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Between 2000 and 2021, the average published tuition and fees increased from the following amounts, after adjusting for inflation, according to Best Colleges:

•   $2,146 to $3,564 at public two-year schools

•   $5,638 to $9,596 at public four-year schools

•   $25,468 to $37,222 at private nonprofit four-year institutions

This article will cover the average cost of college tuition and fees in 2024, the increase in college tuition costs, the reasons for the rise of average college tuition, and college tuition options you may want to consider for yourself.

Average Cost of College in 2023-24

In 2023-24, the average published price for tuition and fees for full-time undergraduate students were as follows, according to the College Board’s Trends in College Pricing and Student Aid:

•   $11,260 for public four-year in-state institutions, $270 higher than in 2022-2023

•   $29,150 for public four-year out-of-state institutions, $850 higher than in 2022-2023

•   $3,990 for public two-year in-district institutions (including average community college tuition), $100 higher than in 2022-2023

•   $41,540 for private nonprofit four-year institutions, $1,600 higher than in 2022-2023

Recommended: Average Cost of College Tuition

Increase in College Tuition Cost Over the Last 10 Years

Generally speaking, tuition has increased in the past decade. According to data from the College Board, the average published tuition price at a four-year nonprofit university during the 2013-2014 school year was $30,094, while in 2023-2024 that number jumped to $41,540.

Reasons for the Rise of Average College Tuition

The rise of college tuition over the past few decades can be attributed to several key factors, including:

Reduced State Funding

One of the primary reasons for rising tuition costs, especially at public institutions, is the decline in state funding for higher education. As states allocate less money to colleges and universities, these institutions often compensate by increasing tuition to cover budget shortfalls.

Increased Administrative Costs

Colleges have expanded administrative staff and services, including student support, campus amenities, and compliance with federal regulations. This growth in administrative functions adds to overall expenses, which are often passed on to students in the form of higher tuition.

Expansion of Campus Facilities

Many colleges invest in new buildings, state-of-the-art facilities, and upgraded dormitories to attract prospective students and remain competitive. These capital expenditures are expensive and often lead to increased tuition to help finance the construction and maintenance of these facilities.

Rising Faculty Salaries and Benefits

The cost of faculty salaries and benefits, including health care and retirement plans, has risen steadily. As colleges strive to attract and retain top talent, these increased personnel costs contribute to higher tuition.

Student Demand for More Services

There is a growing demand from students for more comprehensive services, such as mental health counseling, career advising, and extracurricular activities. Providing these additional services requires funding, which often results in tuition hikes to cover these enhanced offerings.

Together, these factors create a complex landscape where college tuition continues to rise, making affordability a significant concern for many students and families.

Recommended: How to Pay for College

Total Cost of College Over Time

While the cost of tuition has increased over the years, the prices of room and board, books, school supplies, and other necessities have also risen. The cost of room and board has almost doubled since the 1960s, going from $6,700 to more than $12,000, according to Best Colleges.

On Campus vs. Off Campus

How much you spend on college will vary depending on whether you live at home, on campus, or off campus. The College Board found that the cost of living on campus has increased slightly faster than the cost of living off campus, such as in an apartment or house with friends.

Total Cost of College Over Time by School Type

Of course, the type of school you attend (public or private) will also affect the total cost of attendance. Over the last nearly 60 years, the average cost across all institutions has increased 135%. It increased the most at private institutions at 187% and the least at two-year colleges, at 69%.

College Financing Options

Numerous college financing options exist for students. Students can tap into various options to pay for costs. Undergraduate students received an average of $15,480 of financial aid 2022-2023, according to the College Board’s Trends in College Pricing and Student Aid.

Students may rely on scholarships, grants, work-study, and student loans, in addition to personal savings to pay for their education.

Scholarships

Scholarships refer to money received from colleges or other organizations that students don’t have to pay back. Only about 7% of students receive scholarships, with the average student who receives one getting $14,890 annually at a four-year institution.

Student Loans

Students can take advantage of federal or private loans. Federal loans are provided by the U.S. Department of Education. To apply for a federal student loan, students need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

Private student loans are provided by banks, credit unions, and other financial institutions. These are separate from any sort of federal aid, and as a result, lack the protections afforded to federal student loans — like income-driven repayment options or the ability to apply for Public Service Loan Forgiveness. For this reason, private student loans are generally considered by students only after they have reviewed and exhausted all other options for financing.

Recommended: How to Complete the FAFSA Step by Step

Grants

Students can tap into federal, state, or institutional grants. Grants can also come from employers or private sources. Like scholarships, grants typically do not need to be repaid. They are mostly awarded based on financial need, and students will generally need to complete the FAFSA to qualify for them.

Work-Study

Students can get a work-study award, which is money they must earn when they attend college. They must file the FAFSA in order to qualify for work-study and must work a job on campus to receive the money.

Personal Savings

According to Sallie Mae’s annual How America Pays for College 2024 report, 37% of students receive help from their parents to pay for college, and 11% use their own income and savings. Strategies for parents paying for college include things like setting up an account designed to help parents save for college or other educational expenses, putting work bonuses or tax refunds into savings, and setting aside funds each month to put toward college.

The Takeaway

The average college tuition continues to increase. In 2000, the college tuition at a private four-year institution was $15,470, and now in 2024 it’s $38,421. There are a number of reasons for increasing tuition rates, including factors like a decrease in state funding, lack of regulation, and an increase in operating costs at colleges and universities.

Many students rely on financial aid to pay for college. Financial aid includes federal student loans, certain grants and scholarships, and work-study programs.

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

FAQ

How much has college tuition increased since 2000?

Since 2000, college tuition has significantly increased, jumping about 65% between 2000 and 2021. This surge reflects growing education costs, which have outpaced inflation and wage growth, making higher education increasingly expensive and contributing to the student loan debt crisis faced by many graduates.

How much has the total cost of college increased over the last decade?

Over the last decade, the total cost of college, including tuition, fees, room, and board, has increased by about 10% at public institutions and around 19% at private institutions. This rise reflects growing expenses in education and living costs, making college significantly more expensive for students and families.

How much has college tuition increased in 2024?

In 2024, college tuition increased by 1.6% over the last 12 months. However, this number will vary depending on the institution and whether it is public or private. These increases are consistent with the ongoing trend of rising education costs, impacting students’ financial planning and contributing to higher student loan borrowing.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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

SOISL-Q324-056

After you file the Free Application for Federal Student Aid (FAFSA®), you’ll receive a financial aid award from the colleges to which you’ve been granted admission. You may receive scholarships, grants, and loans. When you receive your financial aid awards from institutions, they may not cover every dollar of tuition, room, board, and fees. As a result, you may find that you cannot afford a particular institution.

It may be possible to negotiate your financial aid award with the financial aid office at each institution you’re considering. Continue reading for more information about how to negotiate financial aid awards and how to get more money from colleges.

What Is Financial Aid?

Financial aid is money you receive based on your financial aid award. There are different types of financial aid components that make up a financial aid award. You may want to think of it as a puzzle that could include grants, scholarships, work-study, and federal student loans. You can accept and decline different parts of the “puzzle” to create your own financial aid award. Applying for student loans, grants, certain scholarships, and work-study involves filing the FAFSA.

Grants and scholarships are forms of financial aid that you don’t have to pay back. Grants typically come from the federal government, states or colleges, and the amount you can get in grant money depends on your need and the type of institution you attend.

Scholarships on a financial aid award letter typically come from the institution for various reasons. They may be based on merit (for example, for good grades) or on talents you possess, such as music or athletic talent.

Work-study is a type of financial aid in which students who have financial need qualify for part-time employment on campus.

Federal student loans may also appear on your financial aid award. Federal student loans, which come from the federal government, must be repaid — with interest.

Every college offers a different amount of financial aid to the same student. In other words, if you apply and get accepted to five different schools, you will likely get five different aid awards. It’s worth learning more about how financial aid works at each institution by asking a financial aid professional at each institution you visit.

Recommended: FAFSA Guide

Is Your Financial Aid Amount Negotiable?

Yes, you can negotiate your financial aid amount. However, it’s important to realize that some pieces of the financial aid award are not negotiable. For example, first-year undergraduate dependent students can qualify for no more than $5,500 in subsidized and unsubsidized federal student loans. No more than $3,500 of this amount may be in subsidized loans.

In addition, it’s also important to understand that colleges may be limited in the amount they can offer you for additional financial aid. Even if you ask for all the gaps to be covered between the total cost and the amount you receive in financial aid, colleges may only be able to offer a small amount of additional financial aid.

5 Tips for Negotiating Financial Aid

Let’s take a look at a few tips for negotiating financial aid, from the presentation process to writing a letter for financial aid, as well as providing relevant supporting documentation.

1. Present the Financial Aid Office With a Specific Amount You Need

You can present the financial aid office with a specific amount you need, but before you do that, it’s a good idea to think through a few other factors beyond the numbers you see on your financial aid award. When you review financial aid awards, it’s important to go over each one with a fine-toothed comb.

Each financial aid award will list the financial aid you’ve received, but it’s a good idea to get an idea of the full costs, including tuition, room, board, and fees, before you choose a college. Some fees may not pop up until later, such as lab fees, club organization dues, athletic fees, parking fees, and more. Ask the financial aid office for a comprehensive list of fees that might crop up.

It’s also important to factor in tuition increases. You can ask the financial aid office for the average increase amount.

Note that scholarships usually don’t increase as tuition increases occur, which means that if scholarships don’t change and tuition increases, you’ll be responsible for making a larger tuition payment. Some schools do freeze tuition, so find out more about how that works at the institutions you’re considering attending.

After you’ve done all your homework, you can then decide on a specific amount of money you’d like to see from each financial aid office.

2. Put Everything in Writing

Ask the financial aid department about their financial aid appeal process or consult the website of the financial aid office to find out about the supportive documentation you need to provide to qualify for more financial aid. Following directions may help increase your chances of success.

Write a high-quality financial aid appeal letter to the director of financial aid, using a business letter format, and a formal tone — skip the fancy fonts! Your letter should be as businesslike and respectful as possible, but very direct. Explain how interested in the school you are and identify the forms you’ve submitted.

3. Explain Why You Should Get More Money

It’s important to shore up your desire to obtain more financial aid by demonstrating a need for more financial aid. In other words, you have to have a good reason to need more financial aid — in most cases, you can’t just say you simply want more financial aid. Financial aid offices also will likely not award you more aid just because a parent is unwilling to contribute to education costs or file the FAFSA or if a parent does not claim the student as a dependent.

The institutions you’d like more money from could require you to fill out a special circumstances form, which is a form that shares situations that affect your family’s ability to pay for college. A special circumstances form shares your family’s unique financial circumstances with the institution when you appeal.

The following situations may qualify as special circumstances and could allow you to receive more financial aidIf your family is:

•   supporting multiple households,

•   has experienced a one-time jump in income,

•   has secondary or elementary school expenses,

•   had to make a retirement fund withdrawal for emergency purposes,

•   has funeral expenses or unreimbursed medical and dental expenses, educational debt, a job loss, or has had a significant reduction in income.

Read the instructions carefully to learn how to successfully submit the special circumstances form for your institution.

4. Provide Any Relevant Supporting Documents

When writing your letter and filling out your special circumstances form, you’ll likely need to provide evidence of your family’s situation, which could include:

•   Divorce documentation or decree

•   Court documentation to substantiate a separation

•   Copy of parent marriage certificate

•   Copy of family member death certificate

•   Letter from employer documenting the last date of employment if no longer employed

•   Documentation of year-to-date earnings, unemployment, and/or disability benefits

•   Copies of three most recent paycheck stubs

•   Documentation of termination of child support payments

•   Documentation one-time income or benefits

•   Documentation of medical expenses not covered by insurance for family members

•   Documentation of elementary or secondary school tuition paid

Follow the instructions your school’s financial aid office includes.

5. Follow Up

You may need to allow several weeks for the financial aid appeal to be processed (sometimes four to six weeks), but if you don’t hear back from the financial aid office about a change in your award letter, you may want to reach back out to make sure you’ve submitted all the required documentation. You may have forgotten a critical component of the financial aid appeal, which could hold up a final decision.

Alternatives to Financial Aid

While financial aid can help you get through school, it’s not the only way to pay for college. There are alternatives to relying completely on financial aid to get through school. Consider working while in school, asking relatives for help, and accessing private student loans. Let’s take a look.

Working While in School

Working while in school or on breaks during the summer can help alleviate some of the costs of college. You may not be able to rely on the work-study award to pay for the full cost of college because work-study is limited to a specific number of hours, as determined by your financial aid award.

Finding a part-time job can help pay for a wide variety of college expenses and can offer valuable professional experiences.

Asking Relatives for Help

Relatives may be willing to help you pay for college. When parents, aunts, uncles, grandparents or other relatives chip in, it can alleviate a chunk of college costs, particularly when combined with a part-time job while in school.

It’s a good idea to make sure both you and your relative(s) agree that these types of payments are gifts, not loans. You don’t want to be surprised by a relative that expects repayment as soon as you’re done with school. You may even want to write down the amount of money, terms, and conditions involved, and have both parties agree and sign before you accept any money for college.

Private Student Loans

Private student loans are loans that, unlike federal student loans, do not come from the federal government. Private student loans typically come from private organizations, such as banks, credit unions, and other organizations. You can also check with the college or university you plan to attend for information about private student loans.

Like federal student loans, however, private student loans must be repaid along with interest payments. Repayment terms and benefits vary depending on the lender, and interest rates could be fixed or variable. (All types of federal student loans offer fixed interest rates only.)

Unlike federal student loans, private student loans may not offer the borrower protections afforded to their federal counter parts, so they are generally considered as a last-resort option. Take the time to shop around among several private student lenders before you land on the right one for you. Learn more about private student loans in our private student loans guide.

Explore SoFi’s Private Student Loan Options

If you think you may need to cover some of your college costs with a private student loan, SoFi offers private loans that could help you pay for your education. Explore and compare federal and private loan options, terms, and interest rates to determine the best option for your educational needs.

Worried about rising interest rates? SoFi offers competitive interest rates for qualifying private student loan borrowers.

FAQ

Can you negotiate your financial aid offer?

Yes, you can negotiate your financial aid offer. Check with the college, university, or other postsecondary institution(s) you receive a financial aid award about the process before you attempt to negotiate. The institution may have very specific requirements in order to negotiate your award.

How can I negotiate more money for college?

Requesting more financial aid can be done by following the financial aid appeals process at the college(s) you’re considering. Typically, you can present a letter to the financial aid office, fill out the special circumstances document provided by the institution, and provide supporting documentation. Follow up if you haven’t heard back from the institution between four and six weeks.

How do I ask a college to match the financial aid another school offered me?

If you received two financial aid awards from two colleges, you can use a negotiating college tuition technique by showing the school that offers you less the better aid award from the other school. Doing this may make the most sense if they are similar institutions, such as if they are both private liberal arts colleges or if they are both large state universities. You’re most likely going to get a better response if you compare apples to apples instead of apples to oranges.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/jacoblund

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.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

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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When students take a gap year, they typically take a semester or year off between high school and college in order to take advantage of experiential learning. While extraordinary opportunities may be awaiting you, you may struggle to think of ways to pay for the experience.

If that’s the case, there are options that may help you pay for your gap year — beyond funding the costs out of pocket. Continue reading for more information on options you may want to consider should you find yourself in need of help funding your non-classroom experience.

Gap Year, Explained

First of all, what is a gap year and why do people take them?

Students may choose to take a semester or year off with the goal of getting a break from academics and prior to diving into postsecondary education. Students may choose to complete an internship, travel, study on their own, volunteer, or pursue other interests. Some students choose to pursue a gap year with the intention of discovering what it is that they want to major in or the career path they’d like to pursue.

Many students report a developed self- and cultural awareness, increased independence, and confidence after taking a gap year.

Students may choose to apply to colleges and universities during their senior year (and let colleges know of their plans to take a gap year), during their gap year or after they’ve completed their gap year. Waiting until later often gives them the advantage of being able to report on what they’ve learned during their time away from academics.

In some instances, a gap year may also be something for a student to do after college or in-between college and post-graduate study.

Planning Out Your Gap Year

It’s important to plan out your gap year ahead of time so you have a plan for how you’ll spend your time. It can be easy to waste time when you break from a traditional schedule. Having a plan ensures that you’ll have a better chance of achieving your goals — you might even curb expenses as well.

It may be helpful to break your plan down into measurable goals. For example, if you plan to travel, write down where you’d like to be on specific dates so you don’t miss any of your intended milestones. It’s also a good idea to budget for your gap year ahead of time so you know how much it will cost and the amount you’ll need per week or month to live on.

Options for Financing Your Gap Year

You can always finance your gap year with cash you or your parents have saved or with money from a well-meaning grandparent. However, not everyone has cash bankrolling their gap year. Let’s take a look at a few ways you may want to consider financing your gap year.

Gap Year Scholarship or Grant

A private entity may offer you a gap year grant or scholarship. A scholarship is free money that you don’t have to pay back that can come from a wide variety of entities, including clubs, organizations, foundations, charities, businesses, the government and individuals. It’s possible to find scholarships specifically for gap years, particularly for students who want to volunteer, improve certain skills, volunteer, develop a talent, or complete another type of experiential learning.

Grants are also a form of financial aid that doesn’t have to be repaid. Grants may also help you fund your gap year without having to repay the money. However, it’s important to check into the fine print on both college grants and scholarships to ensure that you fit the criteria. (Some scholarships and grants require you to get college credit in order to qualify.)

529 Account or College Savings

If you or your parents have college savings set aside in a brokerage account, savings or checking account, or a certificate of deposit (CD), you may want to use this money to pay for gap year expenses.

A 529 plan is an investment account that offers investment opportunities and tax advantages when used to pay for qualified education expenses. You may take withdrawals from a 529 plan to pay for qualified educational expenses for tuition, room, board, fees, books, equipment for classes, and other supplies at an accredited institution. If you meet these requirements, you won’t pay federal income tax.

However, if you spend the money on an expense that doesn’t qualify as a higher education cost (such as your plane ticket to go overseas). Be careful when using your 529 savings unless you’re attending a specific program through an accredited institution.

Find a Paid Internship or Part-Time Job

Obtaining a paid internship or part-time job can help you float some or all of the expenses of a gap year. For example, if you plan to spend your year volunteering at soup kitchens throughout a major city, a part-time job may help you pay for transportation to get there and also other living expenses. On the other hand, if you intend to use your gap year to gain work experience to discover your career goals, a paid internship may help you take care of all of your living expenses.

Recommended: Jobs to Help Pay for School Expenses

Apply for Financial Aid

Financial aid can refer to a wide range of types of money to pay for credits at college or career school.

Some gap year programs offer college credit, so you may be able to apply for federal financial aid using the Free Application for Federal Student Aid (FAFSA®). The FAFSA can give you access to grants, federal student loans, and other opportunities.

While you may have never had any intention of taking college credit during a gap year (you may feel that it defeats the purpose of a gap year!) but taking a college-credit class or two as part of your experience or doing a credit-based gap year program may help cover some of your costs.

Personal Loans

Taking out a personal loan involves borrowing money from a bank, online lender, or credit union that you repay in fixed installments. Personal loans are not backed by collateral, which also means they are called unsecured loans. (Secured loans, on the other hand, are backed by collateral, such as a house.) Personal loans often carry higher interest rates than some other types of loans. It may be difficult for someone to get a personal loan without a cosigner if they don’t have a long history of building credit.

It’s a good idea to be careful about taking out a personal loan due to these higher interest rates and having to bring a cosigner on board. That cosigner could end up paying for your loan if you default on the loan and ultimately, it could affect both of your credit scores.

Using Private Student Loans to Finance Gap Year

Private student loans are student loans that come from a bank, credit union, or other private lender. You probably cannot use private student loans to finance your time off from school if you plan to backpack across Europe, but if you do take a few classes as part of a gap year program, you may be able to use private loans to cover your costs. Check with lenders about their requirements before you apply and whether or not a particular program will qualify.

The Takeaway

A gap year can help “gappers” explore career goals, develop confidence, volunteer, and more. If you’re thinking carefully about a gap year, you also might be worried about the cost of taking that time off. Consider putting together a list of costs, goals, and plans so you can make sure that your gap year goes off without a hitch. From there, you can start planning how you’ll cover your expenses during your time away from the classroom.

Finally, don’t forget that you can always put together a combination of sources of funding. For example, you can pay for your gap year with a combination of scholarships, money saved, and internship money.

3 Student Loan Tips

1. Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
2. 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. You can submit it as early as Oct. 1.
3. It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

FAQ

How much should I budget for a gap year?

The amount you should budget for a gap year depends on your personal circumstances. It also depends on what you plan to do. Living at home with your parents and volunteering in your community will likely cost less than hopping on a plane and spending a year abroad. No matter what your plan, it’s best to get an estimate of your expenses ahead of time and then use that as a basis for your budget throughout your gap year.

How can I get funding for a gap year?

There are many ways to get funding for a gap year. Depending on your situation and circumstances, you may consider tapping into scholarships, grants, a 529 account, college savings, through a paid internship or part-time job, financial aid, personal loans or private student loans. There’s no single way to fund your gap year, and you may also want to consider a combination of different sources to pay for it.

How long should a gap year be?

A gap year can be any length of time, but they typically last between two weeks and one year.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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