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Over the past few decades, the cost of earning a college degree has soared. For the 2024-25 academic year, the average cost of attendance was roughly $30,000 at in-state public universities, $49,000 for public universities out of state, and $63,000 at private colleges, according to the College Board.

Those figures can feel overwhelming to many families. Fortunately, financial aid can make higher education far more affordable. Generally speaking, there are two main types: gift aid and self-help aid.

Gift aid is financial assistance that typically does not have to be paid back. This includes grants and scholarships, which may be awarded based on financial need or merit. Self-help aid, on the other hand, includes work-study opportunities and loans. It’s referred to as self-help because the student is responsible for taking action, either by working for wages or repaying borrowed funds.

Understanding the differences between these two types of aid can help you make smarter financial decisions for your education. Here, we’ll walk you through how each type of financial aid works, their pros and cons, and how to qualify.

What Is Gift Aid?

Gift aid refers to financial assistance awarded to students that generally does not require repayment. Gift aid can come from various sources — federal or state governments, colleges, private organizations, nonprofit foundations, and even employers.

Here’s a look at the two main types of gift aid:

Grants

Government agencies, private organizations, and colleges award grants to both undergraduate and graduate students, typically based on financial need. Award amounts, eligibility requirements, and application processes vary depending on the grant.

The largest federal grant program available to undergraduate students is the Pell Grant. For the 2025–26 award year, the maximum Federal Pell Grant is $7,395. Other federal grants include the TEACH Grant (for students who want to pursue a teaching career) and Federal Supplemental Educational Opportunity Grant (for undergraduate students with exceptional financial need).

There are also state-specific grants and institutional grants. You generally apply for grants by filling out the Free Application for Federal Student Aid (FAFSA®).

💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

Scholarships

There are thousands of scholarships available to help students pay for college. They are offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.

Scholarships are often awarded based on merit, such as academic achievement, athletic ability, artistic talent, leadership qualities, or a specific field of study. Some scholarships are based on financial need. There are also scholarships that are geared toward particular groups, such as scholarships for women or students who come from military families.

You can find out about scholarships through your high school guidance counselor and the financial aid office at the school you plan to attend, as well as by using an online scholarship database. “Start researching scholarships early, because gathering the required documents and information to apply takes time, and early deadlines are common for large awards,” advises Brian Walsh, CFP® and Head of Advice & Planning at SoFi.

Pros and Cons of Gift Aid

There are both benefits and drawbacks to gift aid. Here are some to keep in mind:

Pros of Gift Aid

•  No repayment required: You typically don’t have to pay the money back, making it the most financially beneficial type of aid.

•  Reduces long-term debt: Every dollar of gift aid is one less dollar you might need to borrow.

•  Can cover a variety of costs: Depending on the award, funds may be used for tuition, fees, housing, books, and other education-related expenses.

•  Can be renewable: Many grants and scholarships can be renewed annually if you continue to meet the requirements.

Cons of Gift Aid

•  Competitive and limited: Scholarships often have strict eligibility requirements and can be highly competitive.

•  May not cover all expenses: Gift aid often doesn’t fully cover the total cost of attendance.

•  Performance requirements: Some awards require you to maintain a certain GPA, be enrolled full-time, or meet other ongoing conditions.

•  Possible impact on other aid: Receiving large amounts of gift aid can sometimes reduce eligibility for need-based aid.

What Is Self-Help Aid?

Self-help aid includes resources that require either repayment or active participation by the student. Here’s a look at the two main types of self-help aid.

Work-Study Program

The Federal Work-Study Program provides part-time jobs for undergraduate and graduate students with financial need, helping them to earn money they can put towards education expenses. These jobs are often located on campus, but they can also be with off-campus nonprofit organizations or public agencies. Work hours also tend to be flexible to accommodate class schedules.

When you get a work-study job, you’ll earn at least the current federal minimum wage. These earnings will be paid directly to you (unless you request otherwise) and can be used for any expenses, not just tuition.

Students apply for work-study through the FAFSA, which determines eligibility based on financial need. If you’re eligible, work-study will likely be included in your financial aid package.

While work-study can be a great way to earn money and gain work experience, it’s important to note that your earnings will depend on how many hours you can work, and the total award is capped at a certain amount per year.

Federal and Private Student Loans

Student loans are borrowed funds that must be repaid with interest. There are two main types of student loans: federal and private.

Federal student loans are offered by the U.S. Department of Education. These loans generally have lower interest rates and more flexible repayment options. You do not have to start repaying federal student loans until after you graduate, leave school, or change your enrollment status to less than half time.

The main types of federal student loans include:

•  Direct Subsidized Loans: Offered based on financial need, the government pays the interest on these loans while you’re in school at least half-time. There are annual (and total) limits on how much you can borrow.

•  Direct Unsubsidized Loans: These loans are not offered based on financial need, but interest will begin accruing from the moment the loan is disbursed. As with Direct Subsidized Loans, there are annual (and total) limits on how much you can borrow.

•  Direct PLUS Loans: These loans are available to parents of dependent undergraduates and graduate/professional students. Eligibility is based on a credit check, and you can currently borrow up to the full cost of attendance, minus other aid. (Note: Grad PLUS loans are being eliminated as of July 1, 2026.)

Private student loans are provided by banks, credit unions, and other private lenders. A credit check is required, so students typically need a cosigner unless they already have a strong credit history. Private student loans often have higher interest rates and fewer borrower protections than federal student loans. However, they come with higher borrowing limits, which can make them useful for bridging funding gaps if federal aid is insufficient.

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

Pros and Cons of Self-Help Aid

Here’s a look at the advantages and disadvantages of self-help aid:

Pros of Self-Help Aid

•   Accessible to many students: Student loans and work-study programs are widely available.

•   Builds responsibility: Managing work and loan repayment can help students develop time management and budgeting skills.

•   Flexible repayment for federal loans: Federal loans offer options like income-driven repayment, deferment, and loan forgiveness for qualifying borrowers.

•   Work experience: Work-study jobs can build your résumé and help with networking.

Cons of Self-Help Aid

•   Repayment obligation: Loans must be repaid with interest, which can significantly increase the total amount you owe.

•   Potential for debt burden: Borrowing too much can lead to long-term financial strain after graduation.

•   Limited earnings with work-study: Work-study wages are often modest and unlikely to cover major expenses.

•   Time commitment: Balancing work hours with academic responsibilities can be challenging.

Qualifying for Gift Aid and Self-Help Aid

Both gift aid and self-help aid are typically awarded through the college’s financial aid process, and most programs require you to submit the FAFSA each year.

Eligibility for gift aid is often based on:

•   Financial need: Many grants, such as the Pell Grant, are need-based.

•   Academic achievement: Scholarships may require a certain GPA, standardized test score, or other achievements.

•   Special criteria: Some awards are based on factors like major, athletic ability, community service, or demographic background.

How to qualify for self-help aid depends on the type of aid.

•   Work-Study: This is awarded based on financial need as determined by your FAFSA, but also depends on available funding at your school.

•   Federal loans: Students who complete the FAFSA typically qualify for some type of federal student loan, regardless of credit history or income.

•   Private loans: These loans require a credit check, and students without established credit may need a cosigner.

It’s important to meet all deadlines and supply accurate information to maximize your eligibility for any aid.

The Takeaway

When it comes to paying for college, both gift aid and self-help aid can play important roles. Gift aid — grants and scholarships — reduces the cost of college without adding debt, making it the ideal first choice. However, because gift aid alone often doesn’t cover the full cost of attendance, self-help aid like work-study and student loans can help bridge the gap.

A smart approach is to prioritize free money first, then use self-help aid to fill in any remaining needs. Borrow only what you truly need, and be mindful of repayment terms. By understanding your aid options and planning ahead, you can make college more affordable without sacrificing your financial future.

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 is the difference between gift aid and self-help aid?

Gift aid is financial assistance for college that doesn’t need to be repaid, such as grants and scholarships. It’s often awarded based on financial need, academic merit, or special criteria. Self-help aid, on the other hand, requires the student to take action, either by repaying borrowed money (student loans) or working for wages (work-study programs). While gift aid directly reduces costs, self-help aid helps students manage expenses through debt or employment, so it typically requires more responsibility after receiving it.

Do parents who make $120,000 still qualify for FAFSA?

Yes, FAFSA isn’t itself an income-based approval system. It’s simply the application for federal student aid. While high-income households may not qualify for need-based federal grants like the Pell Grant, they can still access unsubsidized federal loans, work-study (in some cases), and merit-based scholarships awarded by colleges that use FAFSA information in their aid decisions.

What is self-help aid for college?

Self-help aid is financial assistance that requires the student to take an active role in covering education costs, either through repayment or work. The two main forms are student loans, which must be repaid with interest, and work-study programs, where students earn money by working party-time jobs, often on campus. Unlike gift aid, which is essentially free money, self-help aid doesn’t reduce tuition costs. Instead, it provides a way for students to manage their expenses.

What are two types of gift aid?

The two main types of gift aid are scholarships and grants. Scholarships are often awarded based on merit, such as academic achievement, athletic skill, leadership, or artistic talent, though some also consider financial need. Grants are typically need-based and come from the federal government, state programs, or institutions. Both scholarships and grants typically do not require repayments, making them highly desirable forms of aid.

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.

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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.

College orientation is an exciting initiation into freshman year and an opportunity to learn about your classes and extracurricular activities, make friends, and get acclimated to your new surroundings.

While it may span just a few days or a week in total, college orientation is packed with information and experiences that can set you up for success over the next four years.

Planning ahead and diving into the details of the orientation schedule is just one of many ways to prepare for college. Although every school operates differently, here are some key college orientation tips and things to expect when you arrive on campus.

When Does Orientation Take Place?

Some college orientations happen in the middle of summer, while others take place right before the beginning of the semester. The earlier variety is typically conducted in smaller groups and may be organized separately for specific programs or majors.

Midsummer orientations often give students the opportunity to stay in the dorms ahead of moving to campus. This can be a useful test run to get acquainted with the dorm life and mingle with fellow incoming students.

What Is an Orientation Schedule Like?

Once the college orientation schedule is available, look out for which parts are mandatory, such as taking a student ID photo and registering for classes, and any optional social, extracurricular, and informational activities that sound interesting or helpful.

College orientation is a time to make friends and get acquainted with college life, but knowing where the dining hall, laundry room, student transportation, and other services are located also comes in handy.

Having a game plan for the orientation schedule will give you an opportunity to invite new acquaintances to attend an event or activity together. At the same time, allowing yourself to go with the flow a bit might alleviate some of the stress.

Compared to a strictly regulated high school schedule, college students are given much more discretion in making decisions for themselves. While this newfound freedom can be liberating, it can present challenges for balancing studying effectively with the fun, social aspects of college.

Orientation is a chance to get acclimated before the pressure of staying on top of schoolwork arises.

Recommended: 10 Ways to Prepare for College

What Happens at Orientation?

The full scope of college orientation will vary by institution. However, there will likely be a mix of instructional and social activities to round out each day. Some topics that are typically covered include:

•   School rules, policies, and code of conduct

•   Meetings with an academic or department advisor

•   Guided tour of campus

•   Skits and role-play activities

•   Ice breakers with a residential advisor and dorm floormates

While some sessions may feel tedious, making a good first impression on a residential advisor, professor, and peers can be invaluable.

Learning About Extracurricular Activities and Campus Life

College orientation usually includes a range of informational and fun activities to introduce students to campus activities. Many student clubs and organizations have tables at orientation or early in the semester to meet and attract incoming students.

Depending on school size and culture, the number of offerings and niches can be vast compared to high school, including intramural sports, Greek life, theater troupes, and culture clubs.

Learning the Lay of the Land

After the guided tour, you may want to spend some time going over (and memorizing) how to get to the dining hall, student center, and your classrooms — this can save you lots of time and potential embarrassment from being late on the first day of classes. Classrooms may be organized by department in different buildings across campus.

During college orientation, you may also be able to join group outings to explore your college town or sign up for guided shopping trips to pick up groceries, cleaning supplies, and other dorm essentials.

Moving Into the Dorms

At colleges that hold orientation directly before the beginning of the semester, you may be able to sign up in advance for a block of time to park and transport your belongings into your dorm room.

With many students and families arriving on the same day, the scene can be a bit of a frenzy. Keep an eye out for registration emails prior to orientation to snag a good move-in time.

Mid to late morning is often a safe bet to get ahead of the crowds and summer heat. Also, packing efficiently can save time and stress on move-in day.

Beyond studying and sleeping, dorms are a social hive for freshmen students. A helpful college orientation tip: Setting up a welcoming, furnished dorm room is a great way to prepare for movie nights and parties with newfound friends.

Recommended: College Freshman Checklist for the Upcoming School Year

Downtime for Socializing

The orientation schedule tends to wind down in the afternoon and early evening, allowing students plenty of time to hang out and get to know each other. Keeping that in mind may help you resist the urge to skip important orientation sessions to meet up with new roommates and friends.

What About Parents and Family?

While starting college is an exciting time, it can also feel bittersweet for students, parents, and other family members. To honor the occasion, many colleges incorporate group activities, lunches, and festivities for students and families to partake in together during the first day or two of orientation.

Before saying goodbyes, parents and family members may be able to join a separate orientation to prepare them for the transition. Usually, these sessions are intended to provide guidance to support students and offer insight into their child’s life at college.

They are also an opportunity for families to meet other families, as well as learn about resources and noteworthy events, such as family weekend and homecoming.

Paying for College

College orientations may also offer sessions about navigating the financial aid system. Tuition, books, and other educational costs aren’t cheap, and everyone’s financial situation is different.

Financial aid sessions may cover aid distribution dates, when tuition is due, how to pay tuition, and how to add money to student accounts for incidentals. Parents and students may want to attend this session together to ask questions that come up during the discussion.

Fortunately, there are a variety of ways to pay for higher education. In addition to saving for college ahead of time, there are several options to consider when creating a plan.

Scholarships

Scholarships are awarded to students by community organizations, private foundations, nonprofits, colleges, and other groups. The criteria for earning a scholarship varies, though many focus on academic achievement, financial need, or program of study.

According to Sallie Mae’s “How Americans Pay for College” 2023 report, approximately 61% of college students received scholarship money during the 2022-2023 academic year.

Many scholarship applications open before college starts, though there may be additional opportunities once college begins. Researching scholarships in your hometown and college is a great place to start.

Online resources, such as collegeboard.org and SoFi’s Scholarship Search Tool, keep an updated list of scholarships as well. Applying early for scholarships may be an advantage, as some large awards may have early deadlines. For instance, some scholarships stop accepting applications during the fall for distribution the next school year.

Grants

Like scholarships, grants are financial awards given to students to pay for their education — they do not have to be repaid. The main difference is that grants are usually based on need instead of academic merit. By completing the Free Application for Federal Student Aid (FAFSA), you can find out what aid you are eligible for, including the federal Pell Grant Program or state-wide grant opportunities.

Work-Study

Many college students pick up a part-time job to help pay tuition and living expenses. One way to secure work is through Federal Work-Study , a program that employs qualified college and graduate students in on- or off-campus jobs. Pay varies, but participants will earn at least minimum wage.

Work-study eligibility is based on several factors, including family income and enrollment status, and is offered as part of a student’s financial aid package.

A job is not guaranteed even if work-study is awarded. Early application is key because a school’s program funds may be limited and jobs are awarded on a first-come, first-served basis.

Student Loans

Whether or not you receive a scholarship, grant, or work-study, there are several student loan options you might want to consider applying for.

Federal student loans, which are either subsidized or unsubsidized, are offered as part of a student’s financial aid package. If you qualify for a subsidized student loan (which is based on need), interest won’t begin to accrue until six months after you graduate. With an unsubsidized federal student loan, interest begins to accrue right away (though you can defer making any payments until six months after you graduate). Interest rates on federal student loans are fixed; for the 2025-2026 academic year, the rate for a subsidized or unsubsidized federal loan is 6.39%.

Federal student loans come with such protections as deferment and income-driven repayment plans.

Private student loans from banks, credit unions, and online lenders may help fill any remaining gaps in paying for college. These loans are not subsidized or need-based, and their interest rates may be fixed or variable.

To apply for a private student loan, you generally fill out a loan application either alone or with a cosigner. Rates vary depending on the lender, but borrowers with excellent credit typically qualify for the lowest rates. These loans, however, don’t come with the same benefits as federal student loans and the rates are typically somewhat higher, so it’s generally worthwhile to first see what federal aid you can access.

The Takeaway

College orientation is an important and exciting time for students where you learn about the campus, classes, extracurricular activities, and your fellow students. It’s a good opportunity to get acclimated and embark on your independent life as a college student. You’ll also learn what supports are there, whether that means dealing with your academic workload, homesickness, or financial aid concerns.

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 should you expect at college orientation?

College orientation typically introduces you to your school, such as campus tours, extracurriculars, and financial aid practices. In addition, it gives you the opportunity to take part in fun events, meet your dorm mates and RAs, interact with university staff, and get accustomed to how college life operates.

Is it important to go to college orientation?

In general, it’s a smart move to go to college orientation. It’s a valuable introduction to college life, and it can help a student successfully transition into life at their new school. You’ll learn about where things are, academic expectation, extracurricular activities, and available resources, as well as meeting other students and university staff.

How long is college orientation?

The length of college orientation varies dramatically from school to school. In some cases, it only lasts a matter of hours; in others, it can be several days or even a week.

Do parents go with you on school tours?

The answer to whether parents go with you on school tours is that it can depend. Some students and parents definitely want to take tours together and discuss what they have seen and heard. Other students would rather go solo or visit campuses with a couple of their friends or a sibling. Lastly, don’t be surprised if a school divides the tour up into two kinds of groups, one for students and one for parents. That can be a way for students to develop their own independent view of the campus.

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).

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

SOISL-Q325-100

Standardized testing has long been controversial, in part because it may shift favor toward affluent applicants who can afford test preparation courses, or who go to well-funded public or private schools that can teach test-taking skills. In this way, critics of standardized testing say that standardized testing doesn’t measure aptitude; it merely measures a student’s ability to take a test.

And while seeing that a school is test optional may make some students breathe a sigh of relief, it can lead to confusion for many applicants, especially those who are strong test-takers. Understanding how colleges may use these scores can help you make the decision as to whether to include them in your application package.

Test Optional Versus Test Blind

To assess how a university will potentially use test scores, it’s helpful to see whether the school is test optional or test blind.

Test Optional

The school doesn’t require standardized test scores, but if they’re submitted, they will be evaluated alongside the application package.

Test Blind

The school does not require standardized testing. If a student submits standardized test scores, they will not be looked at or evaluated by the institution.

The difference in these definitions can be helpful to determine whether or not to submit test scores. If the school you apply to is test blind, then sending your scores will not matter. But if the school is test optional, then some applicants may consider sending their test scores if they performed well.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than Federal Parent PLUS Loans. Federal PLUS Loans also come with an origination fee.

Standardized Testing Can Give Students Options

Students who aren’t sure of where they want to apply, or who are interested in a wide range of potential options, may consider opting in to standardized testing. Also consider that some private scholarships may use standardized testing as one method of evaluation.

As you consider your high school and college career, it can be helpful to ask the following questions:

• What does my school counselor think about opting out of testing?

• How do I perform on testing? Does testing cause me significant anxiety, or is it something that I can excel in with relatively minimal stress?

• Do I plan to apply for college scholarships?

• Do I know which schools I want to apply to? You may not have the answer yet depending on which stage of the college search you’re in, but looking at a few dream or reach school admission requirements can be helpful to assess whether or not you’ll likely need standardized testing.

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

Know the Test Calendar

For some students, standardized testing for higher education begins with the PSAT/NMSQT. Also known as the PSAT 10. This test assesses “readiness for college” and may be used for scholarship eligibility. This test is also the qualifying test for the National Merit Scholarship. While it’s commonly taken in tenth or eleventh grade, some middle-schoolers may also take the PSAT 8/9 both for practice and for high school eligibility.

The PSAT does not count toward college admission and colleges will not see a student’s results. That’s why the PSAT can be a helpful first step in assessing how you perform on a standardized test, pinpoint any areas that may need work, and create a plan for the next steps.

Both the ACT and SAT are offered about seven times a year in the United States. Some students take these standardized tests in the spring of their junior year and then retake them in the fall of their senior year. But the right cadence is dependent on a student’s unique profile. For some students, taking the standardized tests just once is enough. Others like to use the first test as a benchmark, then spend the summer studying or taking a prep course before taking the test a second time.

Keep in mind, too, that some colleges that consider standardized test scores will allow students to submit only their highest scores. Other schools will look at all of a student’s scores. Knowing how your potential schools will consider standardized test scores can also help you assess how many times you want to take the test.

Recommended: How to Help Your Child with SAT Practice

What Are Alternatives to Standardized Testing?

Some students worry that their applications may be viewed less competitively if they opt out of standardized testing. But it’s important to remember that for many admissions offices, evaluating applications is an art — not a science.

Reading through admission requirements can give you a sense of what the university expects from applicants. Some public institutions may have specific numbers that students need to meet to be guaranteed admission. But for many schools, admission is dependent on multiple factors including:

• Essays

• Range and breadth of high school courses taken

• Teacher recommendations

• Extracurricular activities

• College interview

• Other factors, which may include state residency, alumni parents, or majors planned to pursue in college

• Standardized tests

In short, standardized tests are generally one small part of an admissions package. Talking with a college counselor can help students maximize all other parts of their application for competitive consideration.

Recommended: 5 Ways to Start Preparing for College

Don’t Overlook How You’ll Pay for College

In the leadup to developing a competitive application, it can be easy to overlook the question of how to pay for college. It’s never too early to begin researching methods of payment. This may include:

• Support from parents and family members

• A student’s own savings

• Private scholarships

• Federal financial aid including; work-study, scholarships, grants for college, and federal student loans

• Private student loans

While private student loans can help students fill the gap in how they plan to pay for college, they’re generally used as a last resort because they lack borrower protections offered by federal student loans. But, when students don’t receive enough federal aid to pay for college, private student loans can be one option worth considering.

Students may also look at the tuition cost as they are building the list of colleges they plan on applying to. In general, in-state public universities may be less expensive than private universities, but some private universities have generous financial aid for people who meet certain requirements. Having an understanding of the potential financial commitment alongside the application and admissions process can help students build a clear perspective on how much college will cost depending on where they get accepted.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

The Takeaway

The college admissions process can be intense, and standardized tests are only one part of the puzzle. Fortunately, you can minimize stress by taking your time, doing research, and asking questions early. Carefully considering where you want to go to school, how you’ll pay for it, and what will make the experience successful for you can help you choose the school that is the right fit for you.

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 are the main reasons students might consider opting out of standardized testing?

Students might opt out due to stress, lack of relevance to their academic goals, and concerns about the fairness and accuracy of the tests.

What are the potential drawbacks of opting out of standardized tests?

Opting out can limit opportunities for scholarships, certain college admissions, and may be seen as a lack of preparation or commitment by some institutions.

What are some alternatives to standardized testing for demonstrating academic ability?

Alternatives include strong grades, challenging coursework, teacher recommendations, personal essays, and extracurricular activities that showcase skills and achievements.

Photo credit: iStock/FreshSplash

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-Q325-079

Double majoring certainly has its perks. It gives you the freedom to study more than one subject, allows you to become more well-rounded during your time in college, and could afford you the opportunity to study both a career path and a passion project at the same time.

However, deciding to become a double major is a big decision, as going after two majors could mean double the work.

What Is a Double Major?

Though the term “double major” can vary from school to school, it typically refers to a student pursuing two different disciplines under one degree.

While in school, the student works to obtain enough credits for majors in those two disciplines. Usually, this means studying two fields based in the same school, which will earn the student the same type of degree, such as a Bachelor of Science (B.S.) or Bachelor of Arts (B.A.).

Classes, including general education classes, might overlap within the two majors, making it easier to complete both courses of study throughout a student’s education.

It’s important to note there is a distinction between a double major and a dual degree.

A dual degree can mean a student is pursuing two separate degrees. This could mean going after two degrees in two different fields (for example, getting a B.A. in English and a B.S. in Finance), or it could mean studying for a Bachelor’s and a Master’s degree at the same time.

Some schools may require you to apply for — and gain acceptance to — both degree programs, and you’ll likely need to finish all requirements (including general education classes) under both degrees.

Again, it’s important to check with your college or university to see how they define a “double major” or a “dual degree” to ensure you are going after the right program.

How Many People Pursue a Double Major?

Many students choose to go down the double major path while studying at college or university.

Though the exact number can vary from school to school, it typically ranges somewhere between 10% to 25% of the enrolled student body.

Before diving in and deciding to declare a double major, here are a few pros and cons to consider.

Pros of Declaring a Double Major

Getting to Study Two Areas at Once

Going after a double major can allow you to gain a broader learning experience than others as you expand your classes and curriculum. This means you can leave school with a deep understanding of two totally different topics.

It could also allow you to study something you believe is a direct career path for you, while also exploring an area you are passionate about. And hopefully, in your future career, you can meld the two skill sets together.

Recommended: A Guide to Choosing the Right College Major

Widening Potential Job Opportunities

By studying in two different areas, you may broaden your future career path. After all, having two majors under your belt means you are skilled at more than just one thing.

But, beyond this, employers may also look favorably on candidates with double majors because it shows they have a broad interest in many topics, can handle the pressures of an increased workload, and are ready and willing to take on new, larger tasks with ease.

Staying on Track for Graduating in Four Years

Because most double majors are completed under the same school within a college or university, you can typically still graduate within the standard four-year timeframe.

That’s because you will likely only have to take one set of general education requirements rather than with a dual degree program where you may need to take two.

Completing all of the coursework on time may take some strategic planning, however. If you have questions, consider speaking with your academic advisor, who may be able to provide helpful insight.

Cons of Declaring a Double Major

Next, consider the potential downsides of pursuing a double major.

More Studying

Because you may need to add on more credit hours to earn a double major, you might have to spend more time in classrooms and more time studying than your peers who are in pursuit of a single major.

This can also mean you’ll need to be highly organized and driven to go after a double major, and it might not be right for those who are not self-starters.

Less Time for Outside Interests

Because you will likely be in the classroom or library more often studying, having a double major might mean less time for outside interests and extracurricular activities.

And sure, one goes to college to study. However, it can also serve as an important developmental moment in one’s life.

Taking part in sports, clubs, or activities can help students learn and grow in different ways. It can help them connect with others and serve as a wonderful networking opportunity for future job interests.

It’s critical to weigh your options and make sure you know what you will have to give up to go after a double major.

Potential Increased Tuition

Because you may exceed baseline credit hours, you could end up paying more in tuition, which could mean accessing more federal and/or private student loans or more of them. Here’s why: Each credit hour can be costly, and going after a double major could be a significant investment.

Consider mapping out your coursework to determine exactly how many credits you’ll be required to complete, and how much extra this may cost.

Weigh the potential additional cost against the value having two majors could provide before declaring.

Recommended: 11 Strategies for Paying for College and Other Expenses

When It Makes the Most Sense to Double Major

In the end, this is a highly personal decision that students must make for themselves or with the guidance of a parent or counselor.

However, it may make sense for anyone who has more than one interest, who wants to broaden the scope of their schooling, or who feels as though a second major will help their future career prospects.

For example, students studying international business may find it helpful to their careers to add a second major in a language.

If someone believes that the return on investment — both in their time and, potentially, money — will be high, then a double major may be right for them.

One Alternative to Double Majoring

There is another way for a student to broaden their horizons and go after their passions throughout their education, and that’s with a minor.

While a major is a student’s main area of study, a minor can be a secondary area of study that requires fewer credit hours to complete than a second major.

Adding a minor can help you broaden your educational scope, allow you to further study areas you are passionate about, and help you walk away with more skills upon graduation.

While a minor doesn’t carry as much weight as a major, you can still list a minor on your resume, which could potentially help you impress recruiters during your post-graduation job search.

Being Financially Prepared to Go After Any Degree You Want

Whether you decide to go after one major, two majors, two degrees, a major and a minor, or any other combination, it’s important to be financially prepared for what’s ahead.

Knowing that you have enough funding for college can give you the freedom to explore different academic paths and pursuits without worrying about how you’ll cover the cost.

An important first step is to complete the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for any federal financial aid, which may include grants, scholarships, work-study, and federal student loans.

To fill in any gaps in funding, some students may also consider a private student loan via a bank, credit union, or online lender. To apply for a private student loan, students generally fill out a loan application either alone or with a student loan cosigner.

Unlike federal student loans, the amount a person qualifies for, along with what interest rate, is usually dependent on the applicant’s (or their cosigner’s) credit score and income, along with other factors.

While qualifying borrowers could secure a competitive interest rate when applying for a private student loan, it’s important to note that federal student loans offer borrower protections that private student loans may not.

These include deferment and forbearance, income-driven repayment plans, and some loan forgiveness programs. Benefits like these mean that students should generally turn to federal loan options before considering private student loans.

The Takeaway

Pursuing a double major can have advantages, such as allowing a student to pursue two fields of interest and then possibly having options career-wise after graduation. However, going after two majors can mean a heavy workload during your college years, and it may cost more than a single major as the credit hours add up. That said, if you are passionate about working to achieve a double major, there are funding options to consider, such as federal and 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.

FAQ

What are the downsides of a double major?

Downsides of a double major include increased workload, additional requirements to graduate, and possibly additional tuition costs.

Is a double major worth it?

If a student is very interested in two fields of study, a double major can be a worthwhile pursuit. It allows a student to pursue their interests and may open doors career-wise in two different fields.

Is double majoring stressful?

Double majoring can be stressful as it often involves an increased workload. Using time management techniques can help you tackle the obligations of a double major without feeling overwhelmed.

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).

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.

SOISL-Q325-097

Beginning August 1, federal student loan holders who are enrolled in the SAVE Plan will see interest accrue on their student loans, but payments are still suspended. Eligible borrowers can apply for and recertify under the Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), and Pay As You Earn (PAYE) Repayment Plans, as well as Direct Consolidation Loans. Many changes to student loans are expected to take effect July 1, 2026. We will update this page as information becomes available. To learn the latest, go to StudentAid.gov.

The timeframe when part-time students need to begin paying back student loans depends on the types of loans they have. Essentially, if a student meets their college’s requirements for half-time enrollment, they are generally not required to make payments on federal student loans while in school. However, private student loans have their own terms. Depending on the lender, students may be required to make payments on their loan while they are enrolled in school.

Students may be part-time because of their financial situation, caregiver or parental duties, medical issues, or other reasons. Knowing how part-time student loan repayment works can help students budget and plan ahead.

What Is a Part-Time College Student?

A part-time college student is someone who is not taking a full course load during any given academic quarter or semester. Individual schools set the standards for what counts as a full- or part-time student, but in general, full-time students may take about 12 credits or four classes at a time.

Part-time students may take anywhere from six to 11 credit hours or two to three classes per academic period.

Students may choose to attend college part-time in order to take care of family obligations, work a day job, or because of other circumstances that don’t allow them to take four classes at one time.

Recommended: Full-time vs. Part-time Students

Repaying Student Loans as a Part-Time Student

Exactly when do part-time students have to pay back student loans? In general, part-time students may not need to pay back their federal student loans while they are attending school as long as they don’t drop below half-time enrollment — or as long as they haven’t graduated.

What does this mean in practicality? If you’re a part-time student and you are taking at least half of the full-load credit hours, you generally won’t need to start paying off your federal student loans until you graduate, withdraw, or drop below half-time enrollment. Federal loans also come with a student loan grace period, meaning you technically won’t be required to make payments for six months after graduating, withdrawing, or dropping below half-time enrollment.

For example, if a full course load at your school is 12 credits, and you’re taking six credits this semester, you are still enrolled at least half-time, and wouldn’t normally be required to start paying back your federal student loans.

If, however, you drop down below half-time enrollment by taking only one three-credit class, you would no longer be attending school at least half-time and may be required to start paying off your federal student loans.

When Do I Have to Start Paying Back My Student Loans?

If you are a part-time student who graduates, withdraws, or drops below half-time enrollment, you may not need to start paying back your federal student loans right away. Many new grads, or those entering a repayment period for the first time, are given a six-month grace period, as mentioned above, before they have to start paying federal student loans back.

The exact length of any grace period depends on the type of loan you have and your specific circumstances. For example, Federal Direct Subsidized Loans and Direct Unsubsidized Loans all have a standard six-month grace period before payments are due.

Factors That May Influence the Grace Period

If you’re a member of the armed forces and you are called to active duty 30 days or more before your grace period ends, you could delay the six-month grace period until after you return from active duty.

Another situation that could impact your grace period is if you re-enroll in school at least half-time before the end of the grace period. You will receive the full grace period again on your federal student loans when you graduate, withdraw, or drop below part-time enrollment.

This is because, in general, once you start attending school at least half-time again, you’re no longer obligated to start making payments on federal student loans. In this situation, you would still get a grace period after you graduate, even though you may have used part of a grace period while you were attending school less than half-time. Note that most loan types will still accrue interest during the grace period.

You may lose out on any grace period if you consolidate your federal student loans with the federal government during your grace period. In that scenario, you’ll typically need to start paying back your loan once the consolidation is disbursed.

Repayments for Private Student Loans

If you have private student loans, you may not get a grace period before you start paying back your loans. Student loans taken out from private lenders don’t have the same terms and benefits as federal student loans, which means that private student loans may not offer a grace period at all or it may be a different length than the federal grace period.

Some lenders may require students make payments on private student loans while they are enrolled in school. If you have a private loan or are considering a private loan, check with the lender directly to understand the terms for repayment, including whether or not there is a grace period.

How Do I Pay Back My Student Loans?

When it comes to part-time student loan repayment, there are things you can do to make paying back your loans as painless as possible. When you enter loan repayment on a federal student loan, you’ll be automatically enrolled in the Standard Repayment Plan, which requires you to pay off your loan within 10 years.

However, there are currently several other types of federal student loan repayment plans available, including income-driven repayment plans, and it is always worth learning about the different plans so you can make an educated choice.

One thing to be aware of, however, is that as per the U.S. domestic policy bill that was passed in July 2025, there will only be two repayment options in total for borrowers taking out their first loans on or after July 1, 2026: the Standard Repayment Plan, which is a 10-year repayment plan, and the Repayment Assistance Program (RAP). RAP is similar to previous income-driven plans that tie payments to income level and family size.

As mentioned, private student loans have different requirements than federal student loans. Individual lenders will determine the repayment plans available to borrowers.

Recommended: Student Loan Forgiveness Guide

Take a Look at Refinancing

One option you may want to consider is student loan refinancing with a private lender. Refinancing your student loans allows you to combine your federal and/or private student loans into one new, private loan with a new interest rate — ideally, a lower rate — and new terms.

You can use a student loan refi calculator to see how much refinancing might save you.

It’s important to remember, however, that student loan refinancing isn’t right for everyone. If you refinance your federal loans, they will no longer be eligible for any federal benefits or repayment assistance, such as the Public Service Loan Forgiveness (PSLF) program or income-driven repayment plans.

The Takeaway

Part-time student loans who are enrolled at least half-time, based on the definition at their school, are generally not required to make payments on their federal student loans. Private student loans have terms and conditions that are set by each individual lender, and may require students make payments on their loans while they are enrolled in school.

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

Do part-time students qualify for federal student loans?

Yes, federal student loans, including federal Direct Subsidized and Unsubsidized loans, are available for part-time students as well as full-time students. To qualify, a student will need to fill out the Free Application for Federal Student Aid (FAFSA®) to see what they are eligible for.

Because you will be taking fewer classes as a part-time student, you may be offered less than the annual cap of $5,500 for federal loans for first-year dependent undergraduate students. Lenders for private student loans typically allow part-time students and full-time students to borrow up to the total cost of attendance at their school.

When does the grace period begin for part-time students?

The grace period for part-time students with federal student loans who graduate, withdraw, or drop below half-time enrollment is typically six months.
The exact length of any grace period depends on the type of loan you have. For example, federal Direct Subsidized Loans and Direct Unsubsidized Loans have the standard six-month grace period before payments are due. Private student loans may not have a grace period at all. Check with your lender to find out about the specifics for your loan.

Can I defer student loans as a part-time student?

Yes, part-time students can typically defer federal student loans in specific situations. This includes when they are in school at least half-time — their loans are usually put into deferment automatically in this case. Other types of deferment a part-time student might be eligible for include economic hardship deferment and unemployment deferment. Students need to apply for these types of deferment at studentaid.gov.

Are repayment options different for private vs federal loans?

Yes, repayment options are different for private vs. federal student loans. Federal student loans currently offer several different repayment options, including the 10-year Standard Repayment plan and income-driven repayment plans that base monthly payments on your discretionary income and family size.

Private lenders don’t offer the same terms and benefits that federal student loans do. Some private lenders may require students to make payments on their loans while they are enrolled in school. If you have a private loan, check with the lender directly about the terms for repayment.

What happens if I drop from full-time to part-time enrollment?

If you drop from full-time to part-time enrollment in school, it could affect your financial aid award. You may end up with less federal aid. For instance, the annual cap on federal loans for full-time first-year dependent undergraduate students is $5,500. If you become a part-time student you may no longer be eligible for that amount. If you are considering dropping from full-time to part-time enrollment, discuss the idea with your school’s financial aid office to see how your aid might be impacted.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.