Going to College Archives

Aug

2026

Prepaid College Plans: What Does Each State Offer?

Prepaid College Plans by State: What Does Each State Offer?

By Michelle McGuinness | Going to College, Student Loans, student_loan | Comments Off

Table of Contents

What Are Prepaid College Tuition Plans?
Pros and Cons of College Prepaid Plans
Prepaid College Plans vs 529 Program
States With Prepaid College Plans
Are Prepaid College Plans Tax Deductible?
Are Prepaid College Plans Worth It?
Alternative Methods for Prepaid College Plans
FAQ

Prepaid college plans are an excellent option for families looking to lock in today’s tuition rates for future use, potentially saving thousands as college costs rise. These state-sponsored programs allow participants to prepay tuition at in-state public colleges, offering financial predictability and peace of mind.

However, the availability, terms, and benefits of prepaid plans vary widely by state. Understanding what each state offers is essential for making an informed decision and maximizing the benefits of these plans to support your child’s higher education goals.

Keep reading to learn more on prepaid college tuition plans, including what they are, pros and cons, and which states offer them.

Key Points

• Prepaid college tuition plans allow families to pay for future college tuition at current rates, effectively locking in the cost and protecting against tuition inflation.

• While both 529 plans and prepaid tuition plans are designed to assist with college expenses, prepaid tuition plans focus on prepaying tuition, whereas 529 savings plans involve investing contributions that can be used for a broader range of educational expenses.

• Only nine states currently offer prepaid college tuition plans, each with unique features and requirements.

• Factors such as state residency requirements, plan flexibility, and the student’s potential choice of college (in-state public vs. out-of-state or private institutions) are crucial when deciding to participate in a prepaid tuition plan.

• In addition to prepaid tuition plans, parents can help students pay for college with cash savings, federal student loans, and private student loans. Students can also apply for grants and scholarships to help lower out-of-pocket costs.

What Are Prepaid College Tuition Plans?

If you have a child who plans on going to college, a prepaid college tuition plan can help set them up for success. A prepaid college tuition plan allows you to start paying for college now, long before the student actually attends. This locks in the current tuition rate, even as tuition costs go up.

You can think of it as a loan of sorts. You pay up front, and the state earns money off those payments. When it comes time for your student to attend college, the state pays the tuition out of the funds you provided.

Of course, you need to be confident in your student’s plans for this to work. You will probably need to live in the same state as the college the student will attend, since these plans tend to apply only to in-state tuition.

Pros and Cons of College Prepaid Plans

Locking in a lower tuition rate can be a tremendous financial benefit. With college costs constantly on the rise, a prepaid tuition plan offers the potential of a steep discount. And you might even enjoy some tax breaks if you choose this approach, such as a deduction based on your contribution to a prepaid plan, depending on where you live.

However, this sort of plan can be somewhat inflexible. You may be limited in the choices you have in terms of schools. While you can get a refund if your student chooses a different school than you all expected, you may end up feeling some pressure to stay the course when investing in a plan like this.

And you can’t use the money freely. There are restrictions to how you can use the funds in a prepaid college plan. For example, room and board probably aren’t covered. These plans generally focus specifically on tuition and fees.

Despite this, many choose prepaid college plans to lock in a rate. They also enjoy the high contribution limits and tax benefits. Here are the major pros and cons of these plans.

thumb_upPros

• Steady tuition rate

• Tax breaks

• High limits

thumb_downCons

• Lack of flexibility

• Eligibility limitations

• Lack of control

Prepaid College Plans vs 529 Program

Prepaid college plans and 529 savings plans are both designed to help families save for higher education, but they differ significantly.

Prepaid college plans allow families to lock in tuition rates at in-state public colleges by prepaying future costs, offering protection against rising tuition. However, they often have residency requirements and limited flexibility if the student attends an out-of-state or private institution.

529 savings plans, on the other hand, are investment accounts with tax-free growth when used for qualified education expenses. They provide greater flexibility, covering tuition, room, board, and more at any eligible institution, but are subject to market risk.

	Prepaid College Plan	529 Savings Plan
Time frame	You must start investing within a certain time period. Different states will have different rules about this.	You can generally invest whenever you like.
Flexibility	These plans are less flexible. You generally have to spend the money on tuition and fees specifically.	You have more flexibility in how you spend your money. You can use funds for tuition, books, room and board, and other expenses.
Risk	These plans are stable. However, they won’t earn much over time. If your student changes their mind and you withdraw the money, expect to break even. These plans aren’t risky, but they aren’t going to earn much, either.	This is an investment. It could earn far more than a prepaid plan, but it does involve risk.

States With Prepaid College Plans

Only nine states still have prepaid college plan options, and each state will offer something a little bit different. You can compare all of the options below to see if any of these state plans work for you.

State	Plan	Features
Florida	Florida 529 Prepaid Plan	The child must be a Florida resident. This plan covers tuition and fees, and you can opt into a dormitory plan as well. Florida lets you use this plan nationwide, and it’s guaranteed by the state.
Massachusetts	MEFA U.Plan	You can contribute the full cost of tuition and fees to this plan, which is invested in bonds. You can transfer the funds or cash out and receive your investment plus interest if your plans change.
Michigan	MET	Michigan offers a discounted, age-based pricing structure. Plus, you can transfer the funds to other family members. The funds work at in-state, out-of-state, and even trade schools.
Mississippi	MPACT	You pay a lower monthly rate for younger children when you enroll in this plan. You have to use the funds on tuition and fees, but anyone can contribute to the plan.
Nevada	Nevada Prepaid Tuition Program	There are some eligible out of state and private institutions that qualify under this plan. The student must use the funds within six years of graduating high school.
Pennsylvania	PA 529 Guaranteed Savings Plan	This plan can be used at most schools. You can also use it for up to $20,000 per year, per beneficiary at elementary and secondary public, private, or religious schools. You can alter your contribution levels at any time by changing your tuition level.
Texas	Texas Tuition Promise Fund	Save for public colleges and universities in Texas with this plan, excluding medical and dental institutions. You must enroll between September and February.
Virginia	Tuition Track Portfolio	Allows Virginia residents to prepay future college tuition by purchasing units that correspond to the current average tuition rates of Virginia public colleges and universities, thereby protecting against tuition inflation.
Washington	Guaranteed Education Tuition	You can use your funds on schools nationwide. You can even use the funds for room and board, books, computers, and other expenses. As long as you use the funds for higher education, they won’t be subject to tax.

Are Prepaid College Plans Tax Deductible?

Prepaid college plans are not directly tax-deductible at the federal level. However, some states offer tax deductions or credits for contributions to their state-sponsored prepaid plans. These tax benefits vary by state, so it’s essential to check local regulations to understand the specific advantages available in your state of residence.

Are Prepaid College Plans Worth It?

That depends on where you live and what your student’s goals are. If the future is pretty certain, or if you live in a state with a very flexible plan, a prepaid college plan can be a safe, stable way to save up money for college.

Because of the limitations and lack of flexibility, though, it may not be right for everyone. If, for example, you want to be more aggressive about your college planning, a 529 savings plan might suit your goals better. Plus, you can spend that money on things beyond just tuition and fees.

Alternative Methods for Prepaid College Plans

Beyond a prepaid tuition plan, you can also try a college savings plan to build up cash for college. This allows you to save up money and spend it on qualified education expenses. It doesn’t lock in a tuition rate, but because it’s a more aggressive type of savings plan, you could end up saving up more money in the long run.

Of course, if your child is headed to college in the next few years, you may not have time to save much money. Parent PLUS loans can help. When an undergraduate’s financial aid doesn’t meet the cost of attendance at a college or career school, parents may take out a Direct PLUS Loan in their name to bridge the gap.

The Takeaway

The thought of large student debt scares off many who would otherwise attend a college or university. But with some strategic and long-term planning, college can fit in the budget. You can mix and match approaches to find what works for you. For example, you could combine a prepaid tuition plan with federal and private student loans to pay for college. No matter what you ultimately choose, it will help to start planning well in advance.

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.

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FAQ

What is a prepaid college tuition plan?

A prepaid college tuition plan allows families to pay for future college tuition at today’s rates, protecting them from future tuition increases. These plans are often state-sponsored and typically cover tuition and mandatory fees at in-state public colleges or universities. Families purchase credits or units that can be used when the student attends college.

What are the advantages of prepaid tuition plans?

The primary advantage is locking in current tuition rates, saving money as costs rise. Prepaid plans also offer financial predictability and may provide tax advantages. They reduce reliance on student loans, making higher education more affordable.

What are the limitations of prepaid tuition plans?

Prepaid plans often restrict usage to in-state public colleges, and transferring to private or out-of-state schools may result in lower payout values. Not all states offer these plans, and withdrawing funds for noneducational purposes may incur penalties or fees. Understanding plan terms is crucial before enrolling.

Photo credit: iStock/dangrytsku

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SOISL-Q326-013

Jul

2026

How Long Is Nursing School? Breakdown by Degree and Type of Nurse

By Melissa Brock | Going to College, Life & Career, Student Loans | Comments Off

Table of Contents

Length of Nursing School by Degree and Program
How Long to Become a Registered Nurse?
How Long to Become a Nurse Practitioner?
The Cost of Nursing School
FAQ

If you’re planning to become a nurse, you may be wondering how long it takes to go to nursing school. The answer to that question depends on the degree you’d like to earn and what type of nurse you want to be. For instance, becoming a registered nurse (RN) with a Bachelor of Science in Nursing (BSN) degree takes longer than becoming a licensed practical nurse (LPN).

If you’re wondering, “How long is nursing school?” read on to learn how the type of degree you pursue and the kind of nurse you’d like to become affect how many years of school it takes to become a nurse.

Key Points

• The length of time it takes to complete nursing school depends on the type of nurse a student wants to be and the type of degree earned.

• Licensed practical nurse (LPN) programs are typically one year, preparing students for basic practical nursing roles.

• Associate nursing (ADN) programs require two to three years of study, qualifying graduates for RN positions but potentially fewer opportunities for career advancement.

• Bachelor of Science in Nursing (BSN) programs span four years, offering broader career and leadership opportunities post-RN licensure.

• Master of Science in Nursing (MSN) programs take two to three years post-BSN, enhancing specialized knowledge and advanced practice skills.

Length of Nursing School by Degree and Program

Nursing school program length varies by the type of degree you’re working toward and the program you choose. Here are some common programs and degrees for students and the nursing school timeline for each.

LPN/LVN Program

An LPN, a licensed practical nurse — referred to as an licensed vocational nurse (LVN), licensed vocational nurse, in California and Texas — is a nurse who performs basic tasks such as checking patients’ vital signs, administering basic comfort care, keeping records, and maintaining communication with patients and their families. LPNs and LVNs work in nursing homes, extended care facilities, hospitals, physicians’ offices, and home health care under the supervision of registered nurses (RNs) and doctors.

To become an LPN or LVN, you must have a high school diploma or General Educational Development (GED) credential and enroll in an accredited practical nursing program at a community college or vocational school.

• Number of credit hours required: Between 45 and 50

• Program length: Typically one year if you attend school full-time and up to two years for part-time students

Once a nurse completes an LPN/LVN program, they must apply for testing authorization through their local board of nursing and the National Council of State Boards of Nursing. After receiving authorization, they can take the National Council Licensure Examination for Practical Nurses (NCLEX-PN). A nurse must pass the exam to receive their license to work.

Nursing Diploma

Diplomas or certificate programs were the standard for nursing training until the 1950s. Students can still become RNs by attending a hospital nursing school instead of a college or university, but there are no longer many accredited programs available in the U.S.

These programs typically focus on clinical training rather than general education. You won’t earn a degree with this program, and you’ll have to make sure your academic credits will transfer to a degree program. Instead, you’ll qualify to take the NCLEX-RN exam. If you pass, you’ll become a licensed RN, which qualifies you for entry-level jobs. However, job opportunities for those with a nursing diploma may be limited. This is something to keep in mind when you think about life after school and living on a budget as a nurse.

To get a nursing diploma, you’ll need a high school diploma or GED credential and be enrolled in an accredited hospital nursing school.

• Number of credit hours required: 42

• Program length: One year

Associate Degree in Nursing

You might consider an associate degree in nursing (ADN) to become an RN if you want to finish nursing school quickly or if you’re concerned about paying for the cost of nursing school. Plus, you could always go back to school later since an ADN allows you to apply credits toward a future Bachelor of Science in Nursing (BSN) or Master of Science in Nursing (MSN).

However, ADN students may find that their advancement and salary opportunities as a nurse are limited. So think carefully about whether an ADN makes sense for your goals.

To gain admittance to an ADN program, you must have a high school diploma or GED certificate, take math and science courses in high school, and meet GPA requirements to enter a nursing program.

• Number of credit hours required: About 70

• Program length: Two to three years

ADN students must also complete a certain number of clinical hours at a health care site. Graduates must pass the NCLEX-RN exam to start working as a nurse.

Bachelor of Science in Nursing

A Bachelor of Science in Nursing (BSN) allows students to become an RN and offers them more career opportunities, including leadership positions. While BSN programs take longer and are more costly to complete than ADN programs, students can earn a combination of credits through online, hybrid, and in-person classes.

To qualify for a BSN program, you need to have taken high school math and science courses and earned a high school diploma or GED certificate. You also must meet a school’s GPA requirements, which is typically at least a 2.75.

• Number of credit hours required: 120-130

• Program length: Four years

BSN students must fulfill clinical hour requirements based on their program and state to graduate. They will then need to pass the NCLEX-RN exam to begin working as a nurse. If they choose to, they can enroll in a dual bachelor’s and master’s program.

Master of Science in Nursing

Earning an MSN allows you to work as an advanced practice nurse, such as a nurse practitioner, clinical nurse specialist, certified nurse-midwife, nurse educator, or nurse administrator.

If you’re wondering, “How long is nursing school after undergraduate school?” it typically depends on the type of degree you already have, which dictates the type of MSN program you can take.

• BSN to MSN: These programs are for those who already have a BSN and at least one year of RN experience. To earn an MSN, you must meet clinical and practice requirements at a health care facility.

◦ Program length: Two to three years

• MSN bridge program: This option is for RNs with associate degrees. It combines the last two years of a BSN program with an MSN program.

◦ Program length: Two to three years

• Direct-entry master’s degree: Qualified applicants with a nonnursing bachelor’s or graduate degree may pursue a direct-entry graduate nursing program. It counts existing college credits, especially those earned in STEM courses, toward the MSN. Students must take a condensed BSN curriculum for a year, pass the NCLEX-RN, and earn an RN license before advancing to the MSN part of the program.

◦ Program length: Three to four years

• Dual master’s degree: RNs pursuing advanced leadership roles, such as nursing administrator or clinical informatics manager, can pursue a dual master’s degree program, such as an MSN/ Master of Business Administration (MBA). The degree combines business, nursing practice, and administration.

◦ Program length: Two to five years

Doctor of Nursing Practice

A Doctor of Nursing Practice (DNP) degree is for nurses who seek the highest level of expertise and leadership in the field. These nurses work to influence health care outcomes through leadership, health policy implementation, and direct patient care. They often work in nurse management, organizational leadership, and health policy or in health informatics systems functioning as nurse-midwives, nurse anesthetists, and nurse practitioners.

To earn a DNP, a nurse must have a license as an RN and an MSN or a more advanced degree. Those with a BSN and a master’s degree in another discipline are evaluated on a case-by-case basis at certain universities.

• Number of credit hours required: About 36 and at least 1,000 clinical practice hours

• Program length: Two to six years

Recommended: Ways to Pay for Nursing School

How Long to Become a Registered Nurse?

There are multiple pathways to becoming an RN, and depending on the program you opt for, you could become an RN in one year, two years, or four years.

• In one year: You could become an RN by earning a nursing diploma from an accredited school.

• In two years: You could become an RN by earning an ADN.

• In four years: You could become an RN by earning a BSN degree.

In each case, after earning your degree, you will need to take and pass the NCLEX-RN exam and then obtain a nursing license in your state before you can start working as an RN.

How Long to Become a Nurse Practitioner?

If you’re thinking about a more specialized or advanced degree, you might be interested in becoming a nurse practitioner (NP). NPs have many professional responsibilities, including assessing and diagnosing patients, creating treatment plans, and prescribing medication.

NPs must have either a master’s or doctoral degree in nursing. That means it takes 6-10 years of schooling to become a licensed nurse practitioner.

The Cost of Nursing School

As you’re thinking about a nursing school timeline, you’ll also want to consider the cost of earning your degree. The average cost of nursing school is approximately $22,390-$52,850 annually for a four-year BSN degree, depending on the type of institution you attend.

Fortunately, there are options to help nursing students afford their schooling, including federal student loans, scholarships and grants, and private student loans. Be sure to fill out the Free Application for Federal Student Aid (FAFSA) to see what you qualify for.

Also, keep in mind that there are ways to make paying your student loans more manageable, including income-driven repayment plans for federal student loans, loan repayment assistance programs offered by various states and organizations, and private student loan refinancing options.

When you refinance student loans, you replace your current loans with a new loan from a private lender, such as a bank, credit union, or online lender. Ideally, the new private loan will have a lower interest rate and more favorable loan terms, though you may pay more interest over the life of the loan if you refinance with an extended term. Also be aware that federal student loans come with benefits and protections, such as income-driven repayment plans and deferment, that are forfeited with a refinance.

If you can secure a lower interest rate, refinancing student loans to save money may make sense for you to help pay for nursing school. Be sure to explore all your options.

Using a student loan refinancing calculator can help you see what your monthly payment might be if you choose to refinance.

Recommended: Student Loan Refinancing Guide

The Takeaway

How long nursing school takes to complete depends on your career goals. It generally takes just one year for a nursing diploma, but it can take as long as 10 years for a doctoral degree. Think carefully about the program and career path that makes the most sense for you.

Nursing school can be expensive, and many students use federal student loans to help pay for it. They might also fill any funding gaps with private student loans.

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.

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

FAQ

How many years is nursing school?

The nursing school timeline depends on the type of degree you pursue. If you’d like to become a licensed practical nurse (LPN), which is called a licensed vocational nurse (LVN) in some states, it can take just one year to meet all the requirements. However, if you want to earn a Bachelor of Science in Nursing (BSN) degree, it typically takes four years, while a Doctor of Nursing Practice (DNP) degree can take up to 10 years.

What is the shortest schooling for nursing?

The quickest way to become a nurse is to earn a licensed practical nurse (LPN) or licensed vocational nurse (LVN) degree, which generally takes one year to complete. However, the degree doesn’t necessarily offer as many opportunities for career advancement. Typically, the more education you have and the more advanced the degree, the better your chances of moving up in your career and earning a higher salary.

Is nursing school hard?

Nursing school is rigorous and demanding. It requires you to take challenging classes, such as physiology, pharmacology, and ethics, and clinical rotations require working with patients in health care scenarios, where you’ll juggle multiple responsibilities. You’ll also have to take and pass the National Council Licensure Examination (NCLEX) to get your license to practice.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/FatCamera

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Jul

2026

Nurse Practitioner vs Physician Assistant: What’s the Difference?

By Melissa Brock | Going to College, Life & Career, student_loan | Comments Off

Table of Contents

Physician Assistant vs Nurse Practitioner: Key Similarities and Differences
Physician Assistant vs. Nurse Practitioner: Key Responsibilities
What Is a Nurse Practitioner’s Scope of Practice?
What Is a Physician Assistant’s Scope of Practice?
Nurse Practitioner vs. Physician Assistant: Education and Certification
Nurse Practitioner and Physician Assistant Specializations
Nurse Practitioner vs. Physician Assistant: Salary and Career Outlooks
Nurse Practitioner vs. Physician Assistant: Which Career Is Right For Me?
FAQs

Health care jobs are projected to grow faster than average for all occupations through 2034, resulting in about 1.9 million openings each year, according to the Bureau of Labor Statistics. If health care is a field you’re interested in, two positions to consider that are expected to see substantial employment growth are nurse practitioner (NP) and physician assistant (PA).

NPs and PAs are advanced practitioners with similar job responsibilities but also some key differences. If you’re trying to decide between the two, read on to learn what you need to know about the difference between a PA vs. an NP.

Key Points

• Both nurse practitioners and physician assistants are advanced health care professionals with similar responsibilities but different educational and practice approaches.

• Nurse practitioners emphasize patient-centered care while physician assistants focus on a disease-centered approach.

• Nurse practitioners can operate independently in many states, whereas physician assistants must collaborate with supervising physicians.

• Salaries for both professions are comparable, with physician assistants typically earning slightly more.

• Employment growth is expected to be robust for both professions, with nurse practitioners projected to see faster growth.

Physician Assistant vs Nurse Practitioner: Key Similarities and Differences

PAs and NPs are both important health care professionals. They work in similar settings, including hospitals, clinics, and physicians’ offices. Here’s how the two specialties are alike and how they differ.

What Is a Physician Assistant?

A physician assistant is a licensed medical professional with an advanced degree who provides direct patient care in primary care settings, performing many of the same jobs a physician does. This includes doing medical exams, diagnosing conditions, prescribing medication, and treating illnesses. PAs work in collaboration with a supervising physician as determined by state law.

A PA’s education is in general medicine. Their training is disease centered and similar to that of a physician.

Recommended: Budgeting as a New Doctor

What Is a Nurse Practitioner?

Nurse practitioners are registered nurses (RNs) with advanced education and training for patient care. They typically choose a primary specialty before they enter their graduate program.

NPs provide comprehensive health care and can examine patients, diagnose conditions, prescribe medication, and treat illnesses. In approximately 24 states, NPs can practice without a doctor’s supervision.

Physician Assistant vs. Nurse Practitioner: Key Responsibilities

One of the major differences between an NP and PA is their approach to health care, which is based on different medical models. PAs focus on disease treatment, while NPs focus on patient treatment. So while many of their responsibilities may be similar, the context in which they perform them is not.

The duties of NPs revolve around the patient and include:

• Recording health histories

• Conducting physical exams

• Diagnosing and treating health problems

• Interpreting lab results and X-rays

• Prescribing medications and therapies

• Referring patients to other health professionals if needed

• Patient education

By comparison, PAs take a biology-based approach to diagnose and treat diseases. They perform such duties as:

• Doing hospital rounds

• Performing patient exams

• Diagnosing illnesses

• Assisting with surgeries

• Ordering and interpreting lab tests and X-rays

• Prescribing medications

• Developing and managing treatment plans

• Advising patients on preventative care and treatments

Recommended: Budgeting as a New Nurse

What Is a Nurse Practitioner’s Scope of Practice?

NPs choose a primary specialty, concentrating on a specific patient population. They can specialize in such areas as acute care, family care, neonatal, pediatric, oncology, gerontology, and women’s health.

As mentioned, in 24 states, NPs can treat patients and prescribe medications without a physician’s supervision.

What Is a Physician Assistant’s Scope of Practice?

PAs typically collaborate with supervising physicians as determined by state law. They are trained as generalists, meaning they can practice in almost any medical field. Many PAs have a variety of specialties and subspecialties, which might include emergency medicine, internal medicine, radiology, pediatrics, surgery, and orthopedics.

Nurse Practitioner vs. Physician Assistant: Education and Certification

PAs and NPs must earn advanced degrees and become licensed and certified. Here’s what’s required for each role.

How to Become a Nurse Practitioner

It typically takes six to eight years to become an NP, including undergraduate and graduate school. The first step is to become an RN by earning a bachelor of science in nursing (BSN) degree. After that, a student can choose to pursue a master of science in nursing (MSN), which usually takes two years to complete, or a doctor of nursing practice (DNP), which typically takes four years to complete.

After earning an MSN or DNP, an NP must receive accreditation from a certification board, such as the American Academy of Nurse Practitioners (AANP-CP), which confirms that their coursework and clinical training meets the licensure board’s requirements. They then get licensed.

How to Become a Physician Assistant

It takes about six to eight years to become a PA. First, an aspiring PA must earn a bachelor’s degree with an emphasis on science. Then they must complete a PA program accredited by the Accreditation Review Commission on Education for the Physician Assistant (ARC-PA), which involves classes and clinical rotations. Students graduate with a master’s in PA studies.

Finally, a PA needs to take the Physician Assistant National Certifying Exam (PANCE) and get licensed in the state(s) where they wish to practice.

Nurse Practitioner and Physician Assistant Specializations

As noted, NPs specialize in certain practice areas, while PAs have a more general medical education.

Types of Nurse Practitioners

There are many different types of NPs with different specializations. Some types of NP you may want to consider include:

• Family nurse practitioner (FNP): FNPs specialize in family medicine and work with people of all ages. They perform physical exams and health screenings, monitor patients, and develop treatment plans. They also provide continuing education and support.

• Pediatric nurse practitioner (PNP): PNPs work with children and conduct physical exams, health screenings, and diagnosis and treatment. They may work in private practice, public health centers, pediatric ICUs, emergency departments, and specialty-based clinics.

• Adult-gerontology nurse practitioner (AGNP): AGNPs work with patients ranging in age from adolescence to the elderly, offering continuing comprehensive care for a broad spectrum of needs. They may work in private practice, hospital settings, nursing homes, or in the homes of patients.

• Psychiatric nurse practitioner (PMHNP): These mental health professionals treat mental illnesses, disorders, and substance abuse problems. They may work in private psychiatric practices, schools, and community mental health centers.

• Neonatal nurse practitioner (NNP): NNPs work with premature and sick infants and babies with birth defects and other health conditions. They often work in neonatal ICUs.

• Women’s health nurse practitioner (WHNP): NPs who work in women’s health advise women on reproductive and sexual health and treat reproductive system disorders. They may work in fertility clinics, hospitals, or private practices.

Types of Physician Assistants

PAs work in primary care or in specialty and subspecialty roles. Those in primary care positions may work in family medicine, internal medicine, or pediatrics, for instance.

If they specialize in internal medicine, the subspecialties they could focus on include:

• Cardiology

• Critical care

• Endocrinology

• Gastroenterology

• Hematology and oncology

• Infectious disease

• Nephrology

• Neurology

• Pulmonology

• Rheumatology

There are also surgical subspecialties a PA might choose, such as:

• Cardiovascular or cardiothoracic surgery

• Bariatric surgery

• General surgery

• Neurosurgery

• Oncology surgery

• Orthopedic surgery

• Pediatric surgery

• Plastic surgery

• Transplant surgery

• Trauma surgery

Other specialties a PA might pursue include allergy and immunology, dermatology, geriatrics, obstetrics and gynecology, pain management, emergency medicine, psychiatry, and radiology.

Nurse Practitioner vs. Physician Assistant: Salary and Career Outlooks

As you’re deciding between nurse practitioner vs. physician assistant, it’s important to consider the career and salary opportunities for each.

Average Annual Salary

PAs and NPs earn similar salaries, with PAs making slightly more. However, employment for NPs is projected to be higher than that of PAs.

Nurse Practitioner Salary and Career Outlook

When it comes to salary opportunities as a nurse, the median annual salary for an NP in 2024 was $132,050 per year, or $63.48 per hour. The overall employment for nurse practitioners is projected to grow 35% between 2024 and 2034.

About 32,700 NP openings are projected on average for each year over the next decade.

Physician Assistant Salary and Career Outlook

The median annual salary for a PA was $133,260 in 2024, and the overall employment for these medical professionals is expected to grow 20% from 2024 to 2034.

Approximately 12,000 openings for PAs are projected on average each year over the next 10 years.

Nurse Practitioner vs. Physician Assistant: Which Career Is Right For Me?

PAs and NPs are equally important roles in the health care system. They make similar salaries, and the employment outlook for each is strong.

As you debate which career is the best fit for you, think about your interests and goals. If you are drawn to the patient-centered model of care, NP might be the right choice for you. If you prefer a disease-centered model, PA could be the job you’re looking for.

In addition, consider the cost of college for each. An NP may spend as much as $74,752 on their post-bachelor’s education. In contrast, a PA might spend up to $107,288.

Whether you decide to pursue an NP or a PA degree, there are a variety of funding options to help you pay for school, including federal student loans, scholarships and grants, and private student loans.

In addition, there are ways to make paying your student loans more affordable or manageable, including income-driven repayment (IDR) plans for federal student loans, loan repayment assistance programs offered by states and organizations, and student loan refinancing.

By refinancing student loans, you replace your current loans with a new loan from a private lender that ideally will have a lower interest rate and more favorable loan terms. However, you may pay more interest over the life of the loan if you refinance with an extended term.

If you can secure a lower interest rate, refinancing student loans to save money may make sense for you to help pay for schooling to become an NP or PA. Just be aware that refinancing federal student loans makes them ineligible for federal benefits such as repayment assistance plans.

Using a student loan refinancing calculator can help you see what your monthly payment might be if you choose to refinance.

If you need more information, our student loan refinancing guide can give you additional details about the process and whether it’s right for you.

The Takeaway

Nurse practitioner and physician assistant are both rewarding careers in the medical field. The main difference between the two is their approach to health care. An NP’s approach is patient-centered, while a PA’s is disease-centered. Think carefully about which role offers the best career path and the most rewarding type of work for you.

And while schooling to become a PA or an NP can be expensive, remember that there are a multitude of ways to help pay for it, including federal and private student loans.

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

FAQs

Who goes to school longer, a PA or a nurse practitioner?

It takes about the same amount of time to become an NP or a PA — approximately six to eight years, including graduate school. However, to become an NP, some universities require at least one year of experience as an RN before a student can pursue a master of science in nursing.

Is it harder to become a nurse practitioner or a PA?

The schooling and experience necessary to become both a nurse practitioner and a PA is challenging. Which one is more difficult for you depends on your unique skills and strengths. If you’re good at patient care, an NP might be a better fit for you. If you’re drawn to a more traditional medical-school approach, you may find that it makes sense for you to become a PA.

Is a nurse practitioner higher than a PA?

As licensed health care professionals who play important roles in medical care, neither a nurse practitioner nor physician assistant is higher than the other. One thing to keep in mind, however, is that NPs can work independently in many states, while PAs work in collaboration with a physician.

About the author

Melissa Brock

Photo credit: iStock/SDI Productions

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.

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.

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.

SOSLR-Q226-073

Jul

2026

Guide to Student Loans for H-1B Visa Holders

By Kevin Brouillard | Going to College, Student Loans, student_loan | Comments Off

Table of Contents

Can H-1B Visa Holders Attend School in the U.S.?
Can International Students Apply for Student Loans?
What to Expect When Applying for an International Student Loan
How to Get a Student Loan as an H-1B Visa Holder
Possible Challenges for International Students
FAQ

If you’re in the U.S. on an H-1B visa, which allows skilled workers from abroad to be temporarily employed by U.S. companies in specialized occupations, you might be considering attending graduate school to further your career while you’re in the country. You might also need student loans to help pay for school, since the average cost of earning a master’s degree is $62,820.

Here’s what you need to know about student loans for H1-B visa holders, including where to get them, the application steps, and potential challenges to navigate, plus other college financing options to consider.

Key Points

• H-1B visa holders can apply for private student loans but not federal ones.

• Challenges include limited U.S. credit history and being seen as high-risk borrowers.

• H-1B visa holders may need to add a cosigner to a student loan in order to qualify.

• The loan application process for H-1B visa holders includes gathering documents, comparing lenders, and submitting a completed application.

• Alternatives to student loans for international students include scholarships and grants.

Can H-1B Visa Holders Attend School in the U.S.?

H-1B visa holders are allowed to attend school in the U.S. So, if you are an H-1B visa holder and you’ve been wondering, “Can you study on an H-1B visa while working in the U.S.?” the answer is yes, as long as you maintain your employment and H-1B status while going to school.

Another question that often comes up among visa holders is: Can H-1B holders study part-time? International students with H-1B visas can enroll in degree programs or nondegree programs, such as a post-grad certificate program, on either a part- or full-time basis. This way they can work and go to school.

Can International Students Apply for Student Loans?

Given the high cost of education in the U.S., many individuals, including international students, use student loans to attend college. But obtaining student loans as an H-1B visa holder can be challenging. International students have fewer financing options than American students to pay for college tuition.

Federal student loans are reserved for U.S. citizens and eligible noncitizens, which includes individuals in the following categories:

• You are a permanent resident, also known as green card holder

• You have an Arrival-Departure Record (I-94)

• You are a citizen of the Federal States of Micronesia, the Republic of the Marshall Islands, or the Republic of Palau

• You have T nonimmigrant status or your parent has T-1 nonimmigrant status

• You are or your parent is a battered immigrant-qualified alien

If you are ineligible for federal student loans, as many H-1B visa holders are, you can look into scholarships and grants to help pay for college. In addition, you may qualify for other types of financing, including private loans for college.

Private Student Loans

If personal savings, scholarships, and grants aren’t enough to cover the cost of school, H-1B visa holders can apply for private student loans to fill the gap.

Private student loans are offered by banks, online lenders, and credit unions. They can help borrowers cover the cost of attendance at college. Private student loan interest rates may be fixed or variable, and borrowers are charged interest on their loans while they’re in school. H-1B visa holders can shop around for international student loans and compare multiple lenders to find the best rate and terms.

Student loan requirements vary by lender, but borrowers are typically evaluated based on their ability to repay the loan. Lenders consider your financial situation, such as your credit score and income. They may also ask for visa documentation as well as confirmation that you’re enrolled at an accredited school or qualified educational program.

If you get approved for a student loan, keep in mind that you can always choose to refinance student loans in the future, ideally when you might be able to qualify for a lower rate and more favorable terms. With refinancing, you replace your current loans with one new loan that has one monthly payment, which may be easier to manage.

Recommended: Refinancing as an International Student

What to Expect When Applying for an International Student Loan

Preparing in advance and organizing the materials you’ll need can help streamline the application process for an international student loan. Compile proof of income, such as pay stubs or a letter from your employer, as well as visa documentation and your U.S. address. And be sure to add up your anticipated education expenses so you’ll know exactly how much of a loan to apply for.

As mentioned, lenders will consider your credit history in the U.S. when you apply for an international student loan. If your credit history isn’t robust enough, finding a cosigner for the loan could improve your chances of qualifying and securing more favorable loan rates and terms.

How to Get a Student Loan as an H-1B Visa Holder

There are multiple steps in the application process for a student loan. Here are the actions H-1B visa holders need to take.

Gather Documentation

Although the specific process can be different from lender to lender, there are certain documents you will likely need to provide. Make sure to have on hand:

• Acceptance letter or proof of enrollment from a college or graduate school

• Anticipated graduation date

• Loan cosigner name and information if applicable

• Pay stubs and financial statements

• Transcripts from any prior higher education

• Valid passport with an expiration date beyond your anticipated graduation date

• Visa documentation

Compare Lenders

Loan terms can vary between lenders, so it’s important to compare offers. To do that, prequalify with multiple lenders to help find the best deal. You can typically complete prequalification on a lender’s website.

Once you have several offers, look at the interest rate of each one, since it impacts how much you’ll pay over the life of the loan. Also, note whether it’s a fixed or variable rate.

Fixed interest rates are locked in for the entire loan term, so your monthly loan payment stays the same. Variable rates fluctuate with the market, which can change your monthly loan payments, making variable rate loans riskier and harder to budget for.

As you’re comparing lenders, check to see if there are any loan fees you’ll need to pay and explore what the repayment options are. For example, some private lenders may offer different term lengths to pay off the loan.

Submit an Application

After determining which lender best suits your needs, submit a loan application. Go over the form carefully to make sure you’ve completed it accurately and that you’ve supplied all the necessary information to avoid delays or having your application denied.

Review the Offer and Sign the Loan Agreement

The lender will inform you once they’ve made a decision, which could take up to several weeks. Review the loan agreement to verify that the terms, including the interest rate and repayment plan, are correct.

If the loan terms are to your satisfaction, sign and return the agreement — typically called a promissory note — to the lender.

Possible Challenges for International Students

While international students can secure financing to help pay for college in the U.S., there are challenges involved. These are some of the most common ones.

Limited Credit History in the US

H-1B visa holders may not have had a chance to build up a credit history in the U.S. Lenders might consider them to be high-risk borrowers, which could mean that they get a loan with a higher interest rate or need a cosigner to qualify.

Finding a Cosigner

If an international student does need to add a cosigner to qualify for a student loan, they will have to find a person who agrees to take on that obligation.

Since a cosigner is legally required to repay the loan in the event the student can’t, finding someone willing to assume this responsibility can be difficult. A cosigner should be someone with a solid credit history, and they must also be a U.S. citizen or a permanent resident of the U.S.

Time Limits on an H-1B Visa

International students might be considered high-risk borrowers by lenders since their stay in the U.S. is temporary. They can have their H-1B status extended up to a total of six years until most must leave for at least a year before re-entry into the country. Lenders will consider this timeframe when evaluating a student’s loan application.

The Takeaway

A private student loan for H-1B visa holders may be an option to help pay for college or graduate school while working in the U.S. International students often need a cosigner to qualify for student loans, unless they have an established credit history in the country.

Other options international students can explore to help pay for college include applying for scholarships and grants. And if H-1B visa holders do obtain private student loans with terms they consider less than ideal, they can explore refinancing at some point to see if they might qualify for a lower interest rate or more favorable terms.

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

FAQ

Can you get student loans on H-1B?

Yes, it’s possible to get a student loan on an H-1B visa. Although H-1B visa holders are generally not eligible for federal student loans, they can apply for private student loans. But they may need a cosigner to qualify for these loans unless they have a strong credit history in the U.S.

Can H-4 visa holders get student loans?

H-4 visa holders, who are typically spouses and children of H-1B visa holders, are not eligible for federal student loans. However, they might qualify for private student loans. While not all private lenders offer loans to H-4 visa holders, some do. Look for a private lender that works with borrowers with H-4 status, and be aware that you will likely need a cosigner on the loan.

Can international students get education loans in the USA?

Most international students aren’t eligible for federal student loans, but they can apply for private student loans from a private lender like a bank, credit union, or online lender. Lenders look for borrowers with a strong credit history in the U.S., so if an international student doesn’t have that kind of credit, they may need to add a cosigner to the loan in order to qualify.

Photo credit: iStock/AzmanL

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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.

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.

SOSLR-Q226-065

Jul

2026

Managing Your Public Service Student Loan Forgiveness

By Kim Franke-Folstad | Going to College, Student Loans, student_loan | Comments Off

Table of Contents

Understanding PSLF Basics
Eligibility Requirements for PSLF
Qualifying Employment for PSLF
Tracking Your Progress Toward Forgiveness
Submitting the PSLF Application
Common PSLF Pitfalls and How to Avoid Them
Strategies to Maximize PSLF Benefits
FAQ

If you’re employed in the public sector or working for a nonprofit and you have federal student loans to repay, you may be wondering if you can successfully navigate the Public Service Loan Forgiveness (PSLF) program.

Whether you’re just starting out on the PSLF path or if you’ve been working toward it for a few years and you’re getting closer to qualifying for forgiveness, it’s important to get the different stages of the process right.

Read on for information on how PSLF works, how to check PSLF progress, and ways to manage your progress moving forward.

Key Points

• Only federal Direct loans, including Subsidized, Unsubsidized, and Direct PLUS loans for graduate students, qualify for PSLF.

• Federal Family Education Loans, Parent PLUS, and Perkins Loans must be consolidated into a Direct Consolidation Loan to qualify.

• Eligible repayment plans for PSLF include income-driven repayment plans, such as IBR and RAP.

• Track your PSLF progress regularly with the PSLF Help Tool. Use it to confirm employer eligibility and payments.

• After 120 qualifying payments, submit the PSLF application form for forgiveness. Continue making payments until you receive PSLF approval.

Understanding PSLF Basics

The Public Service Loan Forgiveness (PSLF) program was created by the Education Department (ED) in 2007 to encourage college graduates to consider public service careers.

As an incentive, the program allows individuals who choose to work for the government, nonprofits, and qualifying religious organizations to apply for public service loan forgiveness. That means that after making 120 qualifying monthly loan payments, their remaining federal loan balance may be erased. Those working toward PSLF can use an income-driven repayment (IDR) plan to help lower the amount they owe on their student loans each month.

Another perk of PSLF: The leftover loan balance that’s forgiven isn’t subject to federal income taxes. So if you work in public service and you’re struggling with how to get out of student loan debt, the PSLF program may well be worth considering.

Eligibility Requirements for PSLF

PSLF applicants must meet several requirements to be eligible for forgiveness, including having the right types of loans and being on the right repayment plan.

Qualifying Loan Types

Only loans that are part of the federal Direct loan program, such as federal Direct Subsidized loans and federal Direct Unsubsidized loans are eligible for PSLF. Federal loans that are not Direct loans (such as Federal Family Education Loans (FFEL), Parent Plus loans, and Perkins Loans) must be consolidated into a Direct Consolidation Loan to become eligible.

When it comes to undergraduate vs. graduate student loans, only graduate loans that are part of the federal Direct program, such as Direct PLUS loans for graduate students, are eligible for PSLF.

Private student loans don’t qualify for federal forgiveness.

If you’re not sure what type of loans you have, log onto the Federal Student Aid (FSA) website StudentAid.gov. Click on the “My Loan Servicers Section” on your dashboard, and view the federal student loans in your name.

If your loans don’t qualify for PSLF, student loan refinancing is another option you may want to consider. When you refinance student loans, you replace your current loans with a new loan from a private lender. Ideally, the new loan will have a lower interest rate or more favorable terms, which could help make your payments more manageable. However, it’s important to be aware that refinancing federal loans makes them ineligible for federal benefits such as income-driven repayment and federal forgiveness plans. And you may pay more interest over the life of the loan if you refinance with an extended term.

Eligible Repayment Plans

To qualify for PSLF, you must make your monthly loan payments under an eligible income-driven repayment (IDR) plan or the original Standard 10-year-repayment plan. However, new borrowers who take out loans on or after July 1, 2026 will need to enroll in the Repayment Assistance Program (RAP) plan; the revised Standard plan is not eligible.

FSA advises using an IDR plan to repay your loans if you are working toward PSLF. Under these plans, your payments are based on your discretionary income and your family size, which can lower your payments.

Currently, the income-driven repayment options for federal Direct loans are the Income Based Repayment (IBR) plan and RAP. The SAVE plan has ended, and starting July 1, 2026, federal loan services will be directing borrowers to exit the plan and transition to a new one within 90 days.

If you aren’t sure what loan repayment plan you’re on currently, you can check your FSA dashboard.

Qualifying Employment for PSLF

Another requirement for PSLF is that you work full time, meaning at least 30 hours a week, for a qualifying employer. However, if you work part time for two qualifying employers and your time averages out to at least 30 hours weekly, you may also be eligible.

Qualifying employers include:

• Government organizations

• 501(c)3 nonprofit organizations

• Nonprofit organizations that don’t have 501(c)3 status but whose primary purpose is to provide a qualifying public service

• AmeriCorps or the Peace Corps

• Religious organizations

You can use the Employer Search tool on the StudentAid.gov site to see if your employer qualifies. But you must submit a PSLF employment certification form, either online or using a paper form, to confirm an employer’s eligibility status.

Make sure to submit a new employment certification form every time you change jobs to make sure your new employer qualifies. You may even want to do it annually. That way, your own records will remain up to date. And if you’re wondering where to find qualifying payments on your student loans, the number of qualifying PSLF payments you’ve made will be updated every time you file a new form, which can help you stay on top of your progress.

It’s important to note that the 120 monthly PSLF qualifying payments don’t have to be consecutive. For example, if you have a period of employment with a nonqualifying employer, you won’t lose the counts for prior qualifying payments. But you must be employed full-time by a qualifying employer when you apply for forgiveness.

Tracking Your Progress Toward Forgiveness

Managing your PSLF status has gotten a little easier in recent years, thanks to the PSLF Help Tool and other updates to the program.

The PSLF Help Tool helps make the StudentAid.gov site a one-stop shop for just about anything you might need to do while you’re working toward forgiveness, including checking your PSLF progress. You can use the site to:

• Verify your employer’s PSLF eligibility status. As noted, you can do this by using the Employer Search tool. You’ll need your employer’s EIN (employer identification number) to search the database.

• Submit a PSLF form to confirm your employer’s eligibility. You and your employer can use the PSLF Help Tool to digitally sign and submit the form.

• Confirm your PSLF signatures using the Status Tracker. That way, you can get credit for qualified PSLF payments. You can also use the site to email your employer a reminder to sign the form. If your employer is unable to digitally sign the form, you can manually upload the signed PDF.

• Check the status of forms you’ve submitted. You can find out if there are any actions you must take to move the process along.

• Review your qualified payment count. Make sure it’s been updated and that all your qualifying payments have been included.

Submitting the PSLF Application

Once you’ve made 120 payments and all other PSLF requirements have been met, you can request forgiveness of your remaining loan balance using the PSLF certification and application form.

You can use the PSLF Help Tool to digitally complete, sign, and submit your form. Or you can download a PDF of the form and manually sign and submit it.

After reviewing your application, the Department of Education will let you know if your request has been approved or denied. In the meantime, the FSA advises that you continue making payments on your loans, just in case there are any problems with your application. Payments you make after your 120th qualifying payment will be refunded or applied to any other outstanding federal student loan debt you may have.

Common PSLF Pitfalls and How to Avoid Them

The PSLF process takes years — think of it as a marathon, not a sprint. Here’s how to avoid some common mistakes along the way:

• Don’t assume anything about the program will happen automatically. It’s up to you to make sure that you meet all the PSLF requirements and your paperwork is filed accurately and on time. If you have any questions, you can check the StudentAid.gov site and use the PSLF Help Tool to get the information you need. It may also be useful to set up news alerts for student loan forgiveness news updates so you’re always in the know about changes to the program.

• Make sure your student loans are eligible for forgiveness and that you have the right repayment plan. Only federal Direct loans are eligible for PSLF. FFEL program loans and federal Perkins Loans don’t qualify unless they’ve been consolidated into a Direct Consolidation loan.

• Certify your employment regularly. The employment certification form confirms that your employment is eligible for the PSLF program. It can also help you track how many qualifying payments you’ve made as you work toward the 120-payment threshold. That way, you can avoid any surprises when you apply for forgiveness.

• Don’t make payments if your loan is in deferment or forbearance. You can only make a qualifying monthly loan payment during periods when you have a payment due. If you’re in loan deferment or forbearance (except under specific circumstances), payments are not due. But if you want to make qualifying payments, you can contact your federal student loan servicer to waive the deferment or forbearance.

• Check out your other options. PSLF makes sense only if you have a remaining loan balance to erase after you’ve made 120 qualifying payments. If you aren’t sure whether that timeline makes sense for you, you can use the loan simulator at StudentAid.gov to get a personalized PSLF projection and compare it to other loan payment strategies.

Strategies to Maximize PSLF Benefits

Because student loan forgiveness is evolving and the rules can be complex, it can be challenging to make the most of all the benefits available. Here are two strategies that may help maximize PSLF.

• Lowering income-driven loan payments by saving more for retirement. When you’re on an IDR plan, your monthly payments are based on your discretionary income each year. Contributing more to your employer’s retirement savings plan, such as a 401(k), could help reduce your taxable income and lower your payment. You may want to discuss this strategy with a financial or tax professional to be sure it makes sense for you.

• Using other programs to boost your benefits. You don’t necessarily have to put all your eggs in the PSLF basket. There may be multiple student loan forgiveness programs you can use to help pay off your loans, based on the type of work you do and other factors. You might even be able to combine some of these benefits with PSLF.

The Takeaway

Working toward Public Service Loan Forgiveness can be a slow process, and at times, it may seem like more effort than it’s worth. But the program’s processes have improved over time, and if you qualify and stick with it, PSLF can provide significant savings on your student debt.

If you don’t qualify for PSLF or if you’re looking for other options to help manage your payments, you can explore IDR plans to see if one of them is right for you. You may also want to consider student loan refinancing if it could help you lower your monthly loan payments. Explore the different avenues available to see what works best for your situation.

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

FAQ

What types of loans are eligible for PSLF?

Only loans that are part of the federal Direct Loan program are eligible for PSLF. Private student loans don’t qualify for federal forgiveness. And federal loans that are not Direct Loans, such as Federal Family Education Loan Program loans, Parent Plus loans, or Perkins Loans, must be consolidated to a Direct Consolidation Loan to become eligible.

How many payments do I need to make before qualifying for forgiveness?

You must make 120 qualifying payments (meaning using an eligible repayment plan such as an income-driven repayment plan and working for a qualifying employer) to successfully apply for Public Service Loan Forgiveness (PSLF).

Can I make lump-sum payments to reach forgiveness faster?

No. Waivers that temporarily allowed borrowers to make a lump-sum payment to reach forgiveness faster have expired.

What happens if I change jobs during the 10-year period?

It’s important to submit a PSLF employment certification form any time you change jobs. That way you can make sure your new employer is eligible.

Are there any tax implications when my loans are forgiven under PSLF?

The amount that’s eventually forgiven under the PSLF program is not subject to federal income taxes. However, you may have to pay state taxes. Check the tax rules in your state or consult a tax professional.

Photo credit: iStock/Frazao Studio Latino

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.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOSLR-Q226-058