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When you want to improve your income potential or change your career to offer your kids more opportunities, you’ll have to manage a myriad of responsibilities — possibly with a full course load to boot. Going back to college can demand a lot from moms physically, mentally, and financially.

The financial impact of going back to school as a mom can seem staggering, so consider scholarships for moms as one way to make an impact.

Keep reading to learn more on scholarships for moms, scholarships for single moms, and scholarships for working moms. We’ll also walk through how to find these scholarships and look into other ways of paying for college.

Who Is Eligible for Scholarships?

Almost anyone can get a scholarship, but you must meet the eligibility requirements set forth by the scholarship guidelines. Some scholarships will require students to be independent students. Independent students are defined by the U.S. Department of Education as those who are:

•   At least 24 years old

•   Married

•   Graduate or professional students

•   Veterans of the U.S. armed forces

•   Active duty members of the armed forces

•   Orphans, those in foster care, or wards of the court

•   People who have legal dependents other than a spouse

•   Emancipated minors

•   Homeless or at risk of becoming homeless

However, non-governmental organizations may have other requirements. Therefore, it’s important to take a look at the qualifications for each individual scholarship.

Recommended: A Guide to Unclaimed Scholarships and Grants

Types of Scholarships for Moms

Nontraditional students interested in receiving financial aid should first submit the Free Application for Federal Student Aid (FAFSA®). Colleges and universities will receive the results of the FAFSA and use that information to inform their aid decisions. The FAFSA is the first step in applying for federal financial aid, including grants, federal student loans, work-study, and other institutional aid. These could help you offset the cost of tuition and other education-related expenses. The FAFSA must be filled out each year the student is enrolled in school.

Other scholarships may require you to apply independent of the FAFSA — that is, the results of the FAFSA may not matter. However, many mom scholarships may require you to prove that you earn a low income. (Low-income thresholds depend on the size of your family and number of children, according to the United States Census Bureau.)

You can tap into many types of scholarships for moms, including single mom scholarships, scholarships for working moms, and other types of scholarships for women going back to college, as outlined below.

Single Mom Scholarships

Yes, organizations offer scholarships for single moms! Take a look:

Soroptimist’s Live Your Dream Award

If you provide the primary financial support for yourself and your dependents, you can qualify for the Soroptimist’s Live Your Dream Award, as long as you show evidence of financial need. You must also enroll or be accepted into a vocational/vocational skills training program or undergraduate degree program and be motivated to achieve your education and career goals.

Applicants must live in one of the following Soroptomist territory countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guam, Japan, Korea, Mexico, Northern Mariana Islands, Palau, Panama, Paraguay, Peru, Philippines, Taiwan, United States of America, or Venezuela.

Award amount: $1,000 to $10,000
Deadline: Application open from August 1 to November 15

Patsy Takemoto Mink Education Foundation for Low-Income Women and Children Education Support Awards

The Patsy Takemoto Mink Educational Foundation for Low-Income Women and Children
Education Support awards offer college scholarships for single moms to low-income women with children who are pursuing education or training.
​
The criteria for the award state that you must:

•   Be a woman at least 17 years of age.

•   Be a mother with minor children.

•   Pursue your first degree at a post-secondary education level (vocational, associate’s, bachelor’s, master’s, or doctoral degree) — this degree must add to the level of education accomplished (such as a bachelor’s degree after an associate’s degree or an advanced degree after a bachelor’s degree).

•   Pursue a degree or credential at an institution that does not discriminate on the basis of sex/gender, LGBTQ+ status or identity, race or ethnicity, religion, disability, or immigration status.

•   Enrolled in a nonprofit, accredited institution or program in the U.S.

•   Be low-income (earn less than $20,000 total in family income for a family of 2, less than $24,000 for a family of 3, or less than $28,000 for a family of 4).
​
​​Awardees are selected based on financial need, personal circumstances, educational path, vocational and occupational goals, service/activist, and/or civic goals.

Award amount: $5,000
Deadline: Information about the 2024-25 application will appear in May 2024.

Rosenfeld Injury Lawyers LLC Single Mother Scholarship

Rosenfield Injury Lawyers LLC offers two scholarships to single mothers returning to school, one for a single mother who will attend an undergraduate or community college program and another for a single mother who will attend accredited law school.

To qualify, you must write a 500+-word essay about the advantages of returning to school while raising children and how motherhood has prepared you for the challenges of becoming a student. You must also:

•   Submit a copy of your transcript that displays your grade point average (GPA) — unofficial transcripts are accepted.

•   Authorize Rosenfeld Injury Lawyers LLC to post the material on its website and social media channels.

You may use the scholarship money for education-related expenses, including tuition and registration, textbooks, and other fees and supplies.

Award amount: $1,000
Deadline: TBD for the 2024-25 academic year


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

Scholarships for Working Moms

If you’re a working mom, you may want to first consider your current job’s scholarship opportunities. Some companies offer scholarships and/or education reimbursement for their employees.

Company foundations usually create scholarship programs for employees, employees’ children or relatives, or the children of deceased or retired employees. While not necessarily just geared toward working moms, they can still provide a major financial benefit of working and going to school. Visit your company’s human resources for more information about scholarships or other educational assistance you can qualify for. Note that some companies allow employees to take advantage of their education benefits right away, but yours may require you to work at your company for a specified length of time.

Take a look at the scholarship below, geared specifically for working moms.

Job-Applications.com Working Parent College Scholarship Award

Working parents currently in college or another accredited postsecondary educational institution can qualify for the Job-Applications.com scholarship by meeting specific criteria. You must:

•   Be enrolled as a part-time student who is in an accredited U.S. post-secondary educational institution (college, university, or trade school, or a similarly accredited program).

•   Have a current cumulative grade point average of 3.0 or higher at that institution.

•   Have worked an average of at least 12 hours for each of the previous four weeks during the application process.

•   Be a residential parent of at least one minor child.

•   Be a legal U.S. resident.

•   Be at least 18 years of age or older.

You must also submit a 600- to 1,000-word essay about the keys for balancing parenthood, working, and succeeding in college.

Award amount: $1,000
Deadline: TBD for the 2024-25 academic year

Scholarships for Moms Going Back to College

Moms pursuing graduate work may also need help finding grad school scholarships.

Society of Women Engineers Scholarship Program

Those who identify as a female/woman and who study at a community college, bachelor’s or graduate degree program with the intention of preparing for a career in engineering, engineering technology, or computer science may qualify for the Society of Women Engineers Scholarship Program .

To qualify, you must:

•   Plan to study at an undergraduate/community college or plan to get your master’s or Ph.D. at an ABET-accredited program.

•   Major in engineering, technology, or computing.

•   Must attend full time (though exceptions are made for reentry and nontraditional applicants).

•   Not be fully funded for tuition, fees, books, or the equivalent.

Award amount: $1,000 to $10,000
Deadline: TBD for the 2024-25 academic year

Chrysalis Scholarship

The Chrysalis Scholarship , funded by the Association for Women Geoscientists, helps women who experienced an interruption in their education due to raising children or other life circumstances and need financial help to obtain their graduate degrees in a geoscience-related field thesis or dissertation. The scholarship may cover drafting expenses, child care, defense travel, late-stage research and analyses, and more.

To qualify, you must:

•   Be a graduate student who has had an educational interruption due to life circumstances.

•   Approach the completion of your geoscience degree.

•   Plan to contribute to the geosciences and the larger world community.

Application materials include a letter of application in which you describe your background, career goals, and objectives, how you plan to use the scholarship, and the nature and length of the education interruption. You must provide letters of reference from your thesis/dissertation advisor and another scientist of your choice.

Award amount: $2,000
Deadline: TBD for the 2024-25 academic year


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Applying for Scholarships for Moms

When you’re applying for scholarships, it’s important to get organized. Make a list of due dates on your calendar and estimate how much time it’ll take you to complete each application. Research scholarships early so you don’t miss out on scholarship opportunities.

Read the eligibility guidelines carefully. Contact the organization sponsoring the scholarship if you have specific questions related to eligibility. Some scholarships may not get many applicants, so if you meet almost all the requirements, ask if you can apply anyway. You might be pleasantly surprised to find that the committee or organization will allow you to apply.

Finally, follow all the instructions. Stick to the word limit for the essay and send supporting materials as requested.

Recommended: What a Merit Scholarship Is and How to Get One

Finding Other College Scholarships for Moms

Put your feelers out for every type of scholarship that might apply to you — they don’t even need to be strictly “mom-related.” If you qualify in another way, such as for your interest in zoology or criminology, keep those options open. Look into the following sources for scholarships, as well:

•   Colleges and universities: Colleges and universities offer many different types of scholarships and grants. Make an appointment with an admission counselor and/or the financial aid office to learn more about scholarships you can apply for at each institution you’re interested in attending.

•   Charity organizations: Look into organizations in your community, such as the local Rotary Club. You just might scoop up a few scholarships based on the organizations you know. Ask around!

•   Professional organizations: What do you plan to major in? Check to see if professional organizations of your chosen industry offer scholarships and grants. It’s also possible to get internships and careers from these professional organizations right out of the gate after graduation.

Recommended: How to Pay for College

Other College Financing Methods

You might need other sources of financial aid to close the cost gap after scholarships for college are factored in. Generally, the first step, as mentioned, is filling out the FAFSA. The FAFSA is completely free and offers other financial aid beyond scholarships, including need-based and non-need-based federal financial aid.

Other options for paying for college include:

•   Federal grants: Students who demonstrate financial need may qualify for federal grants. You do not need to pay these back. For example, you could qualify for a Federal Pell Grant or the Teacher Education Assistance for College and Higher Education (TEACH) Grant. Take a look at the eligibility requirements to determine whether you qualify.

•   Federal student loans: You may qualify for federal student loans through the U.S. Department of Education and through the William D. Ford Federal Direct Loan Program. Direct Unsubsidized Loans are non-need-based, while Direct Subsidized Loans are awarded to students who demonstrate financial need.

•   Private student loans: Federal student loans, scholarships, and other funding sources may not fully cover the cost of attendance for students. In that case, students may tap into private student loans. However, private student loans do not have the same benefits or borrower protections as federal student loans (like deferment options or the ability to pursue certain federal loan forgiveness programs). For this reason, private student loans are generally pursued only after all other options have been thoroughly considered.

Recommended: Types of Federal Student Loans

The Takeaway

Scholarships for moms going back to college is one way to help fund your degree. You can find scholarships by asking your college or university about their options, looking into your local community, asking professional organizations in your field, and using an online scholarship search tool. Other options for paying for college include federal student loans, grants, and work-study.

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.

Photo credit: iStock/Portra

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

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

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

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

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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If you have federal student loans, you can enroll in an Income-Driven Repayment (IDR) plan, which may make your monthly payments more affordable. That’s because the amount is calculated based on your income and the size of your family.

Income-Driven Repayment is the umbrella term for several federal repayment programs tied to salary, while Income-Based Repayment refers to one specific plan. (Yes, it’s a bit confusing.)

Once you are enrolled in an IDR, you will need to “recertify” annually, by providing updated information about your salary and family size — essentially reapplying for the plan. The government uses this information to calculate your payment amount and adjust it if necessary.

You can easily recertify online or by mail. Read on to find out when to recertify your income-driven repayment, how to do it, and more.

What Is Income-Based Repayment?

As noted above, the correct umbrella term is Income-Driven Repayment, which encompasses four different plans. These are available to federal student loan borrowers to help make their payments more manageable. It’s an option to keep in mind when choosing a loan or if your current federal loan payments are high relative to your income. The program is intended to make the amount you pay on your student loan each month more affordable.

The four income-driven repayment programs offered for federal student loans are:

•   Saving on a Valuable Education (SAVE) Plan — formerly the REPAYE Plan

•   Pay As You Earn (PAYE) Repayment Plan

•   Income-Based Repayment (IBR) Plan

•   Income-Contingent Repayment (ICR) Plan

For all of these plans, your payment amount is generally based on a percentage of your discretionary income, which is defined by the U.S. Department of Education (DOE) as “the difference between your annual income and 150% of the poverty guideline for your family size and state of residence.” There is a Loan Simulator tool you can use to see what your payments would be for each of the repayment programs.

IDR payments are determined as 10% of your discretionary income if you are a “new borrower,” who received their loan on or after July 1, 2014. You must also have no outstanding balance on a Direct Loan or Federal Family Education Loan (FFEL).

If you’re not a new borrower, payments are generally 15% of your discretionary income.

With an IDR plan, your payment will never be more than the 10-year Standard Repayment Plan amount, which is the typical repayment plan for the Federal Direct Loan program and FFELs.

Each income-driven repayment plan has a different loan term. For IDRs, it’s 20 years for new borrowers and 25 years for those who aren’t considered new borrowers. Any loan balance that remains unpaid at the end of the repayment period will be forgiven.

Recommended: Guide to Student Loan Forgiveness

Which Federal Loans Are Eligible for an Income-Driven Repayment Plan?

IDR plans are available for the following types of federal loans:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Direct PLUS Loans made to graduate or professional students

•   Direct Consolidation Loans that did not repay any PLUS loans made to parents

•   Subsidized Federal Stafford Loans

•   Unsubsidized Federal Stafford Loans

•   FFEL PLUS Loans made to graduate or professional students

•   FFEL Consolidation Loans that did not repay any PLUS loans made to parents

•   Federal Perkins Loans, if consolidated.

Income-Driven Repayment plans are not available to FFEL PLUS loans or Direct PLUS loans that are made to parents. They are also not available for Direct Consolidation Loans or FFEL Consolidation Loans that repaid PLUS loans to made parents.

You don’t need to consolidate your student loans to apply for an income-based repayment plan.

Recommended: Refinancing Student Loans Without a Cosigner

The New SAVE Plan

The DOE recently rolled out a new income-driven repayment plan called SAVE (Saving on a Valuable Education). It replaces the old plan known as REPAYE (Revised Pay As You Earn). Under the SAVE plan, the income exemption increases from 150% to 225% of the poverty line.

Those enrolled in SAVE pay 5% to 10% of their discretionary income toward their monthly student loan payments, and their loans will be discharged after 20 years for undergraduate loans, and 25 years for graduate loans. For comparison, on an IDR plan, borrowers pay between 10% and 15% of their discretionary income and loans are forgiven after 20 to 25 years.

Borrowers who have $12,000 or less in federal loans will receive forgiveness after 10 years of on-time payments (even if their payment is $0 each month). Borrowers with more than $12,000 in loans should add a year for every additional $1,000 of debt they owe. So if they have $14,000 in loans, they will receive forgiveness after 12 years of on-time payments under the SAVE plan.

Under SAVE, if you are a single borrower earning $32,800 or less or a family of four earning $67,500 or less (amounts are higher in Alaska and Hawaii), your monthly payments will be $0. According to the DOE, borrowers earning more than this will save at least $1,000 per year compared to the other income-driven repayment plans.

What’s more, under the SAVE plan, interest will not accrue if you make your payment on time each month. For example, if your interest charge is $50 each month, and your payment is $30, you won’t be charged the remaining $20.

Like other IDR plans, the SAVE plan will need to be recertified every year.

What Is Student Loan Recertification?

Since your repayment plan is based on your income and the size of your family, you need to reconfirm these details every year.

If you apply for an income-driven repayment plan online, the DOE will ask you for consent to access your tax information. If you give consent, they will automatically recertify your loan every year.

If you choose to apply manually (printing out a PDF and mailing it into your loan servicer), you will need to manually recertify every year with your loan servicer.

If your financial situation changes ahead of recertification — like you lose your job — you can reach out to your loan servicer and ask them to immediately recalculate your payments.

How to Recertify Income-Driven Repayments

You can apply for income-driven repayments and recertify your status by going online to StudentAid.gov. Filing your application online ensures that it is sent to each of your loan servicers if you have more than one. Alternatively, you may send paper applications to each of your loan servicers if you haven’t filed a tax return in the last two years or your income has changed significantly since you filed your last return.

To file online, go to the student aid website above, click on “Manage My Loans,” and then click on “Recertify an Income-Driven Repayment Plan.” You’ll need to log in with your federal student aid ID.

Next you’ll answer questions about your family, including family size, your marital status, and your spouse’s income, if applicable. You can connect your account directly to your tax return to verify your income information. And if your income has changed since your last tax return, you can upload more recent pay stubs.

To recertify by mail, you can download the Income-Driven Repayment Plan Request form, which you can find in the Federal Student Loan Forms library. Fill out the form and attach the required documents. You’ll send the request to the address provided by your loan servicer.

When to Recertify Income-Driven Repayment Plans

The government paused income-driven repayments as part of its COVID-19 relief program. Paused payments still count toward IDR forgiveness.

Borrowers were not required to recertify before payments restarted. So if a borrower’s recertification date fell between October 2023 and March 1, 2024, it was pushed out by one year. For example, if your recertification date was January 1, 2024, your new recertification date is January 1, 2025.

If your income has decreased or your family status has changed in the past three years, you may want to recertify earlier. You can fill out a recertification form at any time if you’re struggling to make your payments because your financial situation has changed.

If you fail to recertify your IBR plan by the annual deadline, your monthly payment will switch to the amount you will pay under the Standard Repayment Plan. You’ll be able to make payments based on your income again when you update your income information.

The Takeaway

Income-Driven Repayment plans are available to most federal student loan borrowers and can be a great way to make sure your student loan repayments work with your budget. Recertification is a critical step borrowers need to take each year to inform the government of changes to your situation that might affect your payment size.

Refinancing is another way to manage your student loan debt, especially if you have private student loans that don’t qualify for government assistance programs.

If you’re considering refinancing federal loans, just be sure the amount you save outweighs the benefits of income-driven programs, potential student loan forgiveness, or other federal loan protections, all of which you lose access to when you refinance with a private lender. Our Student Loan Refinance Calculator can help you run the numbers.

Visit SoFi to explore options for student loan refinancing. SoFi offers a competitive rate, flexible terms, no hidden fees, and no prepayment penalty — and you can view your rate in 2 minutes.

FAQ

Can you recertify student loans early?

Federal student loan borrowers who are on an income-driven repayment plan need to recertify their loans once a year. You can recertify early, and it may be a good idea if your family has grown or your income has decreased.

How do I recertify my student loans?

You can recertify your student loans online at the Federal Student Aid website (studentaid.gov), or by downloading and mailing in the Income-Driven Repayment Plan Request form with any supporting documentation. If you mail in the request, you’ll need to send a copy to each of your loan servicers.

When should I recertify my student loans?

Your recertification date is the date one year after you started or renewed your IDR plan. Your loan servicers will send you a notice that it’s time to recertify your loan.

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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Most of us simply don’t have the cash on hand to pay for college or graduate school out of our pockets. For the 2023-24 school year, the College Board estimates it costs $41,540 on average annually to attend a private non-profit four year university and $11,260 for in-state students at a public four-year school.

That means you might need to take out student loans to fund your education.To make sure you’re not in danger of defaulting on your loans or paying too much, you might want to understand some basics of student loans.

When you take out student loans, they’re either private or federal — meaning they either come from a private lender, like a bank, or are backed by the federal government.

Federal student loans are either subsidized or unsubsidized Direct Loans. There are also Federal Direct PLUS loans for parents or graduate and professional students. Interest rates for federal loans are set by Congress and stay fixed for the life of the loan. Federal student loans come with certain protections for repayment.

But what are the differences in the types of federal loans? When you’re weighing your options, you might want to understand some of the differences between a Federal Direct Unsubsidized Loan vs. a Direct Subsidized Loan vs. a private student loan, so you can evaluate all of your options.

What Is a Federal Direct Unsubsidized Loan?

The federal government offers two umbrellas of Direct Loans: unsubsidized and subsidized. When you take out a loan, the principal amount of the loan begins to accrue interest as soon as the loan is disbursed (when the loan is paid out to you). That interest has to be paid or it is added onto the loan amount.

Subsidized Federal Student Loans

On a Federal Direct Subsidized Loan, the federal government (specifically, the US Department of Education) pays the interest while you’re in school, during the six-month grace period after you graduate, and if you temporarily defer the loans. On a Federal Direct Unsubsidized Loan, you are responsible for paying all of the interest on the loan from the moment it starts accruing.

Since the interest is paid for you while you are in school on a subsidized loan, it doesn’t accrue. So the amount you owe after the post-graduation grace period is the same as the amount you originally borrowed.

Unsubsidized Federal Student Loans

On a Federal Direct Unsubsidized Loan, the interest accumulates even while you’re in school and during the grace period — even though you aren’t required to make any payments while in school.

The interest is then capitalized, meaning it gets added to the total principal amount of your loan. That amount in turn accrues interest, and you end up owing more when you graduate than you originally borrowed.

Of course, you can make interest payments on your unsubsidized loan while you’re in school to save yourself money in the long run. However, you’re not required to start paying off the loan (principal plus interest) until six months after leaving school.

For the 2023-2024 school year, the interest rate on Direct Subsidized or Unsubsidized Loans for undergraduates is 5.50%, the rate on Direct Unsubsidized Loans for graduate and professional students is 7.05%, and the rate on Direct PLUS Loans for graduate students, professional students, and parents is 8.05%. The interest rates on federal student loans are fixed and are set annually by Congress.

Origination fees for unsubsidized and subsidized loans is set at 1.057% for the 2023-2024 academic year.

How Do You Apply for a Federal Direct Unsubsidized Loan?

The first step to finding out what kind of financial aid you qualify for, including Federal Direct Unsubsidized Loans and Subsidized Loans, is to fill out the Free Application for Federal Student Aid (FAFSA®).

Your school will then use your FAFSA to present you with a financial aid package, which may include Federal Direct Unsubsidized and Subsidized Loans and other forms of financial aid like scholarships, grants, or eligibility for the work-study program.

The financial aid and loans you’re eligible for is determined by your financial need, the cost of school, and things like your year in school and if you’re a dependent or not.

Who Qualifies for Federal Direct Unsubsidized Loans?

Federal Direct Subsidized Loans are awarded based on financial need. However, Federal Direct Unsubsidized Loans are not based on financial need.

To receive either type of loan, you must be enrolled in school at least half-time and enrolled at a school that participates in the Federal Direct Loan program. And while subsidized loans are only available to undergraduates, unsubsidized loans are available to undergrads, grad students, and professional degree students.

Pros and Cons of a Federal Unsubsidized Direct Loan

There are pros and cons to taking out federal unsubsidized direct loans.

Pros

•   Both undergraduates and graduate students qualify for Federal Direct Unsubsidized Loans.

•   Borrowers don’t have to prove financial need to receive an unsubsidized loan.

•   The loan limit is higher than on subsidized loans.

•   Federal Direct Loans, compared to private loans, come with income-based repayment plan options and certain protections in case of default.

Cons

•   Federal Direct Unsubsidized Loans put all the responsibility for the interest on you (as opposed to subsidized loans). Interest accrues while students are in school and is then capitalized, or added to the total loan amount.

•   There are limits on the loan amounts.

Recommended: Should I Refinance My Federal Loans?

The Takeaway

Federal Direct Unsubsidized Loans are available to undergraduate and graduate students and are not awarded based on financial need. Unlike subsidized loans, the government does not cover the interest that accrues while students are enrolled in school. Unsubsidized federal loans are eligible for federal benefits like income-driven repayment plans or Public Service Loan Forgiveness.

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

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

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.

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

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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College cost of attendance is an estimate of the total cost of attending college for one year. It includes the cost of one year of tuition, books, supplies, room and board, transportation, loan fees, and other personal expenses.

Here’s how to calculate the cost of attendance, why it matters, and how it can affect financing an education.

The Cost of Attendance for College

The cost of attendance (COA) for college is an estimate of the total cost of attending a college for one year. The expenses included in COA are outlined by federal law. As briefly mentioned, this estimate includes expenses such as the tuition and fees for one year of school, room and board, books and supplies, transportation costs, loan fees, and other personal expenses.

Cost of attendance is used to help colleges determine the amount of financial aid a student is eligible for, including grants, scholarships, and federal student loans.

The Difference Between Cost of Attendance and Tuition

Tuition covers the actual cost of academic instruction. COA, on the other hand, includes other expenses the student will likely incur in order to live. COA includes things like room and board, books and supplies, and transportation costs.

Schools are required to publish the COA on their website so the information is readily accessible to students. Schools also generally publish more than one COA. For example, state universities may list a COA for in-state vs. out-of-state students. Most colleges will provide multiple COAs based on different student scenarios, such as:

•   Part-time student

•   Full-time student

•   Off-campus living

•   On-campus living

•   Attending school with a dependent

The COA is an estimated average based on previous student spending and estimates, so your actual costs may be different than the COA.


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

What Is the Average College Cost of Attendance?

Simply put, the cost of attendance is the estimated amount it will cost for a student to attend a school. If a school doesn’t run on a traditional fall/spring semester schedule, the COA may not be calculated to reflect a calendar year.

Think of COA as a rough budget for the year. It includes tuition and fees, along with expenses outside the classroom like food, transportation, and supplies.

According to The College Board, the average published cost for tuition and fees for the 2023-24 school year was $11,260 for students at public four-year institutions with in-state tuition and was $41,540 for students at private nonprofit four-year universities.

Recommended: What is the Average Cost of College Tuition?

What Does Cost of Attendance Include?

As mentioned, what’s included in a COA is defined by federal law. A college or university’s COA will include:

•   Tuition and fees: This includes additional expenses that could be required for a specific field of study, and fees associated with loans.

•   Books and supplies: This might sound like a silly line item, but students spend $1,240 on average on books and supplies, a College Board survey shows. (That may include the cost of a computer used for study.)

•   Transportation: This estimate includes how much it would cost to travel back and forth from school, and in some cases, can include the cost of keeping a car on campus (parking permits, etc).

•   Room and board: This estimates housing and food expenses. It will take into account if the student is living at home, on campus, or off campus.

•   Dining: Additionally, this line in the COA estimates how much a student may spend on dining, often using the campus meal plan as a guide.

•   Personal expenses: While the university doesn’t include this on its official bill, the school will estimate the cost of personal care, such as clothing, entertainment, and haircuts.

Cost of attendance can include more specifics based on a student’s need. The COA should reflect a student’s planned education, whether that be part time, full time, or even correspondence based. COA estimates come both directly from the school and from market research and data, meaning the trends change each year.

Recommended: Ways to Cut Costs on College Textbooks

Finding a School’s Cost of Attendance

Hunting down a university’s COA is an important first step in calculating the expenses around college and how to pay for it. Since legislation passed in 2011, it’s mandatory for U.S. two-year and four-year institutes to share the COA on their websites. However, that doesn’t mean it’s always easy to find.

One way to look for the COA online is to simply put “[NAME OF SCHOOL] + COST OF ATTENDANCE” into a search engine.

Or anyone can go the old-school route and call a college’s financial aid office to get the information over the phone.

A school will also include its cost of attendance on a student’s financial award letter.

College Cost Attendance List

The COA for colleges can vary quite dramatically depending on a school’s location, whether it is private or public, and other factors. Some programs may have additional fees and costs (like lab fees) which could increase the cost of attendance for certain majors or programs.

The following table provides an overview of the published COA for undergraduate students living on-campus at several schools around the country during the 2023-2024 school year (unless noted with an asterisk, in which case it is the 2022-2023 school year).

*2022-2023 school year COA.

Can I Borrow More Than the Cost of Attendance?

It is generally not possible to borrow more than the cost of attendance for a school. Federal student loans are limited by law to the cost of attendance less than the amount of aid received. Often, private student loans have similar lending restrictions, though these are set by the lender.


💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

Cost of Attendance and Net Price

Figuring out a school’s COA matters because it can help students figure out the net price they’ll pay for school. The net price is what a student will pay out of pocket to attend an institution. How does a student get from cost of attendance to net cost? Expected family contribution.

Expected family contribution is a number that a college or university uses to calculate a student’s expected amount of financial aid. The formula to calculate the expected family contribution is established by law and includes not only information provided on the Free Application for Federal Student Aid (FAFSA®), but also:

•   Taxed and untaxed income

•   Assets

•   Benefits (e.g. Social Security, unemployment compensation)

•   Family size

•   Number of family members expected to attend higher education that year

Expected family contribution is neither the final amount a family or individual is expected to pay nor the exact amount of federal aid a student will get. It’s simply a calculation or estimate to help arrive at net cost.

Once a school has a student’s expected family contribution, it can determine net cost through these steps:

•   The school looks at a student’s individual COA, taking into account if they’ll attend classes full or part time and whether or not they’ll live on campus.

•   With financial information in hand, the school subtracts a student’s expected family contribution from the COA. The difference is the student’s financial need.

•   That financial need can be filled by merit aid, such as scholarships or grants, in addition to loans and other financial aid.

After aid, the amount left is a student’s net price. This is what would be paid out of pocket. Depending on a student’s finances and aid, net cost can be fuzzy. The Consumer Financial Protection Bureau has a free net price calculator to make the formula easier. Net price calculators can also be found on many college financial aid sites. These calculators generally take the COA and subtract scholarships or merit aid a student is eligible for.

Having a rough idea of net cost through the help of COA and expected family contribution can help students compare aid packages across schools. For instance, one college’s COA may be higher than another, but based on how generous the aid is, the net price could be lower at the school with the more expensive COA.

How COA Affects Student Loans

A school’s COA will influence a financial aid package an individual receives. Once a student selects a college to attend, the school will let federal and private lenders know how large a loan is needed.

In addition, regardless of a school’s COA, there are annual lending limits for federal student loans. For example, federal student loans for undergraduate programs are limited to $5,500 for first year dependent students. No more than $3,500 of this amount may be in subsidized loans.

Recommended: How to Get a Student Loan

Making the Right Choices

Understanding a school’s COA can help cover your aspirations. It’s essential to know when crunching numbers to fund an education.

But even after merit and need-based aid are applied, there still might not be enough to account for all expenses.

Paying for College

Students often rely on a variety of financing options when paying for college. Often the first step for students is filling out the FAFSA, which is how students can apply for all forms of federal aid, including federal grants, scholarships, work-study, and federal student loans. There are a lot of options so it’s important to understand the difference between grants vs. scholarships vs. student loans from a private lender. Here are a few other options that can help students pay for college.

Private Student Loan

Private student loans from lenders are available once all federal aid has been exhausted. Interested applicants will need to file individual applications with private lenders. Interest rates and loan terms are generally determined by an applicant’s personal financial factors such as credit score and income. Consider shopping around at a few different lenders to find the best rate and terms for your personal situation.

Applicants without an extensive credit history or a relatively low credit score may find that adding a cosigner to their application can help them qualify for a loan or qualify for more competitive rates and terms.

Additionally, an important note when comparing private student loans vs. federal student loans is that federal loans offer borrower protections that private loans do not. For this reason, private loans are generally borrowed as a last-resort option.

For those interested in pursuing a graduate degree, there are student loans for graduate programs available, too.

Credit Card

Schools may allow students to pay for their tuition with a credit card. Most schools do charge a fee (often between 2% to 3%) for this convenience, which can offset any rewards you may be earning on your credit card. In addition, credit cards have fairly substantial interest rates. Therefore, paying for tuition with a credit card may not make the most financial sense.

On the other hand, when credit cards are used responsibly, they can be helpful tools to help students establish and build their credit history. Students could use credit cards to pay for books, food, gas, or other transportation costs. Be sure to pay attention to interest rates and pay off your credit card each month to avoid credit card debt.

Personal Savings

If you have been saving for college, using those funds to pay for tuition or other college costs can help you avoid borrowing for college. When you borrow student loans to pay for college, you’ll end up paying interest, which increases the total amount you spend over the life of the loan. By paying for some expenses with savings, you may be able to reduce the overall bill.

Grants

Generally, grants, which are often awarded based on financial need, do not need to be repaid. Grants are available from the federal government, individual schools, and even some nonprofit organizations.

Recommended: Grants for College — Find Free Money for College

Scholarships

Scholarships are another type of aid that doesn’t require repayment. Often awarded based on merit or other personal criteria (like gender, ethnicity, hobbies, or academic interest), scholarships are available from a variety of sources such as the school, state or local governments, corporations, or nonprofit organizations. Review your school’s financial aid website and conduct an online search to find scholarships you may be eligible for.

The Takeaway

Cost of attendance (COA) is an estimate that includes the cost of tuition, room and board, books, transportation, and food and meals. The requirements for COA are outlined by federal law and each school is required to publish its COA on their website so this information can be easily accessed.

Students won’t necessarily be required to pay the full COA — things like scholarships, grants, and other forms of financial aid can reduce the actual net price a student ends up paying. That’s why it’s important to compare not only the cost of each school, but the financial aid package each school offers.

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

FAQ

What does cost of attendance mean for college?

The cost of attendance (COA) is an estimate for the total cost of attending a college for a single year. The COA includes tuition, room and board, food and meals, books and supplies, transportation, and other miscellaneous personal costs. The items required for inclusion in the COA are outlined by federal law and each college or university is required to publish the details for the college’s COA on the school website.

What is the difference between cost of attendance and tuition?

A school’s tuition is the price for academic instruction. The cost of attendance includes the cost of tuition in addition to other expenses including room and board, books and supplies, transportation, and more.

How much does college cost per year?

The cost of college can vary based on many factors including your location, whether you attend a private or public university, if you receive in-state vs. out-of-state tuition, and the type of program you are enrolled in. According to The College Board, the average cost of attending a four-year nonprofit private institution was $41,540 during the 2023-24 school year. During the same time period, the average cost for tuition and fees at public four-year institutions with in-state tuition was $11,260.

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

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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Applying for a student loan consolidation can take approximately 30 minutes for borrowers who have their financial information on hand, according to the Federal Student Aid website. Repayment of the consolidated loan usually begins within 60 days after the loan is disbursed.

When you need to simplify your monthly student loan payments, you don’t want to waste a minute. Let’s cover the definition of consolidation, examine how long it takes to consolidate student loans, and go over the steps in the student loan consolidation process. We’ll also discuss whether it’s possible to speed up how long student loan consolidation takes.

What Is Student Loan Consolidation and How Does It Work?

“Consolidation” is just a fancy word for combining, and that’s a great first step to understand how student loan consolidation works. If you have multiple federal loans, you can combine them into a single loan using a Direct Consolidation Loan. After a free application process, consolidation gives you a single monthly payment instead of multiple bills.

A Direct Consolidation Loan may lower your monthly payment by giving you a longer repayment period (up to 30 years) or access to income-driven repayment plans — but not by lowering your interest rate. The rate you receive will be a weighted average of your prior loan rates, rounded up to the nearest ⅛ of a percent.

You can consolidate most federal student loans, including the following:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Direct PLUS Loans

•   Parent Loans for Undergraduate Students

Check the Federal Student Aid website for a complete list of qualified loans.

How do you consolidate your student loans?

•   Gather your loan records, account statements, and bills so you have everything in front of you to complete the Direct Consolidation Loan Application and Promissory Note.

•   Fill out borrower information, such as your name, address, and Social Security number, as well as the names of two adult references.

•   Next, you’ll enter the loans you want to consolidate (including requested information and codes) as well as the loans you don’t want to consolidate.

•   You’ll also walk through how you want to repay your loans and review the borrower understandings, certifications, and authorizations. Finally, sign the note, which promises that you’ll repay your loans.

How Long Does Student Loan Consolidation Take?

The federal Direct Consolidation Loan application process takes approximately six weeks from the day it is submitted. Consolidating private student loans — called refinancing – typically takes less time. Read on for details.

Federal Loans

Federal student loans come from the federal government through the U.S. Department of Education. Terms and conditions are set by law, including the interest rate.

To consolidate federal student loans, you first must fill out the Federal Direct Consolidation Loan Application and Promissory Note, which should take about 30 minutes to complete. From there, the process of consolidation takes approximately six weeks. Borrowers can check the status of their application at StudentAid.gov.

Until the consolidation process is complete, you must continue to make payments on your current loans. Once the servicer determines your loans are eligible for consolidation, you may begin paying your new loan instead.

Private Loans

Private student loans, unlike federal student loans, originate from a private lender — a bank, online lender, or credit union. You cannot change private student loans into federal student loans through the federal loan consolidation process. You also cannot consolidate private and federal student loans together.

However, you can refinance private loans. Refinancing means switching to a private lender to get a better rate or term. You can refinance a single loan or combine a number of loans to give you one new loan.

Refinancing federal student loans means that all of your loans become private loans. As a result, you lose access to federal student loan benefits like interest rate discounts and loan cancellation benefits. (You can learn more about the pros and cons in our student loan refinancing guide.)

Refinancing with a private student loan lender typically takes less time — sometimes just a few business days. However, this timeline can be longer if additional documentation is needed or if you have a coapplicant. In these cases, the timeline can vary depending on the lender and the time it takes the borrower to gather and submit the documents.

Recommended: Consolidating vs. Refinancing Student Loans

Is There Any Way to Accelerate the Student Loan Consolidation Process?

Unfortunately, you cannot accelerate the federal student loan consolidation process.

You may want to consider skipping the consolidation process altogether and refinance your student loans with a private lender, which will likely take less time. You can take a look at a student loan refinancing rate calculator to make sure it will financially work to your advantage.

Pros and Cons of Consolidating Student Loans

Why might you want to consolidate federal loans into a single federal Direct Consolidation Loan? Or why might you want to steer clear of consolidation altogether? Review the pros and cons below to get a better understanding of whether consolidating student loans is right for you.

Alternatives to Student Loan Consolidation

If you think it might take too long to consolidate your student loans or you just want a more options, you may have these alternatives available to you:

•   Deferment: If you can claim medical or financial hardship, or you’re back in school or between jobs, you may be able to pause your student loan payments through deferment.

•   Forbearance: Forbearance means that you won’t have to make a payment or that you’ll be allowed to make a smaller payment on your federal student loans.

•   Income-driven repayment plans: Income-driven repayment plans allow you to make payments based on your family size and income.

•   Modification: A student loan modification changes the terms and conditions of an existing student loan. Unlike consolidation, a modification means you keep the same loan but adjust it.

You might also consider keeping your plan and improving your financial situation in order to comfortably be able to make your payments. This will avoid the potential downsides of consolidation, like paying more in interest due to a longer loan term.

The Takeaway

If you’re tired of making multiple federal student loan payments, consolidation might be the answer. In general, the process takes about six weeks after submitting the application.

You may also consider student loan refinancing to help you manage your monthly payments. SoFi makes it easy to see what rates you may be eligible for. Plus, with SoFi, you can skip paying origination fees, application fees, and prepayment penalties.

FAQ

Does it take longer to consolidate federal or private student loans?

It typically takes six weeks to consolidate federal student loans — longer than refinancing — but you retain your federal benefits. If you’re uncertain whether you want to consolidate your federal student loans or refinance with a private student loan lender, consider shopping around before you make a final decision.

When can consolidating student loans make sense?

Consolidating can make sense if you want to reduce multiple student loans into one monthly loan payment. Additionally, if you want to lower your monthly payments, switch loan servicers, or change to a fixed-rate loan, consolidation might be worth exploring.

Why would you consolidate rather than refinance student loans?

When you’re weighing the pros and cons of consolidating vs. refinancing, it’s important to determine your goals. If simplification is your major goal, you may want to consolidate. Additionally, if you have federal student loans and don’t want to lose protections, it might be wise to forgo refinancing and instead opt for student loan consolidation.

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

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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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.