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Working while in college is a big decision, and it comes with both rewards and challenges. On one hand, having a job can help you gain financial independence, build valuable skills, and expand your professional network. On the other hand, it can also add stress, take time away from studying, and limit your social life.

If you’re debating whether or not you should get a job in college, it’s important to carefully weigh both the benefits and drawbacks. Here’s a look at how the pros and cons stack up, plus some important factors to consider when looking for a college job.

Pros of Working While in College

There are several reasons to consider working while in college. Some of the key benefits include:

•   Extra cash for discretionary expenses: Even if your education is entirely funded through financial aid, you can’t use that money for fun things, like streaming services, concerts, road trips, and social events. Money earned from a part-time job, however, can go right into your student bank account and is yours to spend freely.

•   Reduced debt: Given the high cost of tuition and other college expenses, many students turn to federal and private student loans to fill in funding gaps. Earning money through a part-time job or flexible side hustle can help cover your expenses and lessen your reliance on loans, allowing you to leave school with less debt.

•   Work experience and skill development: Holding a job while in college can provide valuable work experience that can enhance your resume. You can develop skills such as time management, communication, teamwork, and problem-solving, which tend to be highly valued by employers. Gaining work experience early can also give you a competitive edge when entering the job market after graduation.

•   Networking opportunities: No matter how many hours you work each week, having a job in college can help expand your professional network. Part-time jobs, internships, and on-campus positions often give students the opportunity to connect with professors, employers, and colleagues who may be able to provide job opportunities or career guidance in the future.

Cons of Working While in College

While working during college comes with financial and other benefits, there are some potential drawbacks to consider:

•   Impact on grades: There are all kinds of ways to earn extra cash as a student. But time spent working is time you can’t spend on your school work. If you work too much and don’t allocate enough time to complete your homework, school projects, and/or study for tests, you might notice your grades starting to slip.

•   Less time for socializing and other activities: College is not only about academics but also about building friendships and gaining new experiences. While you may meet new people through a job, you may find yourself working evenings and weekends — prime socializing time with your classmates. A demanding job can also limit your ability to get involved in extracurricular activities, which is another important aspect of college life.

•   Increased stress and fatigue: Balancing work and school can be stressful. Long hours at work, combined with academic responsibilities, can lead to burnout and exhaustion. If not managed properly, this stress can negatively affect your mental health and well-being, and take a toll on your work performance and academic success.

•   Impact on future financial aid: While money earned through work-study programs can’t impact your financial aid, any other income you earn needs to be reported when you file your Free Application for Federal Student Aid (FAFSA). If you bring in more than $11,000 from working while you’re in college (from non-work-study jobs), it could potentially affect your financial aid package in future years.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Things to Consider If You Decide to Work While in College

If you feel the pros of working while in college outweigh the cons, here are some important factors to keep in mind when searching for a job, as well as deciding on how many hours you should work as a student.

Work Schedule Flexibility

A flexible work schedule is important when you’re balancing school and employment. The best jobs for students generally offer adjustable hours and/or allow you to alter your schedule each semester as your class schedule changes. Work-study programs (which may be offered as part of a financial aid package) can be ideal, since they are designed to work around a student’s schedule, allowing you to prioritize class time and study time.

Impact on Academics

If you think a particular part-time job could have a negative impact on your academic performance, you’ll want to think carefully before applying. This is particularly important if you have a scholarship that depends on maintaining a certain grade point average. Losing merit money would likely negate any of the financial benefits of working while in school.

Type of Job

Not all college jobs provide equal benefits for college students. Some roles, such as internships or on-campus jobs, may align with your academic and career goals and offer valuable experience. Others may be unrelated to your field of study but come with other perks, like allowing you to do some studying while you’re on the job or generally being low stress. When considering different employment options, you’ll want to weigh all the pros and cons.

Recommended: 15 Side Hustles With a Low Startup Cost

Campus Resources

Your college or university may offer a number of resources to help you find part-time work, particularly jobs that pair well with being a part- or full-time student. Consider tapping your school’s career center, student employment office, and your college advisor for guidance on job opportunities, as well as time management strategies that can help you juggle working with being a student.

Stress and Time Management

Before you commit to working a set number of hours each week, you’ll want to assess how much time you realistically have to devote to working. Be sure to factor in classes, homework/studying, extracurricular activities, and (yes) downtime. Also consider how stressful the role might be. Generally, the best jobs for college students are low-pressure positions that don’t require checking your email outside of working hours.

While working may be financially helpful, understanding your personal limits and avoiding overcommitment is essential to maintaining overall well-being while you’re in college.

Logistics

If you live on campus and don’t have access to a car, you may want to limit your job search to employers located on or near campus, or you might look into remote job opportunities. If you need to expand your search to jobs that require public transportation, keep in mind that transit time will cut into the time you have for studying and other activities.

The Takeaway

Working while in college has a number of benefits, including financial rewards, job experience, skill development, and building a network you may be able to tap after you graduate. But having a job while you’re in school also has some downsides, including added stress and less time for studying, extracurricular activities, and socializing.

Ultimately, the decision to work while in college will depend on your individual circumstances and goals. With careful planning and time management, students can often successfully navigate both work and academic responsibilities, setting themselves up for success both in college and beyond.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How many hours a week should a college student work?

The number of hours a college student should work depends on individual circumstances, academic workload, and financial needs. Generally, experts recommend working no more than 15 to 20 hours per week to ensure your academic performance isn’t negatively affected. Part-time jobs with flexible schedules can help students maintain a healthy balance between work and school.

Is it common to work while in college?

Yes, it is common for college students to work while pursuing their degrees. Many students take on part-time jobs, internships, or work-study positions to support themselves financially and gain work experience. According to the most recent U.S. Bureau of Labor Statistics, about 81% of part-time undergraduate students and 42% of full-time students in the U.S. work while they are in school.

What are common jobs for college students?

There’s a wide variety of jobs for college students. Work-study programs typically offer students on-campus jobs, such as being an assistant in a library, administrative office, or lab. Many students also find employment off campus. Common off-campus jobs include being a barista, cashier, restaurant server/host, retail sales associate, receptionist, line cook, and childcare provider. Remote jobs, such as social media management or online tutoring, are also popular among students looking for flexibility.

Photo credit: iStock/ferrantraite

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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SOBNK-Q125-003

If you need extra cash to cover college expenses but you don’t have time for a regular part-time job, you might want to pursue a side hustle. Unlike a traditional college job, a side hustle gives you a fair amount of control over what you do, when you do it, and how much time you spend doing it.

Whether you need a flexible schedule or prefer remote work, there are plenty of opportunities to earn money without significantly disrupting your studies. Here’s a look at some of the best side hustles for college students, including key details like the job’s income potential, costs, and ease of entry.

1. Driving for a Rideshare App

If you enjoy driving and have a reliable four-door vehicle, you might consider transporting people from one place to another through Uber or Lyft. This is a flexible side hustle for students, since you can drive as little or as much as you’d like and work around your classes.

To earn extra money this way, however, you’ll need to meet some basic requirements: To drive for Uber, you need at least three years of driving experience if you’re under age 25; to drive for Lyft, you need to be 25 or older. There are also costs involved with this gig, including gas and car maintenance, which can reduce how much actual profit will land in your student bank account.

Average income: $19 per hour

Costs: Gas, maintenance, insurance, and vehicle depreciation

Remote vs. in-person: In-person

Ease of entry: Moderate (must meet driver requirements and have a qualifying vehicle)

Platforms: Uber, Lyft

2. Delivering Food or Groceries

If you’re not wild about having strangers in your car, you might prefer delivering meals, groceries, or other items through a delivery app like DoorDash, Grubhub, or Instacart. For this college side job, you don’t necessarily even need a car. Some delivery apps allow you to make deliveries by bike or scooter, which can reduce your out-of-pocket expenses.

When you work for delivery apps, you generally get paid per order and can keep your 100% of your tips. One way to potentially boost your earnings is to work for multiple apps at the same time.

Average income: $18 per hour

Costs: Gas, vehicle maintenance, and sometimes insulated delivery bags

Remote vs. in-person: In-person

Ease of entry: Easy (for driving you’ll need a valid driver’s license and a reliable vehicle)

Platforms: DoorDash, Uber Eats, Instacart, Grubhub, Shipt

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3. Dog Walking

If you love dogs and being outside, dog walking can be a good side hustle while you’re in college. If you can find enough clients in a close radius, you might be able to walk several dogs each day in between classes.

Dog walking apps like Rover or Wag make it easy to get started by giving you access to an existing pet-owner network. These apps also allow you to set your own rates and schedule. The downside is that there are typically startup fees, and the app will take a cut of your earnings (anywhere from 20% to 40%). Alternatively, you could start your own dog walking service and drum up business through flyers, word of mouth, social media posts, and/or a website.

Average income: $17 per hour

Costs: Minimal (leashes, treats, or pet waste bags if not provided by owners)

Remote vs. in-Person: In-person

Ease of entry: Easy (some experience with dogs is beneficial)

Platforms: Rover, Wag, Fetch!

Recommended: 15 Low-Cost Side Hustles

4. Pet Sitting or House Sitting

Instead of dog walking, you might pick up work as a pet sitter through apps like Wag and Rover. This generally involves being with the pet for longer stints than dog walking and doing additional tasks, such as feeding pets, playing with them, and giving them medication.

Housesitting is another potential side hustle for college students. When people travel, they may hire someone to stay in their homes, water the plants, get the mail, put out the trash cans, etc. while they’re away. This can be an easy way to earn money with minimal effort. It can also be a nice break from living in the dorms. Some jobs combine house sitting with pet sitting.

Average income: $16-$17 per hour; $50-$100 per day (for live-in)

Costs: Minimal (transportation, possible background checks)

Remote vs. in-person: In-person

Ease of entry: Easy (trusted references and experience can help)

Platforms: Wag, Rover, HouseSitter.com, TrustedHousesitters, House Sitters America

5. Babysitting

If you’re good with kids, babysitting can be a good side hustle for college students. Child care positions generally pay well, particularly if you have babysitting experience or special certifications, like CPR. These gigs may also allow time for studying while the kids are sleeping or doing homework.

You can find nearby babysitting gigs on sites like Care.com and Sittercity. Another option is to market your services by networking and/or posting flyers on bulletin boards where parents of young children tend to go, such as a local coffee shop, gym, or library.

Average income: $18 per hour

Costs: Minimal (transportation, potential background check fees)

Remote vs. in-person: In-person

Ease of entry: Easy (experience with children is helpful, and CPR certification can increase opportunities)

Platforms: Care.com, Bambino, UrbanSitter, Sittercity

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

6. Resident Advisor (RA)

Resident advisors (RAs) are an important part of college dorm life. They serve as mentors to new students, host events and activities on their floor, and help resolve student conflicts. In some cases, RAs get paid a flat salary or stipend. But more commonly they receive compensation in the form of free room and board which typically includes a single-occupancy room, for the duration of their RA appointment.

To become an RA, you generally need to complete an application, interview, and training. You also typically need a certain minimum GPA and have spent one year living on campus.

Average income: Stipend or free housing (varies by school)

Costs: None

Remote vs. in-person: In-person

Ease of entry: Moderate to difficult (requires an application, interview process, and often prior dorm experience)

Platforms: University housing departments

7. Cleaning, Yard Work, and Odd Jobs

If you’re willing to put some muscle into your college side hustle, there’s a wide range of gigs you might be able to get, including yardwork, housekeeping, painting houses, running errands, and assembling furniture. This type of work offers a lot of flexibility, making it a good way to earn extra cash when you have gaps in your schedule. You can advertise your services on your own (family members, friends, and neighbors can make great initial clients) or find work through an app like TaskRabbit or Care.com.

Average income: $18 per hour

Costs: Minimal (cleaning supplies or tools if not provided)

Remote vs. in-person: In-person

Ease of entry: Easy (can start by offering services to neighbors or through gig apps)

Platforms: TaskRabbit, Thumbtack, Angi Services, Handy, Care.com (housecleaning only)

8. Tutoring

If you excel in a particular subject, tutoring can be a lucrative and flexible side job for college students. Potential clients might include peers who are taking a class you already aced and high schoolers looking for help with their classwork or prepping for a test like the SAT or ACT.

To get started, you might advertise your services through fliers, word of mouth, and social media. Alternatively, you could apply to work through a tutoring platform like Wyzant or Varsity Tutors. Either way, tutors can typically set their own rates and availability and have the option to work in-person or virtually.

Average income: $20 per hour

Costs: Minimal (teaching materials, advertising)

Remote vs. in-person: Both

Ease of entry: Moderate (requires expertise in a subject and possibly certification for some platforms)

Platforms: Tutor.com, Wyzant, Varsity Tutors, TutorMe

Recommended: Benefits of a Side Hustle

9. Freelancing Online

Freelancing offers numerous opportunities for students skilled in writing, graphic design, programming, marketing, or other creative fields. It’s also one of the best remote side hustles available.

If you’re new to freelancing, sites like Upwork and Fiverr may be your best bet for finding work. Just keep in mind that competition for jobs on these platforms tends to be fierce, and rates may be lower than what you might get on your own. Alternatively, you can also use word of mouth, social media, and a website to market your creative services.

Average income: $48 per hour

Costs: Minimal (may need software subscriptions, portfolio, website)

Remote vs. in-person: Remote

Ease of entry: Difficult (some fields are highly competitive)

Platforms: Upwork, Fiverr, Behance, Freelancer.com, FlexJobs

The Takeaway

Balancing work and school can be challenging, but the right side hustle can make it possible to earn extra money without too much interference with your studies. Some of the best side hustles for college students include driving for a rideshare or delivery app, walking dogs, babysitting, tutoring, freelancing online, and picking up odd jobs like painting or assembling furniture.

As you start making money from your side hustle, you’ll need a great place to deposit it. To make the most of your earnings, be sure to look for a bank account that charges minimal or zero account fees and offers competitive interest – even on checking.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Photo credit: iStock/Maksym Belchenko

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party 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.

SOBNK-Q125-002

Most students are eligible to receive some type of financial assistance to help pay for college or a trade or vocational school. But the criteria for student loan borrowers varies, depending on the type of financing they apply for, and a borrower can be denied student loans if they don’t meet certain requirements.

Read on to find out why a student loan application might be turned down and what you can do if a student loan is denied.

Student Loans Explained

As the cost of college continues to rise, many students need to take out student loans to pay for college tuition, room and board, and other education expenses.

There are two main categories of student loans borrowers can choose from to help cover their costs:

•   Federal loans offered by the U.S. federal government

•   Private loans provided by banks, credit unions, and online lenders.

Federal Student Loans

Most borrowers (about 92%) take out federal loans. Federal student loans are generally easier to qualify for, and they come with more benefits and protections than private loans do. The interest on federal loans is fixed and generally lower than that of private loans. And if you demonstrate financial need, the government will pay the interest on some federal loans while you’re in school.

The types of federal student loans include Direct Subsidized Loans and Direct Unsubsidized Loans, and Direct PLUS loans for parents taking out money for a child’s education (known as Parent PLUS loans) and graduate or professional students (referred to Grad PLUS loans).

Private Student Loans

There are limits on how much students can borrow each year using federal loans, which is why they may turn to private student loans to fill the gap in their college funding. Students can use private loans to pay for tuition, fees, housing, books, and education-related supplies.

The interest rate on private student loans may be fixed or variable, and unlike federal loans, a credit check is required for a borrower to qualify. If a college student doesn’t have a strong enough credit history, they may need a cosigner on the loan for approval and to get a competitive interest rate. Keep in mind, though, if the rate you get is high, you can consider student loan refinancing in the future when you may be able to qualify for a lower rate and more favorable terms.

There are even opportunities for refinancing for international students.

Can You Get Denied for Student Loans?

If you’re wondering, why can’t I get a student loan?, the answer is that you can be denied student loans if you don’t meet certain eligibility criteria.

With federal student loans, there are some standard qualifications that all applicants must satisfy, including being accepted or enrolled in an eligible degree program and maintaining your grades.

The requirements for private student loans are determined by each lender. Private lenders tend to focus on an applicant’s creditworthiness and ability to repay the loan. If your credit history is not strong enough, you could be denied a student loan.

Do I Qualify for Student Loans?

Eligibility for getting a student loan depends on whether you’re applying for a federal or private loan. Here are some of the basic qualifications that need to be met.

Standard Federal Loan Qualifications

In order to be considered for a federal student loan, you must first fill out the Free Application for Federal Student Aid (FAFSA). Federal student loan applicants need to meet a number of basic eligibility requirements, including:

•   Having a high school diploma or equivalent certificate to show you’re qualified to obtain a college or career school education

•   Being a U.S. citizen, a U.S. national, or an eligible noncitizen with a green card

•   Arrival-Departure Record (I-94), battered immigrant status, or T-visa

•   Having a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau)

•   Being accepted for enrollment or enrolled as a regular student in an eligible degree or certificate program

•   Maintaining satisfactory academic progress based on the standards of your school

•   Providing consent and approval to have your federal tax information transferred directly into your FAFSA form.

•   Signing the certification statement on the FAFSA form stating that you are not in default on a federal student loan, don’t owe money on a federal student grant, and will only use federal student aid for educational costs

•   Demonstrating financial need to get some types of federal loans such as Direct Subsidized Loans.

Private Student Loan Qualifications

Private lenders typically require borrowers to have a strong credit history or a qualifying cosigner, and they may ask for proof of income. Here are some of the requirements you can expect when you apply for a private student loan:

•   Applicants must typically be at least 18 and U.S. citizens or permanent residents. Some lenders may consider international students if they have a willing cosigner who is a U.S. citizen.

•   A specific minimum credit score. While each lender has different requirements for a borrower’s or cosigner’s minimum credit score, an acceptable score is typically around 650. The higher the score, the more likely it is that you’ll be offered a lower interest rate and better loan terms.

•   Students must generally be enrolled full- or half-time at an accredited institution.

What to Do After Being Denied Student Loans

If your application for a federal or private student loan is denied, don’t panic. There are steps you can take to help get the necessary funds for your education.

1. Understand Why You Were Denied

If you were denied a federal student loan, reviewing your FAFSA Submission Summary, formerly known as the Student Aid Report (SAR), can help you determine the reason. Use it to check your application for errors and then make any necessary corrections. You can find your Submission Summary on the dashboard of your StudentAid.gov account after your FAFSA has been processed.

If a private lender denied your student loan application, you should receive a notice explaining why you were not approved. The Equal Opportunity Credit Act (ECOA) requires that when a creditor takes “adverse action” against an applicant, it must provide a notice with specific and accurate reasons why.

For both federal and private loans, if the denial was based on incorrect or missing information, you may be able to file an appeal. Consult the financial aid office at your college for information about the appeals process for federal student loans, and talk to your lender about how to appeal a private loan denial.

2. Wait and Apply Again

If you were denied a private student loan based on your credit history, you may want to add a cosigner and reapply. Or you could apply again after you’ve had a chance to build your credit.

If you applied for a federal loan and were denied, identify the reason for the denial and try to fix it. For example, if your GPA is low, work on improving it.

In the meantime, you can seek out other forms of financial aid, such as scholarships and grants.

Apply to Multiple Lenders

Private lenders often have different criteria for student loans, so shop around for the best terms. You can check the loan requirements, interest rates, and other loan terms and conditions from various lenders.

You can also prequalify online with multiple lenders to see what rates and terms you can get. Then you can pick the lender that offers the terms most suitable to your situation.

Private Student Loans with SoFi

If you’ve received federal financial aid and still have a funding gap for college, or if you were denied a federal loan, you might decide that a private student loan is right for you. SoFi offers private student loans you can quickly and easily apply for online. You can add a cosigner (or not) and choose a fixed or variable interest rate. Loan repayment plans are flexible, so you can select the option that works best.

SoFi also can help if you’re looking to refinance your student loans, ideally for a lower interest rate and better terms, if you qualify, which may help you manage your monthly loan payments. Just be aware that if you refinance federal loans, you’ll no longer have access to federal benefits and protections.

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

FAQ

What can I do if my student loan is denied?

If your student loan is denied, find out the reason you weren’t approved. If the denial was due to incorrect information, you may be able to appeal the decision to your college’s financial aid office for a federal loan or to the lender for a private loan. If the denial was issued because you didn‘t meet specific lending requirements, fix the problem then reapply. And if the loan was denied because of your credit, you could add a cosigner with strong credit and then apply again.

Can a refinance be denied?

Yes, a student loan refinance can be denied if you don’t meet a private lender’s specific refinancing eligibility criteria for your credit score, income, or debt-to-income ratio, among other factors.

Can you be denied student loan consolidation?

If you’re in the process of repaying your loans or in the grace period after graduation, most federal student loans are eligible for Federal Direct Consolidation. If you want to consolidate a defaulted loan, however, you must make satisfactory repayment arrangements, which means three consecutive monthly payments, or agree to repay your new Direct Consolidation Loan under an income-driven repayment plan.

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SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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 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.