Student Loans Archives

Nov

2025

Image focuses on the hands of a woman who is typing on a computer keyboard and holding a pen, with a notebook next to her

8 Tips for Asking a Professor for a Letter of Recommendation

By Kevin Brouillard | Debt Payoff, Student Loans, student_loan | Comments Off

Table of Contents

1. Asking a Professor Who Knows You and Your Work
2. Choosing a Professor Who Specializes in Your Field
3. Asking in Person, if Possible
4. Making a Personalized and Specific Request
5. Providing Information to Write the Recommendation
6. Giving Plenty of Notice
7. Keeping Them Updated Though the Process
8. Saying Thanks and Staying in Touch
The Takeaway
FAQ

While a college education can help prepare students for life, taking advantage of the professional network college offers can help launch your career. Whether trying to land a summer internship, get that first job, or apply to graduate school, a letter of recommendation from a professor can be helpful.

Although requesting this is common practice, it can still feel nerve wracking to broach the subject. Keep reading to learn helpful tips to receive a glowing letter of recommendation from a professor.

Key Points

• Choose a professor who knows you and your work well, ideally someone familiar with your strongest projects and growth.

• If possible, ask a professor who specializes in your field, as their expertise and reputation can strengthen your application.

• Make a personalized, specific request, reminding them of your coursework and goals, and provide details about the job or program.

• Support them with materials like your resume, transcripts, or personal statement, and give clear instructions on deadlines and submission.

• Show professionalism by asking well in advance, providing updates, and expressing gratitude, helping build an ongoing mentor relationship.

1. Asking a Professor Who Knows You and Your Work

There are several factors to consider when deciding who you’ll ask for a letter of recommendation for a job or a college internship. Taking stock of which professors actually know your interests and goals, not just your name, is something to consider right away.

A strong letter of recommendation from a professor can involve praising a student’s personal character and highlighting their goals and ambitions. For this reason, choosing a professor you’ve personally interacted with, whether through class discussions or during office hours, could be beneficial.

If you’ve taken several courses with a professor, they may be able to showcase how you’ve grown throughout your time in college.

Since the professor will also be attesting to your academic merit, it can be helpful to start by identifying who has seen samples of your strongest work throughout college. For example, a personal essay or in-person presentation that earned a strong grade might indicate that a professor valued your work.

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2. Choosing a Professor Who Specializes in Your Field

Although a letter of recommendation is foremost about your own skills and attributes, also of benefit can be a professor’s credentials within an industry or academic field you are targeting.

A letter of recommendation from an esteemed and notable professor could help you stand out in a competitive group of applicants.

Many professors have built up extensive networks from academic conferences and working with faculty at other universities and in the private sector.

Though they may not have contacts at the company, organization, or university you’re applying to, their advice and connections in a specific sector or academic discipline could prove valuable as you begin your job search. As academic professionals, they may have insight on the return on education for different graduate degrees and careers.

Often, jobs or graduate school applications require submitting more than one letter of recommendation. Choosing a combination of references who can highlight your strengths and character and carry respect in your desired field could further enhance your candidacy.

Recommended: 6 Ways to Save Money for Grad School

3. Asking in Person, if Possible

Given the importance of the request, asking in person can show that you’re serious about your future and respectful of a professor’s time.

For students currently enrolled in school, finding time to ask a professor for a letter of recommendation may be as simple as making an appointment during their office hours.

If you’re studying abroad or you’re currently navigating life after college, reaching out via email may be your only feasible option for starting the conversation. To further demonstrate your commitment, you might ask to arrange a phone or video call.

4. Making a Personalized and Specific Request

The average college has a student to faculty ratio of 18-to-1, so it’s not uncommon for professors to have several students ask for letters of recommendation each year. Still, that doesn’t mean every request is guaranteed a response or agreement to receive a recommendation.

Out of consideration for a professor’s busy schedule, making a request that’s tailored to them and clearly outlines what you need may increase your chances of success.

To personalize the request, consider reminding them which of their courses you took, a key project or assignment you completed, and how they influenced your academic and career goals. Next, providing a concise explanation of the position or program you’re applying for and what it means to you is an opportunity to convey your own professionalism and passion.

Since writing a letter of recommendation is a favor, sending a courteous request that allows a professor to opt out could help avoid a lukewarm reference. A well-crafted request makes it easy for the professor to quickly decide if they have enough knowledge about you and the position to write a letter of recommendation.

Recommended: Student Debt Guide

5. Providing Information to Write the Recommendation

Even if you have a strong relationship with a professor, the quality of the recommendation can benefit from supplemental information. For instance, providing a resume, college transcripts, personal statement, and a sample of work can help jog their memory and give them a blueprint of your experience and accomplishments to draw from.

It can be helpful to include a job description or, for a graduate program, admissions information. This could help a professor connect your academic knowledge and experience to the job or program’s desired qualifications and skills.

This is also the time to provide information and guidance for submitting a letter of recommendation. Some typical considerations to include are where to send the letter, any relevant deadlines, and to whom it should be addressed.

6. Giving Plenty of Notice

Asking your professor several weeks, if not months, before the recommendation is due can convey respect and appreciation for their time and effort and help ensure submission deadlines are met. Also, it can give you time to regroup and consider other options if a professor or two declines.

7. Keeping Them Updated Though the Process

Professors typically have busy schedules, so they probably won’t keep thinking about your job search or grad school application after the letter of recommendation has been written and sent. Letting them know when you have interviews and other updates can help them be prepared should they receive a call from an employer or admissions office.

Recommended: Refinancing Graduate Student Loans

8. Saying Thanks and Staying in Touch

Besides creating good karma, thanking a professor is another opportunity to foster a good relationship with them. They might become a mentor to you, especially if you’re pursuing a job or education in the same field.

You might apply to a higher-paying job or a graduate program in the not-so-distant future and want to ask for another recommendation from the same professor.

Instead of starting from scratch each time you apply for a new job or after you get your master’s degree, you may want to periodically update academic and professional references along your career path and as your goals change.

Not only can this make for an easier request and stronger recommendation next time around, it may lead to more professional opportunities and meaningful relationships.

The Takeaway

Asking a professor for a letter of recommendation could be helpful when you’re trying to get a job after college or apply to grad school. Choosing a professor that knows you and your work, asking them respectfully far in advance of the deadline, and giving them clear details and instructions about what’s needed, could make all the difference in getting a strong recommendation.

As you strive to land a job or advance in your schooling, you’re likely also starting to think about looming student loan payments. Refinancing your student loans may be one option to help with repayment, especially if you can qualify for a lower interest rate to save money.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

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FAQ

How well do you need to know a professor to ask for a letter of recommendation?

A professor that knows you and your work can write a strong letter that speaks to your achievements and personal character. You could choose a professor you’ve had more than one class with, for instance, or one that has seen examples of your best work, whether it’s an essay, a special project, or a difficult test that you aced.

How far in advance should you ask a professor for a letter of recommendation?

It’s best to ask a professor several weeks or months in advance of the deadline for a letter of recommendation. That shows you are respectful and appreciative of their time and efforts, and it gives them plenty of time to submit the letter before the due date.

What if a professor declines to write a letter of recommendation?

Be gracious and professional. Thank them for their time and consideration and then move on to another professor with your request.

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SOSLR-Q425-015

Nov

2025

A female student sitting at a desk, writing in a notebook as she studies for the GMAT.

The Ultimate GMAT™ Study Plan

By SoFi Editors | Building Your Career, Life & Career, Student Loans, student_loan | Comments Off

Table of Contents

Important Facts About the GMAT
Making a Study Plan
Study Tips for the GMAT
What About Finances?
The Takeaway
FAQ

Gearing up for a Master of Business Administration program involves a lot of prep, especially when it comes to taking the GMAT™ — the Graduate Management Admission Test. It’s a standardized test that assesses potential business school students.

The GMAT was created by the Graduate Management Admission Council (GMAC) and is now the most widely used assessment for graduate management admissions.

It’s available in approximately 114 countries, used by more than 2,400 universities and institutions worldwide, and was taken by more than 78,000 students in 2024.

The exam is important for prospective MBA students because it may carry a lot of weight in the application, with some experts estimating it accounts for up to 22% of admissions decisions.

Because of this, getting prepared for the GMAT is crucial to getting into an MBA program.

Key Points

• GMAT scores range from 205–805, with the quantitative reasoning, verbal reasoning, and data insights sections contributing to the total; the test is critical for MBA

• Studying for 60+ hours is recommended, and most successful test takers prep for 3 to 6 months before taking the GMAT.

• Practice exams are key for building familiarity, pacing, and confidence; aim to simulate real test conditions closely.

• Study support helps — tutors, prep courses, or peer groups may improve accountability and offer feedback.

• Paying for an MBA may involve federal aid, scholarships, working while studying, or private loans — each with pros and cons.

Important Facts About the GMAT

There are three sections in the GMAT: quantitative reasoning, verbal reasoning, and data insights. These sections consist of content relevant to today’s business opportunities and challenges.

The total score a student can receive for this exam will fall somewhere between 205 and 805, and it’s based on their performance on all three sections of the exam. Scores for each section are between 60 and 90, and each section is weighted equally.

The quantitative reasoning section measures mathematical ability, including algebra and arithmetic. There are 21 questions, and the answers to them rely on analysis and logic.

The verbal reasoning measures a student’s ability to read and comprehend material and to make and evaluate arguments. There are 23 questions in this section consisting of reading comprehension and critical reasoning.

The data insights section is new, and it measures student’s ability to interpret and analyze data and apply it to business scenarios. This section also measures digital and data literacy. There are 20 questions that may require math, verbal reasoning, data analysis, or all three of these skills.

Students’ unofficial scores will be displayed on-screen immediately after they finish the exam. They are not allowed to record or save their unofficial scores. An email with their official score will be sent to them.

A student’s GMAT score helps business schools evaluate how prepared they are for the rigors of MBA coursework. There is no set score that students must achieve to be accepted into a program, but students can figure out an estimate of how well they need to do by researching the average score accepted students got on their GMAT exam.

This can give prospective students a good idea of what score they should aim to receive to be considered for acceptance to a particular program.

Making a Study Plan

Making a GMAT study plan depends on when applications are due, which will differ by school.

It’s recommended that students take the exam at least three to four months before their application deadline. This will give students enough time to retake the test if necessary. The test can be taken up to five times within 12 months. There is now no limit on how many times a student can take the GMAT.

Once students know their application deadline, they can make a plan for when they want to take the exam. Exams are available year-round, and students can register to take it online at mba.com.

Each student will have to determine how much preparation is right for them, but usually, it’s recommended to spend three to six months preparing for the GMAT.

According to GMAC, the makers of the exam, the majority of test takers prep for at least 60 hours. Those who did so, scored 500 or higher on the test.

Studying more isn’t a guarantee of a high score, but it seems to help a majority of students find success. With this information, students can create a study plan that suits them and their timeline best.

Study Tips for the GMAT

With 60 or more hours of preparation recommended, how can students best spend those hours?

Here are some tips on how to study for the GMAT that may help students make the best of their prep time.

Taking Practice Exams

Familiarity with the format of the test means there are few surprises. Students will be familiar with each section of the test, the order of the sections, and how the instructions are worded.

Studying the content is important, but so is knowing what to expect when test day comes.

The most effective way to use practice tests is to take one first and use it as a baseline so it’s easy to see where improvements need to be made and how much progress is being made after each consecutive practice test.

The GMAT takes two hours and 15 minutes. Each section is 45 minutes each, and there is one optional 10-minute break.

Taking practice exams is also a good way for students to learn how to pace themselves through each section of the test.

Recommended strategies are keeping a consistent pace throughout the entire exam, keeping in mind how many questions are in each section, and estimating how much time is allotted for each question.

• The quantitative reasoning section includes 21 questions over 45 minutes.

• The verbal reasoning section gives test takers 45 minutes for 23 questions.

• The data reasoning section has 20 questions to be answered over 45 minutes.

Students may choose to use official GMAT exam prep packages, which vary in cost (one is free).

Hundreds of quantitative and verbal reasoning questions, as well as data reasoning questions can be accessed through these official packages.

Students can also purchase unofficial GMAT practice tests if they need more resources.

Tutoring and Peer Study Groups

For students who want extra help preparing for the GMAT, getting a private tutor, taking a prep course, or finding a study group may be options to consider.

A benefit to these strategies is the addition of regular feedback and accountability, which can help students stick to their GMAT study plan.

For students with a tighter budget, finding a GMAT support group and free practice exams may be more affordable routes.

Staying Healthy

Performing well during a stressful examination can be made easier by maintaining good physical and mental health. It’s recommended that students get plenty of rest in the days before the exam, as well as keep up a healthy diet.

Both rest and nutrition can impact physical wellbeing. Going into the GMAT in good physical condition can help students reduce stress and build confidence.

During practice tests, students can practice stress management techniques, which may make it easier to use them during the official test.

Test-taking anxiety is a common phenomenon, and each student may want to learn which coping techniques work best for them.

What About Finances?

Students who are considering an MBA program may be shocked when they see the high cost of tuition. According to the Education Data Initiative, the average cost of an MBA program is $62,820. However, this can range from $44,640 to over $71,000 depending on the school.

Options for decreasing the cost of earning an MBA may be getting a master’s degree online or getting financial aid to help cover the cost.

There are a few options when it comes to paying for graduate school.

Apply for Federal Financial Aid

Filling out the Free Application for Federal Student Aid (FAFSA®) as a graduate student means the aid is given based on the student’s income, not their parents’. This could help students receive more federal aid than they did as undergraduates.

After submitting the FAFSA, students will receive a FAFSA submission summary, which provides information about their federal student aid eligibility.

The schools to which a student has applied and been accepted will send a financial aid package offer letter, and the student can decide whether to accept or decline the offer.

Federal student financial aid can come in the form of work-study, grants, or loans. Grants usually don’t need to be repaid, but loans do. Graduate students are not eligible for subsidized student loans, only unsubsidized, so interest will start accruing as soon as the loan is disbursed.

Work a Part- or Full-time Job

Another option may be working while getting an MBA, with some employers helping to pay for tuition. There are more part-time and online MBA options than there used to be, making it easier for students to work while finishing school.

Apply for Scholarships

Students can also apply for scholarships through the school they are attending, as well as from private or professional organizations. Scholarships usually vary in their eligibility requirements, and it’s recommended that students seek out and apply for all they may be eligible for.

Use Private Student Loans

Another option for funding an MBA program may be private student loans. Private student loans do not come with the same benefits and protections that federal loans do, like income-driven repayment plans and student loan forgiveness. The interest rates and repayment options vary by lender, so students are encouraged to do their research carefully before considering this option.

It’s also possible to refinance student loans in the future. With refinancing, borrowers exchange their loans for a new private loan, ideally one with a lower interest rate if they qualify. That could help save them money.

Keep in mind, though, that refinancing federal student loans means you’ll no longer be eligible for federal benefits, including income-driven repayment plans and student loan forgiveness. If you’re currently using or plan on using federal benefits, it’s not recommended to refinance your federal student loans.

The Takeaway

Taking the GMAT requires months of study and prep work. Learning about the structure of the exam and familiarizing oneself with the kinds of questions asked is key. Students can take practice exams and join study or tutoring groups to prepare.

Another important issue to consider is how to afford an MBA program. Students can apply for financial aid, work full- or part-time, or take out and/or refinance student loans.
Figuring out how to prepare for and pay for graduate school can feel overwhelming, but fortunately, help is available for both.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

How long should I study for the GMAT?

It is recommended to study for three to six months for the GMAT. According to GMAC, the makers of the exam, students who studied for at least 60 hours scored 500 or higher on the exam. Creating a study plan and taking practice tests can help you prepare.

Is 600 a good GMAT score?

Yes, 600 is typically considered a pretty good GMAT score. The average score for all GMAT test takers is about 555. For the top 10 business schools, average scores range from 645 to 695; for the top 20 schools, scores range from 615 to 695.

When should I retake the GMAT?

You might consider retaking the GMAT if your score was below the average score of the schools you’d like to get into. You might also want to retake the test if your score was well below what you scored on practice tests. However, you must wait at least 16 days before retaking the GMAT.

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).

SOSLR-Q425-014

Nov

2025

A woman in her college library taking a break from studying and looking up information on student loan refunds on her phone.

Guide to Student Loan Refunds

By Kayla McCormack | Debt Payoff, Student Loans, student_loan | Comments Off

Table of Contents

What Is a Student Loan Refund?
How to Get a Student Loan Refund
Common Student Loan Refund Mistakes
What to Do With a Student Loan Refund
Refinancing Student Loans
The Takeaway
FAQ

It’s a common scenario for students (and sometimes their parents) to borrow student loans to help cover the costs of college. Tuition, housing, textbooks, and incidentals can really add up. But what happens if they take out more in loans than they actually need? In that case, they may receive a student loan refund.

A student loan refund is money that the borrower receives when the loan amount exceeds the amount of money required to pay for qualifying education expenses. The overage amount would come to them as a student loan refund in the form of direct deposit or a check.

Read on for more information on what a student loan refund is and what to do if you receive one.

Key Points

• A student loan refund may be issued if a borrower took out more in student loans than they actually needed to pay for college expenses like tuition and fees.

• Student loan refunds may be sent as a check or a direct deposit in the borrower’s bank account.

• A college has 14 days to issue a refund payment if a student has a credit on their account.

• In general, the school will contact the borrower to notify them that a refund will be sent to them.

• Students may keep a student loan refund check, in which case the amount will need to be repaid with interest later, or they can return the refund.

What Is a Student Loan Refund?

To understand what a student loan refund is, it can be helpful to first look at what college financial aid is and how it is distributed to students. When a student or their parent pursues federal financial aid, such as federal student loans, that aid is distributed via a credit to the student’s account at their college.

Private student loans are distributed differently depending on the lender. Some private lenders may deliver the funds directly to the student. Others may choose to credit the student’s college account, similar to how federal aid is distributed.

Private or federal, this is where student loan refunds may come into play. Here’s how:

• Student financial aid can cover costs such as tuition, room and board, and fees. On occasion, however, an aid distribution can lead to there being an additional credit in the student’s college account.

• This happens if there is any excess money after paying for the necessary expenses. In that case, the student or parent will receive a student loan refund via a check or in the form of a direct deposit to their bank account.

• An example of how this might happen is that funds are sent to the student’s school, where the student’s account only reflects tuition. But the amount was also intended to cover textbooks, which the student will buy separately. The overage in the student loan (the part meant to pay for the books) could then be sent to the student.

• Or the additional amount might be a case of the student having borrowed more than they actually needed to afford their school costs for a particular time period. Perhaps they signed up for a class that wound up being canceled and are now taking a different class that carries fewer credits and less expense.

How to Get a Student Loan Refund

Whether a student or a parent takes out a federal student loan, the process of getting a student loan refund will generally look similar. Each semester, the school will typically review student accounts to determine if there are any eligible credit balances that can be refunded to the student.

If that is the case, here are some details to know:

• The school has 14 days to issue a payment to the student if there is credit on their account. In some cases, schools may determine that credit balances should be applied to students’ future costs at the university.

• In some cases, if the credit is not a result of the student receiving financial aid, the school may require that students request a refund. Follow the refund request process as determined by the school you attend.

• In general, the school in question will contact the student or their parents in writing any time they distribute any loan money. The loan servicer will also provide confirmation that the loan money was delivered.

• Alongside this notice, borrowers will generally also receive information on how to cancel part or all of the student loans. If the borrower realizes they don’t need the full loan amount, this may be an option they want to pursue.

• Know that any amount refunded is still considered part of the total amount borrowed. So, borrowers who receive a portion of their student loans refunded would still be responsible for repaying that amount, with interest, if the refund is not canceled.

• When it comes to federal student loans vs. private loans, the borrower can cancel all or part of their loan within 120 days of receiving it. They will incur no interest during this time and no fees will be charged.

The process of getting student loan refunds may vary when dealing with private lenders.

• If the funds were received by the student to pay for qualified expenses, such as textbooks, the student can go ahead and use it for such purchases (more on this below).

Common Student Loan Refund Mistakes

There are a few common pitfalls regarding private and federal student loan refunds that students and their parents should avoid. These include:

Moving Too Slow

Requesting a student loan refund is a bit of a time-sensitive process.

• If someone realizes they won’t need the full amount of a federal student loan awarded before the funds are disbursed, they can actually request the school cancel the check or deposit before the need to process a refund even arises.

• If the borrower realizes after distribution of a federal student loan that they don’t need all or any of the funds, they have 120 days after the loan disbursement date to return the funds without incurring interest or fees.

• If a borrower misses both of these opportunities, the process of working with their school’s financial aid office to return the funds can become more complicated and time-consuming.

Not Establishing a Paper Trail

When making a student loan refund request, it may be a good idea to keep a paper trail of all requests and communication in order to establish a clear history of a desire to return the unused funds, if that is your situation. If things get lost in translation (which could happen), having a paper trail can be extremely helpful.

Overrelying on Student Loans

Some students and their parents might lean too heavily on student loans and may be able to get a bigger refund if they can find another way to finance any qualified education expenses. Student loans can be used to pay for academic and living expenses for the student while they’re in school.

However, pursuing other forms of financial support, such as a work-study program, can allow students to send more of their aid funds back, which will leave them with fewer loans when they graduate.

While it can be tempting to use a student loan refund to cover extra expenses like clothing and transportation — the less that is borrowed, the less that will be owed after graduation.

Just be sure that, if you receive a larger loan disbursement than what you actually need, you don’t wind up spending it on, say, dining out or entertainment while in school. While those activities are part of college life, paying for them with loan funds could be a misuse of your financial aid.

What to Do With a Student Loan Refund

When a student or their parents get a student loan refund, they have two main options. They can keep it or return it.

Keep the Student Loan Refund Check

The first option is to keep the refund. This money can be used as the borrower sees fit. Borrowers aren’t required to submit proof of what they spent the funds on which can make it tempting to spend the refund on expenses that aren’t necessarily required for education purposes.

Keep in mind, as noted above, that spending the funds on nonqualified expenses could be considered fraud and is not recommended. While it may feel appealing in the moment to use the funds, it may not be the wisest decision. Additionally, a student loan refund is still money that needs to be repaid with interest, so keeping that money may also not be in your best interest from a financial perspective either.

Return the Student Loan Refund Check

If the funds aren’t needed to pay for school, returning the refund check may be the most beneficial choice in the long run. Because, as mentioned, the money will have to be paid back (with interest) and spending it on unnecessary expenses can be quite a disservice to the borrower.

For details on returning your student loan refund check, contact the school’s financial aid office. If the borrower chooses to keep the student loan refund check or misses the deadline to return it, there are still some next steps available to them. One such option is to make a payment on their student loan balance.

Even though federal student loans don’t require payment until the student graduates, this can be one way to cut down student loan debt. The borrower can also use those funds for expenses in the next term and as a result, can choose to borrow less money for that term.

💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.

Refinancing Student Loans

Now, imagine that all your hard work has finally paid off. It’s time to cross that graduation stage. Once graduation day rolls around, students and their parents will begin to think about how they want to manage and pay off their student loan debt.

One option that can potentially lead to saving money on interest is to refinance student loans.

When someone refinances a student loan, they get a new private loan at a new interest rate and/or a new term. If a borrower initially had more than one student loan, refinancing leaves the borrower with only one monthly payment to make instead of multiple ones. The borrower might also qualify for a lower interest rate or choose a lower monthly payment for a longer term.

Keep in mind that if you refinance with an extended term, you may pay more interest over the life of the loan. Also know that if you refinance federal loans, you will forfeit federal benefits such as forgiveness and student loan deferment. For these reasons, refinancing may not be the right choice for all borrowers.

The Takeaway

If there are funds from student loans left over after all tuition and fees are paid, students may receive a student loan refund check. This check can be used to pay for other educational expenses, or it can be returned.

Keep in mind that unless the refund is returned, the money will need to be repaid with interest. Refinancing student loans can be an option for a borrower to explore when it’s time to start paying back what they have borrowed.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Why did I receive a student loan refund check?

It’s likely that you received a student loan refund check because the amount you borrowed in student loans exceeded the expenses your college billed you for, including tuition and fees. You can check with your school’s financial aid office to find out exactly why you received the refund.

When should I expect my student loan refund check?

Typically, borrowers will get a student loan refund within 14 days after the financial aid office at their school has applied the loan funds to their qualified education expenses and then processed the credited amount. A check will likely take longer to receive than a refund that’s directly deposited in the borrower’s bank account.

How do I know if I got a student loan refund?

Your school should notify you that you are getting a student loan refund. You can also check your account on your school’s online portal — the information should be listed there. Finally, you can contact your school’s financial aid office directly and ask them whether you are getting a refund.

SOSLR-Q425-019

Nov

2025

A hand is holding a piggybank upside down, emptying out the money that was inside it.

PA School Debt Repayment Strategies

By David Wolinsky | Debt Payoff, Student Loans, student_loan | Comments Off

Table of Contents

Average Cost of PA School
Physician Assistant (PA) School Repayment Options
Other Payment Programs
Planning for the Future
FAQ

The decision to become a physician assistant, or PA, can lead to a rewarding career. PAs work at hospitals, medical offices, nursing homes, retail clinics, community health centers, and in the federal government.

Becoming a PA often means taking on student loans, however. Here’s what you need to know to help decide whether PA school is worth the debt.

Key Points

• Physician assistants who work in a qualifying public service job for an eligible employer, may qualify for Public Service Loan Forgiveness after 120 payments.

• Current income-driven repayment plans offer forgiveness after 20 to 25 years, with a new Repayment Assistance Program starting in 2026 that offers forgiveness after 30 years.

• The National Health Service Corps provides eligible PAs serving in high-need communities awards of up to $75,000 for student loan debt.

• Many states offer Loan Repayment Assistance Programs for PAs working in underserved areas for a specific time commitment.

• Effective budgeting strategies and refinancing may help some borrowers manage student loan debt more efficiently.

Average Cost of PA School

The average cost of PA school is approximately $95,165 for the 27-month PA program at an in-state school and $103,660 for an out-of-state school, according to the latest data.

Before sticker shock sets in, the average salary of certified PAs in 2024 was $134,000 per year, according to the American Academy of Physician Associates. PAs working in emergency medicine, one of the highest paying areas, averaged a median annual salary of $146,000.

Physician Assistant (PA) School Repayment Options

Fortunately, there are options available for PAs struggling with student loan debt. One is the federal government’s Public Service Loan Forgiveness (PSLF) program, which is available to those working in public service who are employed by a qualifying government or not-for-profit organization. Currently, PSLF forgives the remaining balance on federal Direct Loans after 120 qualifying payments under a qualifying repayment plan.

Another option for PAs is an income-driven repayment plan. Changes are coming to these plans in mid-2026 as a result of the big domestic policy bill that was signed into law in the summer of 2025

Until then, there are currently three plans to choose from — Income-Contingent Repayment (ICR), Pay As You Earn (PAYE), and Income-Based Repayment (IBR) These plans base a borrower’s monthly payments on their discretionary income and family size. Under one of these plans, PAs could receive student loan forgiveness after 20 or 25 years of repayment.

However, for borrowers taking out their first PA loans on or after July 1, 2026, there will be only one income-driven repayment plan available — the Repayment Assistance Program (RAP). On RAP, payments range from 1% to 10% of adjusted gross income for up to 30 years. At that point, any remaining debt will be forgiven. If a borrower’s monthly payment doesn’t cover the interest owed, the interest will be cancelled.

💡 Quick Tip: Some student loan refinance lenders offer a no-required-fees option, saving borrowers money.

Other Payment Programs

There are also federal and state programs that reimburse health care workers in underserved areas, which are called Health Professional Shortage Areas (HPSAs). For example, under the National Health Service Corps Loan Repayment Program, eligible PAs who serve full-time for two years in a high-need community in a HPSA may receive an award of up to $75,000 for their student loans.

In addition, many states offer Loan Repayment Assistance Programs (LRAPs) for medical professionals, including PAs, who serve in HPSAs. These programs vary in requirements and award amounts. You can search the Association of American Medical College’s database to see what may be available in your state.

Planning for the Future

One way to help manage PA school debt is to build a budget — and stick to it. Ideally, a budget can help you take control of your money and make sure you have enough to repay your loans each month.

A simple way to create a budget is to calculate your total income. Next, list out all of your necessary expenses, which include things like rent or mortgage payments, groceries, car payments, and student loan payments.

Then, list your discretionary expenses, such as entertainment, gym memberships, and clothing. Once you have that information, choose a budgeting system, such as the 50/30/20 method, in which you allocate 50% of your income to necessary expenses, 30% to discretionary expenses, and 20% to saving, such as for an emergency fund or retirement.

Refinancing School Debt

If a borrower’s student loan debt reaches a point where making progress on repaying the loans feels nearly impossible, federal student loan repayment and forgiveness programs either don’t apply or aren’t the right fit, or personal loans are involved, then refinancing with a private lender might be an option to consider.

With student loan refinancing, borrowers get a new loan, which is used to pay off one or more of their existing loans. In addition to combining multiple loans into one, qualified borrowers may also get a better interest rate through refinancing, reducing their monthly payment and the amount they pay in interest over the life of the loan, assuming the loan term does not change.

However, refinancing federal student loans means a borrower is no longer eligible for federal benefits such as forgiveness and income-driven repayment. Make sure you won’t need these programs before moving ahead with refinancing.

Recommended: Student Loan Refinancing Calculator

The Takeaway

Becoming a PA can result in a rewarding career — but also a significant amount of student loan debt. Fortunately, there are ways to make repayment easier, including student loan forgiveness, income-driven repayment plans, loan assistance repayment programs, and student loan refinancing. Borrowers can also create a budget to help them gain control of their finances as they work to repay their loans.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

How do I get PA loans forgiven?

To get PA loans forgiven, a borrower has several options, including pursuing Public Service Loan Forgiveness. PSLF requires that you work in an eligible public service job for the government or a nonprofit and make 120 qualifying loan payments. Or you can opt for an income-driven repayment plan to get loans forgiven after a payment period of 20 to 25 years. Finally, you should look into federal and state programs that give loan repayment assistance to PAs that work for a certain number of years in a high-needs community.

What is the 50/30/20 rule for student loans?

The 50/30/20 rule is a budgeting method that allocates 50% of a borrower’s income to necessary monthly expenses (including student loan payments), 30% to discretionary expenses, and 20% to savings. Users of the method can adjust the percentages to direct more money to student loan repayment. For instance, by cutting discretionary spending back to 20%, they could allocate extra money to their loan payments. The goal of this budgeting method is to help borrowers balance and gain control of their finances so they can manage their student loan debt.

How long does it take to repay PA student loan debt?

The average student loan borrower takes 20 years to pay off their student loans, according to the Education Data Initiative. However, the time it will take for a specific borrower to pay off their PA loan debt depends on how much debt they have, the payment plan they’re on, and their financial situation, among other factors.

For example, a borrower on the Standard Repayment Plan will pay off their loans in 10 years, though their fixed monthly payments will typically be high compared to other repayment plans, while a borrower on an income-driven plan can work to repay their loans for 20 or 25 years, after which any remaining balance is forgiven.

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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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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Nov

2025

Four students are studying together in a college library, with laptops, books, and calculators on the table.

What Is a Pell Grant?

By Kayla McCormack | Student Loans | No Comments

Table of Contents

Applying for a Pell Grant
How Do Pell Grants Work?
What Sorts of Expenses Can the Pell Grant Be Used For?
Pell Grant vs Other Types of Financial Aid
When Financial Aid Is Not Enough
FAQ

The Pell Grant, the largest federal grant program, offers funding for undergraduate students with exceptional financial need. Eligibility is determined annually based on the Free Application for Federal Student Aid (FAFSA®), and students can receive the grant for up to six years of full-time study. The maximum award amount changes every year. For the 2025-26 school year, the maximum Pell Grant is $7,395.

The amount you can receive depends on several factors, including your family’s income and assets, the cost of attendance at your school, and your enrollment status. Here’s a closer look at how the Pell Grant works and how it compares other forms of financial aid.

Key Points

• The Pell Grant is a type of financial aid for undergraduate students that doesn’t require repayment.

• Eligibility criteria includes having exceptional financial need and enrollment in an eligible program.

• You apply for the Pell Grant by filling out the FAFSA annually.

• Pell Grant funds can be used to cover tuition, books, and living expenses.

• Other forms of financial aid include state and institutional grants, scholarships, federal student loans, and work-study.

Applying for a Pell Grant

To apply for a Pell Grant, you must complete the FAFSA at studentaid.gov. This is the primary form used by colleges to determine a student’s eligibility for federal aid programs, including the Pell Grant.

Pell Grant Eligibility Requirements

The Pell Grant has strict eligibility requirements. These include:

Financial Need

Pell Grants are awarded to individuals who demonstrate exceptional financial need. There are no official income limits, but award amounts are determined by several factors, including your Student Aid Index (SAI), the cost of attendance at your chosen school, and whether you’re enrolled full- or part-time.

Undergraduate Status

Pell Grants are generally only awarded to undergraduate students. However, there may be some exceptions for students enrolled in post-baccalaureate teacher certification programs.

Meeting General Eligibility Requirements

To qualify for a Pell Grant, students must also meet the general eligibility requirements for all federal financial aid programs, which include:

• Being a U.S. citizen or eligible noncitizen

• Having a valid Social Security number

• Having a high school diploma or equivalent (like a GED)

• Being accepted for or enrolled in an eligible degree or certificate program

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

How Do Pell Grants Work?

After submitting your FAFSA, the Department of Education determines your Student Aid Index (SAI), a number that measures your financial need, and sends this information to your school. If you are an undergraduate student with exceptional financial need, you may qualify for this grant funding.

Each school that participates in the federal Pell Grant program receives enough funding annually to fully cover Pell Grant awards to all eligible students. That means that if you qualify, you’ll receive your full eligible amount.

Students typically receive 100% of their annual Pell Grant split evenly between the fall and spring semesters. However, you can also receive a “year-round Pell,” which allows students who have already received their full award for the fall and spring to receive up to an additional 50% for an extra semester (e.g.,summer).

Understanding the Student Aid Index (SAI)

The Student Aid Index (SAI) is a measure that determines your eligibility for need-based federal financial aid, including the Pell Grant. Your SAI is not the amount you will have to pay, but simply a number used by schools to allocate aid.

Your SAI is calculated based on the financial information you (and any other contributors) reported on your FAFSA, including your family’s income and assets. The SAI ranges from –1,500 to 999,999, with a negative SAI indicating higher financial need. For example, if you have an SAI of –1,500, you’ll generally qualify for a maximum Pell Grant award, according to the Department of Education.

Pell Grant Funding for Military Service in Afghanistan or Iraq

You can qualify for a maximum Pell Grant award regardless of your calculated SAI if:

• You are the child of a parent or guardian who died in the line of duty while either serving on active duty as a member of the U.S. Armed Forces on or after Sept. 11, 2001, or actively serving as and performing the duties of a public safety officer; and

• You are younger than age 33 as of January 1 prior to the award year you’re applying for.

What Sorts of Expenses Can the Pell Grant Be Used For?

The Pell Grant can be used to cover qualified education-related expenses, including:

Tuition

Pell Grant funds can be used to pay for the cost of tuition.

Educational Expenses

You can use your Pell Grant to pay for other education-related expenses, such as the cost of books, lab fees, or other supplies like a graphic calculator or other expenses related to your course of study.

Living Expenses

It’s also possible to use the Pell Grant to pay for living expenses. This could cover room and board at your college or university. Or, if you live off-campus, this could cover the cost of rent and groceries.

Maintaining Eligibility for a Pell Grant

To continue receiving the Pell Grant throughout your college career:

• You must fill out the FAFSA every year.

• You must stay enrolled in your undergraduate program.

• You need to maintain satisfactory academic progress as defined by your school This typically involves maintaining a minimum grade point average (GPA) and completing a certain percentage of the courses attempted.

• You need to stay within the 12-semester lifetime limit – you are no longer eligible to receive a Pell Grant once you have used all 12 terms.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Pell Grant vs Other Types of Financial Aid

The Pell Grant is one of many different types of financial aid. Here’s a look at some other options available to undergraduates.

Other Federal Grants

In addition to the Pell Grant, the federal government offers several other nonrepayable aid options for students who qualify. These include:

• Federal Supplemental Educational Opportunity Grant (FSEOG): A grant for undergraduate students who demonstrate exceptional financial need, FSEOG offers awards between $100 to $4,000 per year.

• Teacher Education Assistance for College and Higher Education (TEACH) Grant: This grant provides up to $4,000 per year to students who agree to teach in high-need fields in low-income areas for at least four years after graduation.

State Grants and Institutional Aid

Many states and individual colleges offer their own grant and scholarship programs.

• State Grants: A number of states have grant programs for residents attending in-state colleges. Eligibility may be based on financial need, academic merit, or a combination of both. You may automatically be considered for state grants when you complete the FAFSA, but some states require a separate application.

• Institutional Aid: Colleges and universities award their own grants and scholarships, often referred to as institutional aid. This aid may be merit- or need-based. Some schools require a separate financial aid form, like the CSS Profile, in addition to the FAFSA to determine eligibility for institutional aid.

Federal Student Loans

Federal student loans are loans provided by the U.S. government to help students pay for college and must be repaid with interest. They are a key component of financial aid and typically offer more favorable terms compared to private student loans, such as lower fixed interest rates, income-driven repayment, and potential loan forgiveness programs.

Federal student loans can be subsidized or unsubsidized:

• Subsidized Loans: These are available to eligible students who demonstrate financial need. With this type of federal loan, the government pays the interest while the student is in school at least half-time and for six months after graduation.

• Unsubsidized Loans: These are available to eligible students regardless of financial need. Here, the borrower is responsible for paying all the interest, which accrues from the time the loan is first disbursed.

With either type of federal loan, you don’t need to start making payments until six months after you graduate or your enrollment drops below half-time.

Work-Study Jobs

The Federal Work-Study Program provides part-time jobs to students with financial need to help them earn money for education costs. Students typically work on-campus in jobs that often encourage community service or relate to their course of study. The program also emphasizes flexibility to help students balance work with academics. To be eligible, you must file the FAFSA and meet your school’s satisfactory academic progress (SAP) requirements.

When Financial Aid Is Not Enough

If your financial aid package, which may include grants, scholarships, and federal student loans, isn’t sufficient to cover your funding needs, here are some other options to explore.

Private Scholarships

There are thousands of scholarships available to help students pay for college. They may be awarded based on financial need, merit, or a combination of both. Like grants, scholarships usually don’t need to be repaid.

It can take some time to find — and apply — for the right scholarships, so it’s a good idea to start early. To find opportunities, reach out to your high school guidance office or college’s financial aid office. You can also use an online scholarship database to find programs that could be a good fit.

Private Student Loans

Private student loans are offered by banks, credit unions, and online lenders to help students pay for college expenses. Because they are not government-backed, the terms, interest rates, and repayment options are determined by the individual lender and are often based on the borrower’s (or their cosigner’s) credit score and history.

Private lenders typically allow you to borrow up to a college’s full cost of attendance, which gives you more borrowing power than with the federal government. However, these loans may have higher interest rates and don’t offer the same borrower protections that come with federal loans, such as income-driven repayment and forgiveness programs.

The Takeaway

A Pell Grant is an important form of federal financial aid for undergraduates with significant financial need. Pell Grants do not typically have to be repaid and the funds can be used for a wide variety of college expenses. The maximum award for the 2025-26 school year is $7,395.

Other funding options that can help you pay for college include other federal grants, state and institutional grants, federal student loans, scholarships, work-study programs, 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.

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 disqualifies you from getting a Pell Grant?

You may be disqualified from receiving a Pell Grant if you don’t demonstrate sufficient financial need, fail to maintain satisfactory academic progress, or already hold a bachelor’s, graduate, or professional degree. Other disqualifiers include defaulting on a federal student loan, owing a refund on a previous federal grant, or not being a U.S. citizen or eligible noncitizen.

Will you ever need to pay back a Pell Grant?

A Pell Grant generally does not need to be repaid. However, there are certain circumstances in which you may need to repay a portion of the grant. This could happen if you withdraw from school before completing the semester or term, you change your enrollment status from full-time to part-time, or your family’s household income increases.

Is there a minimum GPA required for a Pell Grant? Does it have to be maintained for your whole degree?

There is no minimum grade point average (GPA) for initial Pell Grant eligibility, which is determined by financial need through the FAFSA®. However, in order to maintain eligibility for a Pell Grant, you’ll need to make satisfactory academic progress (SAP) toward your degree. The specific requirements will be outlined by your school, but may include a minimum GPA.

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.

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

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

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