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Your financial aid does not automatically increase every year — it can go up or down based on several factors, and you must reapply annually.

Your financial information is used to calculate the amount of financial aid you receive each year. If your financial circumstances change, you may be eligible for more or less need-based gift aid (the kind you don’t pay back) each year. The maximum amount you can take out in federal Direct Loans, however, does increase for each year you’re in school.

Here’s a closer look at how your financial aid is calculated each year you are in school and why it might go up or down after freshman year.

Do You Have to Apply for Financial Aid Every Year?

You must apply for financial aid each year by filling out the Free Application for Federal Student Aid (FAFSA®). Any changes in your family’s circumstances can affect the amount of need-based aid you are awarded. Need-based aid includes grants, scholarships, work-study, and subsidized federal student loans (in which the government pays your interest while you are in school and for six months after you graduate).

It’s a good idea to fill out your FAFSA soon after it becomes available. This ensures you’ll be considered for all types of federal financial aid, including state aid and financial aid funded directly by colleges and universities. Typically the FAFSA opens October 1 for the following academic year.

You’ll want to check the FAFSA filing deadline for your chosen school by going to their financial aid website. Some schools also require other applications for financial aid (such as the CSS profile).


💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

How Do You Fill Out the FAFSA?

You can fill out the FAFSA online at studentaid.gov. Here’s how:

1. Create an FSA ID. This is a username and password that you will need to complete the FAFSA (as well as take out loans and log in to all Federal Student Aid websites). Keep in mind that parents need to create their own account using their own unique email address and password.

2. Gather documents. You’ll find a list of the documents you need to complete the FAFSA right here.

3. Fill out the application. You’ll need to supply both personal and financial information. If you have any questions as you go along, you can go to the FAFSA Help page. You’ll also have the opportunity to list the schools you are interested in applying to, even if you have yet to apply. This list is not shared with the schools you list.

4. Review your FAFSA Submission Summary. Once your FAFSA has been submitted and processed, you’ll receive an email letting you know your FAFSA Submission Summary is ready to review on studentaid.gov. This contains a summary of the information you entered on the FAFSA and your Student Aid Index, or SAI (formerly called Expected Family Contribution, or EFC). Your SAI is used to determine your eligibility for federal financial aid programs. It’s sent to the colleges you listed on your FAFSA.

Does the Government Decide How Much Money You’ll Be Awarded?

No, the federal government doesn’t decide the exact amount of your financial aid; the financial aid office at your college does. After you complete the FAFSA, the school uses your Student Aid Index (SAI), cost of attendance, and other factors to determine your specific aid package, which can include federal, state, and institutional aid.

That said, the Department of Education does set certain limits on the amount of aid any student can get, which can change each year. For example, if you are a dependent student you can borrow up to $5,500 (no more than $3,500 of this amount may be in subsidized loans) for your first year in college. For your second year, you can borrow up to $6,500 (no more than $4,500 in subsidized loans). The amount increases each year.

What Role Does Your School of Choice Play?

The financial aid office at each college you apply to will determine how much financial aid you’re eligible to receive. How much you’ll receive depends on several factors, including your:

•   SAI (this number is an indicator of your financial need)

•   Enrollment status (full-time students are generally eligible for more aid than part-time students)

•   Cost of attendance at the school

The basic formula for distributing federal financial aid looks like this:

School’s cost of attendance – SAI = Financial need

Can You Keep Your Financial Aid Amount Consistent?

There are no guarantees that you’ll receive the same amount of federal student aid from year to year. But there are some things you can do to maintain your financial aid eligibility.

One is to make sure that you achieve Satisfactory Academic Progress (SAP) each year. Each school has an SAP policy for federal student aid purposes; to see your school’s, you can check your school’s website or ask someone at the financial aid office.

The other way to keep your financial aid as consistent as possible is to fill out the FAFSA each year. Financial aid eligibility does not carry over from one year to the next.

Can You Appeal Your Financial Aid?

If you receive a financial aid offer from a college you’d like to attend but it’s less than what you need, one option is to write an appeal letter. Your school may or may not change its decision, but it may be worthwhile to try, especially if you believe you have other information that they didn’t take into account, or if something significant has changed.

If, for example, one of your parents lost a job recently or someone in the family experienced a medical emergency, then an appeal letter might help. Tips that might help you to write a successful one include:

•  Look for a contact in your school’s financial aid office (ideally the person who has been assigned to your case) and address that person directly.

•  Be polite, professional, and respectful.

•  Be clear about what you’re requesting, including how much aid you need and why.

•  Be concise and compelling, keeping in mind that the financial aid office is likely busy.

•  Provide relevant documentation, such as a doctor’s note or eviction notice. Perhaps give them a breakdown of how you’d spend the money you’re requesting.

•  Carefully proofread your letter and ask a trusted friend or family member to do so, as well.

Paying for College If You Didn’t Receive Federal Financial Aid

If you didn’t receive the federal student aid you anticipated or hoped for, an appeal letter isn’t successful, or you don’t qualify for need-based aid, then other options for paying for college include:

•  Applying for additional scholarships There are smaller scholarships and grants available through private companies, community organizations, and nonprofits. Though each scholarship may be small, if you can cobble together a few, they can help make a dent in your college costs. You can talk to your school’s financial aid department for leads or use one of the many online scholarship search tools.

•  Tapping federal student loans Your financial aid package will tell you what federal student loans you qualify for. These may include Direct Subsidized Loans and/or Direct Unsubsidized Loans (in which students are responsible for all interest accrued). Federal student loans come with low interest rates and valuable protections, such as income-driven repayment and forbearance programs.

•  Private student loans If your financial aid package (including federal student loans) isn’t enough to cover all of your school costs, you may next want to look into private student loans. These are available through banks, credit unions, and private lenders. Loan limits vary by lender, but you can often get up to the total cost of attendance at your chosen school, minus any financial aid you received. Interest rates may be fixed or variable and are set by the lender. Generally, borrowers (or their parent cosigners) who have strong credit qualify for the lowest rates.

•  Part-time job Your financial aid package may include the opportunity to find a job through the Federal Work-Study program. This program funds part-time jobs for college students with financial need. Even if you don’t qualify for work-study, you can look for a job on or off campus to help cover your expenses.

💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

The Takeaway

It is important to remember that financial aid does not automatically increase each year. To ensure you receive the aid you need, you must reapply annually by completing the FAFSA. Eligibility is calculated annually based on your financial situation, enrollment status, and the cost of attendance at your chosen school. Understanding how your financial aid is determined and taking proactive steps (like maintaining Satisfactory Academic Progress and appealing aid decisions when necessary) can help you manage your college costs effectively.

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 your financial aid change every year?

Yes, your financial aid can change every year. It can go up or down based on changes in your family’s financial situation, your enrollment status, and the cost of your chosen school. You must reapply for aid annually by completing the FAFSA.

Do colleges recalculate financial aid every year?

Yes, colleges recalculate financial aid every year. When you submit your FAFSA annually, the financial aid office at your school will use the updated information, including your Student Aid Index (SAI) and their cost of attendance, to determine your new financial aid package. This means your aid can change from one year to the next.

Can financial aid be increased?

Yes, financial aid can be increased. If your financial circumstances change significantly after you’ve received your initial aid offer (such as a job loss or medical emergency), you can write an appeal letter to your school’s financial aid office. You’ll need to provide documentation to support your appeal and clearly state the amount of additional aid you’re requesting and why.

What is the #1 most common FAFSA mistake?

One of the most common FAFSA mistakes is not completing the form at all. Many students assume they won’t qualify for aid because of their family’s income or other factors, so they skip it. However, the FAFSA is used to determine eligibility for many types of aid, including low-interest federal loans (that are not need-based) and institutional merit aid. Even if you think you won’t get grants or scholarships, completing the FAFSA can open doors to other funding 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 Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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

SOISL-Q425-009

Starting a residency can be an exciting and rewarding next step in your medical training. But because residencies are spread across the country, there’s a good chance that you’ll not only be starting an intense new job; you will also be moving and getting settled in a brand new town.

Moving can mean major stress on its own, but moving at the very end of medical school can heighten that. After all, medical school graduates typically have almost $250,000 in debt according to the Education Data Initiative, and moving can cost money. Learn about how to finance this important next step here.

Residency Relocation Costs

There’s no way around it: Moving is expensive, and residency relocation costs can add up.

•   There’s the move itself. Even if you’re moving to a new house in the same city to be closer to your work, you may need to hire movers or rent a truck, buy boxes, and get help packing. Plus there are those unexpected moving costs, such as replacing little things like shower curtains and cleaning products that seem to always get lost in the move.

The average cost of moving is $1,710 in 2025, according to Angi, and a long-distance move can cost significantly more. That’s a significant chunk of change.

•   Even if you follow moving tips to economize during the process, guess what? The expense of settling into a new city can be even higher. You will likely need to put down a security deposit if you are renting, as well as possibly update your furniture and equip your new place with essentials like trash cans, towels, and cooking supplies.

•   Another thing to include in your budget: the costs of exploring a new city and eating out while you set up your kitchen. And don’t forget any expenses you may have to incur for your new job, like clothes, or potentially even transportation costs.

Plus the cost of living may be higher than what you are used to. Those little expenses can add up to a major headache if you’re not prepared.

If you’re feeling the pinch, there are a few loans specially designed for medical residents that may be worth considering. They could help make your transition a lot smoother.


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

Medical Residency Relocation Loans

Here are some options that can help you out financially when you relocate for a residency:

•   One loan new doctors may choose to take out is a medical residency relocation loan. You can take out a residency loan from a private lender — for example, a Sallie Mae Medical Residency and Relocation Loan.

•   Or it could be as simple as taking out a personal loan. Some private lenders may offer student loan-type benefits for loans to be used for medical residency relocation, such as a longer loan payoff term (though you may pay more in interest over the life of the loan if you opt for an extended term).

Residency loans may be specifically geared toward new doctors who are beginning their residencies and need to pay for essentials while settling into a new job and a new city. These loans can allow medical residents to fill the financial gap between graduation and your first residency paycheck.

These personal loans can help new residents cover the cost of moving and getting settled in a new city, including providing for your family while you adjust to a new job. For instance, if you’re making a move for residency and bringing your family along, it is likely that your spouse will also need to look for a job in your new city, which means that they may be giving up a paycheck temporarily as well.

Recommended: How to Qualify for a Personal Loan

Home Loans for Medical Residents

Another aspect of your finances to consider is whether you rent or buy the next place you live. Here are a few important points to consider as you embark on your career.

•   As a medical resident, you might qualify for a home loan designed specifically for doctors. These loans can have some big benefits, like low down payments, no requirement for private mortgage insurance, and no rate increases on jumbo loans. It’s important to do some research to see how you can qualify for these loans.

•   Of course, there are things to consider before buying a home during your residency. Even if you qualify for a home loan for medical residents, you might not be ready to buy a home just yet. This is especially true if you’re moving to a new city or state and you want to settle in, find your favorite neighborhood, and make sure you really like the city before deciding to buy a home.

•   If you do decide to start the home buying process, it’s probably a good idea to check out both traditional mortgages and loans designed specifically for doctors. You won’t know which one is right for you until you compare the benefits of each.

When both partners transition to new jobs at the same time, there can be a significant gap in income. A medical residency relocation loan can help you maintain your lifestyle while you and your spouse acclimate to new jobs.

Getting Ready to Get a Loan

If you’re thinking of getting a loan for relocation costs or to purchase a home, you may want to do some financial housekeeping. Here are a few moves to make:

•   Check your credit score, and see if there may be ways to build it, if necessary. A higher score can earn you the best (meaning lower) interest rates.

•   Determine exactly how much money you may need to borrow. Like all loans, consider only borrowing the amount you actually need to tide you over until your residency starts paying.

You can get a good idea of how much you may need to borrow by taking a look at your monthly expenses and then adding any additional cost-of-living increases based on your new city and the cost of moving. Don’t forget to list one-time expenses like a security deposit for a new apartment.

•   When you’ve figured out how much you want to borrow, take some time to shop around for a loan whose terms work for you. Each lender has different terms and benefits, so make sure to understand them fully before making a decision on if a personal loan is right for you.

Recommended: Can I Take Out a Personal Loan When Unemployed?

The Takeaway

Becoming a doctor can be a challenging and rewarding path. As you embark on your residency, you may find that there are significant relocation and housing expenses. Depending on your situation, you may want to review your loan options to see if there’s a good fit. For instance, a personal loan might allow you to cover the cost of setting yourself up in a new place for your medical residency.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Can you use a personal loan for residency relocation costs?

Yes, a personal loan can be used to finance residency relocation costs like interview expenses, moving, and setting up a new home, and it offers a lump sum with fixed payments. However, it is important to compare personal loans options to find the right rate and terms to suit your unique situation.

What are typical residency relocation costs?

The typical residency relocation costs include moving expenses like hiring movers (which can total in the thousands of dollars), housing costs such as security deposits and first and last month’s rent, and travel expenses. Professional costs like licensing and exams may be covered by these loans, too.

What is a residency relocation loan?

A residency relocation loan is a kind of personal loan that is designed to help finance the cost of interviewing for a residency and then paying moving expenses and the cost of setting up a home in your new town.

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.

SOPL-Q425-015

The office of Federal Student Aid provides over 9.9 million college students with more than $120 billion in grant, work-study, and student loan funds each year to help pay for college or career school. However, there are situations where students can lose their financial aid.

Students will want to consider how their grades affect financial aid to avoid having federal college aid taken away. Generally, you’ll need to make satisfactory academic progress (SAP) each term to continue receiving federal financial aid, but you may be able to regain lost aid by filing a financial aid appeal.

If you’ve received aid through private scholarships or grants, you may need to meet their minimum requirements to remain eligible for gift aid. Private lenders may also have minimum GPA requirements, but these vary by lender.

Types of Financial Aid

There are many types of financial aid available to college students from the federal government, states, schools, and private sources. This funding can be used to cover most higher education costs, such as tuition and fees, room and board, and books.

Sallie Mae’s 2025 “How America Pays for College” survey found that while parent income and savings covered nearly 50% of college costs during the 2024–25 academic year, families still heavily relied on financial aid and federal loans to cover the other half.

Grants & Scholarships

College grants and scholarships are a form of financial aid that can help make college more affordable because they don’t usually need to be repaid. The U.S. Department of Education, colleges, and universities award an estimated $256.7 billion in grant and scholarship money to students each year. The Sallie Mae survey found that scholarships and grants covered approximately 27% of school costs for families in 2024-25.

The biggest differences between college grants and scholarships are where the funds come from, eligibility requirements, and the application process. Grants are typically given based on financial need while most scholarships are merit-based. Scholarships may be awarded to students based on their academic or athletic achievements, extracurricular activities, fields of study, and more.

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

Federal Work-Study

Federal Work-Study is a form of financial aid that offers students funds via part-time employment on campus. Several factors determine whether a student is eligible to participate in the Federal Work-Study program, including their family’s income and the student’s enrollment status at the school.

As with other forms of federal financial aid, a student’s grades affect their eligibility. Students are expected to make SAP, which is a school’s standard for satisfactory academic progress toward a degree or certificate.

Student Loans

Student loans can either come from the federal government or private lenders. To qualify for a federal student loan, students must demonstrate financial need, fill out the Free Application for Federal Student Aid (FAFSA®), be enrolled in an eligible degree or certificate program at least half-time, and maintain SAP.

Another option is to take out a private student loan; however, this is generally only considered after all other options have been exhausted. Private student loans may be more expensive than federal student loans and don’t offer the same borrower protections, such as access to income-driven repayment and forgiveness programs. Private lenders can set their own terms and repayment plans so you should read the loan terms closely before making any borrowing decisions.

Recommended: How to Pay for College

How Grades May Affect Financial Aid

If you find yourself struggling in school, you may be wondering how grades affect financial aid.

State and federal financial aid, such as grants, loans, and work-study, require students to maintain satisfactory academic progress while working toward a degree. Academic performance is evaluated based on each school’s individual policy.

Your school’s policy will tell you what grade point average (GPA) or equivalent you must maintain, the minimum number of credit hours you need, the required pace of course completion, maximum time frame allowed, and more.

As far as how grades affect financial aid, federal regulations state that students must maintain a 2.0 cumulative GPA, or a grade of “C”, on a 4.0 scale. Additionally, students must complete at least 67% of cumulative credits attempted, and progress through their undergraduate program no longer than 150% of the published length of the educational program.

Private scholarships and grants may have their own academic requirements. Dropping below the minimum requirements could result in termination of the scholarship or grant money for the following term but typically does not require repayment. If you receive a scholarship or grant, make sure you read the fine print to see if your grades affect your financial aid.


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

Do Grades Affect Private Student Loans?

Typically, no. However, each lender has different eligibility criteria for student borrowers. Similar to other types of loans, private student loans are given based on factors including your (or you cosigner’s) finances and credit history and, depending on the lender, there may or may not be a GPA requirement. Private lenders usually care more about your ability to repay the loan than your grades, but again, each lender is different.

If you’re interested in a private student loan, check with the lender to see if there are any student loan GPA requirements before making your decision.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

Regaining Lost Financial Aid Due to Low Grades

Have you lost financial aid due to low grades? You may still be able to get it back. Losing financial aid due to low grades means you aren’t satisfying your school’s SAP requirements.

Visit a Financial Aid Office

One of the first things to do after losing financial aid due to low grades is to visit your school’s financial aid office to discuss your options. Your financial aid office can help you formulate a plan to improve your grades so that your financial aid can be reinstated.

Make sure to ask about the requirements for the financial aid that you are or were receiving and find out if you’re able to file a financial aid appeal.

File a Financial Aid Appeal

You can file a financial aid appeal, or an SAP appeal, if your school allows it and if the poor performance was due to circumstances outside of your control. There must be a link between poor performance and the special circumstance. Some acceptable situations include:

•   Death of a relative

•   Severe personal injury or illness

•   Other special circumstances determined by the school

If you can prove your lower grade directly correlates to one of these situations, then it may be possible for you to regain your financial aid. Check your college’s website for directions and for more information on filing a SAP appeal.

The Takeaway

Your grades do affect your financial aid and federal student loans. Generally, if your cumulative GPA dips below a 2.0, you will no longer be considered to be in good academic standing. However, if your low grades are due to extenuating circumstances, you can try to appeal. Other forms of financial aid, like private grants and scholarships, may also have their own set of academic requirements.

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

Can financial aid be taken away for bad grades?

It’s possible. You must remain in good academic standing to keep any type of state or federal financial aid, such as grants, loans, and work-study. Private scholarships and grants may also have their own set of requirements to keep any gift aid.

While private lenders typically don’t have any student loan GPA requirements, each lender is different.

Do you get more financial aid if you get good grades?

Most federal financial aid programs do not take your grades into consideration when determining how much financial aid to give. However, bad grades can hurt your federal financial aid availability.

Good grades are even more important to recipients of merit scholarships and some grants but there are scholarships that do not take grades or GPA into consideration.

Will my FAFSA be affected if I fail a class?

As long as you meet your school’s definition of Satisfactory Academic Progress (SAP), one failed class won’t affect your financial aid package.

Photo credit: iStock/harunhalici

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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

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

SOISL-Q425-033

When you start paying for your own food in college, one of the biggest shocks is just how expensive it can be — especially these days, due to years of high inflation. But what if you could save money in college without settling for boring boxed mac and cheese? While it can be a challenge to keep up the same standard of living as when you were living at home, you don’t have to completely alter your lifestyle. What follows are some essential shopping and dining hacks that will help you eat well during your student years without breaking the bank.

How Much Do College Students Spend on Food?

When you consider how much college students spend on food these days, it’s easy to see why you may be chronically short on cash. The average cost of food per month for a college student is $672, according to the Education Data Initiative. To break that number down further: Students spend, on average, $410 a month eating off-campus and $263 a month on meals cooked at home.

Of course, how much a student spends on food in college will depend on where they go to school (prices are higher in New York City than Florence, Alabama, for example), and how much they eat out versus cook at home. You might spend significantly more than the average, or you may be able to get away with spending a lot less.

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

11 Ways to Save Money on Food in College

Despite rising food costs, there are ways to cut your food bill and still eat well. What follows are 11 tips for how to save money on food in college.

1. Plan Out Your Meals

Living on a budget and saving money in college comes down to good planning. Once a week (maybe Sunday morning), sit down and decide what meals you’ll eat during the week. There are a lot of meal-prepping and budget recipe blogs online that can give you ideas. Once you know exactly what you’ll be cooking, you can come up with a detailed grocery list of everything you’ll need. As long as you don’t stray from the list, and you won’t end up exceeding your college student grocery budget.

Of course, things may come up at the last minute, but do your best to work your way through the meal plan.

2. Create a Food Budget

Learning how to budget in college is a critical part of having an independent and successful college experience. Here’s how to come up with a college student grocery budget:

•   Add up your total monthly income. Include any money coming in from a part-time job, parental support, loans, and other financial aid.

•   Subtract your essential living expenses. For example, this might include housing, utilities, internet, transportation (such as gas, train tickets and bus fares), and insurance (such as health, rental and auto).

•   Decide on a maximum college student food budget. Based on your findings, decide how much you can realistically spend on food each week, including groceries and eating out.

•   Track your food spending. To make sure your food spending stays within budget, you might start tracking your food spending with an app on your phone. Some budgeting apps, like YNAB (You Need A Budget) are free for college students; others, like Goodbudget, EveryDollar, and Empower, offer a free basic plan.

3. Set a Limit on Dining Out

Eating out is the biggest monthly food expense for college students without a campus meal plan, running around $102 per week, according to the Education Data Initiative.

Even grabbing coffee on (or off) campus every morning can add up — just one Starbucks tall drip coffee ($3.76) a day costs $1,372 a year. If you brew your own regular filter coffee ($0.50 per cup; $182.50 per year), you can save $1,189.50.

That doesn’t mean you can never go out for meals and treats. You might choose to eat out with friends on Saturday nights, for example, or grab a special coffee drink on Sunday mornings.

Recommended: 10 Money Management Tips for College Students

4. Start Couponing

It may sound old school but using coupons can help you spend significantly less on groceries in college. You might start by signing up for your favorite store’s loyalty program. This will give you access to digital, store-sponsored deals. Then stack up more deals by clipping coupons from the weekly circular in the mail, and saving them for your next grocery run. Before you hit the store, go online: You can often find good coupons at sites like Coupons.com and The Krazy Koupon Lady. It’s also worth checking manufacturer’s websites for offers on items you buy regularly.

5. Buy Generic or Store Brands

Reaching for a popular brand of food generally means spending more money. To grocery shop on a budget, consider going with the item’s generic or store brand counterpart. Consider: At Target, a 20-ounce bottle of Heinz ketchup runs $4.49, while the store brand equivalent is $1.59. While shaving a few dollars off your bill may not seem like much, saving a few extra bucks on 20 items can add up.

Also keep in mind that many generic products are manufactured in the same factories as your favorite name-brand products. Some generic products are, in fact, exactly the same as name-brands but with a lower price tag.

6. Buy in Bulk

Some foods cost significantly less when purchased in larger quantities. And you can take advantage of bulk pricing even if you are shopping for one — just freeze what you don’t need. For example, if you see a two-for-one deal on bread, cheese, or meat, take advantage of the savings and freeze the extra item. You can also cash in on bulk savings for items that last longer, such as cereals, oatmeal, rice, and pasta. This tip for saving money on food can also lead to fewer trips to the store, saving transportation costs (and time).

7. Learn How to Cook Healthy, Budget-Friendly Meals

Buying a box of ramen for a couple of bucks may seem like the cheapest meal for college students, but it could end up costing you in the end. It doesn’t have much nutritional value and likely won’t fill you up, so you may end up eating more. A better strategy: Learn how to cook a few simple, healthy meals that focus on veggies and whole grains and make (costlier) lean meat the “side.”

You can also lower your grocery bill by buying in-season (or frozen) produce, and adding meatless Monday (and maybe one or two other days) to your calendar. Cheaper protein substitutes include beans, tofu, and lentils.

8. Download Apps That Offer Cash Back on Groceries

When you’re searching for ways to save money on food in college, don’t forget about all the rebate apps out there. While these apps don’t give you a discount up front (like a traditional coupon), they offer cash back for buying groceries, which can add up to a significant sum over time. You can typically register with these services for free. Depending on the app, you may need to link a loyalty card or submit receipts to receive a rebate. Some to check out:

•   Ibotta

•   Receipt Hog

•   Checkout 51

•   Fetch Rewards

•   Rakuten

Recommended: What Are Cash-Back Rewards and How Do They Work?

9. Consider Buying a College Meal Plan

Generally, students will save money by declining the meal plan and making most of their meals at home. However, that’s not the case for everyone. Off-campus dining can add up quickly. So if you tend to eat out a lot and don’t enjoy cooking, a campus meal plan could potentially be a better deal. You might opt for the lowest plan (such as seven meals per week) and then use your swipe for the most expensive meal of the day.

Another dining hall hack that can help you save on food: Bring a plastic container with you and pack up your leftovers and unused napkins that you already took (you paid for it and it will only end up in the garage.)


💡 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 more competitive rate.

10. Find Free Food

While it’s not something you can rely on every day, you’d be surprised at how much free food is available on campus. School groups, clubs, and organizations will often offer free food to students as a way to draw a larger crowd to their public events. Browse community boards, event flyers, and your school’s newspaper or website to learn about special events offering free food. This is one of the easiest ways to save money on food in college.

Recommended: How to Get Involved on Campus in College

11. Maximize Your Leftovers

It’s not always easy, or cost-effective, to cook for one, so you may want to cook more than you need. This means leftovers, which can help you save money on meals later in the week. While it may sound boring, you can get creative with leftovers. Making chicken one night? Shred the leftovers, add some salsa and toss it on a tortilla for lunch the next day. Or mix it up with a little mayo for chicken salad. Leftover veggies, rice, quinoa, beans, meat, and/or seeds can all come together for a tasty Buddha bowl.

Just keep in mind that leftovers can typically be kept for three to four days in the refrigerator, according to the Mayo Clinic. After that, the risk of food poisoning goes up. If you don’t think you’ll finish leftovers within four days, freeze them right away.

The Takeaway

Food is expensive but that doesn’t mean you can’t eat well on a student budget. The key is to plan ahead; get comfortable with a few low-cost, healthy (and easy) recipes; maximize leftovers; and minimize eating out.

Also keep in mind that student loans, both federal or private, can be used to cover not just the cost of tuition and fees but also living expenses, and that includes groceries and food. If an expense is essential to your educational success — meaning it supports your basic daily needs or attendance at school — it’s likely a permissible use of student loan funds.

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 it cheaper to buy your own food in college?

It’s generally cheaper to buy groceries and cook at home than to sign up for the college meal plan. However, that’s not necessarily true for every student. Off-campus dining can add up quickly. So if you tend to eat out a lot and don’t like to cook, a campus meal plan could potentially cost less than buying your own food.

How much should a college student spend on groceries a month?

It depends on your budget and the cost of food in your area. On average, college students spend $673 on food per month. That includes eating off-campus ($410) and meals cooked at home ($263).

What percent of college students eat out?

Studies suggest that 42% of college students eat out multiple times a week. College students spend, on average, $102 a week eating off-campus, according to the Education Data Initiative.

SoFi Private Student Loans
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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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SOISL-Q425-018

You don’t necessarily need a four-year degree to have a rewarding career that pays well. In fact, there are plenty of jobs out there that don’t require a bachelor’s degree and meet a wide variety of talents and interests, from nursing to mechanical technicians.

Here’s an explainer of what exactly is a “trade job,” plus a list of 25 of the highest-paying trade jobs as of 2024, which is the latest data available from the Bureau of Labor Statistics.

What Is a Trade Job?

A trade job is a career that requires advanced training and skill that can be acquired outside a four-year bachelor’s degree. Instead, experience can be acquired through on-the-job instruction, apprenticeship, or vocational schooling.

Highest-Paying Trade Jobs

If you’re interested in a job that doesn’t require a college degree, or you love working with your hands, consider this list of some of the highest-paying trade jobs in the U.S. The compilation shows average annual salary and was compiled from the Bureau of Labor Statistics.

Regardless of how much you earn, it’s a good idea to track your spending. Doing so can give you an accurate picture of where your money is going and help you identify spending habits.

1. Power Plant Operator, Distributor, and Dispatcher – $102,100

Requirements: High school diploma or equivalent, long-term on-the-job training

Duties: Control power plants and the flow of electricity from plants to substations, which then deliver power to homes and businesses.

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2. Real Estate Broker – $75,240

Requirements: High school diploma or equivalent. Must complete some real estate courses to be eligible for licensure.

Duties: Help people buy and sell properties.

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3. Registered Nurse – $98,430

Requirements: Bachelor’s degree in Nursing, Associate degree in Nursing, or a diploma from an approved nursing program. Registered nurses must be licensed.

Duties: Help provide and coordinate patient care.

4. Dental Hygienist – $93,890

Requirements: Associate degree

Duties: Provide preventive dental care and examine patients for signs of oral diseases.

5. Water Transportation Worker – $80,150

Requirements: Will vary by job. For example, there are no requirements for entry-level sailors, while other workers might need to complete Coast Guard–approved training.

Duties: Operate and maintain vessels that carry cargo and people on the water.

6. Diagnostic Medical Sonographer – $92,550

Requirements: Associate degree

Duties: Operate special imaging equipment to create images of patients’ internal organs or to conduct tests.

7. Farmer, Rancher, or Other Agricultural Manager – $87,980

Requirements: High school diploma or equivalent

Duties: Run farms and other establishments that produce livestock, dairy products, or crops.

8. Gas Plant Operator – $85,470

Requirements: High school diploma

Duties: Help distribute or process gas for utility companies by controlling the compressors on main gas pipelines.

9. Pile Driver Operator – $79,000

Requirements: High school diploma and vocational training can be helpful.

Duties: Operate machines that drive pilings for retaining walls, bulkheads, and foundations of buildings, bridges, and piers.

10. First-Line Supervisor of Construction Trades and Extraction Workers – $84,500

Requirements: High school diploma and five years or more work experience

Duties: Directly supervise and coordinate the activities of construction or extraction workers, such as miners or those drilling for minerals.

11. First-Line Supervisor of Mechanics, Installers, and Repairers – $82,930

Requirements: High school diploma, some work experience

Duties: Directly supervise and coordinate mechanics, installers, and repairers. They may also advise customers seeking recommendations for services.

12. Legal Support Worker – $67,810

Requirements: Associate degree

Duties: Perform a variety of tasks to support attorneys such as interviewing clients, legal research, and case summaries.

13. Locomotive Engineer – $79,600

Requirements: High school diploma

Duties: Operate passenger and freight trains safely. May also coordinate train activities or control rail yard signals and switches.

14. Subway and Streetcar Operator – $75,620

Requirements: High school diploma or equivalent

Duties: Operate subways or elevated suburban trains that don’t have a separate locomotive, or may operate an electric-powered streetcar. May handle fares.

15. Line Installer and Repairer – $82,280

Requirements: High school diploma or equivalent

Duties: Install and repair lines for electrical power systems, telecommunications, and fiber optics.

16. Computer Network Support Specialist – $79,610

Requirements: Entry-level requirements may vary, but network support specialists usually need to have an associate degree. Applicants to these jobs may qualify with high school diploma and information technology certifications.

Duties: Provide technical support to computer users while also maintaining computer networks.

17. Claims Adjuster, Examiner, and Investigator – $78,720

Requirements: High school diploma or equivalent

Duties: Evaluate insurance claims and act as an intermediary between claimants and the insurance company.

18. Electrical and Electronics Installer and Repairer for Transportation Equipment – $80,980

Requirements: Specialized training at a technical college

Duties: Install and maintain mobile electronics communication equipment on trains, watercraft, or other mobile equipment.

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19. Avionics Technician – $82,350

Requirements: Some may obtain a degree or certificate from a Federal Aviation Administration–approved aviation maintenance technician school, while other candidates may be trained on the job or in the military.

Duties: Repair and perform scheduled maintenance on aircraft.

20. Fire Inspector and Investigator – $87,440

Requirements: High school diploma, on-the-job training, and typically some experience as a firefighter

Duties: Fire inspectors help ensure buildings meet federal, state, and local fire codes and inspect buildings for potential fire hazards.

21. Transit and Railroad Police – $91,820

Requirements: Typically you must have a high school diploma or equivalent, complete a transit and railroad police training program, and receive a passing grade on a law enforcement exam from your state.

Duties: Help protect employees, passengers, and railroad and transit property.

22. Insurance Sales Agent – $81,510

Requirements: High school diploma or equivalent

Duties: Work with clients and customers to explain and sell various types of insurance.

23. Media and Communication Equipment Worker – $83,030

Requirements: High school diploma or equivalent

Duties: Install, repair, and maintain audio and visual systems across various industries, such as corporate offices and the film industry.

24. Boilermaker – $76,900

Requirements: High school diploma or equivalent

Duties: Install, maintain, and repair boilers.

25. Construction and Building Inspector – $76,430

Requirements: High school diploma or equivalent

Duties: Inspects buildings to ensure they are structurally sound and in compliance with specifications, building codes, and other regulations. May focus on a specific area such as plumbing or electrical systems.

The Takeaway

On the high end, trade workers can make $100,000 or more at a career that doesn’t require a college education. That’s well above the $62,712 that represents the annual median income of U.S. full-time workers. And with a diverse range of career options to choose from, individuals who choose a trade job have a good chance at finding a fulfilling career that matches their interests and personality.

As your career takes off and you start earning a salary, you’ll likely want to begin budget planning and setting financial goals like paying down debt and saving for your future.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

Photo credit: iStock/kali9

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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