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If a student has goals of pursuing a career as a teacher, they may find that the Teacher Education Assistance for College and Higher Education (TEACH) Grant can help them meet their goals and can save them some money. The TEACH Grant is a form of federal financial aid that is focused on helping those pursuing a career in teaching pay for their college expenses.

As part of the TEACH Grant, recipients are required to complete a teaching service obligation in order to get the grant. If this obligation isn’t completed, the grant will be transitioned into a loan that will need to be repaid with interest. Continue reading for more detailed information on the TEACH Grant.

What Is a TEACH Grant?

The TEACH Grant is a federal financial aid program designed to help students pursuing teaching careers pay for college expenses. In order to receive a TEACH Grant, applicants have to agree to teach a subject that is considered “highly needed” in a low-income area with a shortage of specific subject teachers. These schools can be elementary and secondary schools. Grant awards are up to $4,000 a year when the recipient is in school, but once they start working they will be paid their normal salary without the addition of any grant funds.

TEACH Grants are eligible for multiple subject areas, including:

•   Bilingual education and English language acquisition

•   Foreign language

•   Mathematics

•   Reading specialist

•   Science

•   Special education

•   Any other field that has been identified as high-need by select governing agencies

After graduating, recipients have to teach at a low-income school or educational agency for a minimum of four years. This four-year teaching requirement must be completed within eight years of the recipient’s graduation.

Recommended: FAFSA Grants & Other Types of Financial Aid

TEACH Grant Eligibility

The TEACH Grant comes with certain eligibility requirements, including:

•   Student must be eligible for federal student aid programs

•   Student has to be an undergrad or graduate student

•   The recipient’s school has to participate in a TEACH Grant-eligible program of study

•   Student has to be enrolled in one of these eligible programs

•   Recipient must score above the 75th percentile on one or more portions of a college admissions test or has to maintain a cumulative grade point average of 3.25 or higher

How the TEACH Grant Works

Students who qualify for the TEACH Grant program may receive up to $4,000 a year in funding if they are in the process of completing — or one day plan to complete — the coursework required to start a teaching career.

In order to qualify for a TEACH Grant, the student has to sign a TEACH Grant agreement to work full-time as a teacher for four years at an elementary or secondary school or educational service agency that serves low-income students. They also need to teach in a high-need field and have to finish their teaching obligations within eight years after they graduate from or stop being enrolled at the institution of higher education where they received a TEACH Grant.

Do You Have to Pay It Back?

If the recipient fulfills all service obligations of the grant, they won’t have to repay their TEACH Grant. However, if they don’t fulfill the TEACH Grant requirements then all TEACH Grants they received will be converted to Direct Unsubsidized Loans that they must repay in full. They will be charged interest starting from the day of their TEACH Grant disbursement.

Can It Be Used for Living Expenses?

The TEACH Grant is intended to fund coursework (up to $4,000 annually) for students who are in the process of or will one day complete the coursework required to begin a teaching career. Consider consulting with the financial aid department of the school the student is attending to see if these funds can also be used for living expenses.

Pros and Cons of a TEACH Grant

Like any program, the TEACH Grant has some unique advantages and disadvantages associated with it.

Pros	Cons
Up to $4,000 in funding each year to pursue the coursework required to become a teacher	Must work full-time as a teacher for four years at an elementary or secondary school or educational service agency that serves low-income students
If service obligation is fulfilled, the grant doesn’t need to be repaid	If the service obligation is not completed within eight years, the grant will need to be repaid in the form of a Direct Unsubsidized Loan

Applying for a TEACH Grant

Applying for a TEACH Grant is pretty straightforward. The TEACH Grant application is a part of the Free Application for Federal Student Aid (FAFSA®). Students can apply for the TEACH Grant when they submit their FAFSA. Some grants may have limited funding, so it’s generally recommended that students submit the FAFSA earlier rather than later. When the student receives their financial aid offer, they’ll find out if they received a TEACH Grant.

Students must continue to apply for the TEACH Grant each year by submitting the FAFSA annually. They will also be required to complete TEACH Grant counseling and sign a new Agreement to Serve every year.

Not all schools participate in the TEACH Grant, so it’s helpful to contact the school’s financial aid office to find out if they participate in the program and to learn what specific areas of study are eligible for the program.

Alternative Forms of Funding

If a student doesn’t qualify for the TEACH Grant, finds it is not a good fit for their needs, or knows that they don’t want to complete the service obligations, these are some other options they may have for pursuing funding to help pay for college.

Scholarships

When a student receives a scholarship, they don’t have to repay those funds. It’s worth applying for multiple smaller scholarships, not just big ones. Those smaller scholarships can really add up.

Recommended: The Differences Between Grants, Scholarships, and Loans

Other Grants

Like scholarships, generally students don’t have to repay grants for college (unless the grant has obligations like the TEACH Grant). A student’s financial aid office can help point them in the direction of available grants and filling out the FAFSA annually can help them qualify for other federal grants, such as the Pell Grant.

Recommended: FAFSA Guide

Federal Student Loans

Federal student loans are funded by the U.S. Department of Education and there are a handful of different types of federal loans available to both undergraduate and graduate students. To qualify for federal student loans, students have to fill out the FAFSA each year. Federal student loans generally have better interest rates and terms than private student loans and they come with unique federal protections.

Recommended: Types of Federal Student Loans

Private Student Loans

Students can borrow private student loans from a variety of different financial institutions and they can help fill the gaps that scholarships, grants, and federal student loans leave behind. As mentioned, private student loans may not offer the same benefits as federal student loans, and for this reason, they are generally considered an option only after other funding resources have been exhausted.

Recommended: Guide To Private Student Loans 

Part-Time Work

If students are looking to avoid taking on student loan debt or want to lighten their student loan load, they could work part-time to help cover higher education costs and living expenses. There are often on-campus jobs designed to help college students balance their school work and their need to earn an income.

The Takeaway

Paying for college is expensive and a TEACH Grant can help soon-to-be teachers pay for college. That being said, the service obligations of this grant won’t appeal to all students and they may find they need to pursue alternative funding.

Some students may consider borrowing private student loans to fill funding gaps. SoFi Private Student Loans have no fees and can be completely managed online. SoFi student loans also offer a six month grace period after graduation before borrowers are required to make monthly loan payments.

Learn more about SoFi Private Student Loans today!

FAQ

Is the TEACH Grant worth it?

Each individual needs to consider carefully if the service obligation attached to the TEACH Grant makes the $4,000 in financial assistance worth it to them. If they don’t want to live or teach in an area that services low-income students they may find this program isn’t a good fit for them.

Do you have to pay back a TEACH Grant?

Recipients may have to pay back their TEACH Grant if they don’t meet the full requirements of their service obligation. If a recipient failed to meet these obligations, the grant funds they received through this program would be converted to Direct Unsubsidized Loans that have to be repaid in full with interest charges.

What does TEACH Grant stand for?

The acronym TEACH of TEACH Grant stands for Teacher Education Assistance for College and Higher Education (TEACH).

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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.

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.

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.

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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The average cost of the CPA exam is about $3,500, but the exact cost varies for each candidate. The biggest reason for this is that each state has its own board of accountancy, each of which sets its own costs for several items that are needed to sit for the exam.

There are also necessary costs that aren’t tied to the exam itself, such as licensing fees and continuing education costs. If you have to retake or reschedule the exam, you may have to repay registration and examination fees. Plus, the single most expensive part of the process tends to be the review course, the price of which can vary widely.

Passing the CPA exam can be expensive. Fortunately, there are many ways to cover the costs, and the price can be well worth it if you pass the exam.

How Much Does It Cost to Take the CPA Exam?

As just noted, the cost to take the CPA exam is about $3,500, but the final estimate will vary depending upon where you live. Hence, you could end up paying several hundred dollars above or below this amount. However, while the total cost can vary significantly, there are certain items that are common expenses for all exam candidates.

CPA Exam Costs
Application Fee	$20 – $200+
Registration Fee	$60 – $340+
Background Check	$1 – $49
CPA Review Course	$1,500 – $3,000+
Examination Fees
Auditing and Attestation (AUD)	$226.15 (approx.)
Business Environment and Concepts (BEC)	$226.15 (approx.)
Financial Accounting and Reporting (FAR)	$226.15 (approx.)
Regulation (REG)	$226.15 (approx.)
Grand Total	$2,485.60 – $4,493.60

This is a wide range, but that is expected given that the costs can be different from one state to the next. Examination fees shown above are approximate; your state’s fees may be higher or lower.

In addition, the CPA review courses sometimes have tiered pricing, so even two people taking the same course and living in the same state may have different costs. There can be several differences between different tiers of review courses, such as 24-month access versus lifetime access.

Do You Need a Finance Degree to Take the CPA Exam?

Each of the 55 licensing jurisdictions (all 50 states, plus Washington, DC, Guam, Puerto Rico, the Virgin Islands, and the Mariana Islands) maintains its own licensing requirements. Because of this, each state may have slightly different requirements to sit for the exam.

All 50 states require a bachelor’s degree plus 150 credit hours in order to become a licensed CPA. However, rather than requiring a finance (or accounting) degree, states may require 120 credit hours of college credits plus 30 additional, accounting-specific credit hours to sit for the exam.

Still, you should review your state’s requirements before you begin preparing for the exam. Some states require 30 hours of accounting courses, while others require upper-level accounting courses. Your state or territory’s board of accounting website will list the specific requirements needed to sit for the exam.

Other CPA Exam Costs

There isn’t just one fee to sit for the CPA exam; candidates must cover several costs, all of which vary depending upon where you live. This is one of the reasons the cost can be quite different from one state to the next.

Ethics Exam

Your state may require you to take and pass an ethics exam in order to practice there. Some states have their own ethics exams, while others administer the AICPA exam exam. Currently, the AICPA exam costs $189 – $245 and can vary depending on the course option you select.

Registration Fees

Most states require a registration fee for each of the four exam sections. Fees vary but are generally $75 to $100 per section. Some states also have tiered pricing for registration, allowing you to save money if you register for multiple sections at once. If you choose to register for multiple sections at once, keep in mind that each section is estimated to take four hours, with a total of 16 hours for the entire exam.

Application Fees

Application fees are due when you apply to take the CPA exam. Because each state sets its own fees, these vary but are usually between $100 and $200. The fee is non-refundable, but you usually don’t have to pay the application fee again if you have to re-take the exam. But there are situations in which you may have to pay the fee more than once, such as if your application is rejected.

CPA Licensure

The CPA licensure fee is only necessary after you pass the exam; this is the fee you pay to your state accountancy board to be a licensed accountant. These fees also vary by state and can run anywhere from $50 to $500. This cost is an annual one, so you should expect to pay the fee every year to maintain your license.

Keep in mind that each state has its own licensing requirements and accountancy board. Hence, if you move out of state, you will have to be licensed in the new state to be recognized as a CPA there.

Background Check

Your state may require you to pass a background check as part of the licensing process. According to NASBA, the fee ranges anywhere from $1 to $49 if you are required to pass a background check. In the case of California, there is an additional “rolling” fee of $15 for fingerprinting.

Travel and Accommodations

Currently, the CPA exam cannot be taken online; it can only be administered at Prometric Testing Centers. You can find a testing center Prometric’s Pro Scheduler . Testing centers are only located in select cities, so you may end up spending hundreds of dollars on transportation and accommodations depending on how close you are to a testing center.

International Candidate Credential

If you want to take the exam outside the United States, you may be required to pay additional fees for international candidate credentialing. Most states allow international applicants to sit for the exam, but six states and two territories do not administer it. In addition to any domestic fees, you may also have to pay additional fees of $371.55 for each of the following: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting, and Reporting (FAR), and Regulation (REG).

Covering CPA Exam Costs

Although the exact cost of the CPA can vary significantly, one thing is for certain: the exam and licensing process is expensive. Fortunately, there are many ways to cover the costs.

Private Student Loan

A private student loan can help you cover some or all of the cost of the CPA exam. For example, SoFi student loans have no fees, come with multiple repayment options, and have low fixed and variable rates. Everything is handled online and the application process is simple.

Private student loans are different from federal student loans. Federal student loans may have more consumer protection, but private student loans may offer more competitive interest rates. Consider both private and federal student loans if you need to finance your CPA exam costs.

Credit Card

You may be able to pay for some or all of your costs with a credit card. In fact, if paying online, payment by credit card may be required for examination fees. The same may be true for application and registration.

Exam prep courses are offered by third parties, so you should be able to pay for them with a credit card in most cases.

Personal Savings

Avoid tapping into your emergency fund, but any excess savings can help cover exam costs. If you aren’t able to pay for the entire cost with scholarships, grants, and student loans can help you pick up the tab. But personal savings can also be useful, particularly if you still owe money after considering other options.

Scholarships

There are several scholarships available that can help you cover much of the cost of the CPA exam. For instance, the American Institute of Certified Public Accountants offers a scholarship of up to $1,500 to exam candidates. Another example is the Newt D. Becker scholarship, worth up to $2,399.

Your state board may also offer scholarships; for example, Wisconsin offers three $2,500 college scholarships to go toward your 150 hours required to sit for the exam. Check with your state board to see if the state offers any additional scholarships.

Employer Reimbursement

Some employers will reimburse you for the cost of the exam itself, review materials, or both. If you work for an accounting firm and the exam is relevant to your job, it’s a good idea to ask whether your employer reimburses these costs.

The Takeaway

There are many costs associated with CPA licensure, from prerequisite coursework all the way to maintaining your license each year. Each of the 55 licensing jurisdictions has its own requirements and fees, so where you live can affect not only licensing requirements but also the cost of the whole process.

However, what is for sure is that becoming a licensed CPA isn’t cheap. The price tag is likely to be four figures, which is high, especially before you are certified.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

3 Student Loan Tips

1. Can’t cover your school bills? If you’ve exhausted all federal aid options, private student loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.
2. Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
3. Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

FAQ

How much does the CPA exam cost to take?

The cost is about $3,500 on average, but the exact cost depends upon where you live. Each state sets its own fees, so they may vary significantly from one state to the other.

Are there any hidden costs to take a CPA exam?

Hopefully, there will not be any hidden costs of the CPA exam if you have considered all of the costs mentioned here. However, there may be some fees you don’t anticipate. For example, if you have to retake or reschedule the exam, you may have to repay the registration fee in addition to repaying fees per exam section.

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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.

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.

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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While on the campaign trail, not-yet President Joe Biden tweeted , “Additionally, we should forgive a minimum of $10,000/person of federal student loans, as proposed by Senator Warren and colleagues. Young people and other student debt holders bore the brunt of the last crisis. It shouldn’t happen again.”

At a virtual summit on student loan debt, Senate Majority Leader Chuck Schumer Senate called for President Joe Biden to forgive $50,000 in student debt through executive action for all borrowers.

The U.S. Department of Education has said $50,000 student loan cancellation would take care of 36 million individuals’ loans and put a dent in the student loan debt that currently sits at about $1.5 trillion. Student loans represent the second largest portion of household debt after mortgages — more than credit card debt. About 43 million Americans have student loans.

At this point, the White House and Congress have not enacted legislation for $50,000 student loan forgiveness. In this piece, we’ll touch on $50,000 student loan forgiveness, preexisting forgiveness programs, and other ways to pay for school.

Is the $50,000 Student Loan Forgiveness Program Real?

Currently, no widespread federal student loan forgiveness order exists to wipe out student loans. Schumer and Elizabeth Warren, senior United States senator from Massachusetts, believe that one-time student loan forgiveness could relieve students of their debt burden as well as potentially:

•   Reduce wealth gaps, including racial wealth gaps

•   Help those without a degree who have lower lifetime earnings but owe on student loans

•   Economically stimulate the middle class

•   Increase home purchases and stimulate small businesses

•   Help more people save for retirement and start a family

•   Boost the economy

In April of 2021, President Biden asked the U.S. Department of Education to see if his executive authority gives him the ability to order student loan forgiveness without the approval of Congress.

Who Qualifies for $50,000 Student Loan Forgiveness?

Right now, nobody qualifies for $50,000 student loan forgiveness because a blanket forgiveness order hasn’t come from the Biden administration or Congress. That’s not without pressure from progressive Democrats, who have repeatedly asked the president to issue an executive order for $50,000 student loan forgiveness.

Instead, the administration has been focusing on already-established student loan forgiveness programs , including approving $1.5 billion in borrower defense claims and providing $7.1 billion in relief for borrowers eligible for total and permanent disability discharges. This includes $5.8 billion in automatic student loan discharges to 323,000 borrowers and the reinstatement of $1.3 billion in loan discharges for another 41,000 borrowers.

Is the $50,000 Student Loan Forgiveness for Private Lenders?

If a $50,000 student forgiveness legislation came to fruition, the measure would likely only apply to federal student loans. Those with private student loans would still have to continue making their payments unless individual private student loan companies make changes to authorize student loan forgiveness.

An income threshold may also go into effect. In that case, the amount of forgiveness you could hypothetically receive would depend on how much money you make. If you make more than what federal guidelines suggest, you may face restrictions on the $50,000 threshold.

Can the Government Forgive $50,000 in Student Loan Debt?

Warren says that the president has the power to take care of $50,000 of student loan debt with the flick of a pen. However, Biden does not plan to support Warren’s and Schumer’s calls for action, nor does Speaker Nancy Pelosi believe Biden can unilaterally make that call on his own.

In a town hall meeting a few weeks after he took office, a citizen asked about the possibility of $50,000 student loan forgiveness. Biden said in no uncertain terms that he did not support the idea.

Preexisting Forgiveness Programs for $50,000 Student Loan Debt

So, if $50,000 in loan forgiveness isn’t an option, what are the possibilities? Several loan discharge options might be available to you. Loan discharge means you no longer have to repay your loan as long as you meet certain requirements. Let’s walk through Total and Permanent Disability (TPD) Discharge, Closed School Discharge, and Public Service Loan Forgiveness (PSLF). Keep in mind that these forgiveness programs only apply to federal student loans.

Total and Permanent Disability Discharge

A Total and Permanent Disability (TPD) Discharge absolves you of having to repay a few types of federal loans or grants:

•   William D. Ford Federal Direct Loan (Direct Loan) Program loan

•   Federal Family Education Loan (FFEL) Program loan

•   Federal Perkins Loan

•   TEACH Grant service obligation

You must complete and submit a TPD discharge application and documentation from one of these three sources: the U.S. Department of Veterans Affairs (VA), the Social Security Administration (SSA), or a doctor.

Closed School Discharge

Closed School Discharge means that you may be eligible for discharge of your federal student loan if your college or career school closes during or soon after you leave it.

You may qualify for a percent discharge of the following types of loans:

•   William D. Ford Federal Direct Loan (Direct Loan) Program loans

•   Federal Family Education Loan (FFEL) Program loans

•   Federal Perkins Loans

You may qualify if you were enrolled when your school closed or you were on an approved leave of absence during the period when your school closed. You may also qualify if your school closed within 120 days after you withdrew (as long as your loans were first disbursed before July 1, 2020) or your school closed within 180 days after you withdrew (as long as your loans were first disbursed on or after July 1, 2020).

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan. You must work full-time for a qualifying employer (a U.S. federal, state, local or tribal government, or nonprofit organization) in order to qualify for PSLF.

Other Ways to Pay for School

Let’s explore the various options available to you, rather than waiting for the government to help out with relief that might not come. It may be helpful to know the differences between grants vs. scholarships vs. loans.

Private Student Loans

Just like federal student loans, you can use private student loans to pay for college or career school costs, but they come from a bank, credit union or online lender — not the federal government.

Generally speaking, federal grants and loans should be prioritized before you take on private loans because you’ll usually pay higher interest rates for private student loans. The amount you can borrow depends on the cost of your degree as well as personal financial factors (such as your credit score and income). Private lenders also aren’t required to offer the same borrower protections and benefits as federal lenders — things like income-driven repayment plans or the forgiveness options discussed previously.

Recommended: Private vs. Federal Student Loans

Credit Cards

You can use a credit card to pay for books or other school supplies but your college or university bursar’s office may or may not let you pay for college tuition with a credit card. Speak with the bursar’s office to find out whether it’s possible to pay using a credit card as well as the fees you’ll incur to pay using this method.

Paying for college costs with credit cards carries some added risks. For example, fees from the bursar’s office may outstrip any rewards you earn. It’s also highly likely that you’ll pay more in interest on a credit card than you would with a student loan.

Using a credit card will also disqualify you from the perks of federal student loans — repayment plans, deferment, and the forgiveness programs listed above.

Borrow from Loved Ones

Will a trusted family member or close friend allow you to borrow from them? If so, you could rely on them to lend you money when you need money for school. However, this option can have both positive and negative consequences, the most negative being that you might tarnish your relationship with the individual who loans you the money.

Before you borrow from a loved one, set clear expectations, establish a realistic repayment plan, discuss what happens when you can’t make payments, draw up a formal contract and examine the tax implications for the other party when lending money.

You may also want to suss out the other party’s ability to loan you the money as well. If you think it’ll put the other person in a financial bind, you may want to consider alternative options.

Pay Cash

Do you or your parents have money set aside for you to attend college? This is one of the best ways to pay for college because you don’t have to pay interest on borrowed money. You can tap into money that’s earmarked for college or pull from monthly earnings as well.

The Takeaway

So far, $50,000 student loan forgiveness is not an option available to federal student loan borrowers. There are some options currently available, such as Public Service Loan Forgiveness, which requires borrowers to make 120 qualifying payments while working for an eligible employer — such as one in the nonprofit sector.

If you’re looking for options beyond federal student loans to pay for college, private student loans may be an option to consider. SoFi’s private student loans make paying for your undergraduate or graduate education easier. You can receive up to 100% of school costs, including tuition and food, books, supplies, room and board, and other education expenses for your undergraduate, graduate school, MBA, and/or law school education. Specific undergraduate loans and graduate loans are available from SoFi.

Compare rates for SoFi’s private student loans now.

FAQ

Check out some FAQs for student loan forgiveness $50,000:

Can the President forgive $50,000 student loan debt?

It’s unlikely that President Joe Biden will unilaterally forgive $50,000 of student loan debt for every borrower. In fact, he stated in a town hall in February 2021 that he doesn’t think he “has the authority” to cancel $50,000 per borrower. House Speaker Nancy Pelosi has also flatly stated that he cannot do it, either.

What are ways to pay off $50,000 in student loan debt?

There are many ways to pay off $50,000 in student loan debt, including paying off student loans one month at a time through monthly payments. However, you can also look into loan forgiveness programs like the ones listed above or income-driven repayment plans. You can also put more money toward your student loans by making more than the required monthly payment each month.

You can target specific loan-payoff methods, including the debt avalanche or debt snowball methods. The debt snowball method means you pay off the lowest amount of money you owe. For example, if you have three student loans, worth $1,000, $2,000, and $3,000, you’d pay off the lowest amount first because you can more quickly pay it off.

The debt avalanche method means you pay off the loan with the highest interest rate first.

It’s also important to remember that student loan forgiveness is not completely free. It’ll affect your taxes. Here’s how:

Let’s say that a federal mandate does materialize and cancels $10,000 worth of student loans. The money from the $10,000 student loan forgiveness program would get added to your taxable income, under what’s called Cancellation of Debt (COD) income. You would also receive Form 1099-C.

When you do your taxes, you’d report $10,000 as COD income and you’d owe based on your individual tax bracket. If you’re in the 22% tax bracket, you’ll pay $2,200 in taxes ($10,000 x 22%).

Do private lenders offer $50,000 student loan forgiveness?

No, private student loan lenders do not offer $50,000 student loan forgiveness but you may be able to explore different payment options with your lender. Talk to your private loan lender if you’re having trouble making your monthly payments.

Student loan lenders want to work with you to give you the best possible options for paying off your loans, but don’t expect to receive $50,000 student loan forgiveness automatically from private lenders.

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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.

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.

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.

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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Enrolling in veterinary school to earn a Doctor of Veterinary Medicine (DVM) degree means four years of additional coursework and clinical training beyond your undergraduate degree. The top options for paying for vet school involve accessing money you don’t have to pay back, such as scholarships, grants, and fellowships.

Many vet schools offer these types of awards based on academic achievement, financial need, clinical proficiency, leadership, and more. There are many other ways to pay for vet school in addition to these opportunities, such as through federal and private loans.

Read on to learn more ways on how to pay for vet school.

How Much Does Vet School Typically Cost?

In general, the cost of attendance (including tuition, fees and living expenses) for can vary widely, though is often upwards of $200,000 over for years. The VIN Foundations offers a comparison tool that provides information on vet school costs across the U.S. The cost of vet school can vary based on a number of factors, including whether you choose to attend an in-state vet school or a private school.

Continue reading for strategies to help students pay for veterinary school.

1. Choose an Affordable School

Choosing an affordable school means taking a look at a wide variety of colleges and universities and comparing the costs. Consider all costs involved, including tuition, fees, and living expenses. It’s a good idea to look beyond the sticker price on each school’s website — you may not pay the full sticker price.

Meeting with the financial aid office at each school will give you an idea about the types of financial aid you could potentially receive in order to offset the sticker price. Once you have an idea of the costs as they pertain to you, then you can more accurately compare the costs of vet schools.

When developing your list, consider looking at the list of American Veterinary Medical Association (AVMA)-accredited schools in the United States. These schools have achieved the highest standards, commitment to quality, and continuous improvement for veterinary medical education.

Recommended: 11 Ways to Make College More Affordable

2. Scholarships

Scholarships are a form of financial aid that you don’t have to pay back. You can find scholarships from vet schools themselves as well as through independent sources.

Colleges and universities often offer scholarships to first year as well as currently enrolled students. For example, Cornell University offers a list of available scholarships on its financial aid website.

Each college and university has a different approach and criteria for awarding scholarships. Contact the financial aid office of the schools on your list to understand the eligibility factors and process that each school uses to award each scholarship. For example, first-year students at the Ohio State University receive scholarships during the admissions process for the first year, while second-, third-, and fourth-year veterinary students must fill out a separate scholarship application.

Outside scholarships may come from any source, including local veterinarian offices, kennel clubs, businesses, and professional organizations. For example, the AMVA-American Veterinary Medical Foundation (AMVF) offers scholarships for first- through third-year students.

Recommended: The Differences Between Grants, Scholarships, and Loans

3. Fellowships

Fellowships and externships for veterinary students usually occur during the summer and often involve research-based and specific career development opportunities. For example, the Ohio State University lists a variety of summer-based internships and externships available for students.

In another example, the American Association of Veterinary Medical Colleges (AAVMC) and the Foundation for Food and Agricultural Research (FFAR) combined to create a three-month summer fellowship which focuses on food security on a global scale as well as sustainable animal production.

Various stipends are available for veterinary fellowships — it’s a matter of finding the right program to meet your goals.

4. Grants

If you receive grants, you typically do not have to pay them back. Grants for college are need-based awards, which means you’ll qualify for them based on the level of your financial need. Withdrawing from school or failing to maintain eligibility for the grant means you may have to refund part or all the grant.

You may qualify for grants your state government , your college or career school, or a private, corporate, or nonprofit organization. Veterinary schools often offer research opportunities for those who demonstrate financial need.

In order to qualify for federal grants, and possibly institutional grants, you’ll need to file the Free Application for Federal Student Aid (FAFSA®). The FAFSA allows students to apply for all forms of federal financial aid, including grants, scholarships, and federal student loans.

5. Federal Loans for Health Profession Students

Just like your decision of becoming a vet, making decisions about how to pay for school could last for years after you graduate — in the form of paying off vet school debt.

Loans must be repaid with interest, but there are a wide variety of loans available for veterinary students, including federal student loans. Federal student loans come from the federal government.

Students can borrow up to $20,500 each year in Direct Unsubsidized Loans for veterinary school, up to a cumulative aggregate limit of $138,500. “Unsubsidized” means that the loan begins accruing interest immediately. The aggregate amount includes loans you received for student loans for undergrad.

As mentioned, you must file the FAFSA to qualify for federal loans for veterinary school.

The U.S. Department of Education isn’t the only government entity that offers loans. The Health Professional Student Loan (HPSL) is a need-based loan from the U.S. Department of Health and Human Services, which offers help paying for pharmacy school as well as dentistry, podiatry, optometry, and veterinary loans.

For veterinary program students who apply , these loans come with a 5% interest rate (compared to current Direct Unsubsidized Loans at 5.28% and PLUS loans at 6.28%). The Department of Health and Human Services will consider your parents’ information to award HPSL funds. Interest does not accrue as long as you are enrolled at least half-time and there’s a 12-month grace period available as well.

There are other types of federal loans available. For example, the U.S. Department of Agriculture offers a Veterinary Medicine Loan Repayment Program (VMLRP) that offers up to $25,000 each year to veterinarians who agree to serve for three years in areas where a designated shortage of veterinarians occurs.

6. Graduate PLUS Loans

A Graduate PLUS Loan, also called a Direct PLUS loan, is also available to graduate or professional students enrolled at least half-time who do not have an adverse credit history and meet the general eligibility requirements for federal student aid.

The Graduate PLUS Loan, which can cover the full attendance for veterinary school (minus other aid received, such as scholarships, fellowships, grants, etc.) currently has a fixed interest rate of 6.28% for loans disbursed between July 1, 2021 and before July 1, 2022. Interest begins accruing as soon as your loan is disbursed.

Grad PLUS Loans are eligible for certain federal perks such as deferment programs and the opportunity to apply for loan discharge through programs like Public Service Loan Forgiveness.

Recommended: Complete Guide to FAFSA

7. Private Student Loans

Private student loans, which are not offered by the federal government, usually come with a higher interest rate than federal student loans. However, they may have their place in paying for veterinary school, particularly if you need to fill in other gaps between scholarships, federal student loans, grants, and other types of financial aid. It’s a good idea to compare the interest rates, fees, repayment terms, discharge options, and in-school repayment options for various private student loan lenders.

You can apply for a private student loan on a private student loan lender website. You’ll provide certain personal information as well as information about your vet school program, graduation date, and the loan amount you need. Requested personal information may include the following:

•  Social Security number

•  Proof of income

•  Identification, such as a driver’s license or other government-issued ID

•  Financial aid you expect to receive

You must also agree to the lender’s terms and conditions in order to receive the loan. Every student loan lender will have a slightly different process, so follow the steps for the student loan lender you choose.

Private student loans aren’t required to offer the same benefits or perks as federal student loans (things like income-driven repayment plans or Public Service Loan Forgiveness). For this reason, private student loans are generally considered an option after all other resources have been exhausted.

Recommended: How Private Student Loans Work

How Much Can Vets Make?

The 2021 median veterinarian pay was $100,370 per year, or $48.26 per hour. From 2020 to 2030, the profession is projected to grow 17%, much faster than average, according to the Bureau of Labor Statistics.

It’s a good idea to consider this figure but remember that you may not make that amount right after graduating from vet school — the amount reflected is the median pay of many practicing veterinarians.

The Takeaway

Paying for vet school requires some research. You’ll likely want to research the best “free money” opportunities at various veterinary schools like grants and scholarships in addition to loan options to determine the best combination of how to pay for your graduate school education.

If your vet school doesn’t offer enough financial aid to cover the costs, SoFi may be able to help. SoFi offers flexible private student loan repayment options and a platform to handle them online. You also won’t have to worry about paying for “extras” like origination fees, late fees, or insufficient funds fees.

Learn more about your private student loan options with SoFi.

FAQ

Can you get scholarships for vet school?

Yes, you can get scholarships for vet school, though they vary widely in the amounts you can receive. Scholarships can come from a number of sources, including the institution you attend, professional organizations, kennel clubs, veterinary practices, and even local businesses. You may need to do some research to learn more about the scholarship options available to you and the requirements for each scholarship. Each scholarship carries deadline dates, so carefully mark them on your calendar and turn the applications in well before deadlines.

Can FAFSA be used for vet school?

Yes, you can file the FAFSA for vet school. In fact, you must file the FAFSA if you want to qualify for federal student aid, which includes federal student loans, grants, and some institutional scholarships. One of the best ways to understand more about your eligibility for federal student loans involves talking to multiple financial aid offices of the vet schools on your list.

How much can veterinarians expect to make?

In 2021, the median veterinarian pay was $100,370 per year, which equates to $48.26 per hour. However, it’s worth noting that the median pay may not reflect the amount you may earn as soon as you graduate.

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Photo credit: iStock/herraez

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A Doctor of Pharmacy (Pharm.D.) degree is a four-year, licensed professional degree that teaches students how to fill prescription medications and how to educate patients about using prescriptions safely. Pharmacy school can be expensive, adding up to nearly $200,000 dollars on the high end.

With that price tag, it’s not a surprise that pharmacy students may have to rely on a few different sources of financing to pay for school, sometimes using a combination of savings, grants, scholarships, and student loans. This article will review the pharmacy school costs, the amount pharmacists can make, and nine tips for paying for pharmacy school.

How Much Does Pharmacy School Typically Cost?

The cost of pharmacy school can vary depending on where you enroll, the location, and the extent to which public dollars support the university you plan to attend. As mentioned, the complete cost of pharmacy school can add up to $200,000. The cost can swing higher for students who opt for an out-of-state institution. The American Association of Colleges of Pharmacy (AACP) lists the tuition and fees for pharmacy school l for the 2021-2022 academic year on its website, which can help you compare costs at the pharmacy schools you may be considering.

For example, the first school on the list, Auburn University, costs $22,392 for in-state pharmacy students and $42,552 for out-of-state students. Mandatory fees cost $404 for 33 credit hours for students in their first year. However, in the fourth year, it costs $26,733 for in-state students and $56,973 for out-of-state students, with $197 for mandatory fees for 46 credit hours.

It’s worthwhile to compare the costs of various institutions before you make a decision. However, remember that financial aid can potentially bring the costs down further, so don’t rely completely on the published tuition prices. A conversation with the financial aid office at each school may give you a more in-depth analysis of how much it will actually cost, taking your personal situation into account.

Is Pharmacy School Worth It?

For the right individual, pharmacy school can be worth it. The costs of pharmacy school may seem daunting, but the professional perks, ability to become a part of a healthcare team, job opportunities, and career stability can mean that pharmacy school is the right option for many individuals. The high salary of pharmacists may also make pharmacy school worth it.

How Much Can Pharmacists Make?

The 2020 median pay for pharmacists was $128,710 per year, or $61.88 per hour, according to the Bureau of Labor Statistics (BLS). It’s worth knowing that the job outlook for pharmacists will decline -2% from 2020 through 2030. However, that shouldn’t stop you from pursuing a pharmacy degree if it’s your true interest.

9 Tips for Paying for Pharmacy School

Think of paying for pharmacy school as a pie. There are many ways to pay for pharmacy school by dividing that pie. For example, various pieces of the pie might make up scholarships, grants, loans, and money out of your own pocket. No matter how you slice the pie, every dollar you contribute is an investment into your career and your future. We’ll discuss scholarships, including university, pharmacy, and private scholarships as well as grants in the next section.

Scholarships

Scholarships are funds that you don’t have to pay back. You can get scholarships as a pharmacy student from a number of different sources, including from the university that you plan to attend as well as through designated pharmacy scholarships and private scholarships.

It’s worth considering other interests beyond pharmacy. Scholarships may be awarded based on heritage, location, or even hobbies or special skills. Maybe you have talents in another area that qualify you for additional scholarships.

University Scholarships

Pharmacy colleges and schools traditionally offer direct financial assistance to pharmacy students through various sources, including alumni associations and local chapters of pharmaceutical organizations and fraternities.

Consider setting a meeting with the financial aid office at the university you plan to attend to learn more about specific scholarships from each pharmacy school you’re interested in attending.

Pharmacy Scholarships

Local and state pharmaceutical associations, practicing pharmacists, drug manufacturers, and wholesalers may offer pharmacy scholarships to promising pharmacists as well.

For example, 10 pharmacy students annually can receive a $5,000 Walmart Health Equity Scholarship. Students must be accepted or enrolled in the professional curriculum at a U.S. college or school of pharmacy, and show evidence of leadership skills, academic success, and must have a preference to serve rural or medically underserved patients.

Here’s another example: Five underrepresented minority students can receive the CVS Health Minority Scholarship for Pharmacy Students annually. Students must be African American, Hispanic or Latino, American Indian, Native Hawaiian, and/or Pacific Islander students, as well as U.S. citizens or permanent residents. Each successful candidate will receive a single $7,000 scholarship.

Private Scholarships

Private scholarships come from companies, service groups and organizations, foundations, and individuals. For example, Tylenol offers a scholarship for students pursuing careers in healthcare, including pharmacy. There may also be scholarships available from local or regional organizations.

2. Grants

Like scholarships, you do not have to repay the money you receive from grants. Grants, which are typically based on need, can also be awarded based on merit. Filling the Free Application for Federal Student Aid (FAFSA®) automatically considers you for federal grants based on need. You may also become eligible for state grants. Your college or university can give you more information about the types of grants you’re eligible for through your pharmacy program.

3. Federal Student Loans

You may be wondering how to pay for pharmacy school without loans. It’s possible to do it through a combination of scholarships, grants, and savings, though many people take advantage of federal student loans from the federal government through the U.S. Department of Education. Federal student loans have fixed interest rates and benefits such as income-driven repayment plans. Just like obtaining an auto loan or a mortgage, you must pay back loans with interest.

Federal student loans are a type of federal financial aid, and to apply, you must file the FAFSA. Learn more about the requirements for this application in SoFi’s comprehensive guide to the FAFSA.

You can qualify for two types of federal student loans for pharmacy school: Direct PLUS Loans and Direct Unsubsidized Loans.

Direct PLUS Loans

Pharmacy students can take advantage of Direct PLUS Loans, also called graduate PLUS loans or direct grad PLUS loans, to help finance graduate and professional school. The Graduate PLUS Loan comes from the U.S. Department of Education for graduate or professional students. In order to get one, your school must participate in the Direct Loan Program.

The Direct PLUS Loan is not need-based, which means you can get it no matter your income level. You can borrow up to the full cost of attendance and can use the money to pay for tuition, room and board, and fees. Your school will subtract other financial aid you receive (such as scholarships, grants, and fellowships) from the full cost of attendance and award you the difference with a Direct PLUS Loan.

The interest rate is 6.28% for Direct PLUS Loans first disbursed on or after July 1, 2021 and before July 1, 2022.

Direct Unsubsidized Loans

Similar to student loans for undergraduates, you can tap into Direct Unsubsidized Loans. You can borrow up to $20,500 per year with the Direct Unsubsidized Loan, and the interest rate is 5.28% if disbursed between July 1, 2021 and July 1, 2022. “Unsubsidized” means that the government doesn’t pay the interest while you’re in school and during the grace period.

It’s generally a good idea to first consider opting for the Direct Unsubsidized Loan, over a Graduate PLUS Loan. Why opt for the Direct Unsubsidized loan first?

You’ll pay more in interest for the Direct PLUS Loan (6.28% interest rate).

4. Private Student Loans

Private student loans do not come from the federal government. They can come from a bank, credit union, or another financial institution and can be used to help finance college or career school. The amount you can borrow depends on the costs of your degree, but also depends on personal financial factors (such as your credit score and income).

You may have gotten advice that suggested exhausting all of your federal grant and loan options before you consider private loans because interest rates are usually higher compared to federal student loans. Additionally, private student loans don’t qualify for the same borrower protections as federal student loans, like income-driven repayment plans or deferment options. However, private student loans can be an option to consider if you need additional funding to cover your pharmacy school expenses.

Recommended: Things to know before applying for private student loans

5. PSLF Programs

The Public Service Loan Forgiveness (PSLF) Program is a federal student loan forgiveness program. More specifically, you may qualify to have the remaining balance on your Direct Loans forgiven after you have made 120 qualifying monthly payments under a qualifying repayment plan. You must work full-time for a qualifying employer in order to qualify and your employer must be a qualifying organization such as a federal, state, local, or tribal government organization or other nonprofit organization.

You must have Direct Loans or consolidate other types of federal student loans into a Direct Loan, repay loans under an income-driven repayment plan, as well as make 120 qualifying payments toward your student loans. The requirements for PSLF can be quite strict, so be sure to read the requirements closely.

For more information about PSLF programs and to learn more about your eligibility, contact your loan servicer, which is the entity that services your loan.

6. Pharmacy Internships

Pharmacy internships can be instrumental in your budding career as a pharmacist in helping you understand how pharmacies operate, learning the ins and outs of customer service, helping you dive into inventory management, and learning the professional skills necessary to become a pharmacist. You may also learn more from pharmacist professionals about leading a pharmacy team and help you bring tangible professional experience back to the classroom.

You may also want to look into pharmacy fellowships, which provide financial support in an external or internal capacity (in or out of the university environment). Assistantships also provide financial support in an academic department through teaching, research, or administrative responsibilities.

7. Work Part Time

You may want to consider working a part-time job in conjunction with pharmacy school. For example, if you attend school from 8am to 4pm, you may want to seek a part-time job after hours.

However, it’s important to consider your time constraints and whether you can succeed in your coursework. Consider your ability to manage your time before you take on a part-time job. However, for the right student, taking on a job can help pay for college tuition and give you an additional source of income. Networking opportunities and skill development can come from a part-time job, even if it doesn’t relate to pharmacy.

8. Borrow From Family

Do you have a family member who really wants to give you money for your education? You may seriously consider borrowing from your parents or a sister or brother (or whoever else wants to lend you money).

Just remember that it could strain family relationships if you fail to pay back the loan. It’s a good idea to have a plan in place to repay your relative(s) as well as create boundaries, so both parties feel good about the arrangement.

9. HRSA Loans

The Health Resources and Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services, improves health care for geographically isolated and vulnerable individuals.

The Department of Health and Human Services (HHS), through the HRSA, also offers several loans for health services students. For example, Health Professions Student Loans are available to individuals who study pharmacy (as well as dentistry, optometry, podiatry, or veterinary medicine). Pharmacy students who show financial need may also be able to tap into Loans for Disadvantaged Students (LDS). Health professions student loans have fixed interest rates of 5%, lower than both Direct Unsubsidized Loans and PLUS loans. They also allow 12 months of grace periods, while most other loans only offer six months of grace periods. In addition, health professions loans are subsidized, which means you don’t pay interest on the loan while you’re in school, nor do you pay additional loan fees.

However, they come with a few downsides: Not all schools participate, and there are no set borrowing limits. You also can’t tap into income-driven repayment plans or PSLF.

Private Student Loans for Pharmacy School

If you’re looking for options to cover the remainder of your pharmacy school costs, consider private student loans with SoFi.

SoFi offers competitive rates, flexible repayment options, zero origination fees, late fees, or insufficient funds fees. You can check your interest rate in a few minutes.

Let SoFi help you with the details of paying for pharmacy school.

FAQ

Can you use FAFSA for pharmacy school?

Absolutely! It’s generally a smart idea to file the FAFSA for pharmacy school, no matter your financial situation. The FAFSA can give you access to a range of financial aid options, including scholarships (your school will consider your eligibility based on the FAFSA results), grants, loans, and work-study. You want to be able to put together the best financial aid options for your needs, and the best way to do that involves filing the FAFSA.

Does CVS or Walgreens pay for pharmacy school?

CVS and Walgreens both offer pharmacy scholarships, like the ones we listed above, the https://www.aacp.org/resource/walmart-health-equity-scholarship-pharmacy-students
Walmart Health Equity Scholarship and the CVS Health Minority Scholarship for Pharmacy Students . If you work for either company, you may also qualify through each company’s employee tuition reimbursement program. Check with the human resources department at each company for more details.

How much can pharmacists make after graduating?

The 2020 median pay for pharmacists was $128,710 per year, or $61.88 per hour, according to the Bureau of Labor Statistics (BLS). The job outlook for pharmacists will decline -2% from 2020 through 2030.

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Photo credit: iStock/cagkansayin

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.

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.

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.

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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