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Tips for Putting Multiple Kids Through College

Remember your kids as little ones, riding on their tricycles and grabbing fistfuls of Cheerios? Now they are soon off to college, and you might be feeling bittersweet. Your children can finally do their own laundry (hallelujah) and you get some much needed quiet time around the house.

Sending kids to college is not just a transition for your children, it’s also a big step in parenthood for you. You may be sending your first child to college, but what if you have another child headed off to educational pursuits not too far behind?

If you have two kids going to college at the same time, the double whammy can hurt right in the wallet. As you navigate college dorms, tuition, and how to make sure your kids know where all of their classes are, you might have a few questions on how to support them over the next four years. We’ve compiled a few tips that could help guide you through sending your kids to college.

Financing Your Kids’ Education the Debt-Free Way

If you are putting multiple kids through college, then you know how much tuition and other costs can beat down your budget. You might want to start by talking with your spouse or someone you trust about finding the cash to finance your children’s education.

There are several ways to get creative with saving for your child’s college tuition that might help you avoid going into massive debt.

Scholarships can also play a role in financing your children’s education. They can be especially helpful since you won’t need to pay them back after your child graduates, and they can be used to directly fund tuition. Scholarship hunting can be a daunting task though.

Your mini-mes are most likely overwhelmed with selecting their university, studying for college entrance exams, and finishing out their high school senior year.

You could band together on scholarship applications by helping them find scholarships they are eligible for and compile a list. Ultimately, it’s up to your child to make the effort to complete the requirements. Encouragement is key here!

A Borrower’s Way to Pay

If paying for tuition out-of-pocket is out of reach, it’s recommended to first apply for federal financial aid by filling out the Free Application for Federal Student Aid (FAFSA®) . You may be faced with several options here, including Federal Direct Loans, which can be either subsidized or unsubsidized, PLUS Loans work-study, or grants.

Federal Direct Subsidized and Unsubsidized loans are offered to students who are enrolled at least half-time in school. Each of your kids will need to fill out their own FAFSA—parents cannot take out these types of loans on behalf of their children. That’s where the Parent PLUS, or Direct PLUS, loan comes into play.

The Direct PLUS Loan allows parents of undergraduate students to take out a loan to pay for education expenses not covered by other financial aid. It’s helpful to have a strong credit history, as anything adversely affecting your credit could also affect your eligibility to receive a Direct PLUS Loan.

Are You Cashing In on Ramen and Mac ‘n’ Cheese?

Your kids might not be accustomed to fending for themselves when it comes to food. If you’re concerned about your child’s eating habits while in college, you could make clear what you will or will not be paying for in groceries.

If you want to help out your kiddos, you could send them food items to get them through the week. You might want to check with the college residence hall coordinator first about any rules on using a mini fridge. Or you could stick with items that can be stored in a plastic bin or inside a closet to make things easy.

Let Your Kids Spread Their Financial Wings

Tuition continues to rise, and so does the cost of living. Tuition and fees for full-time, in-state students attending four-year public colleges and universities saw a 2.6% increase between the 2018-19 academic year and 2019-20.

How will your children support themselves in school? There are several ways, and it might be advantageous to have a conversation with your kids early on about how they can take care of themselves financially.

Some universities offer work-study programs, which give student workers the opportunity to work a job that fits within their class schedule. Students would need to fill out the FAFSA to determine eligibility for federal work-study.

If your child qualifies, it will be noted in their financial aid award. If your child is awarded work-study, they will still be responsible for securing a job that fits within the program.

Your kids could also explore part-time opportunities off-campus, such as waiting tables or picking up a gig as a nanny.

Another alternative, if you have the ability, is to support your children financially. You could determine an appropriate amount to keep your child on the right path or consider offering cash incentives for good grades. If you have the funds to help throughout the year, this could help offset student loan debt.

You Come First

Sending your kids to college can be a priority, but you come first. You might want to prioritize your money goals first, such as retirement. You don’t want to be caught dumping all of your potential retirement savings into tuition if you are short on your retirement goals.

You could make a plan and ask yourself how much you want to contribute each month to retirement, regardless of other pressing expenses. Tuition can be covered in a variety of ways, but borrowing from your retirement stash or neglecting it could have an impact on your retirement goals.

They’re Off to College, but They Still Need You

Just because you successfully guided your offspring to college doesn’t mean that they don’t need you. You can probably expect to answer text messages (because we all know actual phone calls are a thing of the past with Gen Z’s) on how to make a pot of coffee or what that genie lamp light means on the dashboard of their car (hint: check your engine oil!). Remember, they may still lean on you for support as they transition into adulthood.

Then There’s the Whole Paying It Back Thing

Four years are going to fly by. When your kids are well on their way to their post-grad careers, you could check out how refinancing their student loans might help. Refinancing student loans with SoFi can create one monthly payment.

Your child could even reduce their interest rate when they refinance, depending on the terms of their existing financing. If they have federal loans, know that refinancing means they’ll no longer qualify for federal protections or repayment programs.

Learn more about student loan refinancing with SoFi.


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.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


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.


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Full Time vs. Part time Student

College is full of decisions: what school should I go to? What will my major be? Should I live on campus? Should I go full or part-time? It is easy to get overwhelmed trying to find all the answers, but when it comes to choosing between full and part-time, your choice could change things like the amount of work you’re doing every week to how much financial aid, including federal student loans, you may be eligible for.

Whether you’re a full or part-time student depends on how many credit hours you’re taking during the semester.

In general, most schools require that you take about 120 credit hours in order to graduate with a bachelor’s degree. Associate’s degrees and certificate programs require fewer credits.

This means that, typically, in order to graduate with a Bachelor’s degree in four years, you’ll need to take about 15 credits per semester. But what if you’re a night student, or are balancing classes with a full-time job? In that case, you may be a part-time student, taking less than a full load each semester.

Here’s what you need to know about the part-time versus full-time distinction and how the number of credits you take each semester could impact your education.

What Is a Full-Time Student?

Each college determines the exact number of credits that constitutes a full-time course load. But at its most basic, a full-time student is someone who is taking a “full-load” of college classes, as measured by the number of credit hours.

Each class you take is worth a certain amount of credits, depending on how much work is expected in the course. Your school determines how many credits each course is worth. For example, you might take a biology course worth four credits, a chemistry lab worth four credits, an English Lit class worth four credits, and a dance class worth two credits. Together, the total number of credits in your schedule determine whether you’re a full-time or part-time student.

What Is a Part-Time Student?

A part-time student is anyone who is taking some college credit hours but who is not taking the minimum number of college credit hours designated by the school as “full-time.”

This means that you might be a part-time college student if you’re taking a single two credit art class for fun after work, or if you’re taking a 10 credit course load when your school designates full time as 12 credits or more.

Differences in Finances for Full Time and Part-Time Students

One area where being a full or part-time student can make a big difference is when it comes to finances. Full and part-time student status could potentially impact factors like tuition costs and financial aid.

Tuition Costs

One big difference when it comes to full-time or part-time student status is tuition costs. Many degree programs charge tuition based on the number of credits you’re taking. Tuition policies and rates will vary by school, so it might be worth checking the specific policies at your school to determine how your enrollment might impact your tuition. If tuition is charged per credit hour, taking additional credits could make your semester more expensive.

Some students who are paying for their degree out of pocket opt to attend school part-time in order to pay less in tuition each semester and spread out the cost of their education over a longer period of time.

On the flip side, the cost-per-credit model can mean that students looking to max out the number of credits they take each semester in order to graduate as soon as possible, might face high costs when it comes to tuition.

And that’s not to mention books, as the more classes you take, the more books you’ll likely have to buy. For students facing high costs due to taking a high number of credits, and who have maxed out the federal aid available to them, a private student loan might help cover the increased costs of attendance that come with being a full-time student.

Available Tax Credits

Student status can also make a difference when it comes to your or your parents’ taxes. Tax credits like the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) may offer tax benefits to students.

The AOTC can be worth a maximum annual benefit of $2,500 per eligible student, but it is only available during the first four years at an eligible college or vocational school.

The LLC offers a maximum benefit of up to $2,000 per tax return for both graduate and undergraduate students, and has a slightly broader net, as it also allows for deductions taken by professional students who want to take courses to “maintain or improve job skills.”

In order to claim either the AOTC or the LLC, you need to meet certain qualifications . These include: 1) pay for qualified education expenses and 2) you’re enrolled at an eligible educational institution.
The good news is that because these tax credits only require enrollment at an “eligible educational institution,” they are available to both full-time and part-time students.

Federal Aid

When it comes to federal student loans, it is a different story. In order to qualify for most types of federal student aid, you must be enrolled at least half- time at a qualifying institution. Like full-time enrollment, half-time enrollment is determined by your school. Generally, it is around six credits per semester, but depends entirely on which school a student attends.

If a student falls below half-time enrollment, they could lose their eligibility for federal student aid. Some schools may also adjust financial aid awards depending on student enrollment. The financial aid office at your school should be able to provide information on your school’s policies.

This means that for students who are using federal student aid, it’s likely important to make sure your schedule has enough credits, or risk losing your student aid.

If you’re paying out of pocket and not relying on federal student aid, it might not be as important to maintain a schedule that keeps your credit hours at half-time, as fewer credits could equal lower tuition bills.

If you find a lower rate for student loan refinancing –
SoFi will match it AND give you $100.

 

 

Paying for College

Whether you’re a full-time student, a half-time student, or a part-time student, it can still be a struggle to pay for college. There are things you can do to lower the cost of college, but many students end up taking out some type of loan to complete their degree.

Private student loans are one option that could help, whether you’re eligible for federal student aid or not.

Private student loans can be a backup plan to cover educational costs that go beyond what you’re able to meet with federal aid—provided, in most cases, you’re enrolled at least half-time.

It is important to consider private loans carefully, because private student loans don’t have the same repayment benefits and protections of federal student loans, including flexible repayment plans and the possibility of loan forgiveness.

If you’re looking for a way to fill in the gaps, however, a private student loan could be the answer you’re looking for.

Depending on the lender, private student loans might only be an option for students attending at least half-time. For example, at SoFi, borrowers must be attending school at least half-time in a qualifying degree granting program in order to qualify for a loan.

If you do decide to borrow a private student loan to cover educational costs, consider SoFi. There are absolutely no fees and borrowers can select from up to four flexible repayment plans. And with SoFi, you can apply online in just a few minutes—even if you’re using a co-signer.

Learn more about how private student loans from SoFi could help you reach your educational goals.
 


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.

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.

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.

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How Long is a Student Loan Grace Period?

While the stress of term papers and finals comes to an end once you graduate from college, the stress of building your post-collegiate life—and dealing with student loans—is just beginning.

Even if you’ve already got a job, you may have to move to a new city, and it will likely be a bit before a steady paycheck starts rolling in. Luckily, many student loans allow a grace period to give you a chance to put your life in order before you have to pay back your loans.

What Is a Grace Period?

The student loan grace period is typically six months after you graduate from school. However, the clock can start ticking if you leave school before you graduate or you drop below half-time enrollment.

Rules about grace periods can vary depending on the type of loan. You can expect a six-month grace period from Direct Subsidized and Unsubsidized Loans. Federal Perkins Loans, when they were offered, sometimes have a nine-month grace period (check with the school where you received your loan), while PLUS Loans offer no grace period at all, but if you have a PLUS Loan and need more time before you start to pay it off, you can usually apply for student loan deferment.

In general, private loans do not offer grace periods, but there are some that do. So be sure to check with your loan provider to understand their specific terms regarding grace periods.

The grace period is typically only available to you once during the life of your loan. However, there are two possible exceptions for federal student loans: First, if you are an active member of the military and you are called to service for more than 30 days during your grace period, the grace period will start over upon your return.

Second, if you go back to school before the loan’s grace period ends. One word of caution: If you consolidate a federal student loan during its grace period, you will forfeit the remainder of that grace period.

Grace periods also come with another hitch—though you don’t have to make payments during the grace period, some loans, such as a Direct Unsubsidized Loan, will still accrue interest. These interest charges are added to your principal balance, and will have to be paid when the grace period is over.

Making the Most of Your Grace Period

The main advantage of grace periods is that it gives you time to settle in to your new post-graduate life before you have to start paying off your student debt. It gives you time to do things like find a job, move to a new city, and figure out the other bills you may be paying for the first time. Ideally, this period gives you some time to build your income to the point where you can then start paying back your loans.

If you find yourself a little bit ahead of the game, you don’t have to wait for the grace period to end before you start paying back student loans. You may decide that the cost of accruing interest over the period isn’t worth the benefits of waiting. The choice you make will depend on your personal situation and income.

While the grace period may seem like a vacation from your loans, it actually might be a good time to put your financial house in order so you’re better positioned to handle them. Here are a few steps you might consider taking that can help you stay on track:

Getting Reacquainted With Your Loan Terms

First things first—gather information about all of your loans. It may be four years since you last looked at any of your loan information, so get yourself reacquainted.

You can look up your federal loans on the National Student Loan Data System , and you can request information about private loans from your private lender(s). Pay attention to what types of loans you have, whether they offer a grace period, how long the period is, and all interest charges.

Once you understand what types of loans you carry and their terms, you can determine the best options for paying them back. This will help prioritize which loans you want to tackle first.

Federal loans may offer hardship options like forbearance (temporarily halt payments) and income-driven repayment plans (longer-term payment reduction). Though private loans are less likely to offer programs like this, some do, so it’s worth checking.

Is your grace period up?
Look into refinancing your student loans.


Building a Budget

This may be a good opportunity to take a long hard look at your finances. While you may be just getting on your feet financially, this is a perfect time to get into the habit of budgeting. Take a look at all of your monthly income and subtract any necessary living expenses like bills, rent, and food.

What you’ve got left is the money you can devote to paying down debt and for discretionary expenses. This amount can give you an idea of how large a student loan payment you can make each month.

Figuring Out Your Monthly Payment

Federal loans often offer flexible repayment options and loan terms. For example, extending the term of your loan can help you lower your monthly payment.

Be aware that extending your term also extends the amount of time you pay interest on your loan, which can cost you more money in the long run. Weigh this consideration carefully as you decide how much to devote to monthly payments.

Considering Student Loan Refinancing

Getting reacquainted with your loans gives you a refresher on their terms and interest rates as well as the repayment options available to you. Yet, if these options don’t work for you, the good news is you’re not necessarily stuck with them.

You could consider refinancing your federal and private loans for terms that work better for your situation.

When you refinance a student loan, you are essentially taking out a new loan that pays off your old loans. Now, you only have one loan to manage, and hopefully a lower interest rate or a term that works better for you.

Typically, to qualify for student loan refinancing, it helps to have a strong credit history. For example, if you had a credit card that you paid off regularly, your credit score may be sufficient to meet lender eligibility requirements. They’ll likely consider other personal financial factors, like your income, too.

Also, before refinancing a federal loan, make sure that there are no federal benefits that you want to take advantage of, such as loan forgiveness, income-driven repayment, and other programs that are only available if you hold on to your federal loans.

These benefits don’t transfer when you refinance with a private lender. That said, other benefits may be available, depending on the lender. For example, if you refinance before your grace period ends, some lenders will honor the remainder of the period.

Make sure your grace period is time well spent, and take the opportunity to understand all your options for paying back student loans.

To learn more about how refinancing your student loans could help you manage your loan repayment, visit SoFi.


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.

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


SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


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A Guide to Military Spouse Student Loan Forgiveness

Most military spouses understand going in that their married life will come with a distinct set of challenges.

When a husband or wife who serves is deployed, many of the duties married couples expect to share—from caring for children to running the household and making ends meet—fall to the one who stays behind. And the frequent moves military couples typically experience can be disruptive to careers, families, and friendships.

The federal government provides many forms of financial assistance and other benefits to personnel and their partners to make military life easier, including help with moving, job hunting, child care, and health care.

There are some educational benefits for military spouses as well. The Department of Defense’s My Career Advancement Account (MyCAA) Scholarship Program currently provides up to $4,000 in tuition assistance to eligible military spouses who wish to pursue certain associate degrees, certifications, or licenses for in-demand portable careers.

And the transferability option of the Post-9/11 GI Bill allows service members to assign all or some of their unused benefits to a spouse or dependent children.

Those benefits don’t cover past college debt, however. There isn’t a designated military spouse student loan forgiveness program or a military spouse school loan repayment plan.

There are options, though, for those who are struggling with student loan debt. Here are just a few options you may consider looking into:

Public Service Loan Forgiveness

Military spouses who share their loved one’s passion for helping others and want to have a career in public service—at a nonprofit organization, in public health, education, law enforcement, or government, for example—may want to check out the Public Service Loan Forgiveness Program (PSLF).

This program forgives the remaining balance on some federal loans after the borrower has made 120 on-time monthly payments under a qualifying repayment plan while working full time for a qualifying employer.

Private student loans are not included in the program, and only federal loans received under the William D. Ford Direct Loan Program are eligible for PSLF.

Those who have loans under other federal student loan programs, such as a Federal Family Education Loan (FFEL) or a Federal Perkins Loan, may become eligible if they consolidate them into a Direct Consolidation Loan.

However, only qualifying payments made on the new Direct Consolidation Loan can be counted toward the 120 payments required for PSLF.

The program has its pros and cons, and it certainly isn’t a quick fix. Applicants must be vigilant about tracking their employment through the years, and getting certified can be complicated.

According to the June 2019 PSLF Report Other Sources of Assistance

Those who don’t qualify for PSLF may be able to find career-based repayment assistance from other sources.

Under the Teacher Loan Forgiveness Program, for example, someone who teaches full time for five complete and consecutive academic years in a low-income school or educational service agency—and meets certain other qualifications—may be eligible for forgiveness of up to $17,500 on Direct/Federal Stafford Loans.

Nurses also may be eligible for help with their student loans through federal programs like the Nurse Corps Loan Repayment Program or the National Health Service Corps Loan Repayment Program.

The amount of repayment in those programs can vary depending on the nurse or nurse practitioner’s length of service at a qualifying facility, but they could knock thousands of dollars off an eligible person’s debt.

Many industries and professional associations also offer student loan repayment assistance, with programs for lawyers, doctors, medical researchers, and others. And there may be opportunities to apply for student loan help through state and local programs as well.

Federal Repayment Plans

For borrowers who don’t necessarily qualify for those career-related forgiveness and repayment programs, there are other options out there for those who apply and meet certain criteria.

The government offers four income-driven repayment plans that could lower a military spouse’s payments: the Revised Pay As You Earn Repayment Plan (REPAYE), the Pay As You Earn Repayment Plan (PAYE), the Income-Based Repayment Plan (IBR), and the Income-Contingent Repayment Plan (ICR).

Under all four plans, after making qualifying monthly payments, borrowers will be eligible for forgiveness on remaining loan balances. Keep in mind that lowering your monthly payment will likely mean paying more in interest over the life of the loan.

Military spouses can get an idea of what their payment will look like by logging in and using the Repayment Estimator at StudentLoans.gov. This tool can compare payments under different federal repayment plans to help find which one is right for you and your situation.

One thing to remember is that under an income-driven plan, the amount that’s forgiven is sometimes treated as taxable income—so a borrower may end up with a tax bill in the year the debt is forgiven.

Refinancing to a More Manageable Payment

You may have noticed that most of the options listed above are limited to borrowers with certain types of federal student loans and who are willing to do a bit of legwork.

But those who don’t have qualifying loans—or those who think they can find a workable repayment plan elsewhere with a more competitive interest rate—may want to check into refinancing student loans through a private lender.

Refinancing offers borrowers a chance to adjust their monthly payments and choose new repayment terms. And military spouses with multiple loans may find they like the idea of combining them into one manageable payment.

Lenders may offer both fixed and variable interest rates, varying loan lengths, and autopay options so borrowers can tailor a loan to suit their specific needs. Finding rates and applying online for a refinancing loan usually only takes a few minutes.

Before shopping for offers, however, it’s important to note that refinancing federal student loans turns them into private loans, which means losing access to all federal forgiveness programs, repayment plans, and other federal benefits and protections.

Once a borrower refinances with a private lender, there’s no going back to a federal loan or the advantages it may offer.

But borrowers who have good credit and solid employment (among other factors) may find they can qualify for a lower interest rate and/or a shorter repayment period—or to lower their monthly payments via extending their repayment terms—as well as other perks by refinancing with a private lender.

For example, SoFi offers member benefits that include career counseling, networking events and a referral program. And some private lenders, including SoFi, will combine and refinance both federal and private loans so there’s just one student loan bill to pay every month.

Dealing with life as a military spouse can be difficult enough without also having to grapple with the stress of student debt. Though there currently aren’t any student loan forgiveness or repayment programs designed specifically with military spouses in mind, there are ways to help get rid of that extra burden.

Are you a military spouse who wants to give student debt its marching orders? See if refinancing with SoFi could work for you.


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.

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.

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


SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


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8 Strategies on Transferring to a 4-year College

There are no two ways around it; college is expensive. According to the College Board , the average annual cost of a four-year private university for the 2019-2020 school year is $36,880.

And that’s just the cost of tuition and fees. (Oof, it hurts.)

Comparatively, the average sticker price of a public, four-year, in-state college shakes out to about $10,440 per year. A public, two-year, in-district college, on the other hand, costs $3,730.

(It should be noted that the sticker price isn’t always what a student pays, due to financial aid.)

One clever way to help minimize the ever-growing expense of college is for students to spend two years in community college and then transfer to a university, where they finish up their four-year degree.

Depending on the schools, this move could save a student thousands of dollars—and they still end up with a diploma from their university of choice.

Transferring from community college to university requires research, diligence, and a good schedule-keeping system. But for many students, the extra work can most definitely be worth it.

Here, we go through some steps for how to transfer from a community college to a four-year university, including a discussion on how to finance your new, more expensive four-year college or university.

Transferring from Community College to University

Providing universal instructions on how to transfer to a four year college is tricky, because each school will have different requirements and deadlines for prospective transfer students.

That said, here are some basic guidelines that may help; supplement this information with your own research from both the community college and the universities to which you’re interested in transferring.

1. Consider Your Options

Typically, the earlier you begin to research options for transferring to a four year college, the better. Not only should you confirm in advance that your desired four-year university accepts transfer students, but it’s a big bonus if they’ve established a defined pathway between the two.

While it’s great to have a first-choice university, it may be smart to have backup options as well. Some states may have programs that offer guaranteed enrollment for transfer students that qualify, but most do not. Just as is the case with traditional admissions, a student may not get into their first choice of school.

Additionally, having multiple options can also protect you in the event that credits don’t qualify or something else in the transfer process goes haywire.

Also, it can be hard to predict how much aid you’ll receive from each school; for example, a more expensive school may offer a larger scholarship. You could contact each school’s financial aid office to get a sense of what they may offer.

2. Strategize Your Coursework

When figuring out how to transfer from a community college, taking the right credits is key. It can be hard to pick what you’ll major in when you have yet to learn about all of your options.

But doing so may make your transfer path more fluid. If you have a major direction in mind, see if your desired universities’ have specific requirements to get into that program, including requisite courses.

Whether or not you’ve decided on an area of study, you may be able to enroll in your prospective university’s general education requirements. For example, there are likely general education requirements in the humanities even if you’re planning to be an engineering major.

Often called an “articulation agreement,” universities will guarantee that certain credits taken at a community college will qualify at their institution. Examine the articulation agreements between the schools that you are considering so you know exactly what courses to sign up for.

3. Meet with Counselors

There are counselors at both community colleges and universities who can help make sure the transfer process runs as smooth as possible. Never be afraid to ask questions; this is what counselors are for! Take advantage of the advice and wisdom of a person who has seen the process through many times.

You may want to meet with your community college counselor as soon as you enroll. Explain to them your goals for transferring to a four year college and see what resources they can provide to you.

Make sure to ask not only about the logistical process of transferring, but about options for student aid, especially aid you don’t have to pay back, like scholarships.

If possible, see if you can visit the universities you’d like to attend and meet with a transfer counselor while there. Sometimes, it’s just easiest to talk with someone.

Even if you’re not able to meet with a counselor in-person before you transfer to a university, schools may provide the option to email with a counselor or speak on the phone. Give the admissions office a call and set up a time to chat.

4. Stay on Top of Deadlines

Transferring from community college to university requires diligence on deadlines, so you may want to get a planner or get comfortable with your online calendar. Set reminders for yourself to start working on applications and essays, and to collect important documents and letters or recommendation, well before their due dates.

It is common for students to apply to a university during their second year in community college. If this sounds like you, then the summer before your second year begins is likely a good time to get prepared by collecting applications, writing down dates, and making a plan for completing your applications in addition to your coursework.

5. Do Your Best in Class

In addition to preparing your transfer applications, it’s important to do well in your classes; almost all schools have a minimum required GPA for transfer students. Others may use an applicant’s GPA, along with other variables, to determine whether a student will receive an acceptance and student aid.

While you’re in community college, it may be worth considering whether you should complete an associate degree. An associate degree could be another weapon in your arsenal of accomplishments.

6. Apply to Schools

As mentioned above, many community college students apply to transfer to a university during their second year of coursework. Even if you’ve been enrolled for longer than two years, begin thinking about applications at the beginning of the school year before the year you’d like to transfer.

Every university or university system will have their own due dates for applications and all of the paperwork that is required throughout the process—letters of recommendation, transcripts, and so on.

If ever you have a question about a particular university’s deadlines, the information should be on their website. If you can’t find the information there, contact a counselor at the prospective university.

7. Prepare for College

After applying and turning in all of the requisite paperwork, the application process becomes a waiting game to see where you’re accepted. Typically, you should hear back by the spring before your desired transfer year. (These timeframes will be different if you’re transferring mid-school year.)

Did you know that transfer students are more likely to graduate from university than students who were admitted as freshmen? The National Center for Education Statistics did their first-ever study of transfer students in 2017 and found that 66% of transfer students go on to graduate from four-year public universities, compared to 59% of full-time students who started out at those same schools.

While transfer students have the statistics on their side, it doesn’t mean that university won’t be tough work. To help set yourself up for success, getting organized the summer before transferring over can be a big help.

Solidify living arrangements, if you haven’t already. Accumulate what you’ll need to live out on your own, especially if it’s your first time doing so. Don’t wait until the last minute, stressing yourself out before classes begin.

8. Know Your Financing Options

For most students, university is going to be more expensive than community college. Therefore, you are going to need a plan for how you are going to pay for it.

If you are taking out student loans for community college, it is unlikely that this aid will follow you to your new school. Most federal student aid won’t automatically transfer , but always check with the financial aid office at your new university and your aid provider to be sure your new university participates in federal student aid programs.

That said, student loans from community college do not simply “go away.” After completing credits at a community college, you could let your loan providers know that you will be transferring. That’s because as soon as you are no longer enrolled in that school, your loans could go into their grace period or repayment. You can learn more about what to do to avoid this from the U.S. Department of Education right here .

All transfer students should continue to fill out the Free Application for Free Application for Federal Student Aid (FAFSA®) . Luckily, transfer students may have already done this to receive federal aid for community college, and simply need to re-submit with their prospective universities’ information.

If nothing about your or your family’s financial situation has changed, your expected family contribution (EFC) will also likely stay the same. You may see an offer for federal aid that is very similar to the one you were offered for community college, though this won’t always be the case.

For admission at the beginning of the following school year, students can submit their as early as October 1st as October 1st. Most states and schools have deadlines for filing the FAFSA in the winter or early spring.

Don’t wait until the day before the deadline to turn yours in, though; there’s aid that’s doled out on a first-come, first-served basis. The FAFSA helps schools determine who qualifies for federal aid, like federal student loans and grants, but many states and schools also use the FAFSA to determine who qualifies for scholarship money.

According to the Federal Student Aid office, it’s hard to predict just how much aid a transfer student can expect to receive. “There are a variety of factors that will affect the amount and types of aid you’re eligible for at your new school.

“The cost of the school, the aid programs the school offers, and even the time of year you transfer—among other factors—may affect the amount of aid you receive.”

Don’t feel like you have to figure this all out on your own. Remaining in contact with your school’s financial aid office throughout the entire process is likely a smart step. They can help you navigate the somewhat difficult waters of financing two different college experiences.

If you find that you need more help financing your education outside of federal aid, you could also check out private student loans. While we believe you should always exhaust the federal aid options available to you first, SoFi offers no-fee low-rate private student loans that can help make paying for school a bit less stressful.

Learn more about private student loans with SoFi.


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