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These days, college is a pricey proposition. The average annual cost of attendance for a student living on campus at a public four-year college is $30,990 (in state) and $50,920 (out of state). The average cost of attending a private, nonprofit university is $65,470 per year.

If you’re worried about how you’ll cover the cost of sending your child to college, know that you’re not alone. Also know that you (and your student) have a number of funding options, including grants, scholarships, work-study, and student loans. Read on for tips on how to pay for college when your savings isn’t enough.

Steps to Take if You Can’t Afford College

Here’s a look at five things you can do to make sending your child to college more affordable.

Complete the FAFSA

The first thing every college-bound student is encouraged to do is fill out the Free Application for Federal Student Aid (FAFSA®). This automatically gives your student access to several types of financial aid, including grants, work-study, and federal student loans.

Even if you don’t think you’ll be eligible for federal student financial aid, it’s still a good idea to complete the FAFSA. Colleges often use the information from the form to determine eligibility for their own student financial aid, including merit aid.

Federal student financial aid can come in several forms:

•   Grants A grant is a form of financial aid that typically does not have to be repaid. Many grants, such as the Pell Grant, are awarded based on financial need. However, some are based on the student’s field of study, such as the Teacher Education Assistance for College and Higher Education (TEACH) Grant.

•   Work-Study Eligibility for Federal Work-Study is determined by information provided on the student’s FAFSA. Not all schools participate in the program, so check with a school’s financial aid office to see if it does. Work-study jobs can be on or off campus, and an emphasis is placed on the student’s course of study when possible.

•   Loans Eligibility for federal student loans is also determined by the FAFSA. There are three basic types of federal student loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. Direct Subsidized Loans are for eligible undergraduate students who have financial need. Direct Unsubsidized Loans are for eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. Parent PLUS Loans are for parents of dependent undergraduate students, and eligibility is not based on need.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Speak With the Financial Aid Office

Getting comfortable with the school’s financial aid office staff is a good thing. The office staff can be a font of knowledge for parents and students navigating the complex world of student financial aid. Not only can they help you understand what federal student financial aid you might be eligible for, they can also let you know what student aid is available through that particular school.

Financial aid office staff may also be able to point you toward other offices or departments on campus that may have job opportunities for students, or that offer emergency services for current students in the form of food or housing assistance.

Recommended: What Kind of Emergency Funding Is Available for College Students?

Let Your Student Take on a Part-time Job

Asking your child to work part-time while they are in school can help offset expenses. If Federal Work-Study isn’t a part of their financial aid package, they can still look for a job on or off campus to earn some money to put toward books and living expenses. Learning how to manage responsibilities is also an excellent out-of-the-classroom lesson.

Some ideas for jobs that may offer part-time, flexible hours for students include:

•   Babysitter or nanny

•   Coffee shop barista

•   Retail sales

•   Restaurant server or cook

•   Gym/fitness associate

Some part-time jobs might offer perks in addition to pay. Food service jobs might come with a discount on food during a shift, retail sales associates might get a discount on the store’s products, and working in a gym might come with a free gym membership. A visit to the campus career services office is often a good place to start looking for a part-time job.

Encourage a Gap Year

It’s not at all uncommon for a student to take a gap year between high school and college. Some students might not feel ready for college right out of high school. Others might want to have a specific experience, like travel or working in a specific field. Gap years can also allow students to earn money to pay for their future college expenses.

AmeriCorps is a federal program that pairs individuals with organizations that have a need. Volunteers can work in a variety of places and situations, from teaching to disaster relief to environmental stewardship, and more. Some AmeriCorps programs offer stipends, housing, or educational benefits like federal student loan deferment and forbearance, or a monetary award that can be used to pay for certain educational expenses.

Taking a gap year can give both you and your student time to build savings. It can also give your child an opportunity to gain work experience, or explore different professions. Of course, there can be drawbacks to taking a break from academics. It might be difficult to get back into the flow of studying after a year without that type of structure. Taking a year off without any structure or purpose might leave your child without a sense of accomplishment, so it’s generally a good idea to have a plan for how a gap year will be spent.

Consider a Less-Expensive College

Going to an in-state school vs. an out-of-state or private college is one obvious way to cut costs. Here are some other options to consider.

•   Community college Community colleges often charge much less tuition than their four-year counterparts. Choosing a community college close to home can also save on room and board. Your student might be able to start at a community college, then transfer to the college of their choice to complete their bachelor’s degree.

•   Tuition-free colleges There are some colleges that don’t charge tuition at all. Students at no-tuition schools may be required to maintain a certain grade point average, live in a certain region, or participate in a student work program. For example, service academies associated with branches of the U.S. military offer free tuition in exchange for a certain number of years of military enlistment.

•   Professional school Another option might be to bypass a traditional college degree for training in a specific career field instead. Training for non-degreed positions might last anywhere from a few months to a few years, depending on the job. For example, commercial airline pilots aren’t always required to have a bachelor’s degree, but they are required to have a pilot’s license and pass exams specific to the airline they work for. Jobs in the construction industry generally don’t require a bachelor’s degree, either, but might have apprenticeship programs or on-the-job training lasting several years.

Private Student Loans

If those options aren’t enough, you can also look into private student loans. These are available through banks, credit unions, and online lenders. Loan amounts vary but you can typically borrow up the full cost of attendance at your child’s school. Interest rates are set by individual lenders. Generally, students (or their parent cosigners) with excellent credit qualify for the lowest rates.

Just keep in mind that private loans don’t come with the same protections, like income-based repayment and forgiveness programs, that are offered by federal student loans.

💡 Quick Tip: Parents and sponsors with strong credit and income may find more-competitive rates on no-fees-required private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

Financial challenges shouldn’t close the door on a college education. By taking proactive steps like completing the FAFSA to access grants and federal loans, communicating with the college’s financial aid office, exploring less-expensive educational paths, and considering options like a part-time job or a gap year for saving, you can significantly reduce the financial burden.

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 if I can’t pay for my kid’s college?

If you can’t pay for your kid’s college, prioritize filling out the Free Application for Federal Student Aid (FAFSA®) to determine eligibility for federal grants, loans, and work-study programs. Encourage your child to apply for numerous scholarships (merit- or need-based), as this “free money” doesn’t need to be repaid.

Other options include attending a community college first to save money on general education courses, working part-time (potentially for an employer with tuition assistance), or choosing an in-state public university which has lower tuition costs. The college’s financial aid office is a key resource for guidance on these options.

What is the highest income to qualify for FAFSA®?

There is no maximum income limit to qualify for FAFSA® (Free Application for Federal Student Aid). The U.S. Department of Education recommends all students apply, regardless of income, because eligibility for federal aid (including grants, work-study, and loans) is determined by a complex formula that considers factors beyond just income, such as family size, assets, and the school’s cost of attendance. Even high-income families may qualify for some types of aid, such as unsubsidized federal loans or institutional merit-based aid.

What do families do when they cannot afford to send their children to college?

Families unable to afford college rely on several strategies. The crucial first step is completing the FAFSA® to access federal grants and loans. Students can also apply for numerous scholarships from private organizations and local community groups, which generally doesn’t need to be repaid. Many attend a community college for two years to save money on core courses before transferring to a four-year institution. Students often work part-time while studying or take a gap year to save money. Attending an in-state public university is another cost-saving measure. The college’s financial aid office can be a key resource for exploring these options and appealing for more aid if needed.

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 Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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-Q425-015

An acceptance letter is a college’s formal invitation for you to enroll in their programs as a student. Depending on the type of admission you applied for, letters will be delivered from December through April. Once received, you have the option to accept or decline the offer.

Financial aid offer letters may look similar to an acceptance letter, but differ in key points. Financial aid offer letters, also known as award letters, will outline financial aid (if any) and a summary of the cost of attendance. Generally, an acceptance letter and an offer letter are sent together. In some cases, though, offer letters may be sent after acceptances.

Read on to learn more about what an acceptance letter is, what an offer letter is, when to expect an acceptance letter, and how to respond to an acceptance letter.

Basic Definition of an Acceptance Letter

Acceptance letters will generally contain the three following components:

1.   A university’s offer to enroll and reasons the applicant stood out.

2.   Details about on-campus events for prospective students.

3.   Important deadlines and information on ancillary documents, such as a financial offer letter.

Students who apply for regular decisions generally receive their decision letters in March and April, but early decision and early action decision letters may be sent as soon as December.

Offer Letter vs Acceptance Letter for College

As mentioned, an acceptance letter details whether or not a student has been admitted into a specific college. Financial aid offer letters, also known as financial aid award letters, break down the tuition cost, scholarships and grants awarded, work-study programs offered, and federal student loan options available.

In order to apply for federal financial aid, students are required to fill out the Free Application for Federal Student Aid, or FAFSA®, annually. The information provided on the FAFSA helps determine the types of aid, and aid amounts, that students qualify for.

Scholarships and grants are funds awarded to students that do not need to be repaid. Loans are either provided by the government or a private entity and are repaid by the borrower, though only federal student loans would be included as a part of a student’s federal aid package. Work-study is a federal program that offers employment to students who qualify and have filed a FAFSA.

Furthermore, colleges use the information provided on the FAFSA to determine awards based on needs and merit.

In cases when federal aid isn’t enough to pay for college, students may consider private student loans to help fill in funding gaps. Keep in mind, though, that private student loans aren’t necessarily afforded the same borrower protections as federal loans — things like income-driven repayment or deferment options. That is why private student loans are generally only considered after all other options have been depleted.

College Acceptance Letter Dates

College application deadlines vary by college and so will college acceptance letter dates. Acceptance letters are sent out on dates depending on the type of application you submitted: regular, early action, restrictive early action, or early decision.

Applying for college early is one way prospective students can complete the application and acceptance process on an early timeline. It can be a path for those who have researched colleges thoroughly and want to get into a specific college.

Early action gives you a chance to apply to several colleges at once. Restrictive early action typically allows you to apply early to a single college, with the exception of public universities. Applicants who choose these routes are not obligated to accept their offer if admitted.

Early decision applicants apply to one school early decision and, if accepted, are required to commit. If an early decision applicant is accepted, they must withdraw their application from all other schools.

Additionally, some schools offer a more flexible rolling admission process. Instead of waiting to evaluate applications after specific deadlines, schools review applications as they are submitted (on a rolling basis). Generally, they’ll continue accepting applications until all of the open slots in their program are filled.

This table provides an overview of the types of applications, their general deadlines, and information on when students may accept a decision. Keep in mind that these dates are broad guidelines, and students should confirm all deadlines with the schools of interest.

When Do College Acceptance Letters Arrive?

Depending on the type of application, your college acceptance letter may arrive between December and April. Financial aid offer letters will be sent with or may follow acceptance letters.

What Does a College Acceptance Letter Say?

A college letter of acceptance will share the admission decision and may offer a list of upcoming events, such as when orientation will take place. It will also contain a deadline for you to submit a final decision.

The Decision

The first paragraph gets straight to the point: you’re in! It may also detail why you stood out from other applicants.

Prospective Student Events

Your letter may contain information on upcoming event dates and inform you on incoming ancillary documents, such as your financial offer letter.

Acceptance Deadline

The last portion of your letter will have important deadlines, including the date to accept the college’s offer. May 1st has become widely known as the deadline for students to make decisions about the college they’ll enroll in. Keep in mind that while this is a popular date for decision deadlines, colleges may have their own deadlines and applicants who applied early may have an earlier deadline.

Recommended: 7 Tips to Prepare for College Decision Day

How to Respond to College Acceptance Letter

Colleges typically send acceptance letters via email or through the college application portal you set up when you first applied, and you can generally accept or decline through the portal. However, some schools will send acceptance letters and forms to formally decline or accept their offer by snail mail.

Be sure to educate yourself and stay connected to your top choice colleges’ admissions offices on how to respond to their college acceptance letter and to prevent missing important communications.

1. Weigh Your Options

College tuition is rapidly increasing — and can play a major role in your decision.

Compare financial offer letters to determine the best deal. If a college offers more aid, but has a substantial cost, then another college with less aid and a smaller price tag might impact your decision.

There are no standard offer letter forms, so cross-checking their website with your offer letter and getting advice can be helpful. You can also follow up with college admissions offices with your questions.

2. Choose Which College You Want to Attend

Of course, other factors will weigh into your decision-making. According to The Princeton Review’s 2025 “College Hopes & Worries” survey, students are split between prioritizing “overall fit” and “program for my career interests” when choosing a college. Nearly half (47%) of respondents chose the answer “College that will be the best overall fit,” while nearly a third (32%) selected “College with the best program for my (my child’s) career interests.” Only 11% chose “College that will be most affordable” and only 10% chose “College with the best academic reputation.”

You can break down your decision even further with the following questions:

•  How strong is the academic rigor of the program I’m pursuing? Is the program a fit for me?

•  How important is the location to me?

•  What stands out to me about the campus culture?

•  Is this institution the right fit for my financial situation?

•  Does it have strong career preparation programs and resource offices?

Choosing a college will take time. But with research and guidance, you can have more confidence in making your final decision.

3. Find Funding for the School You Choose

Financial aid from schools, private entities, and the government may help put an expensive college within reach. If your top choice is not fully covered by out-of-pocket finances and other sources of financial aid, applying for a private student loan is an option.

Also, getting a job during the summer or working while in school can help with tuition and daily needs.

Recommended: How to Pay for College

4. Decline Other College Acceptance Letters

Once you’ve accepted a school offer, be sure to notify other colleges that accepted you that you are declining their offer as soon as possible. This enables them to offer your spot to waitlisted prospective students.

The Takeaway

Your college admission acceptance letter and financial aid offer letter are key to deciding your next steps. From as early as December until April, you may receive college decision letters. Unless you applied early decision, waiting to receive all college acceptance letters can help you evaluate your options.

Funding your education will be one of the most important decisions you make. Compare your financial aid offer letters to determine which school offers the best value. Most colleges will give you until May 1 to accept or decline their offer and financial aid package (if any).

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 do I get my college acceptance letter?

Typically, colleges will send your acceptance letter via email or through the online college application portal you used to submit your materials. For a few schools, especially those with an older or more traditional process, you may still receive a physical acceptance packet by postal mail, which often includes a congratulatory letter, forms to formally accept or decline the offer, and additional information about the college. Always check the admissions page of your chosen schools for their specific communication method.

When should I expect my college acceptance letter?

Acceptance letter arrival times depend on the type of application you submitted. If you applied via early action or early decision, you can generally expect a decision between December and January. Regular decision applicants usually hear back in March or April. For rolling admission, schools review applications as they come in, and you will typically receive a decision within four to six weeks of submitting your application. Always confirm specific dates on the college’s admissions website.

Do colleges still send out physical acceptance letters?

While digital communication is now the norm for college admissions, some institutions, especially those with established traditions, continue to send physical acceptance packets through the postal mail. These often contain a formal congratulatory letter, along with hard copies of forms needed to accept or decline the offer, and various campus-specific materials. Therefore, you may receive both an email notification and a packet in the mail.

Photo credit: iStock/Adene Sanchez

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 Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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-Q425-039

Nursing can be a rewarding career in a couple of important ways. It involves caring for the health of others, which can be satisfying. A nursing degree can also mean job stability and a good paycheck. According to the Bureau of Labor Statistics, demand for nurses will increase at 5% per year, faster than the average career growth. And the average registered nurse salary was at a median of $93,600 per year in 2024. Compare that with the median US salary for the same period of $61,984, and you can see that nursing can be a lucrative career.

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

Read on to learn more about nursing salaries, the cost of getting a nursing degree, and ways to pay for it. This information can help you decide if nursing is the right career path for you, and, if so, which type of nursing you want to pursue.

Average Salaries for Different Types of Nurses

If you’re considering nursing as a career and wondering how much nurses make, it’s vital to know about the different types of nurses. Each has its own education and certification requirements.

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

While LVN/LPN roles don’t always require a college education, there are usually state-approved training certification programs. Most of these courses take aspiring LVN/LPNs one year to complete, and then they must pass the NCLEX-PN examination for state licensing. How much does a nurse make a year with this kind of credential? The average salary for LVN/LPNs as of 2024 was about $62,340 annually.

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

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

To drill down on the details here, know that each state has its own licensing board. You may want to research the specific requirements in the state where you plan to practice. How much do RNs make? The average RN salary as of 2024, as noted above, was approximately $93,600 per year. (Below you will find state-by-stage nursing salaries, though not specifically for RNs.)

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

A CNS typically trains extensively in a specialty area, such as emergency medicine, oncology, or women’s health. In 2024, the average salary for a CNS was $94,945 annually and it may be well above $100,000 depending on location, which is higher than the RN salary, reflecting the additional education and skills.

•  A Nurse Practitioner (NP) holds an advanced degree, but their responsibilities vary slightly when compared with a CNS. For example, in most states, a nurse practitioner is able to prescribe medication, while a CNS is not. The average nurse practitioner salary in 2024 was $137,000 annually.

Average Salaries and Location

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

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

How Much Does it Cost to Get a Nursing Degree?

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

•  The process to become an LVN/LPN generally costs between $2,000 and $18,000.

•  Taking an RN two-year associate program can cost $6,000 to $25,000.

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

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

•  Some choose to further their education, becoming a Doctor of Nursing Practice (DNP). These degrees can be expensive but also have the potential to increase a nurse’s salary. After a master’s degree, expect to pay around an additional $21,000 to $39,000, but your nursing salary is likely to rise, too.

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

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

Paying for Your Nursing Degree

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

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

Student Loan Forgiveness Options for Nurses

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

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

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

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

Repaying Student Loans after Nursing School

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

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

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

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

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

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

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

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

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

The Takeaway

Nursing can be a challenging but rewarding profession, and the average nurse salary of $93,600 could provide a well-paying career. There are different kinds of nursing degrees and positions, so it’s wise to do your research to understand what each one requires and which might best suit your needs. Also, financing your education as a nurse can also need research to understand the obligation and how you might fund it.

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

FAQ

Which U.S. state pays nurses the most?

The state that pays nurses the most is the state of Washington, where LPNs make an average of $79,970 a year. California isn’t far behind with an annual LPN salary of $79,090. Keep in mind that salaries for LPNs are at the lower end of the nursing salary spectrum. An RN in Washington state makes an average of $99,519 a year by comparison.

What type of nurse makes $100,000 a year?

A nurse practitioner (NP) can make well over $100,000 a year. For example, in 2024, the average NP made $137,000 annually. This type of nurse has an advanced degree, typically a master’s of science in nursing. These professionals provide many of the same services as doctors, including performing medical procedures and prescribing medication.

Can an RN make $200,000 a year?

Yes, it’s possible for an RN to make $200,000 a year, especially if they work in high-demand positions such as certified nurse anesthetists or travel nursing, or hold an administrative or leadership position.

SoFi Student Loan Refinance
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