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Once you’ve been accepted to college, an important decision you’ll need to make is whether to attend full time or part time. This is determined by the number of credits you take during a term. But you may want to consider more than just academic workload. Your enrollment status could also impact your financial aid, cost of attendance, taxes, and college experience.

Below, we’ll explain key differences between going to school full time and part time. We’ll also look at the implications of both to help you determine what makes sense for you.

What Is a Full-time Student?

Undergraduate students are typically considered to be full time when they’re enrolled in 12 or more credits during a term. Graduate students may take as few as nine credits to be considered full time. However, every institution sets its own threshold, so check your school’s policies and requirements.

How Many Classes Do You Need to Be Full Time?

Most classes are worth three credits. To be considered full time, undergraduate students usually take at least four classes per semester, and graduate students enroll in at least three classes.

What Is a Part-time Student?

In general, part-time undergraduate students take fewer than 12 credits. Graduate students attending school part time often enroll in fewer than nine credits. As with full-time enrollment, thresholds for part-time status can vary by institution, so consult your school’s policies.

How Many Classes Do You Need to Be Part Time?

Part-time undergraduate students typically take three or fewer classes per semester. Graduate students studying part time may enroll in one or two classes.

Difference Between Full-time and Part-time Students

The difference between full-time and part-time students comes down to the number of credits they take during a term. Enrollment status can impact how students pay for their education.

Tuition Cost

Part-time students generally pay per credit hour. This allows them to spread out the cost of their education over a longer period of time.

Full-time tuition is capped once a student reaches the credit threshold. This means a student may be able to pay the same in tuition for taking anywhere between 12 to 18 credits in a term. Because of this, full-time students may be interested in maximizing credit hours to reduce education costs. While this can help students stay on track or even graduate early, they may be charged an additional fee per credit hour if they enroll in more than 18 hours per term.

Recommended: What Is the Cost of Attendance in College?

Financial Aid

Enrollment status can affect a student’s financial aid options. For instance, some types of federal student aid require students to be enrolled at least half-time (six or more credits) to qualify.

Pell Grants, which are awarded based on a student’s financial need, vary according to enrollment status. Full-time students may receive up to $6,895 for the 2022-2023 academic year. Awards for part-time students are proportional to the number of credit hours a student takes. For example, a student taking nine credits would be eligible for 75% of the maximum award. Part-time students should keep in mind that eligibility for Pell Grants can’t exceed 12 academic terms.

Both full-time and part-time students can qualify for federal Direct Loans and, if they attend a participating university, the federal work-study program. Interested students must indicate that they’d like to be considered for work-study on the Free Application for Federal Student Aid (FAFSA).

Since financial aid awards can vary by institution, consider checking with your school to determine how enrollment status could impact your overall financial aid package.

Recommended: Types of Federal Student Loans

Student Loan Repayment

Whether studying part-time or full-time, many students take out an undergraduate loan to pay for their education expenses. Most federal student loans do not require repayment while the student is enrolled in school at least half-time. Part-time students have to repay loans once they drop below half-time enrollment.

Borrowers with Direct Subsidized, Direct Unsubsidized, or Federal Family Education loans will also have a six-month grace period after graduation before loan payments are due. And if you return to half-time or full-time enrollment prior to the end of the grace period, you will be eligible for the full six-month period upon graduation. Interest on Direct Subsidized loans is covered by the U.S. Department of Education while students are enrolled and during certain periods of deferment.

Graduate and professional students with PLUS loans may also receive a six-month deferment on repayment when falling below half-time status.

Borrowers with private student loans and certain federal loans may be expected to begin repayment immediately.

Scholarships

Scholarships can help pay for tuition and related educational expenses. Organizations may use a variety of criteria when awarding scholarships, including academic merit, financial need, quality of application responses, and enrollment status.

Some scholarships have eligibility requirements that require recipients to be full-time students. Still, opportunities exist for part-time students to secure financial help, including unclaimed scholarships and grants.

Recommended: Scholarships and Grants to Pay Off Student Loans

Tax Credit Eligibility

Enrollment status can have implications for your or your parents’ taxes. There are two main programs — the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) — that can give tax credits for out-of-pocket education expenses.

The AOTC can provide an annual credit up to $2,500 per student, given they are enrolled at least half-time.

Meanwhile, the LLC is open to all students regardless of enrollment status. The maximum credit per return is 20% of eligible education expenses up to $10,000, or $2,000 total.

Schedule and Time Commitment

For many, the choice to be a part-time vs full-time student can often come down to scheduling.

As a general rule of thumb, students can expect between two to three hours of work per week for each credit they’re taking. This means that a three-credit course would require approximately six to nine hours of student engagement, including class time, homework, readings, and studying.

Many full- and part-time students work while completing their degrees to help pay for education and living expenses. according to information from the Bureau of Labor Statistics. In October 2021, 42.7% of full-time students had some type of employment while 83.6% of part-time students were employed.

To make their schedule more feasible, part-time students may consider taking online classes while working to reduce commute times and have access to a wider selection of academic programs.

Taking night classes is another option for students to study while working.

College Experience

Financial considerations are only part of the picture when deciding whether to go to school full or part time. Your overall college experience is another piece. Students carrying a full course load tend to stay in school longer. In 2021, the retention rate for full-time students was 75.6%, compared to 45% for part-time students.

Enrollment status could influence aspects of campus life and extracurricular activities as well. For instance, some schools may only allow full-time students to live in on-campus housing. And student-athletes must abide by NCAA regulations, which include minimum coursework requirements, to be eligible to play.

The Takeaway

The difference between going to college full-time or part-time comes down to how many credits are taken during a term. In general, full-time students take 12 or more credits, while part-time students take 11 or fewer credits.

When deciding whether to be a full-time vs part-time student, you may want to consider more than courseload. Enrollment status can impact tuition costs, taxes, and financial aid options.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help full- and half-time students pay for school. The application process can be completed easily online, and you can see rates and terms in just a few minutes. Repayment plans are flexible, helping students find an option that works for their financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What are some benefits of being a full-time student?

Students who go to school full time are often able to focus completely on their studies, and a full course load means they can complete their degree faster. Full-time enrollment is also required for some scholarships, grants and financial aid.

What are some benefits of being a part-time student?

Studying part time gives you the chance to work while going to school, which can make tuition and fees easier to manage. Plus, some employers will help pay for a portion of the cost.

What factors should I think about when weighing whether to enroll full time or part time?

Deciding whether to be a full-time vs. part-time student is a personal decision. As you’re weighing your options, consider factors like how much time you have in your schedule for school; any work or family commitments; your financial situation and available financial aid options; and your goals after graduation and their time frames.

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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. 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 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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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The cost to become a nurse or nurse specialist ranges from a few thousand dollars to hundreds of thousands. The cost rises with education level — from a two-year associate degree to a doctorate — but so do average earnings.

You already know that you’ll be in demand. More than 203,000 new openings for registered nurses alone are expected each year over the next decade.

Typical Nursing School Costs and Salaries

There are a number of routes to becoming a nurse or nurse assistant. Here are the main types, median pay (based on 2021 figures from the U.S. Bureau of Labor Statistics), and average educational costs.

Keep in mind that many students benefit from student loans and scholarships. Working nurses reaching for the next rung up may be eligible for tuition reimbursement from their current employer.

Certified Nursing Assistant (CNA)

Becoming a CNA may require a high school degree. You typically need to complete four to 12 weeks’ worth of courses and onsite training and pass an exam.

The cost of a CNA program varies, sometimes substantially, based on length and whether the program is state approved.

Average education cost: $600 to $2,000

Median pay: $30,310

Licensed Practical Nurse (LPN)

Also known as a licensed vocational nurse, an LPN must complete a state-approved educational program, which typically takes 12-18 months, and pass a licensing exam.

Tuition cost: as low as $1,000 to $5,000

Median pay: $48,070 per year

Recommended: Guide to Nursing Student Loans

Registered Nurse (RN)

Registered nurses need at least a two-year associate degree in nursing from an accredited college or technical school to practice.

Average in-state tuition cost: $3,500 per year at public institutions; $15,470 per year at private schools

RNs with an associate degree in nursing can seek a bachelor of science in nursing (BSN) in an RN-to-BSN program, which usually takes one to two years to complete.

Average cost of online RN-to-BSN: $25,000 to $80,000

The American Association of Colleges of Nursing considers the four-year Bachelor of Science in nursing the degree that provides the educational and experiential base for entry-level professional practice.

Average total in-state cost of a BSN: $40,000 to $80,000 at a public school; $60,000 to $120,000 at a private school

Median pay for all RNs: $77,600 per year

Advanced Practice Registered Nurse (APRN)

An advanced practice registered nurse holds at least a master’s degree in nursing. The four specialties are nurse practitioner, certified registered nurse anesthetist, certified nurse midwife, and clinical nurse specialist.
A Master of Science in nursing will take one to two years. The tuition cost is often higher than that to obtain a BSN.

Tuition cost of a Master of Science in nursing: $22,000 to $100,000 per year

Master’s-level programs still allow grads to join the APRN ranks, but a doctorate is quickly becoming the standard, according to the American Association of Colleges of Nursing.

Most research-focused doctoral nursing programs grant a Ph.D. The Doctor of Nursing Practice degree is more practice focused.

Cost of Doctor of Nursing Practice program after earning a master’s degree: $20,000 to $40,000

Median pay for nurse anesthetists, nurse midwives, and nurse practitioners: $123,780 per year

If you need to borrow in order to get through school, know that you’re in good company. Most nurses take out loans (federal and private student loans are available) to earn their professional titles.

Other Fees While Studying to Be a Nurse

The anatomy of a nursing degree consists of much more than tuition, which might be the figure on a website that catches your eye. Still, the cost of college tuition alone can be helpful in calculating the total tab: Multiplying the current tuition price by four will yield a rough estimate.

Myriad fees can add up to hundreds of dollars. Books and software can average $2,000 to $3,000 per academic year.

Other expenses to keep in mind include travel costs, living costs (especially if you’re unable to work while studying), lab fees, and the cost of a laptop.

Some nursing schools may also require students to take out liability insurance and get immunizations.

Before stepping into a new job or practice, aspiring RNs have to pass the National Council Licensure Examination test, better known as the NCLEX exam, which costs $200 per attempt. Taking the NCLEX exam a second (or even third or fourth time) time costs more in studying, coursework, and time.

How to Pay for Nursing School Without Going Broke

If just thinking about the cost of nursing school raises your blood pressure, know that student loans, grants, and scholarships are available.

Plus, some hospitals will help pay for nursing school. Duke University Health System employees, for example, may be eligible for tuition assistance.

Here are the main ways to pay for nursing school.

Federal Student Loans

Students can apply for federal aid — including student loans, scholarships, grants, and work-study — by completing the FAFSA, the Free Application for Federal Student Aid, each year.

It’s a good idea to submit the FAFSA even if you’re not expecting federal aid because other student aid programs piggyback off the application.

Many nurses plan to work for a qualifying nonprofit or government organization. They aim for the federal Public Service Loan Forgiveness program and one of the income-based repayment plans.

Scholarships and Grants

An aspiring nurse may want to use a scholarship search tool and seek out grants. Pell Grants go to undergraduate students only.

The American Association of Colleges of Nursing also maintains a grants and scholarship database for nursing schools.

The Nurse Corps Scholarship Program will pay your tuition, fees, and other educational costs if you agree to work at a critical shortage facility after graduation.

Recommended: Search for Scholarships and Grants by State

Private Student Loans

If federal aid does not cover the total cost of nursing school, private student loans are another option.

Private student loans are available from private lenders and generally allow students to borrow up to the school’s estimated annual cost of attendance. That includes tuition and fees, room and board (or living expenses), books, supplies, a personal computer, transportation, and child care.

Two- and four-year colleges are required to publish the cost of attendance on their websites.

It’s important to keep in mind that federal protections and programs like income-based repayment apply only to federal student loans.

Still, private student loans can fill gaps in need. Learn more in our guide to private student loans.

The Takeaway

How much is nursing school? Getting an associate degree can cost a few thousand dollars. The full path leading to a master’s or doctorate can cost hundreds of thousands. A lot will depend on whether the school is public or private, whether you’re an in-state student, and whether you receive scholarships or grants.

In any case, here’s to your health, and to heeding the call to become a nurse.

In addition to private student loans for all qualifying students, SoFi offers private graduate school loans for health care professionals that come with a variety of repayment options and no fees.

It’s quick and easy to get a rate quote on a SoFi private student loan.

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SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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.
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Don’t believe everything you hear about student loans. With tuition costs outpacing income, the fact is that 70% of college graduates need student loans to help pay for college. But bad information can make borrowers feel like they might have made the wrong decision.

Relax. Here are 5 myths about student loans that are pure fiction.

5 Myths About Student Loans

Have you been taken in by any of these student loan fictions and fallacies? A lot of students and parents are, which is why they’re still floating around.

Myth #1: Interest Rates Are Super High

It’s true that federal student loan interest rates can be higher than auto loan rates. But that doesn’t make student loans a bad deal. Here’s why.

Auto loans and mortgages are “secured” loans. The borrower’s car or home serves as collateral and can be repossessed by the bank if they default on the loan. Secured loans have lower interest rates because they’re less risky for the lender.

Student loans, meanwhile, are “unsecured.” If a borrower defaults on student loans, the bank doesn’t have anything to repossess. And so the interest rate is set a bit higher. But the interest rates on federal student loans are still much lower than what you’d qualify for at a bank.

Myth #2: Saving Money Is Impossible With Student Loans

For most people, student loan payments aren’t sky high. The key is choosing the right repayment plan. Take income-based repayment plans, which set monthly payments at just 10% of “disposable income” — or what’s left after your other bills are paid.

Let’s run some numbers. The average new graduate from a 4-year public college has $32K in student loan debt. And the average salary for 20- to 24-year-olds is $37K.

With income-based repayment, a single grad might pay about $138 per month. If they start a family, they pay much less: just $20 a month until their income grows. Which still leaves room for saving.

See how different terms and rates affect your monthly payment with our student loan refinance calculator.

Myth #3: Student Loans Kill Your Credit

Like any loan, student loans could help or hurt your credit depending on how you manage them. As long as you make your payments on time, student loans may build your credit history and boost your score over the long run.

If you’re struggling financially, consider switching your payment plan, or applying for student loan deferment or forbearance. Neither of these options will hurt your credit.

Myth #4: Student Loans Are All the Same

Nope. In fact, federal student loans are typically a better deal for borrowers than private loans. With subsidized loans, the government pays your interest while you’re in school and for 6 months after. And all federal loans offer special protections to borrowers in case of financial hardship.

In short, subsidized federal loans are pretty much the gold standard.

Myth #5: You Can Get Student Loans Forgiven, for a Fee

It sure seems plausible that a law firm or financial advisor might be able to cut through the red tape and reduce your payments or get them forgiven entirely. For a fee, of course.

Alas, this is a scam. If anyone reaches out to you by phone, text, email, or social media promising to help you with your student loans, it’s utter bull. You may catch on when the caller asks for your financial info, but your parent or grandparent may not, so you might want to warn them.

To make sure you hear about the latest student loan forgiveness news straight from the source, sign up for alerts from the DOE .

ReFi With SoFi

SoFi refinances student loans — both federal and private. (Just be aware that refinancing federal loans makes them ineligible for federal forgiveness and protections.) You can choose to lower your monthly payment by extending your term or pay off your debt faster and save money on interest. SoFi offers flexible terms and low fixed or variable interest rates. And there are no fees: no origination fees or late fees.

Refi with SoFi today to get flexible terms and a competitive low rate before interest rates rise even higher!

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SoFi Student Loan Refinance
If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.

CLICK HERE for more information.

Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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When you’re looking for funds to pay for your college education, you’re likely to go after federal funds and all of their benefits first — and, if that isn’t enough, then you’ll seek private loan funding. But, what is a signature student loan, exactly? Does it make sense to take out this type of funding? This post will share insights into a student signature loan.

What Are Student Signature Loans?

Known as a “sig student loan” for short, it’s a type of loan that people use to pay expenses for college. They can also be known as “good faith loans” because they’re granted to a borrower on the basis of a signature only with no collateral. The borrower takes on a certain amount of private (non-federal government) debt in the form of a loan at a predetermined interest rate, agreeing to pay it back in a series of installments, and then uses the funds to pay expenses.

What Type of Loan is a Signature Student Loan?

As you explore options, you’ll come across different types of student loans. In general, there are two broad types: federal and private student loans. Federal loans require the filling out of a FAFSA to see if a student qualifies for any type of aid from the federal government; some colleges and universities require a FAFSA even for scholarships and grants. A student signature loan, however, is a form of private funding, one where collateral is not needed, making it an unsecured private loan for college expenses.

Common Uses of a Signature Student Loan

Common uses of a signature student loan include for tuition/attendance, books, and housing. Here’s more about each.

Tuition/Attendance

Tuition costs can vary but a typical student could pay $10,000 a year for in-state tuition at a public four year institution and up to $40,000 to $50,000 in tuition at a private university each year. So, a student may decide to use a sig student loan to cover costs of tuition/attendance that aren’t covered by grants, scholarships, and federal student loans.

Books

The average college student spends between $600 and $1,500 each year to pay for their books and supplies. One single hardback textbook can now cost as much as $400 although the average is between $80 and $150. So, just about 30% of students use some form of loan funding to pay for their college books.

Housing

Although some students continue to live at home during college, many pay for room and board. At a public, four year institution, this could cost $9,000 to $13,000 a year. At a private, non-profit institution, it could cost a similar amount, depending on whether the student lives on or off campus.

Should You Get a Signature Student Loan?

It depends on your unique situation because signature student loans come with pros and cons that we’ll explore soon in this post. As general guidance, students who don’t receive enough funding through grants, scholarships, and federal student loans often look towards private funding to make up the difference. Private loans, sometimes called signature student loans, are offered by banks, credit unions, and online lenders.

Pros and Cons of Signature Student Loans

Pros of Signature Student Loans

Pros of signature student loans include the following:

•   Extra Source of Funds

•   Variety of Repayment Terms

•   Flexibility of Usage

•   Here’s more about each

Extra Source of Funds

Private student loans, also called a student signature loan, can provide a source of funding for college after grants, scholarships, and federal options have been exhausted. Federal financial aid can include grants and scholarships typically being awarded without repayment requirements. Federal loans are also considered financial aid. Students who demonstrate financial need may qualify for a subsidized loan, meaning that the government covers the interest while the student attends school. Student signature loans can help fill in funding gaps.

Variety of Repayment Terms

With a private student loan, funds are obtained from a private lender. Some offer better rates and terms than others with some of them deferring payments while the student is attending college classes. Compare rates and terms to choose which route is best for you.

Flexibility of Usage

In general, a private loan can offer flexibility with the funds used; for example, this funding can be used as one of the undergraduate student loan options or one of the graduate student loan options: for tuition, books and supplies, and/or housing expenses.

Cons of Signature Student Loans

Unlike a federal student loan, private lenders of student signature loans don’t rely upon information found in a FAFSA. Instead, a student interested in receiving private funding would fill out an application with the lender of interest. In other words, the student must qualify for the loan.

Qualifying for a Sig Student Loan

Loan terms can vary by lending institution. This includes the interest rates offered, borrowing limits allowed, and the length of the loan.Some require payments while the student is in school while others will defer payments until the student is out of school. Choose parameters that fit your needs with the understanding that you’ll need to qualify for the loan program.

Credit Score

The private lender may require you to have a certain credit score to obtain the loan or to get the best rates and terms. The three main credit bureaus that issue scores are Equifax, Experian, and TransUnion. A private lender will likely have a certain credit bureau that they use to get an applicant’s credit scores, and yours will need to fit within their lending guidelines to get loan approval.

Income

The lender will also want to see proof of a steady income, one that’s sufficient to pay back the loan. If you don’t have enough on your own, perhaps a parent would cosign the loan for you, reassuring the private lender that the loan will be appropriately paid back.

Other Ways to Pay for College

Ways to pay for college include:

•   Financial aid

•   Federal loans for students

•   Federal PLUS loans for parents

•   Work study jobs

•   Part time jobs

•   Private student loans

•   Here’s more about each

Financial Aid

In general, student financial aid can be a combination of grants and scholarships, federal student loans, private student loans, and funds from jobs (work study or part time jobs).

Federal Loans for Students

Federal Direct loans, also known as Stafford loans, can be either subsidized or unsubsidized. With the first, the government covers the interest while the student is in school; with the latter, the interest accrues while the student is in school. In either case, finding out what you qualify for in federal funding can be a logical first step.

Federal PLUS Loans for Parents

Parents can take out a Parent PLUS loan for an undergraduate with fixed interest rates and flexible repayment methods. These loans do require a credit check and can also be taken out by graduate/professional students. The maximum amount that can be borrowed is the full cost of tuition minus other financial assistance the student receives.

Work-Study Jobs

There is a federal work-study program that allows students with financial need to earn income to pay their education-related expenses. Ideally, the work will be connected to community service and/or the student’s academic study courses. This program is managed by the colleges themselves, so check with yours to see if they participate and if you qualify.

Part Time Jobs

If you don’t qualify for work study, you can still seek part time employment in the general location of your university, perhaps at a restaurant or coffee shop or by babysitting or dog walking. This allows the student to earn income, hopefully on a schedule that is flexible enough to work around college commitments.

Private Student Loans

This can be a source of funding for college expenses when grants, scholarships, and federal funding options have been exhausted. Private lenders can have different loan programs, so compare carefully before making a decision.

The Takeaway

In short, a signature student loan is a type of unsecure (no collateral) form private funding to help with educational expenses. It’s a private form of lending. There are pros and cons to this type of lending as this post demonstrates.

If you’re exploring private student loan options, SoFi can help. SoFi offers a low-interest rate, no fee form of private lending — a student signature loan — that covers costs that are school certified: tuition, books, supplies, room and board, and transportation.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is a signature student loan a good idea?

It depends on your unique situation, and whether you’ve explored all of the options for grants, scholarships, and federal loans. This article lists pros and cons of signature student loans.

Is it easy to get a signature student loan?

A signature student loan is a form of private funding, so the lender will likely check your credit scores and ability to pay back the loan. You may or may not need a cosigner.

When do you have to start paying a sig student loan back?

It depends on the private lender. Some have you start paying it back right away while others allow you to wait until you’ve finished school. Be clear about what you’re agreeing to, including when the loan must be paid back.

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Photo credit: iStock/FatCamera

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 for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Regardless of your age and life stage, unexpected bills can derail someone’s finances. Unforeseen events can be particularly challenging for college students who don’t have a lot of wiggle room in their budgets.

If you’re a student who’s experiencing financial hardship — or you’re just worried about how to prepare for a rainy day — be assured that help is available to students in need. Emergency financial aid grants are designed to keep students in college through financial setbacks.

We’ll review your options, and the pros and cons of each, so you can feel ready to take on any situation.

Why You Might Urgently Need More Money as a Student

Students are pretty familiar with seeking financial aid to help pay for tuition, school supplies, and other educational costs. However, some expenses aren’t covered by scholarships and student loans.

Emergency financial aid for college students can help cover the cost of:

•   Medical treatments

•   Job loss

•   Rent increases

•   Financial hardship due to COVID-19

•   Replacement technology, such as a laptop or phone

•   Car repairs

•   Loss of athletic scholarship due to injury

•   Loss of child care services

Some of these costs are fairly common, while others affect only a small percentage of students. The common thread: They’re all unpredictable and financially challenging. (By the way, we have a great guide to money management for college students.)

Recommended: What Is a TEACH Grant?

HEERF Emergency Grants

Students around the world experienced a sudden shift during the pandemic. Some students also felt a direct financial impact from COVID-19. If your schooling was disrupted by the pandemic, you might be able to receive a Higher Education Emergency Relief Fund (HEERF) grant. The program was created in March 2020 under the CARES Act and continues through the American Rescue Plan of 2021.

What Are They?

A HEERF grant is a type of emergency grant for students whose lives were upended by the pandemic. In July 2022, the Biden-Harris Administration released the final funds: $198 million.

How Do They Work?

The Department of Education disbursed the emergency financial aid grants for HEERF directly to 244 participating schools. The institutions that received funding are required to allocate a certain percentage as emergency grants for college students. Schools are tasked with identifying students in need, especially those who demonstrate financial hardship. Students who have received a Pell Grant likely meet this requirement.

HEERF emergency financial aid grants can be awarded to online students, DACA recipients, asylum seekers, and other eligible student groups.

Students can use the funds for any expense resulting from the pandemic. That includes the cost of attendance, housing, food, healthcare, or child care.

Pros and Cons of HEERF Emergency Grants

Although emergency college grants can offer financial relief, there are limitations. Below are the pros and cons of HEERF emergency grants for college students.

Pros	Cons
Awards don’t count toward your Expected Family Contribution	School has discretion about who receives funds and how much
Don’t count toward your annual gross income (AGI) for taxes	Each school has their own application process
Don’t count as part of your financial aid package.
Can be used toward your cost of attendance or any expense that came up due to COVID-19.

Financial Support From Your College

Other emergency college grants and support programs can be discovered through your school:

Emergency Tuition Assistance

Emergency tuition assistance is designed to help students stay enrolled in school when they’re suddenly unable to cover the cost of attendance. Assistance might be in the form of a grant, scholarship, voucher, or other relief.

If you’re at risk of dropping out of school because an emergency is making it hard to pay your school bills, ask your financial aid office about emergency tuition assistance.

Emergency Food Options

Inflation is making it harder for everyone to pay for groceries. If you’re experiencing food insecurity, ask your Student Affairs office about campus food pantries.

This resource can offer non-perishable goods, like dry pasta, legumes, and canned foods, as well as fresh produce and even basic toiletries (don’t get us started on the “pink tax” for period supplies).

Emergency Housing

Although not many schools have dedicated emergency housing options for their students, it doesn’t hurt to ask. Reach out to your school’s Student Affairs department to inquire about short-term emergency housing programs that might be available.

If your school doesn’t offer emergency housing, they might point you to external resources, such as local nonprofits and community groups.

Private Student Loans

If you’ve already maximized the federal undergraduate loans or graduate loans you’re eligible for, a private student loan is an alternative financing option. Private student loans are offered by private lenders, like banks, credit unions, and online financial institutions.

This type of student loan can cover an amount up to the certified cost of attendance, minus the financial aid you’ve already received. Private loans can have fixed or variable interest rates, with rates and terms varying by lender. Additionally, private student loans don’t have the same borrower benefits as federal student loans, like loan forgiveness and income-driven repayment, so tread carefully.

Learn more in our private student loans guide.

The Takeaway

If you’re a student who’s struggling financially due to an unexpected expense or event, help is available. Reach out to your School Affairs or Financial Aid office, explain your situation, and learn about emergency financial aid grants. The federal HEERF program can cover any expense related to Covid-19, from tuition to hospital bills. Other emergency programs can help you cover housing, food, and other basic needs. If you’re ineligible or have exhausted your grant options, private student loans are an alternative to consider.

With SoFi private student loans, you can borrow up to your school’s certified cost of attendance with zero fees. And getting prequalified online takes only minutes, so you can get financing for school fast during an emergency.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What did the CARES Act do for college students?

The CARES Act, which was passed in March 2020 as a response to COVID-19, offered student loan repayment relief and emergency grants for college students. Federal student loan borrowers were provided automatic administrative loan forbearance and a pause on interest. Eligible students can also receive emergency aid through the Higher Education Emergency Relief Fund (HEERF).

Will there be another CARES Act for college students?

In July 2022, the Department of Education announced that it allotted the final funds toward the HEERF. The amount of $198 million was provided to 244 colleges to help their students recover from the pandemic.

Are there grants for students due to Covid-19?

Yes, the federal government created a college emergency grant, called the Higher Education Emergency Relief Fund (HEERF). The program was created under the CARES Act in March 2022 and continues under the American Rescue Plan.

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Photo credit: iStock/photo

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