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When you fill out your college applications, you may have the option of declaring your intended major. Selecting a major at this stage of the game often isn’t required, and many students don’t. However, you may be wondering –- will declaring a major improve (or potentially hurt) your chances of getting into a college?

Whether it’s better to begin college as an undecided major or select a major before you arrive on campus will depend on your situation, as well as the school and program you are applying to. Here’s what you need to know about applying to college with or without declaring a major.

What It Means to Declare a Major

Declaring a major can have varying levels of importance, depending on which school you’re applying to. At some schools, choosing a major merely indicates an interest in a field of study.

It could be okay to swap majors later as well, and the major you declare on your application could have little to no bearing on your chances of getting admitted to the school.

However, at some schools, and even within particular programs, declaring a major is a much bigger decision. It indicates that the student only wants to attend for that specific program and could come with more weight on whether the applicant is accepted or not.

It can be a good idea to inquire further from the admissions department at each school you are applying to, or even reach out to the department heads of their prospective majors to learn more.

What It Means to Be Undeclared

Going into the application process as an undeclared student can be okay, so long as you understand how it could affect your chances of admission. Applying undeclared indicates to a school that you aren’t quite ready to commit to a program yet.

However, by applying at all, you are still showing your commitment and desire to attend that college or university, which may matter most.

Recommended: Ultimate College Application Checklist

When It Makes Sense to Declare a Major

If you’ve known what you’ve wanted to do since childhood — and there is absolutely nothing standing in the way of your goals — then you may want to go ahead and make that declaration. Manifest it into the universe by saying, “yes, I will study this and only this,” and mark it on every application.

Of course, there are also other reasons to declare. Some programs require choosing a major for admittance. This is typical of particularly competitive programs. This way, admissions officers know who is serious and who isn’t.

Some programs within specific universities may have additional requirements or supplemental essays with student applications. For example, Yale and Cornell both offer supplemental essays for students applying to engineering programs. UPenn even requires a separate application for its international business program, the Huntsman.

It’s a good idea to check in with the college or university you are applying to and make certain your application is in order, particularly if you intend on applying to a rigorous or competitive program.

One more reason you may want to consider declaring a major is if you are going to apply for any study-specific scholarships. By declaring a major, you may become eligible for additional financial support including department-specific aid, housing, or professional development that are open only to specific majors.

Recommended: Penn State Tuition Guide

When It’s Okay to Remain Undeclared

Look, no one is going to fault a teenager for not having their entire life mapped out by the time they turn 18. You may know you want to gain a higher education, but are unsure exactly what you want to study, and that is totally okay too.

The good news is, many schools don’t require students to declare a major when they apply. In fact, some colleges and universities require students to take a number of general education courses in their first and second year in school. This provides students with not only a well-rounded education, but also with the opportunity to explore new things and discover potential passions they didn’t know they had before.

Some colleges and universities even offer “undeclared courses” to help students find the right path for them.

Essentially, if you are truly unsure of what you want to study, you will likely want to check “undeclared.” However, you may not want to use this as a way into a college or university believing you can transfer into your preferred program later as there is no guarantee that will happen. At which point, you might have to make a tough decision — pick a new major or transfer schools.

Recommended: Understanding Lower Division Vs. Upper Division Courses

How Being Undeclared Could Affect a College Experience

Being undeclared has both its pros and cons as a college student. As mentioned above, it could afford you more opportunity to explore several different fields of study at once, meet people from across your college, and even potentially decide you want to study more than one field and go for either a dual major or a major and a minor.

However, there are pitfalls you’ll also want to be aware of.

By going into college as an undeclared major, you may end up taking classes that do not count toward their college degree, adding up to both a waste of time and money.

Undeclared students may also find themselves left in the lurch when it comes time to apply to their preferred program. If they do not get in, then they may be forced to quickly pivot and find a new path.

Students admitted to college as an undeclared major may also miss out on important social aspects of college as well. If you declare a major in your third year, you could be entering a program where the rest of the students have all worked and studied together for the previous two years.

College is a surprisingly important place to learn to network and form life-long relationships, and declaring a major early could help.

Get at Least One Decision Off Your Plate

Whether you decide to go into the application as a declared or undeclared major, it can be a good idea to at least ensure all your financial ducks are in a row to pay for that college education.

Being financially prepared from the get-go can help you feel more at ease with exploring different academic pursuits, or going all-in on your dream program, without worrying about paying for tuition along the way. There are different kinds of student loans to familiarize yourself with.

A great first step is to fill out the Free Application for Federal Student Aid (FAFSA). This will let you know if you qualify for any federal or state financial aid programs, including grants, scholarships, work-study programs, and subsidized and unsubsidized federal student loans.

Once you get your financial aid package, however, you may find there are still gaps in funding. At this point, you might consider applying for a private student loan. These are available through banks, credit unions, and online lenders. Rates and terms will vary depending on the lender, but students who have excellent credit (or who can recruit a cosigner who does) generally qualify for the lowest rates.

The Takeaway

There are pros and cons to applying to school undecided and with a major. It’s likely wise to do what genuinely reflects your interests and commitments to a specific program. If you know what you want to pursue, you can lock into the schedule that helps you hit your marks, socialize with like-minded peers, and move ahead. If, however, you are not sure of your path, it can make sense to take your time to discuss what speaks to you vs. signing up for a field of study that winds up not being a good fit.

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

Does it look bad to apply to college with an undecided major?

Typically, Applying as an undecided major does not have a negative impact on your application as an undergraduate. Many schools understand that students may not yet be sure about their specific academic interests and may be open to exploring different fields.

Is it easier to get accepted as undeclared?

In general, it doesn’t make a difference if you are undeclared or have declared a major when applying to college. However, for competitive programs, it may have an impact. For example, if you are applying as a business major to a university with a very competitive business major, you might have a harder time getting in than if you were applying as undecided (or any other major, for that matter) if those programs were less in demand.

What percent of students apply undecided?

Approximately 50% of students apply to college as undecided or without having declared their intended major.

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When you realize that the average tab for law school tuition approaches $50,000 a year (more than double the average cost of other graduate schools) you may wonder — how will I ever be able to pay for law school?

Fortunately, there are numerous programs that can cover part, or even all, of your legal education, including scholarships, grants, and loans. Read on to learn more about how to pay for law school without going broke.

Average Cost of Law School

The cost of law school will vary depending on where you study. According to the Education Data Initiative, the average total cost of law school (including living expenses) is $217,480.

Tuition alone runs, on average, $138,088 (or $46,029 per year), while living expenses average $79,391(or $26,464 per year).

And the cost of law school keeps going up. In fact, law school tuition costs have risen by about $4,352 every four years since 2011. Based on that inflation rate, the average yearly cost of tuition for the 2026-27 academic year is expected to be $51,016.

Private and Public Law School Tuition

Public law schools generally run about $25,409 a year less per year than private law schools. If you attend a traditional three-year law program, the gap between public and private schools increases to around $76,227.

Based on tuition alone, the most expensive law school is Columbia University at $81,292 a year, while the least expensive is University of Puerto Rico at $9,750 a year.

However, when you include living expenses, the most expensive law school is Stanford University, ringing in at $47,832 a year, while the least costly school is Oklahoma City University, at $12,600 a year for tuition and living expenses.

How to Pay for Law School

1. Apply for Federal Aid, Grants, and Scholarships

Filling out the Free Application for Federal Student Aid (FAFSA®) allows you to find out whether you qualify for federal grants, work-study programs, federal student loans, as well as student aid from your state or school.

The FAFSA may be a familiar presence since your undergrad days, but now you may be considered an independent student. You may be eligible for a Direct Unsubsidized Loan (current rate: 7.94%), Direct PLUS Loan (current rate: 8.94%), or the Federal Work-Study program.

Keep in mind that the aggregate federal student loan limit, which includes federal loans for undergraduate study, is $138,500 for graduate or professional students.

Law schools also typically offer some form of need-based financial aid based on information you provide on your FAFSA.

In addition to submitting the FAFSA, you may also want to seek out law school scholarships and grants from non-government sources. Grants and scholarships can be particularly helpful because they don’t require repayment. The Law School Admission Council’s website is a good resource for possible scholarship opportunities.

If you’re going into public interest law, you may also want to research the many programs that offer tuition assistance or law school loan forgiveness for working in eligible legal areas.

You can also check whether your school offers graduate student assistantships, which would cover some of your tuition in exchange for helping with research or teaching.

Recommended: Guide to Law School Scholarships

2. Consider a Part-Time Job or Temp Work

It can be challenging to make a side job jibe with your academic responsibilities, but if you can manage it, making some money while you’re still in school can be one of the best ways to reduce the debt you take on.

It might be a good idea to see if you can get a job that also boosts your résumé, such as working for a professor or as a paralegal.

Even if you can’t commit to a consistent job, you might consider temping during breaks, slow periods, and summers. A staffing agency may be able to quickly set you up with work that lasts just a few weeks or months. Short-term work can include customer service, data entry, or serving as an executive assistant.

If you have additional skills, such as a background in accounting or IT, you may be able to qualify for more specialized roles that demand higher pay. Some temp agencies even specialize in staffing for legal organizations.

3. Attend Law School Part Time

It’ll take longer to complete your degree, but working full time while you go to law school part time is another way to support yourself as you go.

Part-time programs usually allow you to earn your J.D. in four years rather than three. The downside is that you might miss out on opportunities such as clinics, summer clerkships, and student organizations.

4. Look Into Military Aid

The Department of Veterans Affairs (VA) has many educational benefit programs. One of the most popular is the Post-9/11 GI Bill program (Chapter 33), which provides eligible veterans and members of the Reserves with funding for tuition, fees, books, and housing.

Law schools that participate in the Yellow Ribbon Program provide additional funding to veterans, or their children, who are eligible for the Post-9/11 GI Bill benefits. The Department of Veterans Affairs matches these schools’ contribution, which could potentially help you to attend law school at a significantly reduced price.

Recommended: What Are Student Loans for Military Dependents?

5. Think About Private Student Loans or Refinancing

After grants, scholarships, and federal student loans, you may want to consider a private student loan to fill any gaps. If you have good or excellent credit (or can recruit a cosigner who does), you may be able to get a lower rate than some federal graduate school loans.

If you have loans from your undergraduate education or your first year or two of law school, refinancing your student loans with a private lender may allow you to take advantage of a lower interest rate and, depending on the loan term you choose, could lower your monthly payment or put you on track to repay your loans faster. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.)

Just keep in mind that private student loans don’t offer the same protections you get with federal loans, such as forbearance, income-based repayment plans, and loan forgiveness programs. However, some private refinance lenders provide flexible options while you’re in school or experiencing economic hardship.

Recommended: Private Student Loans vs Federal Student Loans

Paying for Bar Exam Expenses

Sitting for the bar exam, a two-day affair, requires preparation (and often a bar review course), exam registration fees, and possibly travel expenses.

You may want to hunt around for bar preparation scholarships to help cover these costs. If you’re working for a law firm, your employer will usually cover the cost of the prep course, and many firms will pay review course fees for prospective employees.

Still, if you find yourself short, you could take out a “bar loan” in your final semester of law school or up to a year after graduating. A bar loan is a type of private loan you can use to cover all the costs associated with taking the bar. While rates can be high, they are generally lower than what you would pay with a credit card.

Recommended: What to Do After You Graduate From Law School

The Takeaway

While earning a law degree may lead to a lucrative career, figuring out how to pay for law school can be challenging. The good news is that there are numerous programs, including financial aid, work-study, scholarships, grants, and loans that can help you cover the cost of your legal degree.

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 can I save money on law school?

To save money on law school, consider attending a public institution, applying for scholarships and grants, working part-time, and choosing a school with affordable tuition and living costs. Financial aid and work-study programs can also help.

What is the average cost of law school?

The average cost of law school can range from $20,000 to $60,000 per year, depending on whether the school is public or private and whether the student is in-state or out-of-state.

What are the main factors that affect the cost of law school?

The main factors affecting the cost of law school include the type of institution (public or private), the student’s residency status (in-state or out-of-state), and the availability of financial 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 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-Q325-037

A physician assistant (PA) is a medical professional who handles a variety of key responsibilities, including diagnosing illnesses, developing treatment plans, prescribing medications, and serving as the principal healthcare provider for many patients.

Gaining the skills necessary to take on these medical responsibilities involves a master’s degree level of education, as well as a bachelor’s degree, an average of 3,000+ hours of direct patient contact, and more than 2,000 hours of clinical rotations (beyond classroom instruction).

The cost of a physician assistant program can range from $20,000 to over $100,000 per year, with the average cost of the entire program sitting at just over $98,000. Keep reading to learn more on the cost of PA school and how to pay for it.

PA Program Cost

The Physician Assistant Life collated information from three key resources to arrive at average costs for the 2025-2026 application cycle: The American Academy of Physician Assistants (AAPA), The Physician Assistant Education Association (PAEA), and a recent NCCPA Statistical Report. Here’s what they found:

•   The average cost of a 27-month resident PA program (including public and private) is $98,075.

•   The average cost of a 27-month PA program (including public and private) for nonresident students is $107,288.

•   The average total resident tuition and nonresident tuition were higher for PA programs from private institutions than for those from public institutions.

•   There was a 5.33% increase in the average total resident tuition for public and private institutions, and a 3.5% increase in nonresident tuition over the last five years.

Paying Physician Assistant Program Costs

After making the decision to become a physician assistant, it then becomes time to figure out how to pay for the PA program.

The first step is filling out the Free Application for Federal Student Aid (FAFSA®) to be considered for federal student aid. Often (but not always), by the time that someone is ready to fill out the FAFSA for PA school, they will be considered an independent student, someone who no longer needs to include parental financial information in the application.

Federal Student Aid

The results of the FAFSA application will determine eligibility for federal aid, including:

•  Federal student loans

•  Federal grants

•  Federal work-study options

Federal loans can be a popular way to pay physician assistant program costs for several reasons, including the fact that payments:

•  Can be deferred until after graduation

•  Can sometimes qualify a student for tax deductions

•  May come with the potential for loan forgiveness

The types of federal loans available for graduate students are slightly different from those available to undergraduate students. The borrowing ceiling is higher, but interest rates typically are, as well. PA students may qualify for a Grad PLUS Loan if enrolled at least half time without any adverse credit history.

Note that Grad PLUS Loans will no longer be available as of July 1, 2026. Borrowers who already received a Grad PLUS loan before June 30, 2026, can continue borrowing under current terms through the 2028-29 academic year.

Federal Grants and Work Study Programs

Federal grants can provide significant financial relief for PA students. Programs like the Federal Pell Grant and the TEACH Grant are designed to help students with financial need, offering funds that do not need to be repaid. Check StudentAid.gov for more information on federal grants.

PA students may also be eligible for work-study based on the FAFSA. Typically, students need to apply for these jobs, often ones at the university. Besides helping PA students to earn money, these jobs could be in the medical field, which can help students gain valuable experience.

University Help

Students can check to see what grants, scholarships, and/or fellowships their university offers by contacting the financial aid office. Some institutions use the FAFSA information to determine eligibility, while others have their own applications. Awards can range from a small grant to the amount of the full tuition. Check deadlines for school-specific financial aid to meet them successfully.

More About Grants and Scholarships

Scholarships are available through the federal government, as well as through states, non-profit agencies, organizations, companies, and more. In general, these are merit-based and don’t require repayment. (By contrast, grants are typically need-based.)

There are numerous grants and scholarships that are specifically designed to help with PA program costs. As just one example, the Physician Assistant Foundation has provided more than $2.7 million in scholarships to more than 1,600 future PAs. Requirements include:

•  Being a student member of the American Academy of Physician Assistants (AAPA)

•  Attending a PA program that is ARC-PA-accredited

•  Completing at least one quarter or semester in PA studies

•  Being in good standing, academically

•  Being enrolled in a PA program during the application cycle

Grants to cover PA program costs can get more niche, such as Association of Physician Assistants in Oncology’s APAO Student Scholarship. Requirements include:

•  Being an APAO member or applicant who is in the last year of an ARC-PA-accredited program

•  Being in the clinical phase, having already completed or nearly completed basic science courses

•  Not receiving a PA foundation or other specialty organization scholarship

•  Having a strong interest in the oncology field; clinical rotation in an oncology speciality is strongly encouraged

•  Having a minimum GPA of 3.0

As another example, Physician Assistants Orthopaedic Surgery, Inc. offers the annual Susan Lindahl Memorial Scholarship, providing four $5,000 scholarships each year.

Members of the National Guard may qualify for the Medical Professional Officer Accession Bonus (OAB). To find state scholarships and grants, contact the appropriate state’s Department of Education.

There are also state-specific PA scholarships, such as those offered by the California Academy of Physician Assistants (CAPA). Student members of CAPA can be eligible for one of five different $2,000 scholarships.

It may help to look for opportunities from where the student’s bachelor’s degree was obtained. For example, if you are a member of a fraternity or sorority, there may be scholarships available to cover PA program costs.

Fellowships

Graduate fellowships usually require that a student study, work, or research in the PA field, which means that they can gain useful experience while also earning money for the physician assistant program costs.

To find opportunities, talk to your university’s financial aid department or reach out to non-profit agencies connected to the PA field. The application process can be rigorous but can also be quite worthwhile.

Additional Funding Ideas to Consider

When determining what PA school will cost, you’ll want to factor in any federal funding options (loans, grants, and scholarships), university help, and other grants, scholarships, and fellowships you may be eligible for. You’ll next need to consider what, if any, gaps in funding are left.

Ways to cover that gap can include employer tuition reimbursement, becoming an in-state resident, becoming a resident advisor (RA), working as a teaching assistant (TA), and private student loans. Here’s a closer look at each.

Employer Tuition Reimbursement

Some employers reimburse employees for a certain part of their education costs. It can be worth checking what is available, how to apply, and what constraints might exist. A company might, for example, only reimburse funds for certain degrees or they may require that a student receiving reimbursement stay at the company for a predetermined amount of time.

Some employers may provide employees with professional development funding. If so, you may want to find out whether this can be used towards PA program costs.

In-State Resident

You can often save a significant sum of money by attending a public university in the state where you live. Each state determines residency in different ways, so if you’re thinking about relocating to take advantage of in-state residency savings, check to see what residency requirements are. Some states mandate one year of full-time residency, while others may require three.

Resident Advisor

RAs help new students get settled into dorm life and are compensated for their work. This usually includes part, if not all, of their room and board; perhaps a meal plan; and sometimes a reduction in tuition. Plus, RAs typically can get their own room, which can make studying easier (although this job does come with plenty of responsibilities and interruptions). How much an RA is compensated varies by university.

Teacher Assistant

This can involve prep work for teaching, organizing lab work, conducting research, grading papers, and more. Payment can come in the form of reduced tuition or a stipend. Besides helping with PA program costs, being a teaching assistant can provide experience in the field and allow students to network with industry experts.

Private Student Loans

If additional funds are needed, private graduate student loans can help. Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections that automatically come with federal student loans. But if you are looking for supplemental funding for your PA program, private student loans may be worth looking into.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

PA school costs can vary widely, ranging from $20,000 to over $100,000, depending on the program and institution. Public schools and scholarships can reduce expenses, but students should also consider living costs, books, and supplies.
Financing options like federal loans and private loans with low interest rates are available to help manage 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

Is PA school cheaper than medical school?

PA school is generally cheaper than medical school. Tuition for PA programs typically ranges from $20,000 to $100,000, while medical school can cost upwards of $200,000. PA programs are also shorter, usually 2-3 years, compared to four years for medical school.

How expensive is it to become a PA?

Becoming a PA can be costly, with tuition ranging from $30,000 to over $100,000, depending on the program. Additional expenses include books, supplies, and living costs. Financial aid, scholarships, and part-time work can help manage these expenses.

How can you save money on PA school?

To save money on PA school, consider attending a public institution, applying for scholarships and grants, working part-time, and choosing a program with a lower cost of living. Additionally, explore federal and private loans with lower interest rates and flexible repayment options.

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.

When an undergraduate’s financial aid doesn’t meet the cost of attendance at a college or career school, parents may take out a Direct PLUS Loan in their name to bridge the gap.

These loans, also called Parent PLUS Loans, are available to parents when their child is enrolled at least half-time at an eligible school. Before you apply, it’s important to understand the benefits and challenges of this kind of federal student loan.

A “Direct” Difference

First, to clarify, there are federally funded Direct Loans that are taken out by students themselves. Then there are federally funded Direct PLUS Loans, commonly called Parent PLUS Loans, when taken out by parents to help dependent undergrads.

To apply for a Parent PLUS Loan, students or their parents must first fill out the Free Application for Federal Student Aid (FAFSA®).

A parent applies for a PLUS Loan on the Federal Student Aid site. A credit check will be conducted to look for adverse events, but eligibility does not depend on the borrower’s credit score or debt-to-income ratio.

💡 Quick Tip: Some lenders help you pay down your student loans sooner with reward points you earn along the way.

Pros of Parent PLUS Loans

Nearly 4 million parents (and in some cases, stepparents) have taken out Parent PLUS Loans to lower the cost of college. Here are some upsides.

The Sky’s Almost the Limit

The government removed annual and lifetime borrowing limits from Parent PLUS Loans in 2013, so parents, if they qualify, can take out sizable loans up to the student’s total cost of attendance each academic year, minus any financial aid the student has qualified for.

Note that for any loans disbursed on or after July 1, 2026, new federal limits will apply. Rather than borrowing up to the cost of attendance (minus any other aid), parents can borrow $20K per year, or $65K total per student.

Fixed Rate

The interest rate is fixed for the life of the loan. That makes it easier to budget for the monthly payments.

Flexible Repayment Plans

Current options include a standard repayment plan with fixed monthly payments for 10 years, an extended repayment plan with fixed or graduated payments for 25 years, and income-based repayment plans.

•  Note that as of July 1, 2026, there will only be one available repayment plan, the standard fixed repayment plan. Income-driven repayment plans will be eliminated.

More College Access

PLUS Loans can allow children from families of more limited means to attend the college of their choice.

Loan Interest May Be Deductible

You may deduct $2,500 or the amount of interest you actually paid during the year, whichever is less, if you meet income limits.

Recommended: Are Student Loans Tax Deductible?

Cons of Parent PLUS Loans

Many Parents Get in Too Deep

The program allows parents to borrow without regard to their ability to repay, and to borrow liberally, as long as they don’t have an “adverse credit history.” (If they did have a negative credit event, they may still be able to receive a PLUS Loan by filing an extenuating circumstances appeal or applying with a cosigner.)

The average Parent PLUS borrower has more than $34,000 in loans, a financial hardship for many low- and middle-income families.

And if a student drops out, parents are still on the hook.

Interest Accrual

Parent PLUS Loans are not subsidized, which means they accrue interest while your child is in school at least half-time. You’ll need to start payments after 60 days of the loan’s final disbursement, but parents can request deferment of repayment while the student is in school and for up to six months after. Interest will still accrue during that time.

Origination Fee

The government charges parents an additional fee of 4.228% of the total loan.

Fewer Repayment Options

Parents who struggle with payments typically have access only to the most expensive income-driven repayment plan, which requires them to pay 20% of their discretionary income for 25 years, with any remaining loan balance forgiven. And parents must first consolidate their original loan into a Direct Consolidation Loan.

Fewer Repayment Options

Parents who struggle with payments can switch to the income-based repayment (IBR) plan, which requires them to pay 10-15% of their discretionary income for 20-25 years, with any remaining loan balance forgiven. Parents must first consolidate their original loan into a Direct Consolidation Loan.

•  Note that new Parent PLUS loans (and consolidation loans repaying Parent PLUS Lonas) issued on or after July 1, 2026, must use a standard fixed repayment plan (10–25 years, depending on loan balance). Income-driven repayment options will be eliminated for these loans. If you want to consolidate into the IBR plan, you must do so before July 1, 2026.

Options to Pay for College

Instead of PLUS Loans, private student loans may be used to fill gaps in need.

Private lenders that issue private student loans typically look at an applicant’s credit score and income and those of any cosigner. The lenders set their own interest rates, term lengths, and repayment plans. Some do not charge an origination fee.

You may want to compare annual percentage rates among lenders, and decide if a fixed or variable interest rate would be better for your financial situation.

Any time a student or parent needs to borrow money for education, a good plan is a good idea.

Sometimes scholarships can significantly reduce the amount of money that needs to be paid out of pocket for college, and personal savings and wages can also help. But it isn’t unusual for students to also need to take out loans.

💡 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.

Refinancing a Parent PLUS Loan

The goal of Parent PLUS Loan refinancing is to get a lower interest rate than the federal government is charging.

And student loan refinancing may allow children to transfer PLUS Loan debt into their name.

Refinancing could potentially lower your interest rate, which gives you the option to either:

•  Reduce your monthly payments

•  Pay the loan off more quickly, which may allow you to pay less interest over the life of the loan

Note that Parent PLUS Loans come with certain borrower protections, like the income-based repayment option and deferment options, that you would lose if you refinanced. Also note that if you refinance with an extended term, you may pay more interest over the life of the loan.

Eligibility for refinancing Parent PLUS Loans depends on factors such as your credit history, income, employment, and educational background.

The Takeaway

Millions of parents have used Federal Parent PLUS Loans to help pay for their children’s college education. In addition to Parent PLUS Loans, students can apply for scholarships, grants, and private student loans to help pay for college.

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 does the Parent PLUS Loan work?

The Parent PLUS Loan is a federal loan option where parents borrow money to help pay for their child’s college education. It covers tuition and other education-related expenses, with eligibility based on credit history. Repayment typically begins immediately, and interest rates are fixed.

Who is responsible for paying back a Parent PLUS Loan?

The parent who takes out the Parent PLUS Loan is responsible for repaying it. While the loan helps cover the child’s education expenses, the financial obligation lies solely with the parent, not the student. Repayment begins shortly after the loan is disbursed.

How long do you have to pay back Parent PLUS Loans?

Parent PLUS Loans typically have a repayment period of 10 years, with the first payment due about 60 days after the final disbursement. However, extended repayment plans of 25 years are also an option for those with more than $30,000 in Direct Loan debt.

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 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).

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