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After all the work that goes into applying to college — researching schools, taking entrance exams, writing essays — students probably welcome a feeling of relief once that application is officially submitted.

The relief may be instant, but also fleeting. The next phase of getting into college can be painstaking because it’s the waiting phase. Acceptance letters don’t have one standard date for being sent out. Admissions decisions can be delivered as early as December for early action or early decision applicants and through April for regular admission applicants.

Check out these different types of applications and see how their submission deadlines and acceptance date periods differ.

Types of Applications

Just as there isn’t a standard date for acceptance letters to be sent out, there isn’t one standard submission date for applications, either. There are a few early submission options available, as well as regular submission and rolling admissions. The due date of the application will depend on which type of application is being submitted, and this will also determine when you receive the school’s decision.

There are a few options for applying early: early decision, early action, and single-choice early action.

Early Decision

The early decision application is binding, meaning that students who are accepted are committed to enrolling. Because this application is binding, students can only apply to one school as an early decision. These applications are due in November and the decisions go out in December. If students decide to apply with this early decision option, this school should be their top choice, the one they’d prefer to go to over all others.

Early Action

The early action application is similar to the early decision in regard to the due date (due in November) and decision timeframe (decisions go out in December), but it differs in that it isn’t binding. It’s okay to apply to multiple schools via early action, and if you’re accepted you’re not required to enroll.

Recommended: Early Action vs Early Decision

Single Choice Early Action

This option is similar to the early decision in that students can only apply to one school this way, but it’s not binding. If students choose to apply to a school via single-choice early action, it’s a way of saying they’re especially interested in attending that school. The deadline and acceptance period is the same as the other early options.

When it comes to applying early, no matter which type of early application you choose, the applications will usually be due in November and decisions will be sent out in December.

Regular Decision

Regular decision college applications are the most common of the application options. For these applications, the deadline is usually in January or February and the decision letters go out by April. The deadline for submitting your application will differ between schools, so make sure to check the website for each school and mark the dates on a calendar.

Recommended: Ultimate College Application Checklist

Rolling Admission

Rolling admission allows students to apply until the school runs out of space. Sometimes applications are accepted until April, and sometimes even later. Students are encouraged to apply using the same deadline as the regular decision to have a better chance of being accepted before the colleges run out of spaces.

Some colleges will also have differing numbers of spots open based on specific majors, so it’s important to check that availability at each school the student is applying to. If the major the student lists on an application is impacted at some schools, it might be better to apply by the deadline for regular applications since
impacted majors are likely to have more students apply than there are spots available. The average turnaround for rolling admission is about four to six weeks , so the date that decisions are sent out will depend on when students submit their application.

Recommended: College Search – College Finder Tool

The Dreaded Waitlist

After waiting for one to two months to receive a school’s decision, it can be frustrating to open that letter or email and see that there’s more waiting to do. Being on the school’s waitlist isn’t necessarily bad, however.

There are many reasons that students end up on the waitlist. They may have met the academic criteria to get into the school, but the school might not have space yet for these students.

Most schools will require students to contact them and accept their spot on the waitlist to be considered for admission, so don’t forget that step.

Since the number of students that can be accepted from a waitlist depends on the number of students who choose to enroll, students on the waitlist won’t hear back until after decision day.

Decision day is May 1, and it’s the day that seniors are required to notify their school that they accept their admission and will enroll.

After the decision day, the schools will know how many students will enroll, and then they’ll be able to start accepting students from the waitlist if there’s space. This means students on the waitlist can expect to hear back from their school by the end of May, but sometimes it can take up until the Fall semester starts to hear back.

Paying for College

Planning for college goes beyond getting accepted. Once accepted, students have to figure out how they’ll be paying for tuition, books, and housing. Luckily, there are many good options for financing higher education, which can include financial aid from the government (grants and/or loans), scholarships, and private loans.

Recommended: Ca$h Course: A Student’s Guide to Money

Financial Aid

The FAFSA® (Free Application for Federal Student Aid) is the form students will need to complete as the first step in applying for student aid. Depending on a student’s Expected Family Contribution (EFC), they may be eligible for federal student loans, grants, or work-study.

Grants don’t usually have to be repaid, but loans do. The amount of aid students can receive from the federal government will depend on their financial need, so not everyone will be eligible.

Federal Student Loans

Federal student loans come with some benefits that are not guaranteed by private student loans, like lower fixed interest rates and flexible repayment options. This is important to take into account when choosing where to take out loans.

Scholarships

Scholarships can be merit based, meaning they’re awarded based on some kind of achievement, or need based. There are many scholarships available, and it’s perfectly acceptable to apply to as many as possible to further the chances of receiving one — or more. Some scholarships are specific to a school or the local community, so check your school’s website for information.

Private Student Loans

Private loans may be another option for paying for college. Since every financial institution is different, do some research and explore options available. Loan amounts and rates will depend on an applicant’s financial situation, including their credit history and income. Those with little of either may need a cosigner to be approved for a private loan.

Even if the cost of attendance might be covered by scholarships, grants, or federal student loans, there may be other costs of living a student might need assistance for. That’s where private student loans can be helpful when considered responsibly.To learn more about private student loans, college-bound students might want to check out this guide to private student loans.

The Takeaway

It can take a few weeks to a few months to hear back for a college admissions decision, depending on the type of application you submitted. Early applicants — such as early decision or early action — will generally hear back in December while regular decision applicants will receive their admission decision in April.

Taking some time to think about college costs and how to pay for the upcoming years of education can be a wise way to spend that time waiting for all of those acceptance letters to come rolling in. Private student loans can be one option to help students pay for college, though they may lack the borrower protections afforded to federal loans. For those considering private student loans, take a look at SoFi student loans are fee-free and offer competitive interest rates for qualified borrowers.

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

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Ask four recent graduates which year of high school was hardest for them, and chances are you’ll get four different answers. Each year of high school brings its own set of unique challenges that students have to prepare for.

On top of those challenges comes external stressors and expectations. Students are facing pressure from parents to get good grades, the stress of college applications, and heaps of extracurriculars. According to the Centers for Disease Control and Prevention, more than a third of high school students have experienced stress, anxiety or depression during the recent Covid-19 pandemic.

While each year of high school will have its own stressors, many will say junior year is the most challenging. Junior year can be the hardest for several reasons, but with the right prep and expectations, high school students can make the hardest year just a little easier.

Why Every Year Matters

People might say junior year is the hardest year of high school, but that’s not an excuse to cruise though the other three years.

Freshman and sophomore year are building opportunities. In these two years, many students will take prerequisite courses and join extracurriculars they’ll carry out the rest of their high school career.

During freshman year especially, students will have to adjust to high school and its academic rigor. Getting good grades and getting involved in activities during the first two years of high school can help set the pattern for the next two years.

Lots of students may claim that senior year is the time to sit back and take it easy. So common is this assumption that lots of seniors claim their final year of high school is the “senior slump.”

But, letting grades slide in senior year can spell trouble for plans post graduation. Admission to college, even if already granted, could be rescinded if a senior underperforms in their senior year. Grades senior year still matter.

Recommended: 11 Ways to Prepare for High School Graduation

Why Junior Year Can Be the Most Challenging

Every year of high school is important, but a student’s junior year has its own set of unique challenges and hardships. Here’s what can make junior year tougher than the rest:

Course Load

Junior year is the time to shine before students apply to college. It’s the last full academic year of grades a university will receive before deciding to accept or reject a student. Students may elect to take their most challenging course load during their junior year to show colleges that they’re capable of academic rigor.

Some students may be enrolled in advanced placement (AP) courses. AP classes give high school students the chance to prepare for college by tackling college-level material, while still in high school. At the end of an AP course, students can choose to take the AP exams. Scores from those tests may grant students college credits, so they can skip out of basic courses in their first years on campus.

Junior year can be an academic step-up for high school students if they decide to take advanced classes. In addition to harder classes, there’s a pressure to get good grades in them, because it can be an indicator of performance for colleges.

Tests

On top of AP tests, juniors have more key tests to prepare for. Each test comes with its own strategies and approaches, meaning specialized study and prep. A junior might prepare for and take these tests during the year:

AP Tests. As mentioned above, if a student decides to take an AP course, they can choose to take the corresponding AP tests as well.

PSAT/NMSQT. Students can take the Preliminary SAT or National Merit Scholarship Qualifying Test as early as their sophomore year of school, but many take it their junior year. The PSAT/NMSQT has two sections; math, and reading/writing. Scores for each section fall between 160 and 760.

Offered in October each year, the PSAT doesn’t impact college admissions like the SAT, but it can help students qualify for National Merit Scholarships if they receive a certain score. Students are not required to take the PSAT test, but it can be one way to prepare for the SATs and potentially qualify for scholarship.

SAT/ACT. Scores from either the SAT or ACT test are required by many colleges for admission. But, even if they’re not required by a college, a strong SAT or ACT score can help give a student a leg up in the application process.

Most high school students choose to take the SAT or ACT tests in the spring of their junior year or the fall of senior year. Both tests have certain quirks and strategies associated with them, so the key to getting a great score may mean lots of preparation.

Some juniors choose to take rigors in person prep courses or take several practice tests before sitting for the exam.

College prep

Juniors not only have more academic pressure on them and tests to prepare for, but many will add college prep to their extracurriculars. Whether that means spending weekends touring campuses or researching schools at night, finding a school that’s the right fit can take up a considerable amount of time.

There’s no one way to ensure the right fit for all students. Some may choose a campus-based on their desired degree, others for proximity to home or budget. No matter the motivator, finding the right school can take time.

Recommended: Ca$h Course: A Student’s Guide to Money

There’s no doubt junior year has a lot going on. The challenge comes not only from the rigor but also the pressure associated with making some big life choices. Freshman and sophomore year have their fair share of challenges, but junior year will test the habits of students — pushing them to work harder academically and personally.

The Takeaway

Junior year challenges students to juggle their extracurricular activities, rigorous academic classes, and standardized testing, on top of applying for college. Figuring out a way to pay for college shouldn’t be another challenge. As early as junior year, students can start considering the cost of college, and the ways to pay for it.

Taking time to learn about student loans during college prep can help give juniors a better sense of what lies ahead of them. After applying for federal loans and aid, they might need to evaluate additional options to pay for their tuition. That could mean saving for college by picking up a part-time or summer job, or researching scholarships or grants that can help pay tuition. It’s important a student knows their full menu of options to pay for school before committing to any single strategy.

Another option available are private student loans. SoFi’s private student loans come with no fees and a simple online platform that allows students to repay their loans their way. It’s worth noting that students generally exhaust all other options before borrowing a private student loan.

Junior year may be the hardest year of high school, but student loans don’t have to be another hurdle.

Learn more about private student loan options offered by SoFi.

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Money for college doesn’t grow on trees. Or does it? Every year, billions of dollars wait to be plucked from the branches by college students seeking merit-based aid.

The National Merit Scholarship Program alone plans to award more than $28 million in spring 2022. Merit aid is awarded to students based on factors outside of just financial need. These awards generally factor in a student’s skill or ability for a certain specialty.

Brainiacs merit recognition, but a student can earn merit aid based on talent in athletics and other interests, including puppetry and vegetarianism, as well as lineage.

So what’s the catch?

Patience, diligence, and timing come into play. This guide can help students who are starting the search for merit-based aid.

What Is Merit Aid?

College aid can generally be broken down into two categories:

Need-based. Eligibility for need-based aid is based solely on the ability to pay for college. Students can look for state, possibly school, and federal aid by filling out the Free Application for Federal Student Aid, commonly known as the FAFSA®, sharing information about income and assets.

Merit-based. Merit-based aid takes factors beyond financial need into account. According to the Department of Education, merit-based “means that something is based on a student’s skill or ability.”

Students can qualify for merit-based aid, often referred to as merit-based scholarships, with a variety of factors.

Scholarship money does not have to be paid back — it’s a gift. Merit aid can be a one-time payment, or it could be renewable year after year, depending on eligibility and terms of the aid.

Depending on a student’s financial needs, merit aid could cover part or all of their education costs. It might be just one component of a larger financial aid package.

Merit aid can be awarded for both undergraduate and graduate programs, and could be anything from a couple of hundred dollars for books and supplies to thousands of dollars to help cover tuition.

Recommended: FAFSA Guide

Strategies to Find Colleges that Offer Merit Aid

Not all schools offer merit aid. However, at schools where merit aid is offered, on average 22% of the student body received a merit award from the university, according to U.S. News & World Report. Here are a few tips on finding colleges that offer merit aid.

First things first, when you are creating your list of colleges you’re going to apply to — find out which of those offer merit aid. Knowing up front what options may be available to you is helpful and can be important as you prepare to pay for college.

Then, review the typical financial aid offer at your target schools. Some schools publish information on the percentage of students that receive merit aid and the average merit aid amount. Consider contacting the financial aid office if you have specific questions.

Another strategy to potentially improve your chance of merit aid — apply to schools where you are likely to get in. Since merit aid can be awarded on factors such as GPA, standardized test scores, or curriculum, being in the upper echelon of applicants could help put you at the front of the pack for earning merit aid.

In some situations, scholarship money may go unclaimed. Check out this guide to unclaimed scholarships for more information.

Which Schools Offer the Most Merit Aid?

Here’s what students can expect when it comes to merit aid from schools:

•   Generally speaking, private colleges award more merit aid than public institutions.

•   Ivy league schools don’t grant merit aid. No Ivy League institutions offer merit aid to their students. Other competitive universities, such as MIT, Stanford, and Caltech, don’t offer merit aid either.

•   Some higher-cost colleges may offer more merit aid than others. The cost of attending some schools can send a student into shock. However, some costlier schools will offer more merit-based scholarships. Oberlin College, for example, recently offered 42% of its student body merit-based aid, about $17,000 on average, to offset tuition and fees that have reached nearly $57,000.

•   Out-of-state students might be awarded more merit aid than in-state students at a public college or university. Because of the higher cost of attendance for out-of-state students, public schools may offer them merit aid to be more competitive.

•   Honors programs may offer more merit aid. State school honors programs can sometimes come with tuition discounts, or academic scholarships for students who get into the prestigious programs.

Keeping these trends in mind could help students think more strategically about where they’ll attend college based on the chances of being awarded merit aid from the schools.

How to Apply for Merit Aid

While merit scholarships are often referred to as “free money” when it comes to funding education, there is some work involved. Each scholarship will likely have its own requirements and application process, which might include personal essays, recommendations, and interviews. It’s important to read through each application carefully so it’s filled out without error.

Merit-based aid does not hinge on the financial need of the student or family, so should you submit the FAFSA first? Some colleges require students to fill out the FAFSA in order to be considered for school-based scholarships, including those awarded based on academic merit.

Plus, filling out the FAFSA could help you qualify for other types of financial aid, such as need-based Pell Grants or Direct Unsubsidized Loans. A quick aside to note that federal loans offer benefits and protections not necessarily afforded to private student loans. Since the FAFSA is free to fill out, it’s generally worth taking the time to see what other types of aid you qualify for. If financial aid and merit awards aren’t enough, private student loans could help.

Recommended: Private Student Loan Guide

Generally, you won’t need to fill out the FAFSA as a prerequisite for applying for a private merit scholarship.

If you’re not sure about the requirements at your school, it can be worthwhile to call the college admissions office to see if a financial aid application is required to apply for any merit scholarships at that school.

When evaluating merit scholarships from other private sources, keep in mind that each one may have different application requirements and deadlines. Some deadlines may be as early as a year before college starts.

Finding Merit Aid Awards for College

Colleges and universities award merit aid, but there are many other ways to find scholarships, including private organizations and state-level scholarship search tools and directories.

You can learn about private merit scholarships by using search engines like CollegeBoard.org, Fastweb.com, and Scholarships.com. In addition, it can be helpful to talk to your school guidance counselor and the leaders of any organizations you participate in to suss out merit scholarships.

Consider exploring a few of the following avenues when seeking merit aid opportunities:

•   Local groups. Local clubs or foundations offer scholarships. Community chapters of the Lions Club or Rotary Club offer aid for students seeking higher education. Because there’s a smaller pool of applicants, local merit scholarships may even be less competitive.

•   Cultural organizations. Students from minority backgrounds have an opportunity for specific merit aid. Students of Native American descent, those who identify as LGBTQ, and women might qualify for scholarships.

•   Foundations and nonprofits. The Bill & Melinda Gates Foundation offers full scholarships for those who qualify. Local nonprofits or educational foundations might offer small awards to students as well.

•   Businesses. National companies, such as Google , offer generous merit aid.

•   Niche interests and programs. Students who have an interest or hobby can search for merit aid surrounding it. Everything from greeting card creators to puppetry enthusiasts and promoters of vegetarianism have a chance to capitalize on their passions.

Once a student is granted merit aid, the funding might be directly credited to the school to pay for tuition, room, board, or other costs. Or the aid might come directly to the recipient via check. The size of the awards will vary, but seeking out aid in unexpected places can help drive down the cost of education.

Some Cautions About Merit Aid

Merit aid can be incredibly helpful for students paying for college. But, it’s important to understand the full picture of the merit aid awards you receive. Understand the terms of the aid award, and any ongoing eligibility requirements outlined by the scholarship or grant.

For example, is the award for one year? Or is it an annual award over your college education? If it is a merit award to cover each year of college, are there ongoing eligibility requirements such as maintaining a minimum GPA?

Understanding how and when the merit aid awards you earned are paid out can be important to help you avoid financial surprises, like suddenly losing your merit scholarship, down the road. College students will be facing a lot of financial-firsts on their journey. Take a look at SoFi’s Ca$h Course: A Student’s Guide to Money with even more tips and strategies on managing your finances through college.

The Takeaway

A pot brimming with billions of dollars in college merit aid sits waiting every year. Stellar students and athletes come to mind as popular recipients, but merit scholarships are awarded based on other talents, too. To apply, deadlines and details require attention.

Merit aid might just be a piece of the puzzle, depending on the size and terms of the scholarship. Once federal and merit aid options have been exhausted, an undergraduate private student loan may help bridge any gaps.

Private student loans from SoFi offer competitive interest rates for qualifying borrowers, and have no fees, and flexible repayment plans. With an all-online application, SoFi private student loans come with membership benefits and resources.

A SoFi private student loan might merit a look.

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Editor's Note: For the latest developments regarding federal student loan debt repayment, check out our student debt guide.

Wondering what to do about your undergraduate school loans before starting graduate school? There are several options to consider, including deferment and refinancing college student loans.

Some grad students defer loan repayment while enrolled in school or refinance college student loans before starting a graduate program. As with your undergraduate student loans, the right choice for you will depend on a range of factors, such as whether you have federal or private student loans as well as how you plan to pay for grad school. Here’s an overview of the pros and cons of graduate school loan refinancing.

Grad School Student Loans

Before considering whether you should refinance your college student loans, it may be helpful to consider how you’ll be paying for graduate school. The average cost of public, in-state tuition for graduate school was $12,410 for the academic year 2019-2020, according to the National Center for Education Statistics. For a private institution, that number more than doubles to $26,597. In fact, graduate student loans account for 40 percent of federal student loans, according to The Center for American Progress.

You may be eligible for various types of student financial aid, including federal loans and private student loans. You’ll likely want to start by pursuing options such as grants (federal or private) that don’t need to be repaid, work-study programs, and federal loans.

Federal loans offer some benefits and protections, such as fixed interest rates, income-driven repayment plans, and access to forgiveness programs. As a grad student, you can apply for a Direct Unsubsidized Loan and Direct Grad PLUS Loan. (Direct Subsidized Loans are only an option for undergrads.) If federal options don’t cover what you’ll need to pay for grad school, private loans may be an option. Here are the most common grad school student loans.

Recommended: How Do Student Loans Work?

Direct Unsubsidized Loans

With federal Direct Unsubsidized Loans, students enrolled at least part-time can access financing at a fixed interest rate. Unlike Direct Subsidized Loans, the government doesn’t pay for accrued interest while you’re in school, during the loan’s grace period, or if a loan is in deferment. This means you’re responsible for repaying all interest charges that incur.

Although you can choose not to pay interest while you’re in school and during periods of deferment, the accumulated interest will capitalize. Capitalized interest means the unpaid interest charges are added to your principal balance, so that when you start making student loan payments, you’ll pay interest on a larger balance.

Your school will determine how much in Direct Unsubsidized Loans you can borrow each academic year, up to the maximum of $20,500. (Students enrolled in certain health profession programs may be eligible for additional loan amounts.) Any existing undergraduate federal loans you have will count toward the $138,500 aggregate federal loan limit for grad students and may affect the amount you’re able to borrow.

Direct Grad PLUS Loans

Graduate and professional students enrolled at least half-time can also look into federal fixed-rate Direct Grad PLUS Loans if they need more funding. Direct PLUS Loans are the only federal loan program that require a credit check.

Like Direct Unsubsidized Loans, you’re fully responsible for all interest charges that accrue. You also have the option to let interest charges capitalize on the account if you choose not to make interest payments while you’re in school or during deferment.

The maximum you can borrow through a Direct Grad PLUS Loan is the cost of attendance minus any existing financial aid you’ve received.

Private Student Loans

Private student loans offer non-federal funding from a private institution, like a bank, online lender, college, or credit union.

Private student loans can come with fixed or variable interest rates, and eligibility criteria and terms differ between lenders. Graduate students who’ve built a positive credit history might qualify for more competitive rates. Students with adverse credit — or those applying to grad school who haven’t graduated college yet — might require the help of a cosigner to qualify.

If you’re considering a private student loan, always compare multiple offers from different lenders to find the lowest rate for you.

Do You Have to Pay Undergraduate Loans While in Graduate School?

If you have federal student loans and you’re enrolled at least half-time at an eligible school, you can opt to defer payment on your loans while you’re in graduate school.

In-school deferment for a federal loan is typically automatic after your school reports your enrollment status. Expect to receive a notice from your loan servicer that your loans are in deferment. If your loans aren’t automatically placed on deferment, ask your school to report your enrollment status.

Keep in mind that if you defer federal loan payments while you’re in school, interest on deferred Direct Unsubsidized Loans from your undergrad years will continue to accrue and capitalize. You also won’t make any progress toward loan forgiveness, if you plan on participating in programs like Public Service Loan Forgiveness.

Choosing when to pay back student loans and whether to take advantage of federal loan deferment is a personal decision that depends on your individual financial situation.

If you borrowed private student loans while pursuing your undergraduate degree, you’ll need to contact your lenders about your options. Not all private lenders offer in-school deferment and eligibility may vary.

Recommended: Examining How Student Loan Deferment Works

Should I Refinance Before Grad School?

If you only have federal Direct Subsidized Loans, you don’t need to make payments while in school and, since interest doesn’t accrue, it won’t make sense to refinance. If you have Direct Unsubsidized or private student loans, however, refinancing college student loans might help lower your monthly obligation by extending your loan term or lowering your interest rate.

Keep in mind if you refinance a federal loan with a private lender, you’ll lose access to federal protections and benefits. And extending your term may mean that when you start making payments, you may pay more interest over the life of the loan and will be in debt longer. To find the choice that’s right for you, it’s helpful to look at the pros and cons of graduate school loan refinancing.

Refinancing College Student Loans, Explained

A student loan refinance lets you put one or multiple student loans, federal and/or private, into a new loan — ideally, with a lower interest rate. This loan is provided by a private lender, and it will pay off your original student loans in full. In turn, you’ll repay the lender under the new refinance loan which can be at a fixed or variable rate, as well as a different repayment term. As mentioned earlier, if you refinance a federal loan with a private lender, it will no longer be eligible for federal benefits and protections.

If your goal is to reduce the monthly loan payments for private and/or unsubsidized loans while you’re in grad school, for example, you might consider extending your term to make smaller payments over time.

Pros of Refinancing Before Grad School

Refinancing is a repayment strategy that offers some advantages.

Lets You Change Your Loan Term

When you refinance, you can change the specific repayment terms of your original undergraduate loan — electing, for example, a 10-year term instead of a five-year one (again, this may result in your paying more interest over the life of the loan.)

Allows for a Reallocation of Your Monthly Budget

A longer term reduces your monthly payment amount. As a grad student, freeing up money upfront can help pay for graduate school expenses, like textbooks, lab equipment, and fees.

Simplifies Repayment for Two or More Undergraduate Loans

Student loan refinancing helps simplify your repayment experience. Instead of managing payment amounts and due dates for multiple undergraduate loans, a student loan refinance results in one monthly payment and one due date to remember.

Cons of Refinancing Before Grad School

Although there are advantages to refinancing college student loans, there are downsides, too.

You may pay More Interest Over Time

Again, an extended repayment term may result in paying more interest over time, and paying more toward your education loan overall. It also prolongs the amount of time you’ll be in debt.

You’ll Lose Access to Federal Loan Forgiveness

Refinanced federal student loans won’t be eligible for forgiveness or other current or future federal loan benefits. This applies to all refinanced student loans, regardless of whether they originated as a federal loan.

Recommended: Can Refinanced Student Loans Still Be Forgiven?

Some Refinance Lenders Don’t Offer Academic Deferment

If you originally had federal loans from your undergrad, you’ll no longer receive automatic in-school deferment after refinancing. Although some lenders, like SoFi, offer eligible members in-school deferment, not all lenders do. This means you might be required to continue refinance payments while you’re studying for your grad program.

Pros: refinancing college student loans	Cons: refinancing college student loans
Extending your loan term can help lower your monthly payment.	Extending your student loan term means paying more interest over time.
Monthly savings can be put toward graduate expenses today.	Refinancing a federal loan means losing access to student loan forgiveness programs.
You can simplify repayment for multiple undergraduate loans into one new loan.	Not all refinance lenders offer in-school deferment while you’re in grad school.

Refinancing Student Loans With SoFi

If you’ve decided to refinance your student loans, comparing a few different lenders can help you find the right fit for your needs. SoFi’s student loan refinancing offers flexible terms, no fees, no prepayment penalties — and you can view your rate in 2 minutes.

Learn more about a SoFi student loan refinance today.

FAQ

Can you refinance student loans before graduation?

Yes, you can technically apply for a student loan refinance at any time. But proceed with caution when refinancing federal loans. Doing so removes you from the federal loan system and you’ll lose access to income-driven repayment plans, loan forgiveness, and other federal loan benefits and protections. Also, for Direct Unsubsidized loans, there is a six-month grace period after graduation, when payments aren’t due yet.

If I go to grad school, can I defer my loans?

Yes, you can defer federal student loans as long as you’re enrolled at least half-time in grad school. However, if your federal student loans aren’t Direct Subsidized, the interest may still accrue.

Do undergraduate loans affect grad school student loans?

Yes, for federal loans, undergraduate loans count toward the $138,500 aggregated loan limit that graduate students are allowed to borrow. Your available federal loan funds toward grad school might be limited, based on how much you borrowed as an undergraduate student.

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

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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