it’s worth your while to complete the FAFSA because most schools and states use FAFSA information to award non-federal aid. Non-federal aid includes private student loans, scholarships, state aid, employee-sponsored aid, and more.

To qualify for federal grants, work-study, and different types of student loans, you must be a U.S. citizen or an eligible noncitizen. You’ll need a valid SSN, with few exceptions, and a high school diploma, GED, or another recognized equivalent. You’ll also need to enroll in an eligible educational program and maintain satisfactory academic progress.

You may become ineligible for federal aid if you owe money on a previous federal student grant or are in default on a previous federal student loan.

Some types of federal aid are available only to people who demonstrate financial need. This includes the Federal Pell Grant and Direct Subsidized Loans. For the latter, the government pays the accrued interest while the borrower is in college or during most of their deferment periods.


💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

What If I Don’t Qualify for Any or Enough Aid?

The amount of FAFSA money you receive depends on a variety of factors, including the institution you’re applying to, your assets, your parents’ assets, and more.

Merit aid, based on academic excellence, talent, and/or certain achievements, is also available. Some colleges won’t consider you for any of their merit scholarships until you’ve submitted the FAFSA, according to the Department of Education. Businesses, nonprofits, cultural organizations, and local groups also offer merit scholarships.

You can also look into state grants and scholarships. Every state has its own money and process for distributing aid. Some only require a completed FAFSA; others, a separate application.

Then, there are private student loans, which are issued by banks, credit unions, and online lenders (as opposed to the government). You can check to see what various lenders offer and what types of student loans you’d qualify for.

Although private student loans don’t come with the benefits and protections that federal student loans have — like income-driven repayment plans and federal forbearance — they may help bridge funding gaps.

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

The Takeaway

The bottom line: Learning how to complete the FAFSA application doesn’t have to take hours of your time. In fact, it typically takes less than an hour to complete from start to finish. Use our guide to walk you through how to fill out the FAFSA step by step in order to see how much federal aid you’ll qualify for and what types of aid you’re eligible to receive.

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

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

FAQ

What’s the due date for the new FAFSA?

The FAFSA form must be submitted by 11:59pm central time (CT) on June 30, 2025. You can submit corrections or updates by 11:59pm CT on Sept. 14, 2025.

Can I fill out FAFSA myself?

Yes, students can and should complete the FAFSA on their own. The new FAFSA application instructions are much easier to understand, making it easier than ever for students to fill out. You can then invite your parents to enter information like their Social Security numbers and income figures.

How long does it take to fill out the FAFSA?

It takes less than an hour to fill out the FAFSA, including absorbing the FAFSA application instructions. However, it may take you longer to complete if you don’t gather important information ahead of time, such as your family’s Social Security cards.

What disqualifies you from getting FAFSA?

To file the FAFSA, you must meet certain FAFSA requirements. For example, you must demonstrate financial need for need-based federal student aid programs, be a U.S. citizen or eligible noncitizen, have a valid SSN except in certain situations, be enrolled or accepted at an eligible institution as a regular student, maintain satisfactory academic progress, provide consent for federal tax information to go to the FAFSA, sign the certification statement on the FAFSA, and show you qualify to obtain higher education.

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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.

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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After graduation from college, you may be full speed ahead in terms of finding a job and launching your career. However, many recent grads may have other ideas and not head directly into the work world.

Several alternatives are possible — including internships, volunteering, grad school, or spending time abroad. Of course, the options available will differ depending on each person’s situation and interests. If you’re considering a path other than diving into an entry-level job, read on. Here are seven things to do after college besides work.

1. Pursue Internships

One popular alternative to working right after college is finding an internship. Generally, internships are temporary work opportunities, which are sometimes, but not always, paid. Unpaid internships can be valuable nonetheless.

Internships for recent grads can offer a chance to build up hands-on experience in a field or industry they believe they’re interested in working in full time. For some people, it could help determine whether the reality of working in a given sector meets their expectations.

Whatever grads learn during an internship, having on-the-job experience (even for those who opt to pursue a different career path) could make a job seeker stand out afterwards. Internships can help beef up a resume, especially for recent grads who don’t have much formal job experience.

A potential perk of internships is the chance to further grow your professional network, building relationships with more experienced workers in a particular department or job. Some interns may even be able to turn their short-term internship roles into a full-time position at the same company.

Starting out in an internship can be a great way for graduates to enter the workforce, road-testing a specific job role or company. You may find the opportunity is a great fit or decide it’s actually not right for you.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

2. Serve with AmeriCorps

Some graduates want to spend their time after college contributing to the greater good of American society. One possible option here is the Americorps program, which is supported by the US Federal Government.

So, what exactly is Americorps? Americorps is a national service program dedicated to improving lives and fostering civic engagement. There are three main programs that graduates can join in AmeriCorps:

•   AmeriCorps NCCC

•   AmeriCorps State and National

•   AmeriCorps Vista.

There’s a wide variety of options in AmeriCorps, when it comes to how you can serve. Graduates can dive into emergency management, help fight poverty, or work in a classroom.

However graduates decide to serve through AmeriCorps, it may provide them with a rewarding professional experience and insights into a potential career.

Practically, Americorps members may also qualify for benefits such as student loan deferment, a living allowance, education awards (upon finishing their service), and skills training.

It may sound a bit dramatic, but AmeriCorps’ slogan is “Be the greater good.” Giving back to society could be a powerful way to spend some time after graduating. You can support organizations in need, while also establishing new professional connections.

3. Attend Grad School

Some jobs require just a bachelor’s degree, while others require a master’s degree. Think, for instance, of being a lawyer or medical doctor. Or you might want a certain postgrad degree, like earning an MBA, to boost your career and earning trajectory.

The number of jobs that expect graduate degrees is increasing in the US. Graduates might want to research their desired career fields and see if it’s common for people in these roles to need a master’s or terminal (PhD) degree.

Some students may wish to take a break in between undergrad and grad school, while others find it easier to go straight through. This choice will vary from student to student, depending on the energy they have to continue school as well as their ability to afford graduate school.

Graduate school will be a commitment of time, energy, and money. So, it’s wise to feel confident that a graduate degree is necessary for the line of work you’d like to pursue before forging ahead.

4. Volunteer for a Cause

Volunteering could be a great way for graduates to gain some extra skills before applying for a full-time job. Here’s why:

•   Doing volunteer work may help graduates polish some essential soft skills, like interpersonal communication, interacting with clients or service recipients, and time management.

•   This, in turn, can help you tweak your resume and make yourself more marketable.

•   Volunteering can help you network and forge new connections outside of college. The people-to-people connections made while volunteering could lead to mentorship and job offers.

•   New grads may want to volunteer at an institution or organization that syncs with their values or, perhaps, pursue opportunities in sectors of the economy where they’d like to work later on (i.e., at a hospital).

•   Volunteering just feels good. After all of the stress that accompanies finishing up college, volunteering afterward could be the perfect way to recharge.

Recommended: What Is the Average Student Loan Debt After College?

5. Serve Abroad

Similar to the last option, volunteering abroad can be attractive to some graduates. It may help grads gain similar skills they’d learn volunteering here at home. It can also give them the opportunity to learn how to interact with people from different cultures, learn a new language, and see new perspectives on solving problems.

Though it can be beneficial to the volunteers, volunteering abroad isn’t always as ethical as it seems. And, not all volunteering opportunities always benefit the local community.

It could take research to find organizations that are doing ethically responsible work abroad. One key thing to look for is organizations that put the locals first and have them directly involved in the work.


💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.

6. Take a Gap Year

A gap year is a semester or a year of experiential learning. While it’s often taken after high school, it can be a path after college as well. (You may have to budget for a gap year, though, especially if you won’t be earning much income.)

Not only might a gap year help grads build insights into what they’d like to do with their later careers, it may also help them home in on a greater purpose in life or build connections that could lead to future job opportunities.

Graduates might want to spend a gap year doing a variety of activities including:

•   Trying out seasonal jobs

•   Volunteering or caring for family members or others in need

•   Interning

•   Teaching or tutoring

•   Traveling.

A gap year can be whatever the graduate thinks will be most beneficial for them. There are a variety of ways to finance a gap year that can be worth researching.

7. Travel Before Working

Going on a trip after graduation is a popular choice for graduates who can afford to travel after college. Traveling can be expensive, so graduates may want to budget in advance (if they want to have this experience post-graduation.

On top of just being really fun, travel can have beneficial impacts for an individual’s stress levels and mental health. Traveling after graduation is a convenient time to start ticking locations off that bucket list, because graduates won’t be held back by a limited vacation time. Going abroad before working can give students more time and flexibility to travel as much as they’d like (and can afford to travel).

There are ways to economize, such as using a multi-country rail pass, etc. It doesn’t have to be all luxury all the time. Budget travel is possible especially when making conscious decisions, like staying in affordable hotels and using public transportation.

If graduates are determined to travel before working, they can accomplish this by saving money and budgeting well.

Navigating Postgrad Financial Decisions

Whether a recent grad opts to start their careers off right away or to pursue one of the above-mentioned paths post-college other than work, student loans may be part of the picture.

After graduating (or if you’ve dropped below half-time enrollment or left school), the reality of paying back student loans sets in. The exact moment that grads will have to begin paying off their student loans will vary by the type of loan.

For federal loans, there are a couple of different times that repayment begins. Students who took out a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, will all have a six-month grace period before they’re required to make payments. Students who took out a Perkins loan will have a nine-month grace period.

When it comes to the PLUS loan, it depends on the type of student that’s taken the loan out. Undergraduates will be required to start repayment as soon as the loan is paid out. Graduate and professional students with PLUS loans will be on automatic deferment while they’re in school and up to six months after graduating.

Some graduates opt to refinance their student loans. What does that mean? Refinancing student loans is when a lender pays off the existing loan with another loan that has a new interest rate. Refinancing can potentially lower monthly loan repayments or reduce the amount spent on interest over the life of the loan.

However, there are a couple of important notes about this process:

•   Both US federal and private student loans can be refinanced, but when federal student loans are refinanced by a private lender, the borrower forfeits federal benefits — including loan forgiveness, deferment and forbearance, and income-driven repayment options.

•   For those who refinance for an extended term may pay more interest over the life of the loan.

For these reasons, each person with student loans should carefully consider their situation and options to decide the best way to manage their debt.

Your Student Loan Debt

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

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

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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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

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

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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