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One of the most popular benefits the U.S. military offers is the GI Bill, which helps current and former service members pay for college or vocational school.

This federal benefit can help veterans transition to civilian life and achieve their educational and career goals. But because a veteran’s eligibility for education assistance can vary based on when and how long they served, their branch of service, and other factors, understanding and maximizing these generous benefits can be a challenge.

If you’ve been wondering how — and how much — the military pays for college, here’s a look at some GI Bill basics.

What Is the GI Bill?

The GI Bill, formally known as the Servicemen’s Readjustment Act of 1944, was signed into law by President Franklin D. Roosevelt at the end of World War II. The program was originally designed to offer various financial and social benefits to World War II veterans after they returned home. Those benefits included small business loans, mortgages, and education grants.

Today, the GI Bill specifically refers to any U.S. Department of Veterans Affairs (VA) education benefit offered to active-duty service members, veterans, and their families. The Post-9/11 GI Bill is the most frequently used VA education benefit program. Depending on how long you were in the military, it provides up to 100% of your tuition, money for housing, and a stipend for books and supplies.

Besides the GI Bill, serving in the military can give you access to other education-related benefits. As a service member on active duty, for example, you may qualify for certain perks or special repayment options for any federal or private student loans you’ve already taken out.

Types of GI Bills

Since it was enacted in 1944, the GI Bill has been extended — and expanded — several times. As a result, there are multiple parts and programs that can be used to pay for college. Here’s a closer look.

Post-9/11 GI Bill

This current version of the GI Bill is designed to support the latest generation of service members and veterans. If you have served on active duty for at least 90 days since Sept. 10, 2001, you are likely eligible for Post-9/11 GI Bill benefits. This is the case if you’re still in the military, or if you have already separated with an honorable discharge.

The Post-9/11 GI Bill can help cover the cost of college or an advanced degree, technical training, on-the-job training, or licensing/certification. Eligible service members can also transfer unused education benefits to their spouse and children.

Recommended: What Are Student Loans for Military Dependents?

Montgomery GI Bill

The Montgomery GI Bill (MGIB) is an older GI Bill program that provides up to 36 months of education benefits to those who have served on active duty and meet the requirements.

The Active Duty Montgomery GI Bill (MGIB-AD) is for veterans and current members of the military who have served at least two years on active duty. It provides a monthly benefit payment to use for education and training costs.

The Selected Reserve and Guard Montgomery GI Bill (MGIB-SR) provides educational assistance to eligible members of the Selected Reserve, including National Guard members. Similar to the MGIB-AD, the MGIB-SR provides a monthly payment based on the type of education or training a recipient is getting.

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Other GI Bill Programs

The GI Bill also includes other education programs available to service members both during and after service, as well as their families. These include:

Veterans Readiness and Employment (VR&E)

If you have a disability connected to your military service that limits your ability to work or prevents you from working, the VR&E program can help. This GI Bill program can help you explore employment options and get the education or job training you might need to work. In some cases, your family members may also qualify for certain benefits.

Survivors’ and Dependents’ Educational Assistance (DEA)

The DEA program is for eligible spouses and children of veterans who were disabled, died, went missing in action (MIA), or were held as a prisoner of war (POW) during their service. It provides monthly payment to help cover the cost of education or job training for these family members.

Recommended: Guide to Military Student Loan Forgiveness

GI Bill Eligibility for Veterans

GI Bill veterans’ benefits are generally based on when you served, how long you served on active duty, and other factors. You also have to have been honorably discharged.

Though you may qualify for more than one type of GI Bill educational benefit, you can generally use only one benefit for a period of service; so you may have to decide which one is the best fit for your needs. (You can call the VA at 888-442-4551 if you need help making a choice.) Here are the eligibility requirements for different GI Bill programs.

Post-9/11 GI Bill Eligibility

If you served in the military after Sept. 10, 2001, you may be eligible for Post-9/11 GI Bill benefits. The amount you receive (which could range from 50% to 100% of the full benefit) will be based on how long you served on active duty and other criteria.

To be eligible for Post-9/11 GI Bill Benefits, you must meet one of these qualifications:

•   You have served at least 30 days of continuous active-duty service after Sept. 10, 2001, and have been discharged due to a service-connected disability. Or:

•   You have served an aggregate of 90 days of active-duty or federal service after Sept. 10, 2001, and received an honorable discharge.

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Montgomery GI Bill Eligibility

You may be eligible for the MGIB-AD if you:

•   Served between two and four years after June 30, 1985.

•   Have a high school diploma, GED, or 12 hours of college credit.

•   Had your military pay reduced by $100 a month for the first 12 months of service.

You can find a full list of eligibility criteria here.

You may be eligible for MGIB-SR benefits if you:

•   Agreed to serve for a period after June 30, 1985 (or for some types of training, after Sept. 30, 1990)

And either:

•   Agreed to serve six years in the Selected Reserve, or:

•   You’re an officer in the Selected Reserve and you agreed to serve six years in addition to your initial service obligation.

You can find a full list of eligibility requirements here.

Benefits Provided

Here’s a breakdown of the benefits offered by the Post-9/11 GI Bill.

Tuition/Fee Coverage

If you’re a veteran who qualifies for full benefits and you attend a public school as a state resident, the Post-9/11 GI Bill will pay all of your tuition and any mandatory fees directly to your school. You also may be eligible to receive the in-state tuition rate for an out-of-state school.

If you choose to attend a private or foreign institution of higher learning, or a qualifying non-college degree program, a predetermined maximum amount (currently up to $27,120.05) will be paid to your school annually. Benefits for flight training and virtual/online schools, which have their own maximums, also may be available.

Monthly Housing Allowance

The Post-9/11 GI Bill also pays a monthly college housing allowance. The program will pay you a percentage of the full monthly housing allowance based on the percentage of Post-9/11 GI Bill benefits you’re eligible for, as well as how many credits you’re taking.

If you are taking 100% of your classes online, you may be eligible for a monthly stipend equal to half of the national average stipend, which is currently $967.40.

Book and Supplies

Under the Post-9/11 GI Bill, you may be able to receive an annual stipend of up to $1,000 per year to pay for books and supplies. This stipend is paid out at the beginning of each term and is based on the percentage of benefits you’re eligible for and the number of courses you’re enrolled in for the year.

Recommended: How to Pay for College Textbooks

Applying for GI Bill Benefits

If you’re a veteran and interested in getting the military to pay for college, you’ll need to apply for GI Bill benefits. Here’s a look at what’s involved.

Required Documents

Some of the information you’ll be asked for when you apply may include:

•   Your Social Security number

•   Direct deposit bank account information

•   Education history

•   Military history

•   Basic information about the educational institution or training facility you want to attend

Application Process

You can apply for benefits online at the VA’s website. Alternatively, you can apply by mail. Simply call 888-442-4551 to request an application. Once you receive the application and fill it out, you can send it to the VA regional processing office that’s right for you (you can use this online VA locator). You can also apply by visiting your nearest VA regional office.

It takes the VA an average of 30 days to process an application. If the VA determines you are eligible for educational benefits, you’ll receive a Certificate of Eligibility (COE) that you can provide to the school you’ve chosen.

Military Tuition Assistance

The U.S. Department of Defense (DOD) also offers education benefits to current active-duty, National Guard, and Reserve Component service members who wish to pursue post-secondary education in their off-duty time. This is one of the many ways you can save money while serving in the military.

Called the Military Tuition Assistance program, it will pay up to 100% of tuition and course-specific fees, with a limit of $250 per semester credit hour and an annual limit up to $4,500. Degrees and programs of study covered include undergraduate and graduate programs, vocational/technical, distance learning, and independent studies. (Housing, books, and other expenses aren’t covered.) Details are available through each service branch’s website.

State Benefits for Veterans

Many states offer education benefits that veterans can use along with, or as an alternative to, their federal GI Bill benefits. To find out about these benefits — which may include tuition waivers, scholarships, grants, and other programs — you can visit the Department of Veterans Affairs or Department of Education website for your state. Your military branch also may have information about the various benefits available in your state.

Local and regional veterans service organizations also offer scholarship opportunities to qualified candidates. And your employer may provide help with tuition or student loan repayment as part of their veteran financial well-being programs.

The Takeaway

If you’re hoping to further your education when your military service is complete, the GI Bill can help you pay for college, graduate school, and a variety of training and certification programs. Depending on when you served, how long you served, and some other factors, you may receive help paying for a large portion of your education expenses, including tuition and fees, education-related supplies, and housing costs.

Beyond the GI Bill, you also may qualify to receive assistance through state resources, local and regional organizations, your employer, and federal student loans.

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

FAQ

Can the GI Bill be transferred to dependents?

If you meet certain service requirements, you may be able to transfer your Post-9/11 GI Bill benefits to an eligible dependent. You can apply for a Transfer of Education Benefits (TEB) through the Department of Defense.

Do GI Bill education benefits expire for veterans?

It depends. If you were discharged from active duty on or after Jan. 1, 2013, your benefits won’t ever expire. But if you were discharged before Jan. 1, 2013, your Post-9/11 GI Bill benefits will expire 15 years after you separate from the military.

Montgomery GI Bill benefits must be used within 10 years after your separation date. After that, you could lose any benefits you haven’t used, although the Department of Veteran Affairs (VA) may grant an extension under certain circumstances.

What education benefits can I get if I’m still in the military?

If you’re still serving in the military, you may be eligible for education benefits through the GI Bill, the Department of Defense’s Military Tuition Assistance, and other programs. You can get information at the Department of Veteran Affairs (VA) website or through your military branch.

Photo credit: iStock/Drazen Zigic

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

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

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

SOIS-Q224-1922071-V1

Big life changes can mean both excitement and nervousness. It’s normal to feel both happy and anxious about starting college. New experiences can introduce a lot of pressure. And it may be the first time that many students leave home and are surrounded by new people.

Not only is feeling nervous about college normal, it’s also manageable. For high school students still getting ready for college, here are five tips that may help ease the nerves.

1. Make a List and Pack Early

To lessen anxiety, preparation for college is key. For students who are planning to live on campus, packing can feel like a monumental task. It’s already stressful to imagine living away from home, and on top of that students don’t want to forget anything important.

One of the best ways to help ensure a smooth transition is to make a list early and start packing ahead of time. When dealing with a large task, it helps to break it down into smaller pieces that are easier to tackle.

For example, students who are nervous for college could break up their packing list into sections like clothing, school supplies, and living essentials. Even just taking the small step of making the lists could ease some of the worries.

Some schools will provide guidelines for packing and lists of items that are prohibited on campus, so it can be worth checking the website or contacting a rep from Residential Life, a program that helps students with on- and off-campus housing. Once students know what they’ll need to purchase, they can go through the items they already have and make a list of which of these are coming with them, and which items are staying behind with Mom and Dad.

Depending on the weather where students are moving to, they can start by packing the clothing they know they won’t need to wear for the next few weeks. If it’s currently warm, start packing up those winter clothes!

This is one task that high school students not ready for college can tackle early on to build some confidence and feelings of preparedness.

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

2. Learn About Independent Living

Students who are planning to go away for college should spend time before they go learning what they can about living independently. This can cover a wide range of tasks, such as learning how to cook, how to make a doctor’s appointment, and how to use public transportation. It can help students to work with their parents to make a list of tasks that the students need to get familiar with.

Some ways to get ready for college and living on their own can include:

•   Gathering a list of important phone numbers and addresses and entering them into their phones (doctor’s office, school counselor, roommate, etc.).

•   Making a few simple meals so they feel confident in the kitchen.

•   Practicing household chores like doing laundry and dishes if they don’t already.

If students are nervous about finding their way around campus, it may be helpful to explore the campus before classes start and find their classes.

For students who will be attending online classes, they will need to develop extra self-discipline and get familiar with online programs like Zoom. Doing this ahead of time can help minimize the stress of trying to log on the first time.

Recommended: 11 Strategies for Paying for College and Other Expenses

3. Develop Coping Skills

Students who are feeling nervous or anxious about beginning college can take the time before classes start to develop coping skills that will help them manage those feelings. Setting up a self-care routine that includes taking care of physical and mental health can help students manage the stress of college more easily.

Parents can also get involved in this process by sharing the coping skills that work for them and providing emotional support. Teens who know their parents are supportive are more likely to open up and actually use that support.

Recommended: College Planning Guide for Parents of High School Students

4. Ask Questions

Sometimes, not knowing what to expect can contribute to feelings of anxiety, but this can be minimized by asking questions. Students who have family members that went to college or are currently in college may want to set aside time to chat with them about their experiences.

High school guidance counselors can also be helpful in preparing students for college and easing their nerves.

There may also be an opportunity to go on a campus tour and ask questions there. High school students nervous about college may also benefit from attending their college’s orientation, so they show up on their first week prepared. Asking questions from others who’ve been to college will take away some of the scary mystery of the experience and may increase feelings of preparedness for high schoolers.

5. Focus on the Positives

Is college going to be tough? Of course! The classes will be more intense than high school level classes, and there will certainly be an adjustment period. In addition to these things, though, there are also numerous positives. College will give students opportunities to meet new people, learn about themselves, and have fun!

Some students may be overwhelmed at first at the prospect of making friends on a large campus, but there are many clubs and organizations that students can join. Getting involved in extracurricular activities can help students to form friendships and build a support system that may make their college experience more positive.

It may be a challenging four years, with adjusting to adult life and tackling finals every semester, but college can also be fun. High schoolers can help ease their nerves by embracing this aspect of college as well. Having a more realistic and balanced view of the experience may help them enter into it with less apprehension.

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

Paying For College

Another source of anxiety when it comes to preparing for college is the finances. College can be expensive, and figuring out how to pay for tuition, books, and living expenses is a confusing process. Luckily, there are multiple options that students can utilize to help cover the cost of their education.

The Free Application for Federal Student Aid (FAFSA) allows students to apply for federal student aid. This aid can come in the form of scholarships, grants, work-study, or federal student loans. Grants from the government usually do not need to be repaid, whereas loans do need to be repaid.

Students who are eligible to take out federal loans may benefit from doing so before looking into private student loans. Federal loans come with certain benefits, such as deferment and income-based repayment plans, that private loans may not.

If students are not eligible for federal aid or the aid isn’t enough to cover their costs, applying for additional scholarships is one option. Scholarships are widely available and the eligibility criteria varies for each scholarship. Some scholarships are need-based, whereas some are merit-based. Scholarships are offered by schools, private corporations, community organizations, religious groups, and more.

Taking out private student loans is another option for helping to fund a college education. The eligibility for private loans will usually depend on a student’s (or cosigner’s) credit history and income. When considering private student loans, students should remember that each institution will have its own terms for the loans.

The Takeaway

It’s normal to be nervous about attending college. To help settle your nerves, you can make a list of all the essentials you’ll need, learn about living independently, develop coping skills, ask questions, and focus on the positive aspects of attending college.

If finances are stressing you out, you have options, too. You can work a part-time job to help cover expenses, apply for grants and scholarships, and rely on federal and private student loans. It’s recommended to take out federal loans first, as they come with borrower protections that private student loans do not.

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

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

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

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

Grants, scholarships, and student loans can all help you pay for your education. But there are key differences between the three — namely, how they award funds and whether you need to repay those funds. Grants and student loans often depend on financial eligibility and need, while scholarships tend to be merit-based. And while both grants and scholarships don’t need to be repaid, student loans do.

Here’s a breakdown of how student loans and grants vs. scholarships work, as well as some of their key differences.

What Is a Student Loan?

A student loan is money borrowed for educational expenses that has to be paid back (usually with interest). You can take out a loan from a bank, an online lender, a college or university, or the state or federal government. If you’re wondering about grants vs. loans, both are based on financial need, but what sets them apart is that grants don’t need to be repaid and student loans do.

So, how do student loans work? Loan terms for college can vary based on a few different factors: whether they’re federal (offered by the government) or private (offered by a financial institution), whether you choose fixed or variable interest rates, how long it takes to pay the loan back, and how much can be borrowed. Loans offered to you could be based on your credit score or the personal financial information you supply on the Free Application for Federal Student Aid (FAFSA®).

How to Apply for Student Loans

To determine your eligibility for a student loan from the federal government, you must fill out the FAFSA. States and colleges may use information from your FAFSA to determine state and school-specific aid, as will some private financial aid providers.

To fill out the FAFSA form, you’ll need a few pieces of information, including:

•   Your Social Security number or alien registration number (if you are not a U.S. citizen)

•   Your driver’s license number (if you have one)

•   Federal income tax returns, W-2s, and other records of money earned

•   Bank statements and records

•   Records of untaxed income (if applicable)

•   Information on account balances, investments, and assets

•   FSA ID for electronic signature (this is your username and password needed to access and submit your FAFSA online)

If you are applying as a dependent student, you will need all of the above information from your parent(s) as well.

What Is the Difference Between Unsubsidized and Subsidized Loans?

There are two primary types of federal student loans: subsidized loans and unsubsidized loans. The main difference between unsubsidized and subsidized loans is how the interest accumulates through the life of the loan.

Unsubsidized loans are available to undergraduate and graduate students, regardless of any financial need. An unsubsidized loan starts accruing interest as soon as the loan is dispersed. That means if you accept an unsubsidized loan during your freshman year of college, the loan will accumulate interest throughout the rest of your time in school.

You are responsible for starting to pay back an unsubsidized loan six months from when you graduate or if you drop below half-time enrollment. Because of the interest capitalizing on your unsubsidized loan from the day it’s disbursed, your loan balance will likely be more than what you originally borrowed if you don’t make interest payments while you’re in school.

A subsidized loan, on the other hand, is a need-based loan available to undergraduate students on which interest accumulates only after you begin repayment. The government will pay the interest while you’re in school at least half-time or until you graduate and for the first six months after, as well as during a period of deferment.

Like unsubsidized loans, repayment for a subsidized loan typically occurs after a six-month grace period from when you graduate or drop below half-time enrollment. You are responsible for paying back the total outstanding balance, plus interest. There are plenty of ways to pay off federal loans, from the standard 10-year repayment plan to income-based repayment plans.

Pros and Cons of Loans

Pros of student loans include:

•   Access to education: Enables students to attend college who otherwise might not be able to afford it.

•   Flexible repayment options: Federal student loans offer flexible repayment options, including income-based repayment plans.

•   Credit building: Paying back student loans on time each month can help establish and build credit history.

•   Fixed interest rates: Federal student loans (and some private student loans) offer fixed interest rates, making monthly payments predictable each month.

Cons of student loans include:

•   Debt burden: Student loans increase debt load and debt-to-income ratio, which can lead to financial strain and/or make it hard to qualify for other loans in the future.

•   Interest accumulation: Interest starts accumulating immediately on unsubsidized loans and private loans. This increases the overall amount that needs to be repaid.

•   Stress and anxiety: Debt of any kind, including student loans, can cause significant stress and anxiety, which could impact your overall well-being.

What Is a College Grant?

A grant can be beneficial to students because it is financial aid that does not have to be repaid. That’s one main difference between a grant vs. a loan. Grants may be obtained directly from your university, the federal government, state government, or a private or nonprofit organization. It is important to note that you may be required to meet certain financial eligibility criteria, depending on the grant.

When it comes to a grant vs. a scholarship, grants are typically awarded based on need, not on academic achievement or merit. Scholarships are based on merit.

One popular type of college grant is the Pell Grant. Pell Grants are given to undergraduate students with significant financial need, which means they are typically awarded to low-income students.

Do You Have to Pay Back Grants?

In most cases, you do not need to pay back grants as long as you maintain eligibility. If, for example, you decide to drop out of school, you might be required to pay back certain grants.

You might also need to pay back grants if you withdraw early from a program in which the grant was awarded, or if you did not meet a service obligation, as is required for the Teacher Education Assistance for College and Higher Education (TEACH) Grant, for example.

How to Apply for Grants

To apply for grants, start by researching and identifying grants for which you qualify, focusing on those specific to your field of study, background, or needs. Visit the official websites of grant providers, such as federal and state governments, educational institutions, and private organizations, and carefully review their eligibility requirements and application deadlines. Prepare all necessary documents, which may include academic transcripts, letters of recommendation, a personal statement, and financial information.

Also, you’ll need to fill out the FAFSA if you are in the United States, as it is often required for federal and state grants.

Pros and Cons of Grants

Pros of grants include:

•   No repayment required: Grants are essentially free money that does not need to be repaid, making them highly beneficial for students.

•   Financial relief: Provide significant financial assistance, reducing the amount of student loans needed and easing the financial burden of education.

•   Encourages academic excellence: Some grants are merit-based, encouraging students to maintain high academic performance.

Cons of grants include:

•   Highly competitive: Grants are often limited in number and highly sought after, making them difficult to obtain.

•   Strict eligibility requirements: Many grants have specific criteria that must be met, which can exclude a significant number of applicants.

What Is a Scholarship?

Scholarships are a great way to finance higher education, simply because there are thousands of available scholarships based on financial need or merit. That’s the main difference between scholarship and grant: Scholarships are often merit-based. Scholarships can come from a variety of sources and typically do not need to be repaid.

How to Apply for Scholarships

It can be easy to feel overwhelmed with the amount of time it takes to hunt for scholarships — here are a few tips to help you find scholarships to apply for:

•   Start by combing scholarship databases for any scholarship that may align with your interests or background. Don’t be afraid to tell people you know that you are looking for scholarships either — your best friend or neighbor may have heard of a scholarship you could be eligible for.

•   Take a look at your academic achievements. Have you maintained a certain GPA or did you make the Dean’s List? There could be a scholarship for that. List out your community involvements and start researching whether your softball league, for example, offers scholarships.

•   Make a list of all the things that make you who you are. List out your heritage and things that your family members have been involved with over time. Perhaps your grandmother belongs to the National Corvette Club or your grandfather was a veteran, both of which could present scholarship opportunities.

Once you have your list, it helps to stay organized by adhering to deadlines and application requirements. Stick to what feels doable so you can knock out several applications in a row. Scholarship application formats vary from essay writing to creating a video to simply filling out a form.

Important documents you might need when applying for scholarships include birth certificates, SAT/ACT scores, academic transcripts, certifications, or ID cards. Be sure you have those handy prior to hitting search engines and applying for the next available scholarship you find.

Pros and Cons of Scholarships

Pros of scholarships include:

•   No repayment needed: Scholarships provide financial assistance that does not need to be repaid, reducing the overall cost of education.

•   Merit recognition: Often awarded based on academic, athletic, or other achievements, recognizing and rewarding students for their talents and hard work.

•   Boosts resume: Being awarded a scholarship can enhance a student’s resume, showcasing their achievements and dedication.

•   Encourages academic excellence: Incentivizes students to maintain high academic standards and strive for excellence in their endeavors.

Cons of scholarships include:

•   Highly competitive: Scholarships can be very competitive, with many applicants vying for a limited number of awards.

•   Strict criteria to qualify: Strict eligibility criteria may exclude many students from qualifying for certain scholarships.

Grants vs Scholarships vs Loans

Now that you have a grasp on all three forms of financial aid, let’s examine the main difference between scholarships, grants, and student loans.

What Is the Difference Between a Loan and a Grant?

Here’s what makes grants vs. loans different: A student loan — whether it is unsubsidized or subsidized, federal or private — must be repaid with interest. A grant typically does not need to be repaid as long as you maintain eligibility requirements.

What Is the Difference Between a Grant and a Scholarship?

When looking at a grant vs. scholarship, the primary difference between the two is that a grant is typically need-based while a scholarship is usually merit-based. You might receive a scholarship for a number of things, such as high academic achievement, organization or club involvement, or ancestry. A grant is typically awarded based on financial need and can be specific to certain degrees, students, and programs.

How Is a Student Loan Different from a Scholarship?

A student loan is different from a scholarship primarily in that a student loan must be repaid and a scholarship does not need to be repaid. Scholarships can come from a variety of sources, including nonprofit organizations, private companies, universities and colleges, and professional and social organizations. Student loans may come from private lenders, federal or state governments, or colleges and universities.

The two types of student loans are federal student loans and private student loans. Federal student loans should be utilized first, as they typically come with better interest rates and borrower protections, such as income-driven repayment plans and student loan deferment. Private student loans can help fill in the gaps between federal loans, grants, and scholarships.

The Takeaway

With a good understanding of scholarships vs. grants vs. student loans under your belt, you can better determine which form of financial aid is right for your situation. Remember that you don’t necessarily have to choose just one.

Once you’ve maximized the money you can get from grants or scholarships that you likely won’t have to pay back, you may consider bridging the remaining gap by taking out a student loan.

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

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

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

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

SOIS-Q224-1920923-V1

When it comes to financing a college education, there are several very different options, and it’s important to understand the pros and cons of each.

Depending on your academic qualifications, you may have been awarded scholarships or grants, which is funding that won’t (typically) need to be repaid. Any expenses not covered by a scholarship will need to be financed, often through a combination of work-study, personal funds, and student loans.

It is fairly common for college students to take out student loans to finance their education. There are two main types of student loans — private student loans and federal student loans. We’ll compare and contrast some of the more popular features of both private and federal student loans and explore some features that can help you determine what makes the most sense for your financial situation.

Types of Federal Student Loans

Federal student loans are funded by the federal government. In order to qualify, you must fill out the Free Application for Federal Student Aid (FAFSA^®) every year that you want to receive federal student loans. We’ll delve more into the FAFSA soon — but first, here are some important distinctions to consider.

Subsidized vs Unsubsidized Loans

Federal loans can be subsidized or unsubsidized. If you’re an undergraduate student in financial need, you may qualify for a subsidized loan. The amount of money you qualify for will be determined by your school.

With subsidized loans, the U.S. government covers the interest that accrues while you are a full- or half-time student, during a six-month grace period after graduation, and for any periods of loan deferment.

If you receive an unsubsidized federal loan, you don’t need to demonstrate financial need when applying. Interest begins accruing from the day your loan is disbursed — though borrowers are not required to make payments until six months after graduation. As with subsidized loans, your school will determine the amount you can receive, based on your cost of attendance.

Direct PLUS Loans for Parents and Graduate Students

Direct PLUS Loans are another source of federal student loan funding. To qualify for graduate PLUS Loans, you need to be a graduate-level or professional student in a program that offers degrees or certifications, and attend college at least half-time.

Parents can also apply for a Parent PLUS loan if their dependent undergraduate student attends an eligible school at least half-time. “Parent” is defined as biological, adoptive, or sometimes a stepparent.

To obtain a Direct PLUS loan, you cannot have an adverse credit history. And you and your dependent child must meet the general eligibility requirements for federal student aid.

Recommended: How Do Student Loans Work? Guide to Student Loans

More About the FAFSA

If you plan to apply for any of these types of federal loans, you’ll need to fill out the FAFSA form. Be aware of your state’s FAFSA deadline — FAFSA funding is determined on a rolling basis, so the sooner you can apply, the sooner you may qualify.

The new FAFSA application typically is available on October 1 of the prior year. The 2025-26 FAFSA form is expected to be released on October 1, 2024.

Benefits of Federal Student Loans

First off, you won’t be responsible for making student loan payments while you are actively enrolled in school. Your repayment will typically begin after you graduate, leave school, or are enrolled less than half-time.

Another perk is that your credit history doesn’t factor into a federal loan application. One exception is Direct PLUS Loans for grad students and parents.

Interest rates on federal student loans are fixed and typically lower than interest rates on private student loans. Depending on the type of federal loans you have, the interest you pay could be tax-deductible.

When it comes to federal student loan repayment, there are several options to choose from, including several income-driven repayment plans.

If you run into difficulty repaying your federal student loans after graduation, or if you drop below half-time enrollment, deferment and forbearance options are available. These programs allow qualifying borrowers to temporarily pause payments on their loans should they run into financial issues — but interest may still accrue. The loan type will inform whether a borrower qualifies for deferment or forbearance. Borrowers can contact their student loan servicer for more information on these programs.

Qualifying borrowers can also enroll in certain forgiveness programs, such as Public Service Loan Forgiveness (PSLF). These programs have strict requirements, so borrowers who are pursuing forgiveness should review program details closely.

Federal Student Loan Pros and Cons

Here is a recap of some of the pros and cons of federal student loans.

The CARES Act and Federal Student Loans

The CARES Act, passed in March 2020 in response to COVID-19, temporarily paused payments on most federal student loans and set interest at 0%. With the signing of the debt ceiling bill in June 2023, the three-year pause came to an end. Interest on federal student loans resumed on September 1, 2023, and the first post-pause payments were due shortly after. To ease the transition, borrowers won’t be reported as delinquent if they are late with payments through September 2024.

The CARES Act and the payment pause did not apply to private student loans.

Private Student Loans

Private student loans are not funded by the government. To apply for them, you can check with individual lenders (banks, credit unions, and online lenders), with the college or university you’ll be attending, or with state loan agencies.

Because these loans are available from multiple sources, each will come with its own terms and conditions. So when applying for private student loans, it’s important to clearly understand annual percentage rates (APRs) and repayment terms before signing, as well as the differences between private vs. federal student loans.

Since private student loans are not associated with the federal government, their repayment terms and benefits vary from lender to lender. Some private loans require payments while you’re still attending college. Unlike federal loans, interest rates could be fixed or variable. If you are applying for a variable-rate loan, it’s a good idea to check how often the interest rate can change, plus how much it can change each time and what the maximum interest rate can be.

When applying for a private loan, the lender typically reviews your financial history and credit score, which means it may be beneficial to have a cosigner.

Be sure to ask your lender about repayment options in addition to any deferment or forbearance options. These will all vary by lender, so it’s important to understand the terms of the particular loan you are applying for.

Benefits of Private Student Loans

Private student loans offer several benefits that can make them an attractive option for some students. One significant advantage is their ability to cover the full cost of attendance, including tuition, fees, and living expenses, which can be particularly helpful if federal loan limits are insufficient.

Additionally, private lenders often provide a variety of loan options with different repayment terms and interest rates, allowing borrowers to choose a plan that best fits their financial situation and future income expectations. Some private loans offer competitive interest rates, especially for borrowers with excellent credit or those who have a creditworthy cosigner, potentially resulting in lower overall borrowing costs compared to federal PLUS loans.

Another benefit of private student loans is the potential for customization and flexibility in loan features. Many private lenders offer interest rate discounts for autopay enrollment, loyalty discounts for existing customers, and even the option to release a cosigner after a certain period of on-time payments.

Private loans can also be accessed more quickly than federal loans, which can be advantageous in time-sensitive situations.

Private Student Loans Pros and Cons

Here is a recap of some of the pros and cons of private student loans.

Private loans can help fill the monetary gap between what you’re able to cover with grants, scholarships, federal loans, and the like, and what you owe to attend college. It’s never a bad idea to take the time to do your research, shop around, and find the best loan options for your personal financial situation. For a full overview, take a look at SoFi’s private student loan guide.

Determining Whether a Student Loan Is Federal or Private

To find out if the student loan you have is a federal student loan, one option is to check the National Student Loan Data System (NSLDS). This database, run by the Department of Education, is a collection of information on student loans, aggregating data from universities, federal loan programs, and more.

Borrowers with federal student loans can also log into My Federal Student Aid to find information about their student loan including the federal loan servicer.

Private student loans are administered by private companies. To confirm the information on a private student loan, one option is to look at your loan statements and contact your loan servicer.

💡 Recommended: Refinance Federal Student Loans

Options for After Graduation: Consolidation vs Refinancing

After graduation, depending on one’s student loan situation, borrowers may wish to consider consolidation or refinancing options to combine their various loans into a single loan.

The federal government offers the Direct Consolidation Loan program that allows borrowers to combine all of their federal loans into one consolidated loan.

Loans consolidated in this program receive a new interest rate that is the weighted average of the interest rates of all loans being consolidated — rounded up to the nearest one-eighth of a percent. This means that the actual interest rate isn’t necessarily reduced when consolidated. If monthly payments are reduced, it is most likely because the repayment term has been lengthened. Additionally, only federal student loans are eligible for consolidation in the Direct Consolidation Loan program.

Student loan refinancing, on the other hand, means taking out a new loan and using it to pay off all the other student loans. Depending upon individual financial situations, applicants could qualify for a lower interest rate through refinancing.

When an individual applies to refinance with a private lender, there is typically a credit check of some kind. Each lender reviews specific borrower criteria that influences the rate and terms an applicant may qualify for.

Recommended: The SoFi Guide to Student Loan Refinancing

Combining Federal and Private Student Loans

Refinancing federal loans with a private lender is the only option that allows borrowers to combine both federal and private student loans into a single loan. While refinancing may allow borrowers to secure a competitive interest rate or preferable terms, it’s very important to understand that when you refinance federal student loans, they no longer qualify for federal benefits or borrower protections.

Refinancing may make sense for federal student loan holders who do not plan to take advantage of any federal programs or payment plans, but it won’t make sense for everyone. When you are evaluating whether you should refinance student loan debt, reflect realistically on your professional and financial situation. For example, borrowers who are enrolled in income-driven repayment plans or are pursuing Public Service Loan Forgiveness, may find that refinancing their federal student loans doesn’t make sense for their personal goals.

The Takeaway

Federal student loans differ from private student loans in key ways. You must fill out the FAFSA every year to qualify for federal loans. With subsidized federal loans, interest doesn’t accrue until after graduation and a six month grace period. Federal loans also offer special protections to borrowers, such as deferment and Public Service Loan Forgiveness. The same protections are not available on private student loans. You may or may not qualify for a lower interest rate on a private student loan, depending on your credit history, whereas your credit score doesn’t affect your ability to qualify for federal student loans.

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

FAQ

What is the difference between a federal and private student loan?

Federal student loans are issued by the U.S. government with fixed interest rates, more flexible repayment options, and benefits like income-driven repayment plans and loan forgiveness programs. Private student loans are offered by private financial institutions with rates and terms based on creditworthiness, often requiring a cosigner, and generally lacking the same level of repayment flexibility and borrower protections. However, private student loans are a good option once federal student loans have been exhausted.

What is the downside to using private student loans instead of federal student loans?

The downside to using private student loans instead of federal student loans includes higher and potentially variable interest rates, less flexible repayment options, and fewer borrower protections. Private loans often require a good credit score or a cosigner, lack income-driven repayment plans and loan forgiveness programs, and generally offer limited deferment and forbearance options compared to federal loans.

How much student loan debt is federal vs private?

According to the Education Data Initiative, federal student loan debt significantly outweighs private student loan debt in the United States, with federal loans comprising approximately 92% of the total student loan debt, amounting to around $1.6 trillion, while private loans account for the remaining 8%, or roughly $140 billion.

Is it better to get a federal or private student loan?

It is generally better to get a federal student loan due to its lower interest rates, flexible repayment options, and robust borrower protections. However, private student loans can be a good option once federal student loans have been exhausted.

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

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

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

Yes, international students can get student loans to study in the U.S. However, international students have fewer financing options than American borrowers and may face some additional hurdles to securing a loan.

Going to college in the U.S. can help international students advance their education and professional goals. It’s also a big undertaking financially. For the 2023-24 academic year, tuition and fees averaged $38,421 at private colleges, $9,750 for in-state students at public colleges, and $28,386 for out-of-state students at public colleges.

Read on to learn what type of student loans you might qualify for as an international student, and how to evaluate and compare options.

Who Is Considered an International Student?

An international student is typically defined as a student who chooses to pursue education in a country other than their own. This status applies to students across various levels of education, including high school, undergraduate, graduate, and post-graduate studies. For undergraduate students, international students would include anyone who has graduated high school outside of the United States.

What Is an International Student Loan?

An international student loan is a type of private loan available to the nearly one million foreign students studying in the U.S.

The U.S. Department of Education does not issue international student loans, as federal student loans are only available to U.S. citizens and eligible non-residents.

There are many lenders to choose from for international student loans. Loan terms and eligibility requirements can vary by lender. It’s generally recommended to exhaust any opportunities for scholarships, grants, and school-based financial aid before applying for an international student loan.

U.S. citizens looking to get an education overseas have options for student loans for studying abroad, too.

Loan Options If You Are an Eligible Noncitizen

Are federal loans for international students possible? In some cases, yes. To be eligible, noncitizens must fall into one of several categories:

•   You are a U.S. national or green card holder.

•   You hold an Arrival-Departure Record (I-94) showing “Refugee,” “Asylum Granted,” “Cuban-Haitian Entrant,” “Conditional Entrant,” (if issued before April 1, 1980) or “Parolee” (with one year paroled minimum and proof that you’re in the U.S. for a non-temporary purpose and intended to become a U.S. citizen or permanent resident).

•   You or your parents hold a T-1 nonimmigrant status.

•   You or a parent are a battered immigrant-qualified alien.

Other noncitizens may be eligible for other forms of federal aid. For example, citizens from Palau can apply for Pell Grants, Federal Supplemental Educational Opportunity Grants, and Federal Work-Study.

There are additional student loan requirements that eligible noncitizens must satisfy to qualify for federal loans, such as completing the Free Application for Federal Student Aid (FAFSA^®) and attending school at least half-time.

Loan Options if You Are Not Eligible for Federal Student Loans

When federal loans aren’t an option, private student loans may be needed to cover the cost of attending college in the U.S.

Private student loans are offered by banks and financial institutions and are credit-based — meaning the borrower’s ability to repay the loan will be evaluated by the lender based on factors such as the individual’s credit score and income, among others.

Some lenders may require an international student to apply with a cosigner who is a U.S. citizen or permanent resident, though there are lenders who offer specialized student loans for international students.

International students might also explore parent loans to pay for college. Instead of the student, a parent, relative, or trusted individual takes out a loan for their student’s education expenses.

It could be beneficial to ask your school’s financial aid office for a list of lenders to begin your search. Browsing online may also be helpful for understanding your options as a borrower and comparing loans and lenders.

Do International Students Need a Cosigner to Get a Student Loan?

A cosigner is someone who takes on a legal obligation to pay back a loan if the borrower is unable to. Having a cosigner for a student loan reduces the risk for the lender and can help the borrower obtain financing with better terms.

With private student loans, lenders may require a cosigner if a borrower’s income and credit aren’t enough — which is often the case. According to the Enterval Private Student Loan report, during the 2025-2026 school year, 91% of undergraduate student loans had a cosigner while 69% of student loans made for graduate students had a cosigner.

As briefly mentioned, for international students, applying for student loans often requires having a U.S. cosigner. Generally, cosigners are a relative or close friend since they are on the hook for paying the loan if a borrower fails to make loan payments or defaults.

But can international students apply for student loans without a cosigner in the U.S.? Applying for a student loan without a cosigner is possible, but a no-cosigner loan will likely come with a higher interest rate.

After building up credit and making regular on-time payments post-graduation, borrowers may be able to get a cosigner release. This frees the cosigner from legal liability for the loan, which is especially important if another college-bound family member needs a cosigner.

Typical Requirements for International Student Loans

Many lenders require international students to have a cosigner and study at least half-time at an eligible college to obtain a loan. Here are some typical student loan requirements that could impact approval, as well as the loan amount and terms:

•   Personal credit history and score in the U.S.

•   Cosigner’s creditworthiness

•   Live in the U.S. while attending school

•   Qualify for a student or other temporary resident visa that does not expire within six months of graduation

•   Personal financial information, such as bank statements and tax returns

•   Estimated future earnings

•   Employment and education history

Can international students get student loans without meeting all these requirements? Student loans have varying requirements, so it’s possible to qualify with one lender and not another.

International Student Loan Repayment Terms

A loan’s repayment term stipulates how long the borrower has to pay back the loan, the monthly payment amount, and conditions for when payment starts.

A longer repayment term translates to smaller monthly payments, and vice versa. Keep in mind that the longer the term, the more interest you’ll pay over the life of the loan.

Private student loans don’t offer the same repayment options as federal loans. Whereas the standard repayment plan for federal loans has a 10-year repayment term, international student loan terms may vary depending on the lender and could range from five to 20 years.

International student loans may come with a grace period of up to six months after graduation as long as you’re enrolled at least half-time in college. Alternatively, interest-only payments could be required while enrolled in college, or repayment may begin as soon as the loan is disbursed.

International Student Loan Interest Rates

Interest is the amount charged by the lender on top of the original loan amount. With international student loans, your creditworthiness is a major factor for determining the interest rate you’ll pay.

Lenders may offer either fixed or variable interest rates. The former remains constant over the life of the loan, while the latter can fluctuate over time based on market conditions.

The main benefit of fixed-rate loans is the predictable monthly payments. The loan terms outline how much interest you’ll pay each month and over the entire life of the loan.

Later on, refinancing international student loans could help secure a lower fixed interest rate.

On the other hand, variable-rate student loans can be advantageous if you qualify for a low interest rate or expect to land a high-paying job after graduation. If you can make extra payments early on before variable rates rise, you could potentially reduce how much you pay in the long run.

Recommended: All About Interest Rates and How They Work

What Can You Use an International Student Loan For?

How much you can borrow is determined by the school’s cost of attendance minus any other financial aid you receive, such as scholarships and grants. If you have money left over after tuition, international student loans could be used for other education-related and living expenses, including:

•   Room and board or off-campus housing

•   Health insurance

•   Textbooks, laptop, and supplies

•   Equipment (e.g. lab equipment)

•   Transportation and commuting costs

Generally, lenders are not monitoring how borrowers spend their student loan funds once disbursed. The rationale to avoid using loans for unnecessary expenses is that you have to pay it back with interest.

Recommended: Using Student Loans for Living Expenses and Housing

Do International Students Have Other Financing Options?

Yes, international students have other financing options outside student loans. Options include scholarships and grants, sponsorships, assistantships and fellowships, getting a part-time job, asking family or friends, and crowdfunding.

Private Student Loans for International Students

As an international student, attending college in the U.S. can come with challenges. Besides adjusting to a new culture, foreign students can’t receive federal aid or loans unless they qualify as eligible noncitizens.

Still, international students have several options for paying for college in the U.S., including scholarships, grants, and private student loans.

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

FAQ

Can international students get a student loan?

International students cannot get federal student loans unless they qualify as eligible noncitizens. They can, however, apply for scholarships, grants, and private student loans. Private student loans do not offer the same benefits as federal student loans, but they can be a solid way to help fund an education.

Photo credit: iStock/Anchiy

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

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

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