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Between 1991 and 2022, the average published tuition and fees increased from the following amounts, after adjusting for inflation, according to the College Board’s Trends in College Pricing and Student Aid in 2021:

•   $2,310 to $3,800 at public two-year schools

•   $4,160 to $10,740 at public four-year schools

•   $19,360 to $38,070 at private nonprofit four-year institutions

This piece will cover the average cost of college tuition and fees in 2021-2022, the increase in college tuition costs, the reasons for the rise of average college tuition, and college tuition options you may want to consider for yourself.

Average Cost of College in 2021/2022

In 2021-2022, the average published price for tuition and fees for full-time undergraduate students were as follows, according to the College Board’s Trends in College Pricing and Student Aid:

•   $10,740 for public four-year in-state institutions, $170 higher than in 2020-2021

•   $27,560 for public four-year out-of-state institutions, $410 higher than in 2020-2021

•   $3,800 for public two-year in-district institutions (including average community college tuition), $50 higher than in 2020-2021

•   $38,070 for private nonprofit four-year institutions, $800 higher than in 2020-2021

Increase in College Tuition Cost Over the Last 10 Years

Generally speaking, tuition has increased in the past decade. According to data from The College Board, the average published tuition price at a four-year nonprofit university during the 2011-2012 school year was $28,500 , while in 2021-2022 that number jumped to $38,070 .

However, tuition increases have remained at historically low rates for both the 2020-2021 and 2021-2022 school years. This can likely be attributed to decreased enrollment and tuition freezes as a result of the Covid-19 pandemic.

Reasons for the Rise of Average College Tuition

What are the reasons for the rise of the average college tuition? There are many reasons, including the following.

Less State Funding

After the 2008 recession, state and local funding for public higher education was cut dramatically. While there have been incremental increases in the amount of funding these institutions receive in the past 10 years, in most states funding for these institutions has not been restored to previous levels.

Now, there is concern that the Covid-19 pandemic may cause additional cuts in the future.

Campus Improvements

As many colleges increase their offerings, they must hire more faculty, make accommodations to house more students in residence halls, and implement capital and technological improvements. These costs may require students to pay more.

Non-instructional expenditures may include recreation centers, computer systems, housing, and food — all of this plays a role in tuition rate increases.

Recommended: How to Pay for College

Marketplace Lacks Transparency or Competition

The higher education marketplace lacks competitiveness and transparency, according to a report by the Manhattan Institute , which contributes to an increase in costs:

•   Families may not know discounts right away: Students often do not know how much it will cost them to attend college because they only see the sticker price until after they’ve applied and been accepted, when the financial aid award shows the discounts and grant aid available. Transparency allows us to comparison-shop and colleges and universities can compete with one another for students’ business.

•   A small number of colleges in an area: When small numbers of colleges exist in an area, costs often increase because no competitiveness occurs, particularly with students who commute to campuses.

•   Perception of the financial value of education: As long as students believe improved earnings opportunities and the demand curve goes up, prospective students’ expectations determine how much they will pay for school.

•   Regulations affect the marketplace: New business models haven’t appeared that offer higher education at a lower cost. Regulations due to federal intervention control financial aid dollars and accreditation requirements limit new entrants.

Personnel Costs Increase

The Higher Education Price Index measures the price change of the amount of money that institutions must spend to keep things going, including salaries for service and clerical individuals, administrators, professors, janitors, and even landscape professionals.

For example, in 2021, faculty salaries increased by 1%, as compared with 2.7% in 2020. Clerical costs increased 2.8%, and fringe benefits rose 4.1%.

Lack of Regulation or Caps on Tuition

No central mechanism controls college costs in the United States at the federal level. An unregulated fee structure means that colleges and universities can charge as much as they want in tuition and fees. Other countries, such as the United Kingdom, cap tuition.

In 2009, Missouri enacted one of the nation’s most stringent caps on tuition by limiting in-state tuition and required fee increases to align with the Consumer Price Index. Institutions would face fines if they exceeded that cap. However, Missouri’s governor lifted the price cap, and colleges can begin increasing without limits in July 2022.

College Financing Options

Numerous college financing options exist for students. Students can tap into various options to pay for costs. Undergraduate students received an average of $14,800 of financial aid 2020-2021, according to the College Board’s Trends in College Pricing and Student Aid, which includes the following:

•   $10,050 in grants

•   $3,780 in federal loans

•   $880 in education tax credits

•   $90 in federal work-study (jobs for college students)

Students may rely on scholarships, grants, work-study, and student loans, in addition to personal savings to pay for their education.

Scholarships

Scholarships refer to money received from colleges or another organization that students. Students don’t have to pay back scholarships. A total of 58% of students receive scholarships. Students receive an average award of $7,923 each, according to the Education Data Initiative .

Recommended: Private Students Loans vs Federal Student Loans 

Student Loans

Students can take advantage of federal or private loans. Federal loans are provided by the U.S. Department of Education. To apply for a federal student loan, students need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

Private loans are provided by banks, credit unions, and other financial institutions. These are separate from any sort of federal aid, and as a result, lack the protections afforded to federal student loans — like income-driven repayment options or the ability to apply for Public Service Loan Forgiveness. For this reason, private student loans are generally considered by students only after they have reviewed and exhausted all other options for financing.

Students and parents borrowed $95.9 billion in 2020-2021, which decreased from $135.1 billion (in 2020 dollars) in 2010-2011.

Grants

Students can tap into federal or state grants or institutional grants. Grants can also come from employers or private sources. Institutional grant aid for undergraduate students increased by 62% between 2010-2011 and 2020-2021 ($22.0 billion in 2020 dollars).

Work-study

Students can get a work-study award, which is money they must earn when they attend college. They must file the FAFSA in order to qualify for work-study and must work a job on campus to receive the money.

Personal savings

Families report paying $26,373 for college in 2020-2021, a 12% decrease from 2019–2020. It’s not uncommon for students to get help from their parents — nearly half of college costs are covered by parent income and savings, according to Sallie Mae’s annual How America Pays for College 2021 report. Strategies for paying for college for parents include things like setting up an account designed to help them save for college or other educational expenses.

As students and their parents consider their college options, they may consider focusing on programs that offer affordable tuition, or where they received a strong financial aid package. Some schools may even offer free college tuition for some students. Other students may opt to enroll in their school’s tuition payment plan, so they can spread tuition payments over a period of time.

Explore Student Loan Options From SoFi

Let SoFi help you explore low-cost loan options with our no-fee private student loans. Apply in just a few minutes and easily add a cosigner to the application. Plus, SoFi offers four flexible repayment options so borrowers can select the one that fits best with their financial plan.

The Takeaway

The average college tuition continues to increase. In 1991, the college tuition at a private four-year institution was just $19,360 and in 2022 it was $38,070. There are a number of reasons for increasing tuition rates, including factors like a dramatic decrease in state funding, lack of regulation, and an increase in operating costs at colleges and universities.

Many students rely on financial aid to pay for college. In the case that financial aid, including federal student loans, isn’t enough — private student loans may be an option to consider. If you think a private student loan is a fit, consider SoFi.

Find out more about how a private student loan from SoFi could help you pay for college.

Photo credit: iStock/MicroStockHub

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With gasoline and home heating oil prices surging since the Russian invasion of Ukraine, consumers are looking for ways to cut their gas bills.

Crude oil prices have risen to their highest level since 2014 amid the war in Ukraine, which began in February 2022 — and has no clear path for a ceasefire in sight. Gasoline and heating oil are some of the petroleum products derived from crude oil, so higher gasoline and heating oil prices may be around for some time.

Fortunately, motorists and homeowners can save money on gas by embracing energy-efficient practices. Here are some of the easiest ways to reduce the pain both at the pump and when paying for heating costs.

15 Ways to Pay Less for Gas for Your Car and Home

Here are 15 ways you can pay less on fuel for your car and home heating system:

1. Follow the Speed Limit

Following the speed limit can help you save money on gas. In general, gas mileage decreases rapidly as you accelerate above 50 mph. Driving 55 mph rather than 65 mph can improve your gas mileage by 15%, according to the U.S. Environmental Protection Agency.

2. Avoid Aggressive Driving

Aggressive driving, including speeding and rapid acceleration, can lower your gas mileage by 33% on the highway and by 5% on city roadways. Motorists who avoid aggressive driving can realize cost-savings by burning less fuel on roads and highways.

3. Remove Unnecessary Weight

Removing unnecessary weight from your vehicle can save money on gas. Storing an extra 100 pounds in your vehicle could reduce your miles per gallon by up to 2%, according to the U.S. Department of Energy.

4. Use Cruise Control on Highways

Using cruise control on highways can help you save up to 14% on gas by maintaining a continuous speed. Constantly accelerating and decelerating burns more fuel, which gives you less bang for your buck on the road.

5. Keep Tires Properly Inflated

Keeping your tires properly inflated can improve your gas mileage by 3%. Conversely, driving with underinflated tires can decrease your gas mileage by 0.3% for each unit drop in pounds per square inch (psi) of air pressure.

6. Stick With Regular Gasoline

Gasoline prices vary by their octane level, with regular being the cheapest and premium being the most expensive. Unless your car requires premium fuel, you can save money by sticking with unleaded regular gasoline as opposed to choosing midgrade or premium alternatives.

President Joe Biden has predicted gas prices will go up further as a result of Russia’s invasion of Ukraine. The potential for crude oil prices to continue rising may motivate some observers to invest in energy stocks. Others may see this as an ideal time to invest in utilities.

7. Don’t Idle When Parked

Allowing your car engine to run idle while parked is wasteful. Idling can consume up to half a gallon of fuel per hour, according to the U.S. Department of Energy. You can save gas money by turning off your car when it’s parked.

8. Search Online for Cheapest Fuel Stations

Some gas stations may offer cheaper fuel than other gas stations in your geographic area. You can search online for the cheapest gas stations in your area. Websites or apps like GasBuddy can help you find the lowest gas prices in your city or town.

9. Reduce Aerodynamic Drag

Your vehicle has to overcome wind resistance or aerodynamic drag whenever you drive it in the open. Reducing aerodynamic drag can save money on gas, and motorists can reduce aerodynamic drag by driving with the windows closed.

10. Minimize A/C Usage

Minimizing your vehicle’s air conditioner usage can save gas money. Using the air conditioner in some cases can reduce your vehicle’s fuel economy by more than 25%, which is akin to paying more at the pump over time, according to the EPA and U.S. Department of Energy.

11. Clean or Replace Air Filter as Necessary

Cleaning or replacing your vehicle’s air filter as necessary can save gas money, particularly if you’re driving an older vehicle manufactured before 1980. Older vehicles may feature a carbureted engine that becomes less fuel efficient when operating with a clogged air filter, according to the U.S. Department of Energy.

12. Get Engine Tune-Ups as Needed

Getting engine tune-ups as needed can improve gas mileage by an average of 4%, according to the U.S. Department of Energy. An engine tune-up is a comprehensive inspection that determines whether any components of the engine need to be replaced.

13. Consider New Vehicle Options

You can consider buying a new or used vehicle with better gas mileage to save money on gas. Consumers can also consider buying all-electric vehicles to move away from gasoline and diesel fuel entirely.

14. Insulate Your Home

Homeowners can save up to 15% on heating and cooling costs by air sealing their homes and adding insulation in attics and other areas of the home, according to the EPA. This could be a worthwhile investment considering how the Ukraine invasion may affect oil, gas, and clean energy investments.

15. Lower Your Thermostat

Homeowners can save money on their home heating bills by setting their thermostats to 68 degrees Fahrenheit. The Delaware Public Service Commission says you can save 5% on your home heating costs for every degree you lower your thermostat below 70.

Considering the global economy and looking at oil and natural gas to understand Russia-Ukraine, homeowners in the New England and Mid-Atlantic states may consider thermostat adjustments as a cost-saving measure.

The Takeaway

The price of gasoline and heating oil may stay at its high level – or even rise as the conflict in Eastern Europe continues. Feeling the pinch in their wallets, consumers may want to try changing their habits and practices to be more energy efficient.

Another simple way to save money on gas is to pay for it using a credit card that offers cash back. [cc_three_percent]

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Photo credit: iStock/ADragan

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¹See Rewards Details at SoFi.com/card/rewards.

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

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.

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.

The SoFi Credit Card 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.

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Medical school is a big commitment. Not only will students spend four years of their life working towards a medical degree, but they’ll pay a big chunk of change for it (financing medical school is a major undertaking and can lead to debt). Which is why choosing the right medical school is so important. Keep reading for insight into how to pick the right medical school and how to finance it.

What Is Medical School?

Medical school is a necessary step towards becoming a doctor and generally, it takes four years to complete in order to receive an M.D., N.D., or D.O. degree. After medical school, graduates will need to pursue a medical residency in their specialty before they can become practicing doctors.

Recommended: How to Pay for Medical School

Different Types of Medical Courses

One of the first steps potential medical students can take to find the right medical school for them, is to better understand the different types of medical courses there are. Once they know what type of medical courses they want to take, they can narrow their search to just medical schools that offer those courses.

Traditional Courses

Some medical students may be attracted to more traditional courses that have students finish two years of pre-clinical work before they move on to the three years of clinical work they need to complete to get their degree. Typically, pre-clinical work occurs in a classroom setting. This is where medical students can learn the key principles of medical science. Once they move on to the clinical work portion of their studies, they will need to work in hospitals or clinics with direct supervision, while attending lectures.

This combination educates students on medical practices while making sure they get the hands-on experience they need to use their pre-clinical knowledge in real life situations.

Integrated Courses

Integrated courses are becoming more and more popular at medical schools, as this style, of course, combines pre-clinical and clinical education. In an integrated course, medical students can expect to learn practical clinical skills and work through problem-based learning.

Often in integrated courses, a lot of the students’ work is self-directed and early patient contact is encouraged.

Intercalated Courses

Intercalated courses are unique, as they allow students to take a year out of medical school to earn a BSc or MSc in a related subject. It’s not a guarantee that every medical school will allow students to do this, but in some schools students have the option or are mandated to do intercalated courses.

Recommended: Making Sense of the Rising Cost of Medical School

How to Choose Your Medical School

Every medical student had to ask themself at one point, which medical school is right for me? Here’s a few factors medical students can take into consideration to make answering that very important question easier.

1. Cost

Med school tuition is pricey and it’s not uncommon for students to take on debt for medical school. On top of tuition, students will also need to pay additional costs such as service fees and textbooks.

While medical schools do offer financial aid such as grants and medical school scholarships to their students, it’s important to prepare for the cost of medical school as not everyone receives financial assistance.

Attending an in-state school could help medical students find a lower tuition cost than at out-of-state or private options. For example, at the University of Utah, tuition for medical school if the student lives in-state is about $40,000 a year, whereas out-of-state students can expect to pay closer to $77,000 a year on tuition at the same school.

Each school charges different tuition rates, but generally, staying in-state can save medical students a lot of money.

Recommended: Average Cost of Medical School

2. Programs Offered

Apart from their general MD program, medical schools typically have multiple programs to choose from that lead to different careers paths. Before applying to medical school, students can take into consideration how many different programs are offered, how many students are accepted to each program, how long their ideal program takes to finish, and how that program aligns with their career goals.

3. Admissions Criteria

One of the easiest ways to start a search for the right medical school is by looking for schools where the applicant meets the admissions criteria. Students can do some research on the admissions criteria for each school to make sure their qualifications lineup, as well as what they need to do to apply to each specific school.

4. Location

Location matters. The location of a medical school can affect how much it costs a student to attend, what their housing situation looks like, and what their lifestyles outside of school is like. By choosing a local school, students may be able to save money on tuition or be able to cut costs by living with a family member. Not to mention, some locations simply have a higher cost of living than others. Students can crunch the numbers on what it would cost them to live at each medical school they want to apply to, so they can get a better idea of what attending medical school will cost them as a whole.

5. Career Path Opportunities

There are a wide variety of career opportunities that can arise after medical school and not all of them involve working as a practicing doctor. Medical school graduates can pursue teaching, research, and business opportunities amongst other exciting career paths. Students can check what career path opportunities a school’s curriculum and counseling center support before they apply to get a feel for if that medical school can help them meet their unique career goals.

SoFi’s Private Student Loans For Medical School

Students that need to take out medical school student loans, may find that SoFi’s private student loans can meet their needs. It only takes minutes to apply online and borrowers can apply with a cosigner. Keep in mind that because private student loans don’t have to offer the same benefits or protections as federal student loans (like the opportunity to apply for Public Service Loan Forgiveness), they are generally considered by students only after they have thoroughly reviewed all other financing options.

Borrowers can repay their SoFi student loans in a way that works for them by choosing a monthly student loan payment and rate that fits their budget. Borrowers never have to worry about fees and can enjoy a six-month grace period after graduation so that they have time to get settled in their post-grad life before they need to start making monthly loan payments.

Recommended: Smart Medical School Loan Repayment Strategies

The Takeaway

Choosing medical schools to apply to is a lot of work, but that research is a key step students need to take to find the best medical school for them.

For help covering the costs of medical school, learn more about SoFi private student loans.

FAQ

Is 30 too old for med school?

No, 30 is not too old to attend medical school. Applicants that apply for medical school will be in their mid-thirties four years later whether or not they pursue a degree. It’s up to them if those four years make a difference in the scheme of things.

What makes a good med school?

A good medical school is one that meets the needs of the student, when it comes to location, finances, and program opportunities.

How do you compare med schools?

Potential medical students can take factors like cost, location, and areas of study into account to compare and contrast their different medical school options.

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Photo credit: iStock/Courtney Hale

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.

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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Considering the average published college tuition according to The College Board ranges from $3,800 for a public two-year institution to $38,070 at private nonprofit four-year institutions, college students need all of the financial help that they can get.

One option is to use scholarships, which are a form of financial aid awarded to students to help pay for tuition and other education expenses. Unlike student loans, scholarships don’t need to be repaid.

Below, you’ll find the answers to “what is a scholarship?” as well as where to get a scholarship and the different types of scholarships that may be available to you.

What Is a Scholarship?

A scholarship is a form of financial aid that’s awarded to students to help pay for school. Over the last 10 years, the number of scholarships awarded has increased by 45%, according to the National Scholarship Providers Association (NSPA). Each year, there’s an estimated $46 billion in grants and scholarship money awarded by the U.S. Department of Education, colleges, and universities and an additional $7.4 billion awarded through private scholarships and fellowships.

Scholarships can be delivered in a lump-sum payment or the scholarship award can be broken up into multiple payments that are sent out each semester or school year. Depending on the scholarship, funds can either be sent directly to the student or sent to the school and the student would pay any additional money owed for tuition, fees, room, and board.

Scholarships are awarded based on a number of different criteria, including academic achievement, athletic achievement, community involvement, job experience, the field of study, financial need, and more.

Unlike student loans, scholarships don’t need to be repaid. Scholarships are generally considered gift aid.

What Is a Full-Ride Scholarship?

A full-ride scholarship is an award that covers everything — tuition, books, fees, room, board, and sometimes even living expenses. Full ride scholarships mean no other additional aid is needed to pay for school.

Full-ride scholarships are highly sought after and some may have strict guidelines and requirements.

Different Types of Scholarships for College Students

There are various forms of gift aid that students can use to pay for college. While there are differences between them, they’re similar in the fact that they do not need to be repaid. Here are different types of scholarships for college students.

Federal Grants

Federal grants are need based financial aid from the U.S. government to help students pay for college. The Department of Education offers a variety of grants to students attending four-year colleges or universities, community colleges, and career schools.

Most federal grants are awarded to students based on financial need, the cost of attendance, and enrollment status. Students can start by submitting a Free Application for Federal Student Aid (FAFSA®) form annually to determine eligibility. Once FAFSA is submitted, your school will let you know how much you may receive and when you may receive it.

Here are grant programs provided by the federal government:

•   Federal Pell Grants

•   Federal Supplemental Educational Opportunity Grants (FSEOG)

•   Iraq and Afghanistan Service Grants

•   Teacher Education Assistance for College and Higher Education (TEACH) Grants

While grants don’t typically have to be repaid, there are circumstances that may require repayment, such as:

•   You withdrew from the program early

•   Your enrollment status changed that reduced your eligibility for the grant

•   You received outside scholarships or grants that reduced the need for federal student aid

•   You received a TEACH Grant but did not meet the requirements for the TEACH Grant service obligation

Recommended: Finding Free Money for College

State Grants and Scholarships

According to the National Association of Student Financial Aid Administrators (NASFAA), almost every state education agency has at least one grant or scholarship available to residents. Eligibility may be restricted to state residents attending an in-state college, but this isn’t always the case. Check what state financial aid programs may be available to you through your state education agency.

Scholarships and Grants From Schools

Institutional aid is awarded to students by the schools they plan to attend. Scholarships and grants from schools may be offered based on need or merit. For example, a student may be awarded a scholarship or grant through the school for strong academic or athletic performance.

It’s also important to read the requirements for scholarships and grants from schools. Some awards may demand that students maintain a minimum GPA throughout the year. Others may only be available for your freshman and sophomore years.

Private Scholarships

Private scholarships are financial aid awarded to students that are funded by foundations, civic groups, companies, religious groups, professional organizations, charities, and individuals. Most private scholarships have specific criteria required to qualify, according to the Massachusetts Educational Financing Authority (MEFA) , and it may take some extra effort to research the availability of private scholarships.

Most private scholarships are only awarded for a single year. Check with the scholarship’s agency to find out if the scholarship is renewable and any criteria you may need to meet.

Main Sources of Scholarships and Grants

The main sources of scholarships and grants are from the four types of scholarships and grants listed above. Here are the major sources of scholarships and grants for college students and the percentage of total grants and/or scholarships that comes from each source:

•   Federal grants: 47%

•   State grants and scholarships: 8%

•   Scholarships and grants from schools: 35%

•   Private scholarships: 10%

Recommended: A Guide to Unclaimed Scholarships and Grants

Reasons to Be Awarded With a Scholarship

Scholarships aren’t only awarded to those with a 4.0 GPA. There are many reasons to be awarded a scholarship and students should consider their skills, areas of interest, and past achievements or awards.

Need-Based

Need-based scholarships are typically awarded to students based on their household income. The school’s financial aid office may also determine how much financial aid the student is able to receive.

Schools subtract your Expected Family Contribution (EFC) from your Cost of Attendance (COA) to determine your financial need and how much need-based aid you can receive. Your COA is the cost to attend the school and your EFC is the number that financial aid staff uses to determine how much financial aid you would receive. Information provided on your FAFSA is used to calculate your EFC.

Academic performance may also be taken into consideration when awarding need-based scholarships.

Academic Scholarships

Academic scholarships, also known as merit scholarships, are awarded to students based on their GPA and SAT/ACT admissions test scores. Award committees may also take other factors into consideration, such as extracurricular activities and leadership qualities.

Athletic Scholarships

Athletic scholarships are awarded to students who show exceptional athletic abilities while also taking academic performance into consideration. The National Collegiate Athletic Association, a nonprofit organization that regulates student-athletes, has provided more than $3.6 billion in athletics scholarships annually to more than 180,000 student-athletes. Athletic scholarships are not available at Division III colleges. Only about 1% to 2% of high school athletes are awarded athletics scholarships to compete in college.

Recommended: Balancing Being a Student Athlete & Academics in College

Community Service Scholarships

There are also scholarship opportunities for students who volunteer in their local communities. For example, the Equitable Excellence Scholarship awards students who have made a positive impact on their communities through volunteer service. The scholarship provides renewable awards of $5,000 to students for a total of $20,000 per recipient as well as one-time $2,500 scholarships.

Scholarships for Hobbies and Extracurriculars

Certain hobbies, interests, or extracurricular activities may also provide scholarships. For example, members of Starfleet, the International Star Trek Fan Association, can be awarded scholarships up to $1,000 in the categories including medicine, engineering, performing arts, international studies, business, science, education, writing, law enforcement, and general studies.

Scholarships based on Identity or Heritage

Some scholarship programs offer funds to help support traditionally underrepresented students. Outside of identity, many of these scholarships may require a minimum GPA, a need for financial assistance, leadership potential or participation in community activities.

There are also scholarships for mothers. When dealing with the costs of child care, many single mothers face unique obstacles to getting their college degrees.

Employer or Military Scholarships

Students may also be able to find opportunities through the employer of a family member. Eligibility and award amounts vary by employer. A variety of scholarships are also available to the children and spouses of active duty, reserve, National Guard, or retired members of the U.S. military.

How Can You Spend a Scholarship for Student?

How you can spend a scholarship for students depends on that specific program. Some programs may send the check directly to the college’s financial aid office to apply the funds to your tuition bill. Funds that are sent to the student may be used for education-related expenses deemed necessary by the school, like tuition, books, supplies, and housing.

Make sure to check with the scholarship program for rules regarding how you can spend your award.

How to Get a Scholarship for Student

There are several ways for students to find and apply for scholarships. Students can contact the financial aid office at the school they wish to attend or use other free resources. Some of these include:

•   Your high school counselor

•   The U.S. Department of Labor’s scholarship search tool

•   Federal agencies

•   Your state grant agency

•   Your library

•   Foundations, religious or community organizations, local businesses or civic groups

•   Organizations related to your field of interest

•   Identity-based organizations

•   Your employer or your parents’ employers

Check with each program to see how to apply and the requirements. Make sure you apply by the deadline.

Scholarship Requirements

Scholarship requirements vary by program. However, you may notice some common criteria, such as:

•   A GPA minimum

•   Age and grade requirements

•   College enrollment requirement

•   An essay requirement

•   Financial requirements

•   Location requirement

•   Test score requirements

Depending on the program, there may be some requirements related to your major, ethnicity, gender, disability or military service. In some cases, applicants may be required to complete an interview. If you’re applying for scholarships, check with each program to be sure you fully understand the application requirements and eligibility criteria.

Recommended: I Didn’t Get Enough Financial Aid: Now What?

Alternative Funding Options for College Students

Outside of scholarships and grants, there are other ways for students to pay for college.

One option is to get a part-time job and send extra income aside to put towards tuition or other school-related expenses. While this will likely not cover everything, it could make your costs more manageable. If you have a 529 college savings plan, you can tap this savings account to pay for qualified education expenses on a tax-free basis.

Students can also turn to the federal government to see if they qualify for federal work-study jobs, federal student loans, aid for military families, aid for international students or certain tax benefits. According to the Department of Education, outstanding federal student aid totals $1.61 trillion, representing 43.4 million students. These are typically awarded based on financial need and students can see what they qualify for by filling out FAFSA each year.

Another option is to use private student loans to pay for college. These are nonfederal loans made by a lender, such as a bank, credit union, state agency, university or other institution. Private student loans can be an option to consider after you’ve exhausted all other forms of aid.

Unlike most federal student loans, private loans require a credit check and the loan’s interest rate will depend on the borrower’s creditworthiness, among other factors. Private student loans are not required to offer the same borrower protections as federal student loans, things like deferment options or income-driven repayment plans.

You can even apply for scholarships and grants to pay off student loans after you’ve already graduated. You may also be able to have your student loans forgiven through state or federal programs.

The Takeaway

Before taking on student loans, scholarships and grants can be used to supplement other forms of financial aid. Before you start applying for scholarships, make sure you read the program’s requirements and turn in the application before the deadline.

If you’ve taken out federal or private student loans, there’s always the option to refinance. By refinancing your student loans, you could potentially qualify for a lower interest rate that could help you pay off the principal faster and/or decrease how much you pay each month. Note that decreasing your monthly payments is often the result of extending your loan term, which can ultimately increase the cost of borrowing over the life of the loan. Refinancing any federal loans will eliminate them from federal protections or programs such as the option to apply for Public Service Loan Forgiveness.

You can refinance the student loan with SoFi. If a competitor offers a lower rate, SoFi will match it and give you $100 after funding the loan.

Check your rate and learn more about SoFi student loan refinancing today.

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Photo credit: iStock/fizkes

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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.

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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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