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Adult learners — students who are age 25 or older — are an increasingly common sight on college campuses. Going back to school (or attending for the first time) at a later date, however, comes with some challenges. One of the biggest is finding a way to cover the cost of your education, since you may not be able to rely on Mom and Dad to foot some or all of the bill.

Fortunately, there are plenty of ways to pay for college as an adult learner, from scholarships and grants to good old-fashioned student loans.

To Start, Look at Scholarships and Grants

Whether you’re starting school or going back to college, it’s always a good idea to look into scholarships and grants early in the fund-finding process. After all, these are financial aid options that the recipient typically isn’t responsible for paying back.

Although most scholarships won’t pay the entire cost of college, they can potentially offset thousands of dollars in costs — and when it comes to an expense as hefty as education, every bit helps.

It’s a good idea to check with your prospective school’s financial aid office to see if the college offers any grants or scholarships for adult learners, but there are also third-party programs worth looking into. Consider adding these to your list.


💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Executive Women International Scholarship

Offered through local chapters of Executive Women International, the Adult Students in Scholastic Transition (ASIST) scholarship awards $2,000 to $10,000 to “adults facing economic, social, or physical challenges who are looking to improve their situation through educational opportunities.”

For full application details, contact your local chapter.

Award From Imagine America

The Imagine American Foundation offers a scholarship specifically for adults who are attending a career or trade school for a career shift or returning to school after time away. Called the Adult Skills Education Program (ASEP), this scholarship offers a one-time $1,000 award to students over the age of 19 who are enrolled in a participating college.

Jeannette Rankin Women’s Scholarship

Open to low-income women 35 or older who are pursuing a technical/vocational education, an associate’s degree, or a first bachelor’s degree at an accredited college, the Jeannette Rankin Women’s Scholarship Fund offers scholarships of up to $2,500 annually. The award is distributed directly to recipients and is renewable for up to five years.

Women on Par Scholarship

The Women on Par Scholarship provides financial assistance to “nontraditional” female students (over age 30) pursuing higher education for the first time. Winners are selected based on need, personal and professional goals, and their personal stories. Three awards are typically given each year: One for $4,000, one for $2,000, and one for $1,000.
There are many other national and regional adult-specific scholarships available, so it’s worth doing a Google search to look for more opportunities that might be a good fit for your situation.

Recommended: University of South Florida Tuition Guide

Employee Education Benefits

If you’re employed, you may want to take a second look at that sheaf of paperwork HR sent you on your first day. These days, an increasing number of companies offer employee education benefits as part of their compensation package.

Three common types of benefits are tuition assistance, tuition reimbursement, and student loan repayment. Each of these works a little differently, but all of them can help offset the out-of-pocket costs of an education.

With tuition assistance, your employer may partner with specific colleges or universities to bring you discounted, or even free, classes — particularly if those classes will improve your performance at work.

Starbucks, for instance, is famous for its tuition assistance program, which covers 100% of employees’ out-of-pocket cost for first-time undergraduate students enrolled in Arizona State University’s online program.

Tuition reimbursement, on the other hand, means your company will repay you for out-of-pocket educational costs up to a certain limit.

Home Depot offers a tuition reimbursement program that allows employees to attend the university or college of their choice and receive up to 50% of tuition, fees and other approved expenses. The following maximums apply: $5,000 (for salaried employees), $3,000 (for full-time hourly workers) or $1,500 (for part-time hourly workers) per year.

Finally, some companies offer student loan repayment programs that help employees repay the loans they’ve taken out from third-party lenders.

Many of these programs have specific eligibility requirements, such as working a minimum number of hours or maintaining a certain GPA, so be sure to double-check the fine print.

Also keep in mind that certain colleges offer course credit for work and life experience, which could help you save money by cutting down on the total number of classes you need to take (and pay for). Check with your university to see if it offers this perk.

Federal Student Loans

Even if you successfully apply for scholarships and get employee education benefits, you may still be left with more college expenses than you can pay for out of pocket.

That’s where student loans come in — and generally, the first place to look for student loans is the government.

Despite the common misconception that federal student loans are only available to traditional-age college students, there’s no upper age limit. And unlike many private student loans, applying for federal student aid doesn’t require a credit check.

Depending on your income, you may be eligible for Direct Subsidized Loans, which give you a break on interest while you’re enrolled at least half-time and for six months after you graduate. (The Department of Education pays the interest during those times.)

You’ll pay interest on the loan when monthly payments begin, but that subsidy can mean substantial savings over time.

The U.S. government also offers Direct Unsubsidized Loans, which start accruing interest immediately but carry fixed interest rates that are often lower than those from a private student loan lender.

Whichever type of federal loan you take out, you generally don’t have to start making payments until six months after you graduate. With some private student loans, payments begin right away.

To apply for federal student loans, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®).

Many colleges will also require you to fill out the FAFSA in order to qualify for institution-specific forms of financial aid. Applying can also help qualify you for work-study programs.


💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

Private Student Loans

Along with government-sponsored student loans, a wide variety of private student loans are available, many of which may be easier to qualify for as an adult with a more robust credit history.

While traditional-age collegians often need to enlist the help of a cosigner to apply, adult learners may not need to, and might also score better terms if they have good or excellent credit.

That said, it’s important to understand that private student loans sometimes carry higher interest rates than federal loans, and the rates can be variable.

Deferral and income-driven repayment are available to eligible borrowers of federal student loans, but such options may be limited for private student loan holders, depending on the lender. It’s always important to read all the fine print up front.

The Takeaway

Paying for college as an adult learner may feel daunting, but it’s far from impossible. By combining funding sources — such as scholarships, grants, employer education benefits, and federal or private student loans — you can create a financial plan to fit your circumstances.

Start your research early, ask plenty of questions, and don’t overlook options like credit for work or life experience that can reduce both the time and cost of earning your degree. With persistence and smart planning, you can pursue higher education without letting the price tag hold you back.

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

FAQ

How do adult learners pay for college?

Adult learners often combine several funding sources to cover tuition and expenses. Common options include federal and state financial aid, scholarships specifically for nontraditional students, employer tuition reimbursement, and private grants. Many also use savings, payment plans, or part-time work to reduce debt.

Filling out the Free Application for Federal Student Aid (FAFSA®) is a good place to start, as it can unlock grants, low-interest loans, and work-study programs, even for students who have been out of school for years.

What is the $7,000 grant for college students?

The “$7,000 grant” often refers to the federal Pell Grant, which provides need-based aid to eligible undergraduate students, including many adult learners. For 2025-26, the maximum award is $7,395. This money does not need to be repaid and can be used for tuition, fees, books, and living expenses. Award amounts are based on financial need, cost of attendance, and enrollment status. Students must complete the FAFSA® to apply.

What income is too high for FAFSA?

There is no set income cutoff for the FAFSA®, as eligibility depends on multiple factors, including your family’s income, assets, and living expenses. While very high incomes may reduce or eliminate grant eligibility, many middle- and upper-income families still qualify for federal loans or work-study. Even if you think you earn too much, filling out the FAFSA is worthwhile — some scholarships require it regardless of income level.

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

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

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

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

While applying to college, students and parents may consider a variety of factors before enrolling. Those factors could include a school’s academic programs, location, sports programs, tuition, and potential financial aid.

But there is one more thing families may want to think about: A college or university’s endowment. Not familiar with the term?

Here’s helpful information about university endowments, how they work, how they are managed, which schools have the largest ones, and how those university endowments could potentially benefit students.

What Is an Endowment?

A university endowment refers to the amount of money a college or university receives via donations from its alumni or other interested parties. This money is then invested by the academic institution to help grow its savings and to provide funding for the future.

Some schools can have endowments well into the billions made up of potentially hundreds or thousands of individual gifts.


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Types of Endowments

Not every university uses the same endowment system. Typically, a university has one of four types of endowments. Those include unrestricted endowments as well as term, quasi, and restricted endowments.

An unrestricted endowment means the university may choose to spend or distribute the donations it receives however it wishes. With a restricted endowment, the academic institution must hold the principal of the invested donation in perpetuity.

With a restricted endowment, the academic institution must hold the principal of the invested donation in perpetuity. The earnings from the invested assets can be used, but only at the donor’s specifications at the time of giving. For example, if a donor gives a $25,000 donation specifically earmarked for a scholarship, any principal earnings must be used on the scholarship.

A term endowment means a university can use the principal after a period of time has passed or if a specific event occurs. With a quasi endowment, the university (rather than a donor) decides to retain, invest, and use earnings for a specific purpose.

Recommended: Finding Free Money for College

How Does University Endowment Giving Work?

If a person wants to donate to their alma mater, or just give to the academic institution of their choice, they can do so at any time. With a standard donation, however, the donor typically does not have much, if any, control over how the funds are spent.

If a donor wants control over how their donation will be used, they may prefer to give via endowment. Colleges and universities typically set a minimum when it comes to endowment gifts, and those minimums can be quite hefty.

For example, Michigan State University’s law program endowments begin at $50,000. Other universities set different minimum funding levels for different types of endowments.

At the University of Illinois Springfield, for instance, you can create an “endowed” scholarship for $25,000. You can even name the scholarship fund, perhaps in honor of a family member or someone you admire.

Recommended: How to Pay for College With No Money Saved

Who Manages a University Endowment?

Every school decides how to best manage its own endowment. Some colleges and universities hire internal staff to manage their endowments while others hire outside firms and professional investors to oversee the money.

There may be an endowment manager or a committee or team that works to manage the funds. They will generally work with the university to decide its goals for the endowment, such as making as much income as quickly as possible, or going for more long-term sustainable growth. Then, decisions about how and where to invest the money are made to help the endowment meet its goals.


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Which Universities Have the Largest Endowments?

According to US News and World Report, Harvard University has the largest endowment at around $50.7 billion. Yale University comes in a distant second with roughly $40.7 billion, and Stanford University comes in third with approximately $36.5 billion.

Princeton University comes in at number four with $33.4 billion and Massachusetts Institute of Technology rounds out the top five with $23.5 billion.

University of Pennsylvania, Texas A&M University, University of Michigan–Ann Arbor, University of Notre Dame, and Columbia University make up the remaining top 10 with endowments ranging from around $13.6 to $21 billion.

However, these schools can be considered major outliers on the endowment scale. According to a 2024 survey of 658 U.S. colleges by the National Association of College and University Business Officers, the majority of university endowments are $250 million or less; nearly a third of schools reported endowments of less than $100 million.

Recommended: 11 Strategies for Paying for College and Other Expenses

How Are University Endowments Used and Why do They Matter?

University endowments can be used for a variety of financial needs, including hiring new professors, building new buildings or upgrading old ones, offering students fellowships or scholarships, and distributing financial aid.

Beyond these uses, endowments also allow colleges and universities to look ahead into the future. It helps schools plan for faculty hiring, stave off tuition increases, plan for new facilities, and more.

Recommended: What Is the Average Cost of College Tuition in 2023?

Taking Advantage of Endowments

While students will never have direct access to a college or university’s endowment, they could still reap the benefits of any and all donations. Those benefits could come in the form of having access to newer facilities and equipment, through research opportunities, or via learning from the highest skilled professors.

Of course, students can also take advantage of a university’s endowment by applying for specific scholarships funded by donors, or by applying for any and all available financial aid to help them pay for college.

The Takeaway

University endowments are donated funds that schools invest to support long-term goals like scholarships, faculty hiring, research, and campus improvements. They come in different types, each with rules on how the money can be used, and are often managed by professional investors or dedicated staff. While the largest endowments belong to a handful of wealthy universities, even smaller ones can enhance student opportunities, from upgraded facilities and academic programs to more general financial aid packages.

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

FAQ

How do universities use endowments?

Universities use endowments as long-term investment funds to support their mission. The principal (original donation) is typically preserved, while investment earnings are spent on specific purposes, such as scholarships, faculty salaries, research, campus maintenance, and academic programs. Many endowments are restricted by donor intent, meaning funds must be used for designated projects.

Why does Harvard have a $50 billion endowment?

Harvard’s endowment has grown to over $50 billion due to centuries of donations, strong investment returns, and careful financial management. Alumni and philanthropists contribute large gifts, often earmarked for specific purposes, while Harvard’s investment team diversifies across stocks, bonds, private equity, and real estate. Over time, compounding returns significantly increase the fund’s value.

How is an endowment paid out?

Colleges and universities generally distribute a fixed percentage — often 4% to 5% — of their endowment’s value each year. This payout policy helps ensure consistent funding without depleting the principal investment. The distributed funds are typically used for donor-designated purposes, such as student aid, faculty support, or program funding.

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

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

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

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

SOISL-Q325-084

An internship is an opportunity to work in a field that interests you, gain valuable work experience, enhance your resume, and possibly even earn some extra money.

While internships are more commonly available to college students, it may be possible to get an internship when you’re still in high school.

Read on to learn more about high school internships, including how they work, their pros and cons, and how to find one.

What Is the Purpose of an Internship?

An internship is a temporary position that’s often related to a student’s academic field of study or career interests. It offers students a chance to apply lessons learned in the classroom in a professional setting, while also developing additional skills. Internships also give students an opportunity to make connections in their field of interest and determine if they want to pursue further study and a career in that area. Internships also give employers the opportunity to discover and develop future talent.

The Duties of an Intern

The duties of an intern vary from job to job. For example, those interning at a doctor’s office might shadow medical professionals and take notes on patient visits. Those interning at a marketing firm might sit in on marketing meetings and assist in any communication needs.

An internship experience can be somewhat similar to an entry-level employee position. However, there is typically an educational component. The point is to learn more about the career path, not just get coffee or file the office mail (though you may be asked to do this, too).

Recommended: Is Getting A Degree in Marketing Worth It?

Pros and Cons of High School Internships

There are plenty of pros when it comes to getting internship experiences in high school. For one, an internship allows you to learn about a particular career path without having to commit to a lifelong job.

Learning about a path early on could help you determine whether you want to go to college (rather than directly enter the working world) and help you decide on your college major.

Another pro of completing an internship in high school is gaining new experiences and skills. An internship allows you to learn from professionals and add relevant skills to your resume. This can give you a leg up in applying for jobs in the future.

And, of course, all this experience and new learning make for excellent items to add to any potential college applications.
A potential downside to seeking an internship in high school is that they can be hard to find. In addition, the position may not be paid, and might be time-consuming, taking time away from other obligations like homework, studying for SATs, and applying to college.

Finding the Right Internship

Finding the perfect internship is a wholly personal experience. A good first step is to consider your interests in both the near and far term. By thinking about career paths you might be interested in, you might identify internship opportunities around you.

However, not every young person knows, or believes they know, exactly what they want to do in the future. But you may have a general interest. For example, if your favorite class is English, an internship at a local newspaper may make sense. If you’re interested in nature, an internship with a local parks and recreation group may make a good fit.

If you’re a high schooler, make a short list of interests and sit down with a parent or guardian to identify careers that may fit within these bounds.

Next, it’s time to identify a few companies you might be interested in interning with. Search for companies near you that may be taking interns. From there, check out career pages on the individual companies to see if they have internship listings. If they don’t, try emailing the company to get in touch with the human resource (HR) department to see what may be available.

One quick tip: While researching and reaching out about internships, make sure to stay realistic about the time commitment. If an internship takes place during the school year, you may only be available in afternoons, or perhaps just for a few hours per week during the hardest year of high school. Ensure the hiring manager knows the hours you’re available before committing to any long-term work.

Recommended: 10 Ways to Prepare for College

Resources to Find Internships in High School

While there isn’t any centralized listing location for internships for high school students, there are still plenty of places to find information on opportunities.

Schools: You can reach out to school resources like guidance counselors, principals, and individual teachers who may know of companies worth looking into.

Individual companies: Again, seek out information from company websites and reach out to human resource departments to see what may be available.

Job search websites: Check out job search websites, such as Linkedin and Indeed, and search for “Internships in [specific field here].” Make sure to search by location to ensure the internship is nearby.

Friends and family: This is the simplest tip — just ask around. Friends and family members are the ultimate social and work network. Make it known you’re looking for an internship and ask people for their advice on just where to look.

Recommended: College Planning Guide for High School Students

Questions to Ask Before Accepting an Internship

After figuring out your interests, asking your network, and finding an internship opportunity, you may think the work is done. However, there are still a few more questions to ask.

Before accepting an internship offer, make sure to ask about the full details. What are the hours? What can you expect to learn while on the job? What are the specific job duties and how will you be evaluated along the way? Will there be opportunities for mentorship? And finally, one of the most important questions: Is the internship paid or could you get extra credit for it?

Paid vs Unpaid Internships

Scoring a paid internship isn’t a guarantee, but it’s not a completely far-fetched idea either. If a paid internship isn’t available, you can always ask about an exchange for class credit. Unpaid internships are a hotly contested issue so just make sure to do whatever feels right and comfortable for your situation.

Also keep in mind that even a paid internship likely won’t pay enough to make a major dent in your college expenses (though it can help).

If you’re concerned about how you and your family will pay for the cost of tuition, a good first step is to fill out the Free Application for Federal Student Aid (FAFSA) with your family. This will let you know if you are eligible for financial aid, including grants, scholarships, work-study, and federal student loans. If those do not cover your costs, you may also consider private vs. federal student loans.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment and deferment or forbearance — that automatically come with federal student loans.

The Takeaway

While internships are often thought of as college-age experiences, high school students may find them as well. They can provide good exposure to the work world, build skills, and expand a student’s college application credentials. Some internships may be paid, but it’s unlikely to make much of a dent in the cost of college. Grants, scholarships, and federal and private student loans can help with that.

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

FAQ

Should you get an internship in high school?

An internship in high school can provide an interesting glimpse into the work world and help a student refine their career interests. It may also help add dimension to a college application, though it’s important not to add too many responsibilities to an already challenging
schedule.

Do colleges care about high school internships?

Colleges may indeed care about high school internships. Securing an internship can show initiative and a good work ethic and that an applicant is interested in getting a jump on their career in addition to pursuing other aspects of student life.

Should you intern in high school?

Whether or not to intern in high school is a very personal decision. However, for students who are motivated to learn more about the work world or a particular field, internships can be a very valuable experience for high school students and can expand their college application credentials.

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

SOISL-Q325-117

When considering where to go to college, a young adult has an array of choices, such as public versus private schools and colleges versus universities. There are also liberal arts colleges, which can offer an appealingly broad-based education with an emphasis on producing well-rounded individuals versus, say, putting graduates on a specific career track.

Students can major in a wide range of subjects at a liberal arts college, including the arts, literature, philosophy, social sciences, natural sciences, and even math or engineering. Read on to learn more about liberal arts colleges, including what they offer, how they compare to larger universities, and how you can cover the cost of a liberal arts education.

A More Personal Vibe

Though both universities and liberal arts colleges will help prepare students for entering the working world, there are some differences in what the experience will be like:

1.   Liberal arts colleges are typically smaller. Most classes will have far fewer students than is the case at a university lecture hall, which can have hundreds attending at the same time.

2.   Because of the smaller size, it may be easier for students to bond with their professors. The faculty members often have more time to spend with their students.

3.   The focus of a liberal arts school is undergraduate education. At universities, there will likely be graduate programs and major research efforts.

A liberal arts college may be the best college fit for students who prefer a more personalized experience; one where they can get to know faculty members and other students.

Those trying to decide which college is right for them can take this eight-question college personality quiz.


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The Admissions Process

The application process for getting into a liberal arts college is similar to other schools. Students will have to submit the usual components: an application with transcripts, possibly test scores, plus essays and letters of recommendation.

Liberal arts colleges may have a different focus when it comes to reviewing applications, though, so it’s essential to keep the following information in mind when applying to a liberal arts college.

When it comes to test scores and grades, liberal arts colleges don’t always have specific requirements. Admissions can still be very competitive at these schools, but they’re often more interested in whether or not students challenged themselves in high school. Generally, they want to see that applicants are well-rounded but also have an area of interest they specialize in.

Extracurriculars are important when applying to any college, but liberal arts colleges often value a wide range of activities, not just those that involve leadership.

A liberal arts college may be more likely to value extracurricular activities that are outside the box, so students applying to these schools have more options for what they can get involved in.

The Common Application, which can be used to apply to more than 1,000 schools, only requires one essay. However, many liberal arts colleges will require at least two supplemental essays. The reason is that these schools tend to put a high value on writing and critical thinking. This can be beneficial for students who have strong writing skills but who may be weaker in other areas.

Many liberal arts colleges are also interested in a student’s character and how they’ll contribute to the school, so they may put more weight on letters of recommendation and interviews than other schools.

Top-Ranked Liberal Arts Colleges

According to U.S. News’s latest National Liberal Arts Colleges Rankings, the top ten liberal arts colleges are:

1. Williams College
2. Amherst College
3. Swarthmore College
4. United States Naval Academy
5. Bowdoin College
6. Pomona College
7. Wellesley College
8. Carleton College (tie)
8. Claremont McKenna College (tie)
8. United States Air Force Academy (tie)

Financial Value of a Liberal Arts Education

There’s a stereotype about people who pursue a liberal arts education: They won’t find financial success and their degree could be useless. This claim isn’t backed by evidence, though, so students who feel like a liberal arts college is the right choice for them shouldn’t be scared away by this false narrative.

The gap in income between those who attend a liberal arts college and those who attend other schools isn’t necessarily linked to the institution.

Instead, it’s determined more by a student’s career path and the market forces at the time, according to two economists whose landmark study analyzed the payoff of a liberal arts college education.

Another reason for this misconception is that people are unaware of the diverse selection of topics that are studied at liberal arts colleges. If people don’t actually know what is being studied at these colleges, they’ll have a more difficult time conceptualizing what a student’s future could entail.

Though graduates of liberal arts colleges may not earn as much as those from STEM-oriented institutions right away, the economists’ study found that 60% of students ended up in the top 40% of U.S. income after graduation, even if they started out in the bottom 60%.

Choosing where to attend college and whether or not it will have a “payoff” is personal to each student.

Attending a liberal arts college can lead to upward mobility, but students also have to take into account the cost of the education and the availability of financial aid when choosing which school will have the most value for them.

Paying for College

Along with the painstaking process of choosing where to apply for college and making a final decision, there is another difficult process: figuring out the cost of tuition and how to pay for college. Some people believe that liberal arts colleges are pricey, and indeed, if the top-rated school, Williams College, is any indication at $68,560 for tuition and fees, that could be correct.

Luckily, students usually have access to a few options that may help fund the yearly cost of attendance, which goes beyond tuition and fees to usually include room and board, books, supplies, transportation, loan fees, costs related to a disability, and reasonable costs for eligible study-abroad programs.

To figure out financing, a good place to start is by filling out the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for federal financial aid, which includes grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized).

Some private colleges use a supplemental form called the College Scholarship Service (CSS) Profile, to determine how to give out their own financial aid. The form is more detailed than the FAFSA. Almost every college that meets financial need for all enrolled students without federal student loans uses the CSS Profile.

Most liberal arts colleges are private and carry a relatively high “sticker price,” which includes tuition, fees, room and board. But students will typically pay less, and sometimes far less, when grants, scholarships, and other benefits are factored in.

If students will require some type of student loan to cover the cost of college, it’s recommended they take out federal loans before private loans, because the former come with benefits that the latter usually do not, like lower fixed interest rates and income-based repayment.

Private scholarships may also be widely available. Some are need based; others are merit based. They’re offered by schools, companies, community organizations, religious groups, and more.

Private student loans are an option as well. Eligibility usually depends on a student’s income and credit score or those of a cosigner. These loans are available through banks, credit unions, and online lenders and rates and terms vary, depending on the lender.

The Takeaway

A liberal arts school isn’t solely focused on teaching students a profession, but a degree from a reputable liberal arts school can lead to a rewarding career. The skills students learn at a liberal arts college — which include communication, analysis, and the ability to work in a team — are ones that are often highly valued by today’s employers.

While liberal arts colleges are known for their high cost, keep in mind that your actual cost of attendance may well be much lower than the sticker price, once you take grants, scholarships, and other types of financial aid into consideration. Student loans can also help bridge any gaps.

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

FAQ

What’s the difference between a liberal arts college and a regular college?

Typically, a liberal arts college focuses on a broad, interdisciplinary education in the arts, humanities, sciences, and social sciences. A regular college or university, however, may offer a specialized curriculum which places a greater emphasis on research and professional training.

What does it mean for a university to be liberal arts?

A liberal arts university is usually an educational institution offering undergraduate and graduate degrees that prioritizes a broad education across various academic disciplines. Instead of focusing on specialized vocational training, these universities prioritize critical thinking, problem solving, and communication skills.

What’s the point of going to a liberal arts college?

A liberal arts education can have many benefits, such as fostering critical thinking, communication skills, and a broad understanding of various subjects. In this way, it can prepare students for diverse career paths and develop deeper engagement in the world around them.

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For many students, heading off to college offers the exciting opportunity to live on their own for the first time. That might mean moving into a freshman dorm or an on-campus apartment or finding an off-campus living space.

Which is better? The answer will depend on your personal preferences, what year you are in school, your budget, and where you go to college. Here’s a closer look at the pros and cons of living on campus vs living off campus.

Pros of Living On Campus

Many students dream of the day they’ll pack their bags and begin a new life at college. And, for many, a major part of that fantasy involves living on campus. The reason is that living in a freshman dorm with hoards of other students the same age can be a lot of fun.

Living on campus also comes with some other advantages. Generally, arranging on-campus housing is relatively easy, especially for freshmen who may be more likely to get a spot, or may be required to live on campus. Unlike apartment hunting, which can be time-consuming and challenging, living on campus can be a more straightforward arrangement, and there are generally additional resources provided for students in on-campus housing.

For example, there is generally an RA (Resident Advisor/Assistant) that can answer any questions and help resolve conflicts with roommates. Plus RA’s may run programming for the floor, or dorm, to encourage community and help students meet each other.

Typically, students living in on-campus housing can also purchase a meal plan, which means they don’t need to find time to grocery shop or cook meals when they should be cramming for finals.

Living on campus also means students are conveniently close to all of the resources provided by their school. This not only makes it easier and faster to get to your classes, but also to access on-campus dining, gyms, the health center, libraries, and student recreation centers. Attending on-campus events and getting to a professor’s office hours can also be easier when you’re living on campus.

Cons of Living On Campus

While very convenient and exciting in many ways, on campus housing has its downsides.

For one, dormitory living often involves small spaces and lack of privacy. You may need to share a bathroom with your entire hall. And you may end up living in close quarters with a roommate you don’t know or have much in common with. In addition, finding quiet time to focus on your studies can be a challenge in a dorm.

Another potential downside to living on campus is that you may not have access to a kitchen and will need to eat your meals according to the dining hall’s schedule.

Living on campus can also be more expensive than living off campus. Dorm living, including a meal plan, could stack up to be pricier than living off campus and cooking for yourself.

Pros of Living Off Campus

While you may think that living on campus is the key to having a true college experience, there are actually some benefits associated with living off campus.

Some students may greatly appreciate having a bit of separation from their school life and their personal life, especially as they inch closer to graduation and they begin to plan their transition to the post-college era.

Another major benefit of living off campus is the potential to save some money on living expenses and to have some extra flexibility. Living off campus can be cheaper than living on campus, depending on factors like where the college is located and how close to campus the house is located. Living off campus may also allow you to spend less on food, since you will likely have access to a kitchen and full-size refrigerator.

Another potential advantage of off-campus housing is that you may be able to find a larger living space with more privacy than you could get in a dorm. Plus, you may have a 12-month lease, which gives the option of staying on campus over the summer to study, get an internship, or find a summer job. (However, this could end up being a con if you are on the hook for a lease when you don’t actually need to be in town.)

Recommended: 5 Ways to Start Preparing for College

Cons of Living Off Campus

While living off campus can provide more flexibility, it may involve having to commute to campus. In some cases, students may be able to find off-campus housing within walking distance to school but often you will need to drive. This brings its own set of complications, such as traffic and parking (which on some campuses can be expensive and competitive). Owning and maintaining a car also adds to your college costs.

A commute may also make it less appealing to participate in on-campus events and take advantage of campus amenities like gyms, health centers, and libraries. Spending time with friends may also take more coordination than just walking down the hall.

When it comes to living in off-campus housing, many students may also not be prepared to take on the responsibilities of adult living. While each student’s living situation will vary depending on their specific housing arrangements, many can expect to cook more, clean more, and be more responsible for properly maintaining their off- campus housing. And if they’re having issues with their roommate, there is no RA to help them clear the air.

Keeping School Requirements in Mind

At the end of the day, there is no “best” choice for a college living arrangement. There are so many variables, including the school’s location, the student’s priorities and personality, and how much each option will cost.

One caveat is that some students may not have a choice about whether they live on campus or not. Some colleges and universities require their students to live on campus for a certain amount of years. This is a more common requirement for freshman students, as colleges want them to integrate into campus life and feel engaged and supported.

If you don’t want to live on campus, despite there being a requirement to do so, it’s worth seeing if the school allows students to petition to live off campus. Allowances are sometimes made for students whose families live nearby or who have health issues or specific dietary requirements that can’t be met easily through on-campus dining options.

On the other end of the spectrum, some colleges only guarantee housing on-campus for a certain number of years, resulting in students living off campus at one time or another.

Some colleges and universities provide online resources and other information for students who are interested in living off campus. These resources can help students find housing and make the transition to off campus housing a bit easier.

Financing College Life

Regardless of where you live, you’ll need to figure out how to pay for it. Some students may be able to use the financial aid they receive to help pay for their room and board.

Scholarships may have restrictions on how they can be used, and room and board or rent may or may not be eligible expenses. Review the details of specific scholarships to understand what costs they can help fiance. Student loans can generally be used to pay for tuition as well as living expenses and housing.

There are two different types of student loans that you may be able to tap — private and federal student loans.

Federal student loans may be subsidized by the government, which means interest won’t start to accrue until six months after you graduate, or they may be unsubsidized, which means interest begins accruing right away. Either way, you don’t have to start making payments until six months after graduation. Federal loans come with a fixed interest rate set by the Congress annually, and they don’t require a credit check.

If federal student loans do not fully cover your costs, you may also want to explore getting a private student loan.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. These loans do require a credit check and, generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and Public Service Loan Forgiveness — that automatically come with federal student loans.

The Takeaway

Each student needs to navigate whether living on or off campus in college is the right fit for them, though some educational institutions require on-campus living for at least part of a student’s time on campus. On-campus housing can be convenient and build a sense of community, while off-campus housing may foster independence and might save some money.

Financing college costs, whether living on or off campus, is an important factor for many college students.

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

FAQ

Is living on campus or off campus better?

Deciding whether to live on or off campus is preferable depends on personal priorities and circumstances. Living on campus can offer convenience and a sense of community, while living off campus can provide more independence and lower costs for some students.

Is it usually cheaper to live on or off campus?

The prevailing wisdom is that it’s more affordable to live off campus because you aren’t required to pay for a meal plan and other college charges. That said, if you choose to live off campus in a high-priced city, your costs could be more than living on campus.

What are the cons of living on campus?

Potential cons to living on campus can include lack of privacy, a roommate you don’t get along with, communal bathrooms, and being locked into a cafeteria meal plan that you don’t like. Also, living on campus can be more expensive.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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