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Attending community college can often be a much more affordable choice than going to a four-year public or private university. Students and their parents can save money both on tuition as well as travel and living expenses, especially if the student lives at home. This can translate into taking out smaller student loans and paying them off sooner after graduation.

Going to a community college also comes with other benefits. Here’s a closer look at why a college-bound student might consider choosing a community college.

What Is a Community College?

A community college, also known as a junior college or two-year college, provides a two-year course of study that either ends with an Associate of Arts (AA) or Associate of Science (AS) degree. Alternatively, it can provide the equivalent to the freshman and sophomore years of a four-year college, since credits can typically be transferred and used toward a bachelor’s degree.

Community colleges are located throughout the U.S. and come in varying sizes. You can find large community colleges with multiple campuses in urban and suburban areas, as well as small community colleges in rural settings.

Many community colleges also have technical and vocational programs with close links to local high schools, community groups, and employers.

Benefits of Attending a Community College

Here’s a look at some of the advantages of going to a community college vs. a four-year college or university.

A Smoother Transition

The transition from high school to college can be challenging, but attending a community college can be easier for some people.

Community college classes are generally smaller and less intimidating. If you prefer smaller class sizes and not having to walk across a large campus daily with thousands (or tens of thousands) of students, then a community college may feel less overwhelming.

Transferring to a four-year college could also be easier for students who have taken classes from a community college.

If you are thinking about using community college as a stepping stone to a four-year school, you may want to find out if the school has a transfer relationship with any four-year colleges, and what GPA and grades are needed to successfully transfer.

If the school doesn’t have a relationship with a college you’re considering, you’ll want to make sure that the credits earned will count at that college.

Flexibility

One reason that many students opt for community college is the flexibility. You can typically take as many classes as you want, and it can vary from semester to semester.

Community colleges also give students the option to enroll when they want, unlike four-year universities, where you typically need to enroll by early fall.

Rolling admissions give students more flexibility in planning their studies, especially if they are working part time or need to save money to pay for tuition and books. The community college website will include key deadlines and requirements, such as transcripts from high school or another college, and any prerequisite classes.

The schedules at community colleges also tend to be more flexible, often allowing a student to work during the day and take classes in the evening.

A Possible Bachelor’s Degree

A growing number of states are allowing some community colleges to offer bachelor’s degree programs. This means students do not always have to transfer to another college after taking classes the first two years. While many of the degrees are focused on a particular industry or skill, community colleges are adding more degree options.

Obtaining a four-year degree at a community college could save a student the time of researching other universities and colleges, transferring credits, having to move, and potentially accruing more student loan debt.

Community colleges are updating the type of degrees offered to meet the needs of the workforce and often include ones in information management, nonprofit management, and health care.

Recommended: A Guide to Choosing the Right College Major

Price Tag

Community college tuition is typically significantly lower than tuition at public and private universities. Some states even offer free community college.

According to the Education Data Initiative, the average cost of tuition at an in-district community college is $3,598 per year. For out-of-state students, the average community college tuition is $8,622.

For comparison, yearly tuition at a public university averages $11,260 (for in-state students) and $29,150 (for out-of-state students). The average student at a private college or university spends a total of $41,540 on tuition and fees.

Even if you don’t live at home while attending community college, you may be able to find housing that is less costly than living in a dorm or an off-campus apartment in a college town. Plus, taking classes at a nearby community college gives you the flexibility to work part time and earn some income you can use to cover your college expenses.


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Financing a Community College Education

You can cover the cost of community college (and potentially two additional years at a traditional college after that) using a combination of savings, help from family, financial aid, and loans.

A great first step is to fill out the Free Application for Federal Student Aid (FAFSA), which will let you know if you are eligible for financial aid, which includes grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized).

You can also help pay for your community college tuition by working at a part- or full-time job while taking classes in the evenings.

If you still have gaps in funding, you may want to look into getting a private student loan. These 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 Public Service Loan forgiveness — that automatically come with federal student loans.

The Takeaway

Community college can be an affordable, flexible, and convenient way to pursue higher education. The average cost is less than $4,000 a year for in-district tuition, which can make it a valuable choice for many students. However, students may still need help making ends meet financially, which is where federal and/or private student loans can help.

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 are the pros of going to community college?

Community colleges can provide affordable, flexible educational options, often with smaller class sizes. Credits may be transferable should a student choose to pursue a degree at a four-year institution.

Is it better to go to a university or a community college?

Finding the right fit will depend on a student’s needs. In general, a four-year college or university will provide deeper training and greater career readiness than a community college. However, community colleges can be flexible and affordable ways to pursue a degree after high school.

What are the cons of a community college?

Possible cons of going to a community college include more limited paths of study, less preparation for careers, and less sense of community and bonding with classmates and professors as you work toward graduation.

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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.

Over the past few decades, the cost of earning a college degree has soared. For the 2024-25 academic year, the average cost of attendance was roughly $30,000 at in-state public universities, $49,000 for public universities out of state, and $63,000 at private colleges, according to the College Board.

Those figures can feel overwhelming to many families. Fortunately, financial aid can make higher education far more affordable. Generally speaking, there are two main types: gift aid and self-help aid.

Gift aid is financial assistance that typically does not have to be paid back. This includes grants and scholarships, which may be awarded based on financial need or merit. Self-help aid, on the other hand, includes work-study opportunities and loans. It’s referred to as self-help because the student is responsible for taking action, either by working for wages or repaying borrowed funds.

Understanding the differences between these two types of aid can help you make smarter financial decisions for your education. Here, we’ll walk you through how each type of financial aid works, their pros and cons, and how to qualify.

What Is Gift Aid?

Gift aid refers to financial assistance awarded to students that generally does not require repayment. Gift aid can come from various sources — federal or state governments, colleges, private organizations, nonprofit foundations, and even employers.

Here’s a look at the two main types of gift aid:

Grants

Government agencies, private organizations, and colleges award grants to both undergraduate and graduate students, typically based on financial need. Award amounts, eligibility requirements, and application processes vary depending on the grant.

The largest federal grant program available to undergraduate students is the Pell Grant. For the 2025–26 award year, the maximum Federal Pell Grant is $7,395. Other federal grants include the TEACH Grant (for students who want to pursue a teaching career) and Federal Supplemental Educational Opportunity Grant (for undergraduate students with exceptional financial need).

There are also state-specific grants and institutional grants. You generally apply for grants by filling out the Free Application for Federal Student Aid (FAFSA®).

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Scholarships

There are thousands of scholarships available to help students pay for college. They are offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.

Scholarships are often awarded based on merit, such as academic achievement, athletic ability, artistic talent, leadership qualities, or a specific field of study. Some scholarships are based on financial need. There are also scholarships that are geared toward particular groups, such as scholarships for women or students who come from military families.

You can find out about scholarships through your high school guidance counselor and the financial aid office at the school you plan to attend, as well as by using an online scholarship database. “Start researching scholarships early, because gathering the required documents and information to apply takes time, and early deadlines are common for large awards,” advises Brian Walsh, CFP® and Head of Advice & Planning at SoFi.

Pros and Cons of Gift Aid

There are both benefits and drawbacks to gift aid. Here are some to keep in mind:

Pros of Gift Aid

•  No repayment required: You typically don’t have to pay the money back, making it the most financially beneficial type of aid.

•  Reduces long-term debt: Every dollar of gift aid is one less dollar you might need to borrow.

•  Can cover a variety of costs: Depending on the award, funds may be used for tuition, fees, housing, books, and other education-related expenses.

•  Can be renewable: Many grants and scholarships can be renewed annually if you continue to meet the requirements.

Cons of Gift Aid

•  Competitive and limited: Scholarships often have strict eligibility requirements and can be highly competitive.

•  May not cover all expenses: Gift aid often doesn’t fully cover the total cost of attendance.

•  Performance requirements: Some awards require you to maintain a certain GPA, be enrolled full-time, or meet other ongoing conditions.

•  Possible impact on other aid: Receiving large amounts of gift aid can sometimes reduce eligibility for need-based aid.

What Is Self-Help Aid?

Self-help aid includes resources that require either repayment or active participation by the student. Here’s a look at the two main types of self-help aid.

Work-Study Program

The Federal Work-Study Program provides part-time jobs for undergraduate and graduate students with financial need, helping them to earn money they can put towards education expenses. These jobs are often located on campus, but they can also be with off-campus nonprofit organizations or public agencies. Work hours also tend to be flexible to accommodate class schedules.

When you get a work-study job, you’ll earn at least the current federal minimum wage. These earnings will be paid directly to you (unless you request otherwise) and can be used for any expenses, not just tuition.

Students apply for work-study through the FAFSA, which determines eligibility based on financial need. If you’re eligible, work-study will likely be included in your financial aid package.

While work-study can be a great way to earn money and gain work experience, it’s important to note that your earnings will depend on how many hours you can work, and the total award is capped at a certain amount per year.

Federal and Private Student Loans

Student loans are borrowed funds that must be repaid with interest. There are two main types of student loans: federal and private.

Federal student loans are offered by the U.S. Department of Education. These loans generally have lower interest rates and more flexible repayment options. You do not have to start repaying federal student loans until after you graduate, leave school, or change your enrollment status to less than half time.

The main types of federal student loans include:

•  Direct Subsidized Loans: Offered based on financial need, the government pays the interest on these loans while you’re in school at least half-time. There are annual (and total) limits on how much you can borrow.

•  Direct Unsubsidized Loans: These loans are not offered based on financial need, but interest will begin accruing from the moment the loan is disbursed. As with Direct Subsidized Loans, there are annual (and total) limits on how much you can borrow.

•  Direct PLUS Loans: These loans are available to parents of dependent undergraduates and graduate/professional students. Eligibility is based on a credit check, and you can currently borrow up to the full cost of attendance, minus other aid. (Note: Grad PLUS loans are being eliminated as of July 1, 2026.)

Private student loans are provided by banks, credit unions, and other private lenders. A credit check is required, so students typically need a cosigner unless they already have a strong credit history. Private student loans often have higher interest rates and fewer borrower protections than federal student loans. However, they come with higher borrowing limits, which can make them useful for bridging funding gaps if federal aid is insufficient.

💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Pros and Cons of Self-Help Aid

Here’s a look at the advantages and disadvantages of self-help aid:

Pros of Self-Help Aid

•   Accessible to many students: Student loans and work-study programs are widely available.

•   Builds responsibility: Managing work and loan repayment can help students develop time management and budgeting skills.

•   Flexible repayment for federal loans: Federal loans offer options like income-driven repayment, deferment, and loan forgiveness for qualifying borrowers.

•   Work experience: Work-study jobs can build your résumé and help with networking.

Cons of Self-Help Aid

•   Repayment obligation: Loans must be repaid with interest, which can significantly increase the total amount you owe.

•   Potential for debt burden: Borrowing too much can lead to long-term financial strain after graduation.

•   Limited earnings with work-study: Work-study wages are often modest and unlikely to cover major expenses.

•   Time commitment: Balancing work hours with academic responsibilities can be challenging.

Qualifying for Gift Aid and Self-Help Aid

Both gift aid and self-help aid are typically awarded through the college’s financial aid process, and most programs require you to submit the FAFSA each year.

Eligibility for gift aid is often based on:

•   Financial need: Many grants, such as the Pell Grant, are need-based.

•   Academic achievement: Scholarships may require a certain GPA, standardized test score, or other achievements.

•   Special criteria: Some awards are based on factors like major, athletic ability, community service, or demographic background.

How to qualify for self-help aid depends on the type of aid.

•   Work-Study: This is awarded based on financial need as determined by your FAFSA, but also depends on available funding at your school.

•   Federal loans: Students who complete the FAFSA typically qualify for some type of federal student loan, regardless of credit history or income.

•   Private loans: These loans require a credit check, and students without established credit may need a cosigner.

It’s important to meet all deadlines and supply accurate information to maximize your eligibility for any aid.

The Takeaway

When it comes to paying for college, both gift aid and self-help aid can play important roles. Gift aid — grants and scholarships — reduces the cost of college without adding debt, making it the ideal first choice. However, because gift aid alone often doesn’t cover the full cost of attendance, self-help aid like work-study and student loans can help bridge the gap.

A smart approach is to prioritize free money first, then use self-help aid to fill in any remaining needs. Borrow only what you truly need, and be mindful of repayment terms. By understanding your aid options and planning ahead, you can make college more affordable without sacrificing your financial future.

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 is the difference between gift aid and self-help aid?

Gift aid is financial assistance for college that doesn’t need to be repaid, such as grants and scholarships. It’s often awarded based on financial need, academic merit, or special criteria. Self-help aid, on the other hand, requires the student to take action, either by repaying borrowed money (student loans) or working for wages (work-study programs). While gift aid directly reduces costs, self-help aid helps students manage expenses through debt or employment, so it typically requires more responsibility after receiving it.

Do parents who make $120,000 still qualify for FAFSA?

Yes, FAFSA isn’t itself an income-based approval system. It’s simply the application for federal student aid. While high-income households may not qualify for need-based federal grants like the Pell Grant, they can still access unsubsidized federal loans, work-study (in some cases), and merit-based scholarships awarded by colleges that use FAFSA information in their aid decisions.

What is self-help aid for college?

Self-help aid is financial assistance that requires the student to take an active role in covering education costs, either through repayment or work. The two main forms are student loans, which must be repaid with interest, and work-study programs, where students earn money by working party-time jobs, often on campus. Unlike gift aid, which is essentially free money, self-help aid doesn’t reduce tuition costs. Instead, it provides a way for students to manage their expenses.

What are two types of gift aid?

The two main types of gift aid are scholarships and grants. Scholarships are often awarded based on merit, such as academic achievement, athletic skill, leadership, or artistic talent, though some also consider financial need. Grants are typically need-based and come from the federal government, state programs, or institutions. Both scholarships and grants typically do not require repayments, making them highly desirable forms of aid.

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.

Generally, scholarships used to pay for qualified educational costs at an eligible educational institution aren’t considered taxable income. The same goes for any grants used to pay for college tuition and fees.

However, there are some cases in which scholarship or grant money may be taxable. For example, if you have money left over after covering your qualified education expenses and use it for other costs (such as room and board or school supplies not required by your program), these funds typically count as taxable income.

If you or your student received scholarship funding, it can be helpful to know ahead if it will contribute to your tax liability. Here’s what you need to know about identifying taxable scholarships and handling filing requirements.

Scholarships That Are Tax-Free

Students can be exempt from paying taxes on their college scholarships if they satisfy certain criteria. For one, they must be enrolled at an accredited college, university, or educational institution that maintains regular attendance.

Additionally, scholarship funds must be used to pay for qualified education expenses — a determination made by the IRS. Under this definition, qualified education expenses include the following:

• Tuition

• Mandatory fees (e.g., athletic and tech fees)

• Textbooks

• Equipment and supplies (e.g., lab equipment)

When it comes to textbooks, equipment, and supplies, anything that is required by your school to complete coursework would be free from taxes. If you use the funding towards an extra-curricular activity, such as a club or intramural sport, however, the amount you spend would be considered taxable.

If the scholarship is used for a certificate or non-degree program, the entire amount is taxable whether or not funds are used for qualified education expenses.

It’s important to note that any scholarship funds leftover after paying for qualified education expenses would become taxable income.


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Scholarships Considered Taxable Income

How are scholarships taxable? According to the IRS, scholarships used for expenses outside the scope of qualified education expenses must be reported in gross income — making them taxable.

Scholarship funds used for the following costs are considered taxable by the IRS:

• Room and board

• Travel

• Medical expenses

• Optional equipment (e.g., new computer)

But are scholarships taxable income in any other situations?

Scholarships that are awarded in exchange for services like teaching or research, often known as fellowships, are classified as taxable compensation in most cases. Students would have to pay taxes even if their fellowship money is used to pay for tuition and other qualified education expenses.

However, there are a few exceptions when education-related payments could be tax-exempt. Specifically, students do not have to pay taxes on funds received for required services through the following scholarship programs:

• National Health Service Corps Scholarship Program

• Armed Forces Health Professions Scholarship and Financial Assistance Program

• Student work-learning-service programs operated by a work college

Other forms of financial aid could be considered taxable income as well.

Earnings through the Federal Work-Study program are subject to federal and state payroll taxes. If you stay below 20 hours a week while enrolled full-time, you won’t have to pay FICA (taxes for Medicare and Social Security) taxes.

Even Pell Grants — a federal aid program for students with significant financial need — are taxable if they’re not used for qualified education expenses.

Making it Legal: Reporting Taxable Awards

If a college scholarship is considered taxable, the student would need to report the scholarship (or portion of the scholarship) on their tax return.

Some students may receive a W-2 form from the scholarship provider outlining the taxable amount. Otherwise, they may need to calculate and enter the amount on their own tax return.

The student would report any taxable amount of a scholarship, grant, or fellowship as follows:

• If filing Form 1040 or Form 1040-SR, you would include the taxable portion in the total amount reported on Line 1a of your tax return. If the taxable amount wasn’t reported on Form W-2, enter it on Line 8 of Schedule 1 (and attach the form).

• If filing Form 1040-NR, you would report the taxable amount on Line 8 and fill out and attach a Schedule 1.

If you have questions about whether or not any portion of your scholarship money is taxable and how to report those funds on your tax return, it’s a good idea to consult a tax professional for personalized guidance.

How Education Tax Credits Fit in

Students and their family members may be eligible to claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC) if they paid for college and related costs in the past year. Take note that you can’t use both tax credits for the same student in the same year.

To claim either tax credit, you’ll need Form 1098-T from your college. This form shows any reportable transaction for an enrolled student.

To qualify for the AOTC or LLC, you could have paid educational expenses out of pocket or with any type of student loan. Expenses that were paid for by tax-free scholarships are not eligible for a tax credit.

The AOTC and LLC differ in scope and eligibility, so it’s helpful to compare both to see which may apply and provide a greater tax return.

American Opportunity Tax Credit (AOTC)

The AOTC can be used for qualified education expenses — tuition, fees, textbooks, and necessary supplies — for a student’s first four years of college.

The maximum credit currently stands at $2,500 a year for eligible students. This is calculated as 100% of the first $2,000 in qualified education expenses paid for an eligible student plus 25% of the next $2,000 in qualified education expenses.

If the AOTC reduces your taxes to zero, it’s possible to have 40% of the remaining credit (up to $1,000) refunded.

Eligibility for the AOTC is based on the tax filer’s modified adjusted gross income (MAGI). If you’re filing separately, your MAGI must be $80,000 or less to qualify for the full AOTC credit. The threshold is $160,000 for married filing jointly.

It’s possible to receive a reduced AOTC amount if filing separately with MAGI between $80,000 and $90,000 or $160,000 and $180,000 for married filing jointly.

Recommended: 23 Tax Deductions for College Students and Other Young Adults

The Lifetime Learning Credit (LLC)

The LLC can apply to a broader range of expenses than the AOTC. It can be used to claim up to $2,000 for tuition and related educational expenses for undergraduate, graduate, or professional degree courses. Costs of non-degree programs that improve job skills are also eligible for the LLC.

This credit does not have a limit on the number of years it can be claimed on your tax return. However, the LLC has stricter income requirements.

For Tax Year 2024, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return).

You can’t claim the credit if your MAGI is $90,000 or more ($180,000 or more if you file a joint return).


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

Don’t Forget Deductions

If you’re paying interest on a student loan, you may be eligible to deduct up to $2,500 of that interest with the student loan interest deduction. To be eligible, interest payments must be legally obligated and your filing status can’t be married filing separately.

There are also income requirements, which can vary annually, to factor in for the deduction calculation. For the tax year 2024, the filer’s MAGI must be less than $95,000 (or $195,000 if filing jointly) to be eligible for the full $2,500 deduction.

If your MAGI is between $80,000 and $95,000 (or $165,000 and $195,000 if filing jointly), you could qualify for a reduced deduction.

The Takeaway

Scholarships, grants, and fellowships can help make college more affordable. Not only that, the funds you receive typically aren’t taxable.

A general rule is that your college scholarship is tax-free when it is used to pay for “qualified education expenses.” Exceptions include any part of the scholarship or grant you used to pay for supplemental things (not required for a course) or as payment for work or services you performed.

If scholarships, grants, other aid, and federal student loans are enough to cover the cost of your college education, you may want to consider applying for a private student loan. Loan limits vary by lender, but you can often get up to the total cost of attendance. Interest rates may be fixed or variable and are set by 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 plans and deferment or forbearance — that automatically come with federal student loans.

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

FAQ

Are scholarships counted as income for taxes?

Scholarships are generally not taxable if used for tuition, fees, books, and supplies. However, any portion used for room, board, or other expenses is considered taxable income. Always consult a tax professional for personalized advice.

What happens if scholarships exceed tuition on 1098-T?

If scholarships exceed tuition, the excess amount is considered taxable income. This can be reported on your tax return. It’s important to keep detailed records of all scholarship funds and how they were used to ensure accurate tax reporting.

Do scholarship recipients receive a 1099?

Scholarship recipients may receive a 1099-MISC if the scholarship amount is taxable. This form is issued by the institution or organization providing the scholarship, detailing the taxable portion of the funds received.

Photo credit: iStock/pixelfit

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.

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