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Graduating college is a big deal. The time you spent in school has likely taught you a lot about the subjects you studied, being organized and meeting deadlines, and life in general. Once you have your degree, you’ll put those skills to good use as you embark on your career and independent life. No more dining hall, no more dorms…it’s time to launch adult life and figure out how to make your own way.

To help you deal with some of the basics (like a job and banking), read on. You’ll find valuable tips to help you through the first steps of post-grad life.

Life After College

Congrats on your degree! Now, on to the next challenge after graduating college. It’s time to tackle adulting, which can include such things as getting set up in your new living situation, finding your favorite brunch spot, and making new friends if your college pals have scattered to different places.

In addition, there are some major daily-life tasks to wrangle:

•   Finding and holding a job

•   Taking control of your health and your health insurance

•   Keeping your brain active, which may lead to more studies

•   Managing your money.

Read on to get some helpful advice on these last four topics (you can probably find the best brunch spot in your new neighborhood without too much help).


💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.

Getting to Work

Hopefully you enjoyed a few weeks off post-grad to travel or kick back and relax after four years of hard work. But what to do after college for many people is find work.

When you’re ready to begin your job search, it can be a lot to process. Chances are, it’s time to focus on taking steps towards building your career.

First off, don’t let job searching stress you out. New grads are in luck. Unemployment is low, and the labor market is strong. According to a recent survey by the National Association of Colleges and Employers, companies expected to hire almost 4% more class of 2023 grads than they did from the previous class.

Not sure where to look for work or what you should be earning? Research, network, and research some more.

•   Your school’s career services office may provide job leads, and its alumni office may be able to network you with people in your field who can share insights.

•   Search for jobs online. There are many job boards, such as Indeed and ZipRecruiter, to access.

•   Put out the word among friends, families, past internship supervisors, and others.

•   To gain intel on starting salaries, try an online salary calculator. You provide some basic info like your location and experience, and their tool tells you what the average salary for your desired role is. While this tool can only provide an estimate, it may help you determine if you should try to negotiate for a higher salary when you receive a job offer.

Taking Your Health into Your Own Hands

As part of learning how to navigate life on your own, make sure you take the reins of your healthcare. Mom and Dad likely aren’t scheduling those biannual dental checkups for you anymore.

Whether you’re still on your parent’s policy or are buying your own health insurance, getting more familiar with the resources your healthcare plan provides is never a bad idea.

It can help you stay on top of scheduling check ups, dental cleanings, and eye exams. You may also need to learn the ropes of finding in-network doctors as you move to a new place or get your own policy.

And you might want to start saving for any unexpected medical or dental bills that may arise. Having an emergency fund at the ready can be an important step to financial wellness in this new chapter of your life.

Speaking of wellness: You may feel swamped by post-grad life, but it’s such an important time to prioritize your well-being. It might be helpful to make time to go to the gym each week, meditate, cook healthy meals, and get a good night’s sleep. Getting into good health habits is an excellent adulting accomplishment.


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

Continuing Your Learning

It’s normal after college to need a little break from learning. For the first time in your life, there is no one telling you what to read or what classes you have to take. But once the dust has settled and you’ve had a rest from hitting the books, you might try to prioritize learning. Not only does it keep your brain sharp, it can also help boost your career.

For example, you could consider obtaining a professional license related to your career or industry. According to the most recent intel from the Bureau of Labor Statistics, 24% of workers have some sort of professional license or certification. Having one may give you a competitive boost at work or while job searching. You can go the extra mile to develop more skills needed in your career through an online class or professional conference.

What’s more, additional learning and training could lead to a profitable side hustle or gig work. For instance, you might be able to pick up extra cash during tax season supporting professional tax preparers.

Learning-wise, not all of what you do after graduation has to go towards career advancement, of course. Take that cool history of film class at your local community college. Join a book club or just load up your bookshelf with books you’re dying to read. Exploring your passions can help you feel motivated, fulfilled, and inspired. Now is the time in your life to open doors, not close them.

Recommended: What Should I Do After My Master’s Degree?

Getting Your Finances Organized

Once you graduate from college and join the working world, it’s likely time to look at whether your current banking partner suits your needs.

It can be a wise move to look for a bank that offers a good interest rate on your deposits, convenient access, and tools that help you track your money in a quick and convenient way.

As you organize your money (and don’t forget to start that emergency fund mentioned above), you may realize that one expense that may really be bringing you down is your student loan debt payments.

The average federal student loan debt is currently $37,338, according to the Education Data Initiative. Is student loan debt weighing you down? There are a few strategies you can use to help pay off your student loan debt quicker. You might start your journey to a student loan-free life by creating a monthly budget that can help you get out of debt.

•   To create a budget that can assist with paying off debt, you could start by gathering all of your bills and recent receipts. Review exactly what you need to spend on necessary living expenses (rent, food, health insurance, minimum debt payments), how much you are spending on the wants in life (travel, entertainment, clothing), and how much you can save or put toward additional debt payment.

•   There are different budgeting methods, and it’s a good idea to spend a bit of time finding the one that works for you. For instance, you might like the 50/30/20 budget rule, which says to allocate 50% of your take-home pay to necessities, 30% to wants, and 20% to savings and extra debt payoff.

Whichever technique you choose, do compare the cost of your living expenses to your paystubs to see how much you can afford to pay towards debt each month. Creating a budget can help you not only pay off your debt, but avoid accumulating more debt in the future.

Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?

The Takeaway

Once you have your monthly budget under control, you might be considering refinancing your student loans as part of how you navigate life post-college. You may be able to lower your interest rate, lower your monthly payments by extending your repayment term, or release a co-signer from a previous loan.

Do note that lengthening your repayment term can increase the interest you’ll pay throughout the life of your loan.

Refinancing comes with many benefits, but keep in mind that you lose federal benefits and protections when you refinance federal loans with a private lender. But if you are not planning on taking advantage of these benefits, refinancing might be for you.

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

SoFi Student Loan Refinance
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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Taking, and doing well on, the Advanced Placement (AP) exam gives you the opportunity to save time and money by earning college credit, advanced placement, or both. It can also help you stand out to colleges and give you an edge in getting accepted to your dream school.

No matter what score you get, the experience of studying for and taking an AP exam can help you build skills you’ll need to succeed in college.

The question is, when should you start studying for AP exams? Generally, students begin studying for AP Exams some time between January and March. This gives you enough time to cover all the material, take AP prep courses (if desired), take practice tests, and develop an AP test strategy. Read on for a closer look at when and how to study for AP Exams.

Creating a Study Timeline

One smart way to prepare for your AP Exam is to create a timeline leading up to the test. Giving yourself a schedule you can (hopefully) stick to might help keep you organized while studying.

Here are some ideas to help you prepare for your upcoming AP Exams — all arranged in a timeline leading up to your AP tests.

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

January (16 Weeks Out)

To first figure out how to study for AP Exams, you can evaluate how your current AP classes are going. One place to start is by checking your grades from last semester and, if you are struggling with a certain topic, contacting your teacher to see what help is available.

You might want to schedule some extra one-on-one time or join (or even start) a specific class study group. Of course, your grade isn’t necessarily an indication of the score you will get on your AP Exam. But if your teacher has been using AP practice questions on tests, that could still give you a sense of your early performance — and it may even boost your confidence going into the test if you’re acing those practice answers.

This is also a good time to start thinking about which AP Exams you want to take in May. Just because you are in an AP class doesn’t mean you have to take the AP exam in that subject. Consider which exams might help put you on a path toward college and career success.

The test schedule is always published well in advance of the exam days, so you may want to check when your exams will take place and block those dates out in your calendar now. If you have exams scheduled for the same date and time, this is a good time to ask your AP coordinator or teacher about taking one during an approved late-testing period .

January is when students with disabilities must request any accommodations during the exams. If you will need testing accommodation, you’d want to approach your AP teachers or AP coordinator ahead of the deadline.

February (12 Weeks Out)

A productive next step is to learn the format for each AP exam you plan to take. Paying attention to the structure of class tests might give you some insight into the types of questions you can expect.

There are a total of 38 AP Exams, and each has its own requirements. Most will be two to three hours long with a mix of multiple-choice and free-response questions, according to the College Board.

This can also be a good time to take your first practice exam. Since you’re past the midpoint of the year, you’ll have covered enough material in class that you will be able to answer a decent amount of practice questions and problems without getting frustrated. After reviewing your practice exam, you can come up with a study plan to go over your notes and materials for a few hours every week.

Recommended: Importance of Junior Year of High School

March (8 Weeks Out)

AP Exams cost $98 each, so this month can be a great time to start budgeting for how many exams you plan to take and how you will pay for them. Even if your parents are paying for your exams, you’re responsible for making sure they understand the cost and when to submit payment to your school.

The College Board, which oversees the AP, offers a $36 fee reduction per AP Exam if you have significant financial need. Some states offer additional funding to reduce your cost even more. Check with your AP coordinator to find out what support may be available to you.

This is also the month when you will want to really delve into your AP study regimen and continue taking practice tests.


💡 Quick Tip: 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.

April (Four Weeks Out)

By April, you will probably be completely registered for all of your AP Exams. If you haven’t gotten a link from your school guidance counselor, you may want to check in with a school administrator. This is when you really should start to study in earnest, if you haven’t done so already.

Now’s the time to start taking more practice exams, in addition to your regular study and review. You can look up past free response questions (for exams that have them), real student responses, their scores, as well as scoring guidelines so you can see why a real exam taker got the score they did.

Once you’re four weeks out, it might be more efficient to study just the areas you feel less practiced and confident in, rather than trying to cram in all of the information from the past year. The practice exams and questions can help you sort out which topics just need a simple refresh, and which ones you might need to actually relearn.

Recommended: The ACT and SAT: Which Test is Right for You?

May (It’s Time!)

You can kick May off by taking another practice exam and focusing on the results compared to when you first began reviewing all those weeks ago. The focus is now on prepping for test day, which might include checking to make sure you have your test dates and times marked in your calendar and that you are using the correct, approved calculator for math and science exams.

On test day, you can start your day with a good breakfast. If you are taking multiple tests in one day, you may also want to pack some nutritious snacks. Hopefully all of the studying from the last few months will pay off when you sit down to take the AP Exam and you feel prepared.

Recommended: Do Your SAT Scores Really Matter for College?

AP Study Hacks and Habits

The habits you start honing as you study for AP Exams can not only help you do well on your exam, but also prepare you for college, when you’ll likely be managing a larger workload and juggling multiple assignments and deadlines. Here are some study hacks that can help now — and later.

•   Build in study breaks. Even if you feel you need to spend several hours studying in one sitting, it’s a good idea to work in a short break every hour, even if it’s just a five-minute walk around the block. This can help keep your mind sharp and your energy from sagging.

•   Incentivize yourself. You might hold off watching your favorite TV show or playing your favorite video game until after you have finished studying for the day. This delayed gratification could help keep you motivated to study efficiently.

•   Consolidate class notes at the end of every week. When you are reviewing your notes from your AP classes, try organizing the information as it relates to the sections on the exam. By grouping your notes into related “chunks,” you might find that it’s easier to remember (or refer back to) key points as you get further away from the lesson. An added bonus: Instead of having a year’s worth of scattered information to review as you start taking practice AP Exams, you’ll have clear, organized information with your note summaries.

Planning for Your Future

The College Board says that nearly all colleges and universities in the U.S. offer credit, advanced placement, or both based on your AP scores, typically with an AP score of 3 or higher.

In some cases, students are able to reduce their time in school by one, or even two, semesters, meaning that your AP Exams could end up saving you a lot of money in college. Of course, you will still need to find a way to pay for college, whether it is three, four, or more years.

Fortunately there are a number of ways to fund your college education, including college savings accounts, financial aid (which includes scholarships, grants, work-study, and federal student loans), as well as private student loans.

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

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

SoFi 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.

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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When you have a new baby on the way, you may be eager to create a nursery that’s comfortable, functional, and stylish. You can drop big bucks to turn a spare room into a dream nursery. But if you’re willing to put in some elbow grease and think outside the box, you could get the job done for much less.

Here are some creative DIY nursery ideas that won’t break the bank.

Use Paint to Make a Big Impact

If home improvement shows have taught us anything, it’s that paint can be a powerful — and cheap — way to change things up. In fact, for the cost of a few gallons of nontoxic paint, a roll of painter’s tape, and drop coverings, you can completely transform any room.

The options are limited only by your imagination. Paint all four walls the same shade to create a cohesive look, or focus the color on one wall to make a real statement. Use painter’s tape to create shapes or patterns, like stripes or chevrons, that pack the same punch as wallpaper but without the mess. If you’re artistic, paint a mural with animals or popular cartoon characters. Or considering all the time your baby will spend in their crib, you may decide to spiff up the ceiling with a pop of color.

Price tag: $125 to $250


💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

Get a Soft Rug

If you have hardwood floors, a soft rug won’t just help your feet stay warm when you come in for late-night feedings. You’ll also want a cozy surface for your baby to play, and later, learn to crawl.

You can get an area rug at a local hardware or furniture store that can bring out some of the colors in your decor and provide a soft buffer between your baby and the floor.

Price tag: $200

Make Your Own Art

Blank walls are boring, but art can be expensive to buy. So why not make your own creations?

One idea: Get jumbo letters from the local craft store that spell out your baby’s name and hang them on the wall.

Or figure out the theme of the room to help you come up with other ideas. For example, you can go to the zoo with a camera and then print out pictures of animals for an animal-themed room. Or become inspired by the night sky and put up sparkly stars and a moon on the walls. You can also find cool fabric and tack it onto a canvas for a fabric panel.

Price tag: From $25

Help Baby Sleep

Having a newborn goes hand in hand with frequent wake-up calls. But there are ways you can help baby settle down after a 3 a.m. feeding or stay asleep during a mid-afternoon nap.

Blackout curtains are a great way to prevent sunlight from seeping through window coverings — and interrupting a good nap. Making a set is doable with the help of a sewing machine and a trip to the local fabric store.

Hanging a mobile above the crib can also keep your little one entranced until their eyes start to close. You can make your own with everyday household and craft supplies, like pom poms, fabric, or paper. Simply attach the items to a string or embroidery floss, attach to a lightweight frame or embroidery hoop, and hang.

Price: From $10

Get Creative With Storage

Even if you’re a minimalist, chances are your baby will require a lot of stuff: clothes, toys, diapers, pacifiers, books…you get the idea. As you’re putting together your nursery, be sure you have ample places to store all those things. Bins, boxes, shelves, and drawers can make clean-up a breeze.

Storage systems don’t have to be expensive. You can get budget-friendly ones at local discount furniture stores. Or check online or garage sales for a used piece of furniture that you can refinish or repaint.

Just remember to fasten all the furniture to the wall so that when your baby starts pulling themselves up and walking, nothing topples over on them.

Price: From $100

Recommended: 25 Tips for Buying Furniture on a Budget

How Do You Pay for a Nursery Room Renovation

DIY-ing a nursery may save you money, but you’ll still need to make room in the budget. This can be a challenge if you’re also trying to balance the cost of hospital bills, doctor’s visits, and pricey essentials like a stroller, car seat, or crib. Here are some options you may want to consider.

Personal Savings

Tapping into your savings allows you to access the cash you need right away. However, if you’re planning to take unpaid maternity leave or are budgeting for medical expenses, you may decide it makes more sense to leave your emergency fund untouched.

Credit Card

Like personal savings, a credit card lets you pay for DIY nursery supplies now. However, at the end of the month, you’ll be billed for whatever you’ve spent. It’s important to make at least a minimum payment by the due date to avoid a late fee. But to avoid paying interest entirely, you’ll need to pay off the balance in full each month.

Recommended: Tips for Using a Credit Card Responsibly

Personal Loan

Generally speaking, a personal loan can be used for virtually anything, including decorating a nursery. Interest rates are relatively low, which means that you can likely get a loan at a low rate compared to a credit card. For that reason, it might be a much better idea than putting the expenses on a credit card, which typically have higher interest rates.

A typical term length for a personal loan is anywhere from one to 10 years. Extending your repayment over multiple years could reduce your monthly payments. But keep in mind, the longer the term length, the more you’ll pay in interest over the life of your loan.

When looking for a loan, you may want to look into securing a fixed interest rate so that you can lock in your low rate over the life of your loan.


💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

The Takeaway

When you’re expecting a new baby, you naturally want to give them the world. This may include a room they’ll be happy to call their own. Fortunately, you can get the nursery of your dreams without having to spend a lot of money. There are creative, affordable ways to create a statement, like painting the walls or ceiling a fun shade or designing an adorable mural. Not as crafty? Explore simple, inexpensive projects, like making a mobile to hang over the crib.

If much of your budget is already earmarked for baby essentials and medical bills, you may want to explore alternate ways of paying for a nursery renovation. You could draw from your personal savings, use a credit card, or explore taking out a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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

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

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If you need a loan for college, you may be wondering whether a private student loan is the right choice for you. And, once you’ve made the decision to take out a student loan, you might want to know the differences between federal vs. private student loans and the deadlines associated with each.

Keep reading to learn all that information and more, so you can determine how and when to apply for student loans.

What Are Private Student Loans?

Private student loans are student loans that are offered by private lenders like banks or credit unions to help people pay for the costs associated with college. Similar to applying for an auto loan or mortgage, private student loans require a loan application and approval from the lender.

Depending on how much money you need for school, you can borrow a set amount from a private lender. The amount they grant you ultimately depends on financial factors like your income, credit score, and the credit history of yourself and/or your cosigner (if applicable).

Unlike federal student loans with fixed interest rates and terms, the fees, repayment plans, and interest rates for private student loans are set by the individual lender. Because of this, it’s important to “shop around” with private lenders until you find rates and terms that meet your financial needs.

Private student loans can help pay for tuition, books and supplies, transportation, and fees. Using your student loan for housing or room and board expenses is also an option.

Recommended: Examining the Different Types of Student Loans

Should I Get a Student Loan?

The question of whether or not you should get a student loan is quite personal and depends on your unique financial situation. In a nation where, in 2023, the average federal student loan debt per borrower is $37,338 and the average private student loan debt per borrower is $54,921, taking out student loans is clearly a popular decision, but whether it’s the right decision is a different story.

For starters, when deciding whether it’s a good idea to take on college debt, it helps to ask whether a degree would be valued in your desired career.

In addition, there are a few other steps you can take to see if taking out a student loan will be worth it in the long run:

•   Look up the tuition, room, board, and other costs of attending your desired college(s).

•   Create a budget to determine whether you can afford those costs after factoring in financial alternatives like scholarships, savings, family help, etc.

•   Use a student loan payment calculator to assess how much you can expect to pay in student loan debt when you graduate.

•   Research salary levels in your desired field to see if the expected compensation will cover the cost of student loan payments over time.

•   Assess how comfortably you can live at your expected income level, factoring in payment estimates from the student loan calculator.

Once you’ve whittled down this information, you should have a better idea of whether taking out student loans is aligned with your long-term financial goals.

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

Other Steps to Take Before Securing Student Loans

Exploring ways to pay for school without taking on student loan debt is the first line of defense in college financial planning.

Since this isn’t always an option, you can minimize your reliance on loans by taking the following steps:

1.    Pull funds from a 529 college savings plan that you or your guardians may have set up for future college costs.

2.    Apply for scholarships and grants to offset the cost of tuition, room, board and other expenses.

3.    Fill out a Free Application for Federal Student Aid (FAFSA®) form to start the process of securing federal grants or federal student loans and use this money to cover as much of your tuition as possible.

4.    Opt for Federal Direct Subsidized Loans and Perkins Loans if you qualify.

5.    Offset your remaining college costs with unsubsidized federal loans.

6.    Opt out of PLUS loans if possible, as their interest rates and origination fees can be steep.

Finally, once you’ve exhausted the six options above, you can turn to a private student loan to cover any remaining costs associated with your college education.

When Is a Private Student Loan a Good Option?

There are some instances where a private student loan might be an option worth considering:

•   You’d like to cover the gap between your financial aid package or scholarship and your college expenses.

•   You don’t have specific financial need requirements, but still want help subsidizing the cost of college.

•   You’re looking to shop around with lenders to compare multiple loan options before selecting.

•   You have strong credit or a cosigner with a strong credit score who could potentially help you qualify for a more competitive interest rate.

•   You’re hoping to refinance your student loans in the future.

When Should You Apply for a Private Student Loan?

Generally speaking, it’s wise to consider federal student loans first. If you then decide a private student loan is the right option for you, you might be wondering when to apply for private loans.

You can apply for a private student loan directly from the desired lender’s website. It’s wise to apply after you’ve made your final school decision and once you know how much you need to borrow. This prevents you from having to submit multiple student loan applications for all the schools you’re considering.

Private vs Federal Student Loans

When it comes to private vs. federal student loans, there are a few features and specifics that can help you make your decision:

Deadlines for Federal Student Loans

To apply for federal student loans, students must fill out the FAFSA. There are three separate deadlines to consider:

1. The College or University Deadline

College deadlines for filling out the FAFSA will vary based on the school itself, but typically occur before the academic year begins. Each college will have its own FAFSA deadline, so visiting its financial aid website for this information is an important first step.

To fill out the 2023–24 FAFSA form itself, you can use your 2021 tax information to apply as early as October 1, 2022, and it closes June 30, 2024.

2. The State Deadline

Your home state sets the second deadline when it comes to FAFSA applications. The deadlines are listed on the FAFSA form itself, or you can visit the state deadline list on StudentAid.gov.

3. The Federal Deadline

The U.S. Department of Education sets the final deadline on the list. This entity is in charge of FAFSA and their website will feature the 2023-24 FAFSA application until June 30, 2024.

Federal student aid programs have a limited amount of funds available, so the sooner you can submit your application and avoid encroaching on the hard deadlines, the better.

The 2024-25 FAFSA application will be available in December 2023.

Recommended: FAFSA 101: How to Complete the FAFSA

Deadlines for Private Student Loans

When applying for student loans from a private lender, there isn’t typically a set deadline in place. Still, this doesn’t necessarily mean you want to wait until the last minute, since you’ll need plenty of time before tuition, housing, and other fees are due to secure the funds from your student loan.

Many private student loan lenders can approve your application in a few minutes or less, but it can sometimes take up to two weeks for full approval. That’s why it’s smart to keep your eyes on your school’s payment deadlines and ensure your funds will be disbursed on time.

What Type of Private Student Loan May Be Right for You?

At the end of the day, there are ways to find the right private student loan for your unique circumstances. All it takes is some shopping around.

Considering the following factors can help you determine which type of private student loan makes the most sense for your personal situation:

•   Interest rates and fees

•   Payment flexibility

•   Lender credibility

•   Ability to refinance or release a co-signer

•   Whether the lender sells their loans

•   Repayment benefits

•   If the lender is a preferred partner of your college or university of choice (this information is usually found on the school’s website)

Because the rates and terms on a private student loan are determined by the individual lender and are impacted based on the borrower’s personal financial history, finding a private student loan may require a bit of shopping around.

Looking for Private Student Loan Options?

If you’re looking for a private student loan lender who understands the value of your education and thinks no-fees is a normal part of the application process, consider a private student loan with SoFi.

You can check your rate online and select one of four flexible repayment options on a loan that fits your budget.

The Takeaway

There are several factors that determine whether you should get a student loan — from what you can afford after factoring in financial alternatives like scholarships, savings, family help, etc. to how comfortably you can live with your student loan payments after graduation.

Generally speaking, it’s wise to apply for federal student loans first and turn to private student loans once you’ve exhausted other alternatives. This is because private student loans are not required to follow the same rules as federal student loans, and may lack benefits like income-driven repayment plans or the option to apply for Public Service Loan Forgiveness.

Private student loans are offered by private lenders like banks or online lenders to help people pay for college. You can apply for a private student loan by shopping around and comparing interest rates, fees, repayment options, and other features on the lenders’ websites.

The deadlines for federal student loans are based on the college you plan to attend, the federal FAFSA deadline for the academic year you’re applying for, and your state’s FAFSA deadline. Private student loans do not have an application deadline, but it’s a good idea to apply well before tuition and other college expenses become due.

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

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

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The Free Application for Federal Student Aid or FAFSA® form is required for students who are interested in receiving federal financial aid. This task can be challenging and can increase in complexity when a student has parents who are divorced.

The federal government treats divorced parents differently than parents who are married. Understanding the requirements for the financial information required by the FAFSA could help students improve their chances of receiving federal student aid and potentially lowering the amount of student loans they need to obtain a degree.

Continue reading for more information on filling out the FAFSA if your parents are divorced or separated.

What Complicates FAFSA for Divorced Parents?

The FAFSA treats parents who are divorced differently than it treats parents who are married. If a student’s parents are married, the FAFSA requires both of the parents to submit their financial information. Students who have divorced parents will usually include the salary and other financial information of the parent that he/she lived with for the majority of the time for the past 12 months. This parent is considered the custodial parent.

If a student lived with each parent for equal amounts of time, they’ll provide information on the parent that provided the most financial support during the year.

If the parent has remarried by the time a student is filing the FAFSA, the financial information of the parent’s new spouse will also typically be required on the form.

Recommended: Important FAFSA Deadlines for Students and Parents

FAFSA Tips for Students with Divorced Parents

Here are some important questions to ask yourself and tips for completing the FAFSA application with divorced parents:

Who to Count as Parents for FAFSA

If your parents are divorced, the FAFSA generally requests information on the parent whom you live with for the majority of the time during the previous 12 months. In the case of shared custody where you live with each parent equally, you’ll provide information on the parent who provides the most financial support.

If your parent is remarried, you’ll provide information on the stepparent, as well.

What Is a Custodial Parent?

As briefly mentioned, a custodial parent is the parent you spend the most time living with during the year.

What About Stepparents and Common-Law Spouses?

Generally, you’ll need to provide the financial information for a stepparent who is married to the custodial parent.

Should Alimony Be Included as Income?

Any alimony or child support received by the custodial parent should be reported on the FAFSA.

Parent’s Education Level

The FAFSA will ask you to include the education levels of your parents. You only need to include information about either your birth or adoptive parents. In this section, the FAFSA does not need information about your stepparent.

What If My Divorced Parents Still Live Together?

If your parents live together, but are divorced, the marital status should be “Unmarried and both legal parents living together.” You need to provide information about both of them on the FAFSA form.

If your parents live together, but are separated, the marital status should be “married or remarried.” Do not use “divorced or separated.” You should provide information about both of them on the FAFSA form.

Additional Sources to Finance Tuition

Many students seek alternative financial aid to finance college if they do not qualify for federal aid or if the amount of federal aid allocated will not cover the entire tuition cost.

About half of college tuition and living expenses are paid by the income and savings of a student’s family members, according to a Sallie Mae study, “How America Pays for College in 2024 .”

Federal Aid

There are many other sources that could help a student obtain funding for tuition, books, and living expenses. When filling out the FAFSA, students are applying for federal financial aid. This includes federal student loans, the federal work-study program, and some federal grants.

Some colleges also use information provided on the FAFSA to determine awards for scholarships. Federal aid is provided on a first-come first-served basis, so it can potentially be helpful to file your FAFSA early. Check out even more detailed information in SoFi’s FAFSA guide.

Federal student loans can be either subsidized or unsubsidized.

Subsidized federal loans are given to students based on financial need. The interest on these loans is subsidized by the federal government, which means students will not be responsible for repaying the interest that accrues while they are enrolled at least part time or during their grace period.

Unsubsidized loans are not awarded based on need and will begin accruing interest as soon as the loan is disbursed.

Recommended: Types of Federal Student Loans

Scholarships

If federal aid is not enough to cover the cost associated with attending college, there are other options available to help you pay for college. Two sources of funding are grants and scholarships. These are highly sought after by students because they do not have to be repaid. Many of them require students to apply annually.

SoFi’s Scholarship Search Tool can help you find scholarships based on your location, level of study, and more.

Part-Time Job

Some students may also consider getting a part-time job to help pay for tuition or living expenses. Consider looking both on and off campus, or even online.

Private Student Loans

Private student loans could be another option for students to fill the gap to pay for tuition and other necessities, such as room and board and books.

Private student loans are offered by private organizations, like banks or online lenders, and can be more expensive than federal student loans. They also don’t come with the same borrower protections as federal loans, like deferment or income-driven repayment plans. That’s why private student loans are generally considered an option after students have exhausted all other sources of financing.

The loan terms and interest rate will vary from lender to lender and will likely be determined by the borrower’s financial history and credit score. Those interested in borrowing a private loan should consider shopping around with various lenders to find the best fit for them.

SoFi’s Private Student Loans

If your federal student aid, scholarships, and grants do not cover the entire amount of your tuition and living expenses, you can consider an undergraduate private student loan from SoFi. In just a few minutes, students can see if they pre-qualify for a private loan, what the interest rates are, and if a cosigner is needed.

SoFi has four repayment options for its undergraduate loans, giving students financial options to meet their budgets and financial circumstances.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

FAQ

Does FAFSA require both parents’ income if they are divorced?

If your parents are divorced, you’ll generally report the information for the parent you lived with for the most amount of time in the past 12 months. If your parents have joint custody and you spend an equal amount of time with both parents, you’ll report the financial information of the parent who provided the most financial support during the previous 12 months.

How do you determine who parent 1 and parent 2 are for FAFSA?

Parent 1 and Parent 2 will be determined by how their information was entered into the FAFSA when the form was being completed. If the mother’s information was entered first, she would be Parent 1 and vice versa. If you cannot recall who was listed as Parent 1 or Parent 2 on your FAFSA, you can look the information up by navigation to the “Personal Information for Parent” page of your application and reviewing the information provided.

What is the maximum parent income to qualify for FAFSA?

There are no income limits when it comes to filling out the FAFSA or qualifying for federal financial aid. Even if your parents are high earners, you could still qualify for certain types of aid, such as scholarships or federal student loans. The FAFSA application is free to fill out, so it’s almost always worth taking the time to do so.

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

SoFi 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.

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.

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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