SoFi

Can you pay off someone else’s loan? As a general rule, yes — so if you’re a student loan borrower and someone offers you assistance in paying off your loans, you may want to take them up on it. But it’s important to understand the implications. While a parent, grandparent, or even a mysterious benefactor could pay off your student loans, they may be responsible for a gift tax if they contribute more than the annual limit. The gift could also come with emotional strings attached.

Read on to learn about the tax implications of paying off someone else’s student loans — and how to repay your loans if the responsibility is all yours.

Student Loan Repayment

For federal student loan borrowers, the end of the three-year pause on federal student loan payments has made repayment top of mind again. The resumption of federal student loan payments, which was part of the debt ceiling bill President Joe Biden signed into law in early June 2023, requires interest accrual to resume on September 1, 2023, and payments to resume on October 1, 2023. (Borrowers who held private loans did not have any uniform break in payments.)

Additionally, the President’s plan to forgive up to $20,000 in federal student loan debt was struck down by the Supreme Court in late June 2023. That means federal student loan borrowers no longer have that course of action.

The bottom line: If you have a student loan balance, it needs to be paid. If you have a cosigner — which may be the case if you have private student loans or federal PLUS Loans — then that person is legally responsible for repaying the loans if you are unable to do so. But if your student loans are solely in your name, you are responsible for repayment according to the outlined terms.

Getting Help From Your Employer

More employers are offering student loan repayment as a perk. Through CARES Act legislation, employers can contribute up to $5,250 per employee per year toward student loans without the payment counting toward the employee’s taxable income, through 2025.


💡 Quick Tip: Often, the main goal of refinancing is to lower the interest rate on your student loans — federal and/or private — by taking out one loan with a new rate to replace your existing loans. Refinancing makes sense if you qualify for a lower rate and you don’t plan to use federal repayment programs or protections.

Can Parents Pay Off Their Child’s Student Loans?

Yes they can. But can parents pay off student loans without a gift tax? It depends. If a parent is a cosigner, paying the student loans in full will not trigger a gift tax. In the mind of the IRS, the parent is not providing a gift but is paying off a debt.

However, if a parent is not a cosigner, a gift tax could be triggered, depending on how much they pay.

How the Gift Tax Works

The gift tax applies to the transfer of any type of property (including money), or the use of income from property, without expecting to receive something of at least equal value in return, the IRS says — adding that if you make an interest-free or reduced-interest loan, you may be making a gift.

There are some exceptions. Gifts between spouses aren’t included in the gift tax. That means if you are married and your spouse pays off your loans, that would not trigger a gift tax event. (The IRS includes lawfully married same-sex couples.)

Tuition paid directly to qualifying educational institutions in the United States or overseas is also not subject to gift tax. But student loans are different.

The annual exclusion for gifts is $17,000 in 2023. That means an individual can give you up to $17,000 without triggering the gift tax, which the givers, not receivers, generally pay. If your parents file taxes jointly, they would be able to give a combined $34,000 a year, which could include paying down loans. Borrowers who have the good fortune to snag $17,000 from Mom, Dad, Granddad, and Grandma could get a total of $68,000 without any family member having to file a gift tax return.

Note, though, that even a gift of more than $17,000 towards your student loans doesn’t mean that your generous benefactor is on the hook for paying a tax on their gift. The excess amount just gets added to the lifetime exclusion — currently set at $12.92 million. As long as the benefactor’s total lifetime gifts are below that amount, they don’t have to worry about paying a gift tax. Still, if bumping against that lifetime exclusion is a concern, they can spread out their support over the years to avoid gifting you more than $17,000 in a calendar year.

The upshot is that the main concern when it comes to helping children out with their student loans is probably not the gift tax, but whether the parent can afford it. It’s a good idea for parents to consider their retirement plans and test what-ifs before offering to pay their children’s student loans. Working with a financial planner may help parents find a path that works for them and their children.

It’s also not an all-or-nothing decision. Some parents choose to pay a portion of student loans or offer cash toward repayment in lieu of other gifts.

Recommended: Should Parents Cosign on Student Loans?

What Happens When Someone Pays Off Student Loans For You?

A person can pay off student loans for you in a couple of ways:

•   Pay the lender directly

•   Pay you, with the expectation you will pay the lender

But if someone pays off your debt, is that income? Once another person has paid off your student loans, it’s as if you had paid them off yourself. You would not have any tax liability.

Other Options to Pay Off Student Loans

Not everyone has a benefactor, of course. While someone taking your student loan balance down to zero can seem like a dream, there are realistic ways to ease the burden of student loans, no third party required.

These strategies include student loan consolidation, student loan refinancing, and in some cases, student loan forgiveness.

The one thing that won’t help: if you stop paying your student loans. Ignoring your student loan payments will result in an increased balance, additional fees, and a lower credit score.

If you hold federal student loans and stop paying them, part of your wages could be garnished, and your tax refund could be withheld. If you default on a private student loan, the lender might file a suit to collect from you.

In other words, coming up with a repayment plan is crucial.


💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.

What Is Student Loan Consolidation?

If you have federal student loans, you may consider consolidation, or combining multiple loans into one federal loan. The interest rate is the weighted average of all the loans’ rates, rounded up to the nearest one-eighth of one percentage point.

Federal student loan consolidation via a Direct Consolidation Loan can lower your monthly payment by giving you up to 30 years to repay your loans. It can also streamline payment processing.

Consolidating federal loans other than Direct Loans may give borrowers access to programs they might not otherwise be eligible for, including additional income-driven repayment plan options and Public Service Loan Forgiveness.

What Is Student Loan Forgiveness?

Although President Biden’s federal forgiveness program was blocked by the Supreme Court, there are still several paths toward student loan forgiveness for federal student loan holders. They include:

•   Income-based repayment. Federal income-driven repayment plans promise loan forgiveness after a certain amount of time, depending on the plan.

For instance, under President Biden’s new SAVE Plan, which is based on income and family size, qualifying federal student loan borrowers with undergraduate federal loans can get their monthly payments reduced by half — from 10% to 5% of their discretionary income. And after 10 to 20 years of making payments (the number of years depends on how big their original student loan balance was), the remainder of what they owe will be forgiven.

•   Public Student Loan Forgiveness: This federal program was designed to help graduates working in public service have any remaining loan balance forgiven if they meet criteria that include working for a qualifying organization and making 10 years’ worth of payments.

•   Disability discharge: Some people may have their loans forgiven because of total and permanent disability.

What about bankruptcy? It’s extremely difficult to have student loans discharged through bankruptcy.

What Is Student Loan Refinancing?

With student loan refinancing, a borrower takes on one new, private student loan to pay off previous federal and/or private student loans. Ideally, the goal is a lower interest rate. The repayment term might also change.

However, there is a very important caveat for those with federal student loans: Refinancing those federal loans means that borrowers will no longer be eligible for federal repayment plans, forgiveness programs, and other benefits. If a borrower needs access to those programs, student loan refinancing won’t make sense.

But for borrowers who have no plans to use the federal programs, a lower rate could make refinancing worthwhile. Using a student loan refinancing calculator can help a borrower see how much money they might save by refinancing one or all of their loans.

Refinancing Student Loans With SoFi

Even if your parents, grandparents, or others in your life are not in a position to pay off your student loans for you, understanding your options for potentially lowering your monthly payments or saving money over the life of a loan can give you multiple avenues to explore as you work toward taking control of your finances.

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

Can I pay off my child’s student loans?

Yes, you can pay off your child’s student loans. But, depending on the amount, there may be tax implications.

Is paying off a child’s student loans considered a gift?

Yes. Paying student loans for someone else is considered a gift and would incur a gift tax for any gift above $17,000, which is the gift exclusion cutoff for 2023.

That means both parents can contribute $34,000 per calendar year toward their child’s student loans without owing gift tax.

Can I pay off my sibling’s student loans?

Yes. You can absolutely win sibling of the year and pay off your sibling’s student loans. Just know that any gift above $17,000 in 2023 will trigger a gift tax that you will be responsible for paying.

Photo credit: iStock/Halfpoint

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

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

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

A pass/fail grading system allows a student to receive either a grade of “P” (pass) or “F” (fail) for a particular class instead of the usual letter grading system. Many colleges offer this option in order to encourage students to explore new academic areas without having to worry about it affecting their transcripts.

However, the pass/fail grading system comes with some limitations, including restrictions on which and how many classes you can take pass/fail each year. And, in some cases, taking a class pass/fail can still have an impact on your academic record.

Read on to learn exactly what pass/fail means, what a passing (and failing) grade is, and when to consider a pass/fail option.

How Pass/Fail Grading Works

The traditional grading system was initially established centuries ago by English universities like Oxford and Cambridge as a way of encouraging students to work harder. While letter grades may still be the dominant system in American universities, some schools have deviated from this structure, establishing their own ways of evaluating students largely based on the pass/fail system.

Reed College in Portland, Oregon has a unique style of grading that encourages students to “focus on learning, not on grades.” While students are still assigned grades for each course, these grades are not distributed to students. Instead, students are given lengthy comments and reports on their academic performance. Reed does not have a dean’s list or honor roll either.

At Brown University students can take an unlimited number of classes “satisfactory/no credit (S/NC),” and GPAs are not calculated. They also do not name student’s to a Dean’s list.

Some schools, including Swarthmore College and MIT, have students take all classes pass/fail in the first semester of their freshman years. Swarthmore’s policy is meant to encourage students to stretch themselves and take risks, and is aligned with their policy of collaboration as opposed to competition with classmates, while MIT’s policy is designed to help students adjust to increased workloads and variations in academic preparation and teaching methods.

In both cases, taking the emphasis off grades is meant to improve students’ experiences of higher education, helping them to take full advantage of their time on campus.

Of course, most schools emphasize letter grades more than Brown and Reed, as it allows them to distinguish high achievers and highlight specific areas where students excel or may need to improve.

It’s common, however, for colleges to allow students to take one class pass/fail per semester. Typically, this is only offered for elective (not core) classes. Often, a grade of “P” is equal to a grade of D- or higher, but has no impact on the student’s overall grade point average. A grade of “F,” however, will usually have the same effect on the grade point average as a traditional failure.


💡 Quick Tip: Private student loans offer fixed or variable interest rates. So you can get a loan that fits your budget.

What Are The Benefits of Pass/Fail?

While college can be a rewarding and stimulating time for students, it also has its challenges, including constant pressure to keep up your grades. The beauty of taking a class pass/fail is the sense of freedom it gives you — once the stress of getting a perfect grade is removed, you are at liberty to fully embrace the kind of intellectual curiosity that should be at the heart of a college experience.

Maybe you’re a pre-med student and want to take a painting class, or perhaps you’re majoring in sociology and want to dabble in art history. These options can lead you down unexpected paths, opening creative doors you might have avoided if you were solely focusing on your GPA.

Recommended: How Grades Affect Your Student Loans

The Limits to Pass/Fail

The pass/fail system also has some potential downsides. One is that should you end up doing really well in the class, you generally can’t change your mind and ask to take the class for a grade rather than pass/fail. By the same token, if you do poorly in a class, you can’t make a belated request for a pass/fail.

In addition, pass/fail grades generally don’t count toward a major or minor, which limits your options when deciding whether or not to go this route.

While it’s hard to know for sure, some students feel that taking a higher number of pass/fail classes could reflect poorly on their college academic record and be a strike against them when applying for a job or to graduate school. However, it’s also possible that a potential employer or an admissions officer might be impressed by a student’s breadth of study and sense of initiative in studying “outside the box.”


💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

The Takeaway

Taking a few of your classes pass/fail can be a great way to explore new academic areas of interest during college, and is unlikely to adversely impact your post-grad opportunities, including summer internships, employment, and graduate school.

While employers and graduate school admissions officers generally prefer to see quality grades over pass/fail grades, they will typically review applications holistically, and grades are just one of many ways you can show your skills, knowledge, and leadership potential. Indeed, taking a few pass/fail classes that are outside your major can show intellectual curiosity.

Whether you take a class pass/fail or for a letter grade won’t have any impact on how many credits you get from the course — or the cost of tuition. If you’re concerned about how you’ll cover the cost of your education, keep in mind that you have a range of options — including savings, scholarships, grants, work-study programs, and federal or private student loans.

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

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

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

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

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.

SOIS0723004

Millions of students have earned a GED diploma and gone on to get a college degree. In fact, 97% percent of colleges accept the GED credential just as they would a high school diploma.

Some competitive schools and programs, however, require a certain minimum GED test score for admission, and possibly other tests and requirements. Here’s what you need to know to get into college with a GED.

What Is a GED Diploma?

A GED diploma is an alternative to a high school diploma for students who didn’t complete the requirements to graduate from high school. To earn a GED, you need to take a series of tests that will indicate whether or not you have a high school level of education. This is known as the GED (or General Educational Development) test.

The test covers four subject areas: Social Studies, Science, Mathematical Reasoning, and Reasoning Through Language Arts. Each test is administered separately (so you can space them out), timed, and covers several topics in the subject area.

•   Social Studies (70 minutes):

◦  Reading for Meaning in Social Studies

◦  Analyzing Historical Events and Arguments in Social Studies

◦  Using Numbers and Graphs in Social Studies

•   Science (90 minutes):

◦  Reading for Meaning in Science

◦  Designing and Interpreting Science

◦  Experiments

◦  Using Numbers and Graphics in Science

•   Mathematical Reasoning (115 minutes):

◦  Basic Math

◦  Geometry

◦  Basic Algebra

◦  Graphs and Functions

•   Reasoning Through Language Arts (150 minutes):

◦  Reading for Meaning

◦  Identifying and Creating Arguments

◦  Grammar and Language


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

Preparing for and Taking the GED Test

The first step to getting your GED is to create an account on GED.com. Once you have an account, you’ll be able to access free study guides and practice tests, register for low-cost online and in-person prep classes, and purchase a voucher for the official GED Ready practice test.

You can register to take the GED test online or at a local test center through your GED account. Some states require that you take the GED practice test to register for the official GED test in-person or online. You can look up your state’s requirements here.

Each of the four tests is taken and scored separately, and there are three scoring levels.

•   GED Passing Score: Scoring a 145 on each test subject is a passing score, the minimum needed to obtain a GED diploma.
•   GED College Ready Score Level: Scoring between 165 and 174 on each test subject indicates a readiness for college-level coursework.
•   GED College Ready + Credit Score Level: Scoring between 175 and 200 indicates not only a readiness for college-level coursework, but possible eligibility for college credit, depending on the college program.

Test scores are typically available in your GED.com account within 24 hours of taking the test, though it can sometimes take up to three business days. The scoring section of your account will also include a detailed report of each subject test’s score and skills you can work on to improve their score.

Can You Go to College With a GED?

Absolutely! Nearly all colleges accept a GED diploma in lieu of a high school diploma. These include community colleges, vocational schools, private universities, and public universities. In some cases, however, you may need to meet a few specific requirements, or take a few extra steps, in order to be admitted with a GED.

Certain colleges, for example, may require a GED grad to show they’re ready for college-level courses either by submitting a high enough ACT or SAT score to the college or by taking the college’s placement test. The placement test score will be a factor in the admissions process.

Recommended: College Application Checklist

How to Get Into College With a GED: Step-by-Step

While most colleges and universities accept the GED diploma, this diploma can sometimes be perceived as less challenging than a high school diploma. As a GED student, you may also lack other things colleges might be looking for, such as transcripts that show academic performance or class rank.

Fortunately, there are a number of steps GED grads can take to increase their chances of getting accepted to college.

Check the School’s Admission Requirements

Some schools and competitive programs require students to have a minimum GED test score or some prior college credit to be considered for admission. Other institutions require applicants who hold a GED diploma to take additional placement tests. There is also a small percentage of schools that do not accept the GED diploma at all.

You can learn about requirements on a school’s website. If you can’t find enough information online, you can always call the school’s admissions office. The admissions staff can be a great source of accurate and up-to-date information on general admission policies, as well as standards pertaining to GEDs, such as getting credit for a College Ready+ score.

Consider Taking the SAT or ACT

Many colleges are test-optional now, which means students don’t have to submit SAT or ACT scores along with their applications. However, If you take one of these entrance exams — and get a higher-than-average-score — you could potentially increase your chances of getting in. Some schools (even those that don’t require the ACT or SAT) also use these test scores for class placement or scholarships.

The SAT scores range from 400 to 1600, and the national average is 1050. The ACT scores range between 1 and 36, and the average is around 21.

Write a Compelling Essay

The college admissions essay gives GED grads an opportunity to shine. Telling a personal story, perhaps about challenges that you have overcome or ways in which you have persevered, or describing how a volunteer activity has made an impact on your life, might be the thing that makes your application stand out against a stack of others.

Include Activities on Your Application

If you participated in extracurricular activities while you were in high school or volunteered with a community organization, putting that information on your college application can give the admissions team a fuller view of who you are as a person (instead of just looking at your test scores). You may also want to include any jobs you’ve had that are to the field you want to study.

Get Letters of Recommendation

Some colleges require two or three letters of recommendation. Even if a letter of recommendation is optional, including one can help your application stand out. A highly positive letter gives the admissions team insights into your character, while also showing that someone is willing to vouch for you. Good sources include former coaches, teachers, school counselors, supervisors, local leaders, and mentors.

Apply to Multiple Schools

A common — and recommended — strategy for all students is to apply to more than one school. Even if your goal is to attend a four-year college, you may want to include a local community college on your list. Community colleges often have “open enrollment,” which means that they don’t require the ACT or SAT tests. And, if you don’t get into colleges of your choice this go around, you might opt to get an associate degree at a community college, then transfer to a four-year college to complete your bachelor’s degree.

Recommended: How to Qualify for a College Application Fee Waiver

Explore Scholarships and Financial Aid

Scholarships and other financial aid packages can reduce the cost of getting a college education. So be sure to fill out the Free Application for Federal Student Aid (FAFSA). This allows you to find out if you’re eligible for federal aid, such as grants, work-study opportunities, and even federal student loans. You can also qualify for state-level and school-based aid through the FAFSA form.

In addition, you may want to explore private scholarships opportunities using a database like Fastweb or SoFi’s Scholarship Search Tool. Your school’s financial aid office might know about more resources available, too.

If you need to borrow to pay for college, it’s generally a good idea to take out federal student loans before private ones. Federal loans have benefits that private loans don’t, including access to income-driven repayment plans and loan forgiveness programs.


💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

The Takeaway

Just because you didn’t finish high school, doesn’t mean you can’t go to college. By getting your GED diploma, you can apply to virtually any type of secondary school, including community colleges and four-year universities.

To improve your odds of getting into college, you’ll want to make sure you meet all of the school’s admissions requirements, take any necessary entrance or placement tests, and put together a strong application that includes a great essay and personal recommendations.

To make going to college affordable, it can also be a good idea to start researching ways to cover the cost of your education. Options include: savings, scholarships, grants, work-study programs, and federal or private student loans.

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

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

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

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOIS0223005

Whether you’re living on campus or commuting to school, college is a time to experiment with independence. College students can choose their own classes, make their own friends, and decorate their dorms according to their own styles. And while exploring diverse areas of study and deepening intellectual curiosity is a pivotal element of the college experience, it’s only one aspect of those four significant years.

College is also a period to define one’s life outside of academia and get involved on campus. On-campus activities are one of the most important elements of a college experience, helping students to get to know themselves and others, build a community, and develop long-term skills.

From clubs and sports teams to jobs and volunteer work, there are countless ways to play a part in campus life and explore new areas of interest.

Finding the right balance between college activities and classwork can be a challenge for any student, so it can be crucial to determine which activities are worth the time.

Some activities, like major-based clubs or a college publication, can enrich one’s intellectual experience, while others are more focused on building friendships or maintaining physical health. All of these types of activities are worthwhile as long as they don’t distract a student from their academic goals.

Getting Involved On Campus

As a new student, one way to see what the school has to offer for extracurriculars is to attend a student activity fair. This can be an opportunity for students to survey the different activities and clubs on campus and talk to current members about what they do and the types of time commitments involved.

Here are some other ideas for how college students can get involved on campus.


💡 Quick Tip: When shopping for a private student loan lender, look for benefits that help lower your monthly payment.

Assess Current Interests and Skills

Many students may have already begun to take part in extracurricular activities during their high school years. Perhaps they were on a sports team, took part in Model UN, or were part of the school choir.

Students will find that many universities offer continuation of the activities they were involved with in high school, though they will generally have to reapply or audition.

Even if a student-athlete doesn’t make it onto a college varsity team, they can try out a club sport instead. Larger schools may have more varied clubs and activities, but smaller schools will offer more opportunities for students to have their voices heard.

There may be less competition to make it into a school play, for example. Whatever size a school is, there are ways to get involved and continue to develop skills cultivated during high school.

Recommended: 2 Ways a College Athlete Can Make Money

Find a New Hobby

College extracurriculars can also be a great way to experiment with new interests, whether a student has long had the desire to explore an area, or is simply intrigued by a new idea.

Most colleges have activity fairs early on in the school year as a way for clubs and activities to advertise to new students. This is a wonderful way for students to find out what clubs are available, and to get to meet the students who are already involved.

Students may get overzealous and sign up for too many clubs and activities at first, so it’s important to assess which of these pursuits are worth sticking with and which can be politely left behind.

Recommended: Crash Course: A Student’s Guide to Money

Flex Your Inner Athlete

Playing a college sport, whether it’s trying out for varsity or joining an intramural team, can be a great way to get involved. The community that’s fostered through team sports is perhaps unmatched among other college activities, with athletes spending multiple days a week in practice, at games, and socializing off the field.

Physical activity can be one effective way to combat depression, which is on the rise among college students. If a sports team is too much of a commitment, a dance or yoga class can be a good way to meet people and stay in shape, or simply hitting the college gym.

Recommended: Balancing Being a Student Athlete & Academics in College

Get Creative

Students interested in creative expression will find a wide range of ways to get involved on campus. Trying out for a college play, auditioning for an acapella group, or joining the jazz band are great ways to meet other students and explore one’s artistic side.

College theater clubs and musical groups allow students to invest in a meaningful project and ultimately perform for their campus communities and can help improve a student’s sense of confidence and self-worth.

Visual artists may want to join a figure drawing group, and writers may be interested in joining a creative writing or poetry workshop with their peers outside of class. There are countless ways to tap into the creative bug on campus and perhaps even discover a new artistic interest to pursue beyond university.

Recommended: 3 Summer Jobs Ideas for College Students

Go Greek

For some students, Greek life forms the backbone of their social lives during college. Rush or recruitment events for fraternities and sororities provide an array of activities for potential members in an attempt to draw students to their particular organization. Pledging will take up much of a student’s time as well before they finally join the ranks of their house.

Once involved in Greek life, students often find a built-in community waiting for them. Sororities and fraternities often sponsor campus-wide events and parties or facilitate volunteer opportunities for members.

While Greek life is a great way to build friendships on-campus, it can be all-encompassing at times. It’s important for students to be able to strike the right balance between their fraternity or sorority and the rest of their lives on campus, including their classes.

If a student is interested in joining a social club that’s not Greek, or the school they are attending does not have Greek life, there may be other social clubs offered.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Try Your Hand in Media

Lots of colleges and universities have student-run newspapers, magazines, radio, and TV stations. Participating in one of these media organizations can be a great opportunity to meet students and get acclimated to the campus.

Joining the school newspaper will allow students to explore their campus from the inside out, researching topics that affect the community and publishing their work.

Writing for a literary magazine is also a wonderful way to get involved, with students being able to help solicit work and screen submissions.

College radio stations are also a classic staple of campuses—running a radio show, whether it’s talk radio or playing a certain genre of music, is a wonderful way to connect with the community, even if you’re doing it via radio wave.

Recommended: 6 Reasons to Go to College

The Takeaway

Getting involved on campus helps students build community, maintain a sense of productivity and accomplishment, and explore potential career avenues. The connections made through on-campus activities can be the most enduring of one’s college career since they’re often based on the passions a student will continue to enjoy after graduation.

On-campus involvement can also be a major form of stress relief from the heavy workload that college entails. Taking a break from the library by going to rehearsal for a play or music group, or by practicing with a sports team, can be one of the best ways to take the edge off a day of intense studying or classwork.

Physical activity, whether through a college team or a yoga class, helps improve health and releases endorphins that can improve one’s mood as well.

While getting involved in multiple on-campus activities can be highly beneficial to any student, it’s important to balance extracurriculars and academic work, making sure to allot the proper amount of time for studying so that one’s interests outside of class don’t eclipse everything else.

Another aspect of a successful college career is figuring out how to cover the cost of your education. Private student loans can be an option when other forms of aid, including federal student loans, scholarships, and grants aren’t enough.

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

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

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

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

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.

SOIS0723028