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When applying for college, there are a lot of details to consider. Once the SAT scores are in, the essay is written, and the envelopes are addressed, there’s one more step: paying the college application fee.

If a student is applying to more than one school, those fees can really add up.

Luckily there is a way to get out of paying for the privilege of applying to a school: a college application fee waiver.

Here’s more intel for students and their parents about application fees and waivers.

The 411 on Application Fees

Many colleges and grad schools require applicants to pay a fee.

U.S. News looked at 953 ranked colleges and found that the average application fee was $44. It noted that 19 schools charged prices exceeding $75. Stanford University in California had the highest application fee, at $90.

If a student is applying to more than one school (or even just one, for that matter), this cost can not only add up but also be prohibitive for some.

While there is no set standard for how many schools a student should apply to, some experts say it’s a good idea to apply to between six and eight colleges—two to three to act as safety schools, two as target schools, and two “reach” schools.

At $44 per college, on average, that could add up to $264 to $352. There are, however, ways to get around the fees.

Ask the College for a Waiver

Many colleges and universities allow students to directly ask for an application fee waiver.

Typically, the application will have a field that students or parents can fill out asking for the application fee to be waived.

If there is no space on the application, students or parents could simply call the school’s registrar office and ask what options may be available to them.

Getting Help From Nonprofits

National Association for College Admission Counseling

The National Association for College Admission Counseling offers a request for an application fee waiver that can be filled out online and submitted with each application.

To fill out the form, the student simply writes the name of the college on the top line, and then fills out the “Student” section and checks the appropriate boxes in the “Economic Need” section. If none apply, an applicant can click “Other Request” and explain the financial need for the fee waiver.

Then, a school counselor, postsecondary support person, or principal at the student’s school, or a person from a community-based organization needs to complete the Authorized Official section to verify economic eligibility.

Students send the completed form directly to the university’s admissions office. College applicants may want to check with the office if they do not hear back about an approval status within a month.

Common Application

The Common Application is a generic application used by 600 schools.

Using the application makes it easy for students to apply for more schools at once. And, within the application, students can request a fee waiver in the profile section. According to the Common Application, students can qualify for a fee waiver for a variety of reasons.

Those include if they are enrolled in or eligible to participate in the federal free or reduced-price lunch program, annual family income falls within the Income eligibility guidelines set by the USDA Food and Nutrition Service, and if they are enrolled in a federal, state, or local program that aids students from low-income families.

Students can also qualify if their family receives public assistance or if they live in federally subsidized public housing or a foster home, or are homeless. Students who are wards of the state or can provide a supporting statement on economic need from a school official can also apply for a waiver.

The Common Application fee waiver is also available for international applicants. It’s important to note that it is still up to each school if it accepts a fee waiver request.

College Board

Students aiming for college will likely have to take a standardized test, presumably either the ACT or the SAT, as part of their application. The SAT costs $47.50 for each standard SAT a student takes, and each ACT is $50.50. (There is an additional cost if a student wants to take the essay portion of the tests.)

Eligible students can get fee waivers for up to two of each standardized test. Typically, they qualify if they live in a foster home or public housing or receive free or reduced-price lunches. Family income can also be a qualifier. Students will have to speak to a school administrator to receive the waiver, as each testing company allocates a specific number of waivers to each school.

So, how can this help with the college application fee? By qualifying for the SAT or ACT waiver, a student also gets to waive the application costs for four colleges. Those who are eligible for an SAT waiver will receive application waivers via the College Board, making it easy to streamline the process.

Apply for School Online

Some colleges offer the option of applying for school entirely online, and a few waive their application fees for students who decide to go that route.

This is offered at schools like College of Southern Idaho, Wesleyan College, and Washington & Jefferson College.

Of course, students can still choose to apply via the old-fashioned route of mailing in their applications, but that could entail fees.

Students should check with their choice schools to find out if applying online will save them application fees.

Attend a College Fair or Visit the School

Some colleges and universities may be willing to hand out application fee waivers to students who take a tour or visit one of their booths during a college fair.

For example, the University of Pittsburgh offers an application fee waiver to those who attend an online event during a specific period throughout the year. There is no need to show financial need for the waiver.

Most schools do not actively advertise these specials, so students are encouraged to dig deeply into their choice school’s website to find out if this may be an option.

How to Find Colleges With No Application Fees

There are a number of colleges out there that don’t require an application fee at all.

Tulane University in New Orleans, Louisiana Denison University in Granville, Ohio, and Alabama State University in Montgomery are just a few of the many schools that don’t require an application fee.

The College Board maintains a list of schools that do not require an application fee, consider making it free to apply for in-state students, or have special instructions for submitting an application fee waiver.

Paying for College

Getting past the application is just the beginning. From there, students will have to navigate the cost of housing, tuition, books, and more. For many, that means taking out loans.

Students can fill out the Free Application for Federal Student Aid, the FAFSA® in short, to see if they are eligible for student aid from the federal government. Colleges may then use the information provided to determine specific aid needs.

Aspiring collegians can discuss loan options directly with their schools of choice or consider a loan agreement with a friend or family member.

Students may also choose to look into private student loans. To qualify, students fill out a loan application alone or with a co-signer. The amount of money and interest rate usually depend on credit scores and income.

If a private student loan seems like a good fit, add SoFi private student loans to your college finances search.

Worried about fees? Don’t be. SoFi private student loans come with no origination fees, late fees, or insufficient-fund fees. And, hey, there’s no application fee.

SoFi private student loans aren’t just for undergrads either. There are options for graduate students, law and MBA students, and parent loans.

Learn more about private student loans with SoFi today.

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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
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Getting accepted into law school is competitive. In addition to a stellar college GPA and job or internship experience, an applicant’s score on the Law School Admission Test (LSAT) can be a major determining factor for many programs.

Everyone’s life situation and learning style is unique, but for many students, studying for the LSAT requires some level of planning and regimented routine.

According to the Law School Admission Council, the acceptance rate at ABA-approved law programs dropped from 75.5% in 2016 to 70.2% in 2019.

As the number of applications continues to grow, a solid LSAT score becomes increasingly important to earn a J.D. from any of the accredited law schools.

High LSAT scores can potentially increase a student’s scholarship and other funding opportunities to pay for law school.

This guide will break down how to study for the LSATs from start to finish, as well as provide some helpful study tips, test-taking strategies, and key dates to remember.

What Does the LSAT Cover?

The LSAT is administered in two distinct sections. One section is a multiple choice exam that is divided into categories including logical reasoning, analytical reasoning, and reading comprehension.

There is also a writing section that is administered separately from the multiple choice portion of the LSAT. Test takers are allotted 35 minutes for each of the six sections required for the exam. These sections are:

•   Logical reasoning (2)
•   Analytical reasoning (1)
•   Reading comprehension (1)
•   Experimental section (1)
•   Writing (1) – This section is administered separately from the multiple choice portion of the exam, but test takers will still be limited to 35 minutes.

Logical reasoning sections include 24-28 multiple choice questions. Meanwhile, analytical reasoning involves logic games with corresponding multiple choice questions and reading comprehension has multiple choice questions related to several passages.

The writing section gives test takers a prompt to articulate a stance on. The written section is available to test takers eight days prior to their testing date.

It can be taken at any time during this testing window and is proctored online using secure software. Although this section is not used to calculate the score, it is still sent to law schools and used to some degree for admissions.

The experimental portion of the exam is also unscored. This section is used internally for measuring the difficulty and effectiveness of LSAT questions. However, test takers will not be aware of which section is experimental.

Beginning in May 2020 as a result of the ongoing COVID-19 pandemic, the Law School Admission Council (LSAC) offered the LSAT-Flex as an alternative to the traditional LSAT.

The LSAT-Flex taken online and is proctored remotely so students can continue taking their exams through the pandemic. While this version of the LSAT is just three-sections, it includes the same types of questions as the traditional LSAT. Test takers are still required to complete the writing section of the exam as well.

Taking Official LSAT Prep™Tests

Preparing for the LSAT has become a full-fledged industry, with a slew of specialized tutors, study guides, and courses offering their services.

Before diving into the thick of it, one option to consider is taking an official LSAT Prep™Test—an actual LSAT that was administered previously—to get a baseline score.

The Law School Admission Council has made the June 2007 LSAT available online for free, while more than 70 old tests are available with an Official LSAT Prep PlusSM membership through LawHub.

Completing the official Prep™Test without prior studying may feel daunting, but it can give you a clearer picture of where you stand score-wise for each section.

Also, it provides direct exposure to the LSAT’s unique style of questioning, which test takers may find less intuitive than other standardized tests like the SAT and GRE.

LSAT scores range between 120-180. A score of 150 or higher could be enough to gain admission to some law schools. However, some top law schools all report a median LSAT score of 160 or higher. Those students aiming for the most competitive tier of law schools, may need to score 170 or higher.

Tailoring a Study Plan To Your Needs and Goals

Following your first pretest, you now have a starting point to build from to reach your target score. In some cases, you may excel in one section and struggle in another.

Does reading comprehension have you stumped? Brushing up on vocabulary and dedicating more time to related practice questions could be a better use of your time if you already have a knack for logic games.

If your GPA is on the lower end of the spectrum, you might want to set a goal for scoring higher than a law school’s median LSAT score to help improve your candidacy.

Making a LSAT Study Schedule That Works For You

The amount of time you plan to study for the LSAT may be influenced by how much you’d like to improve your score, based on the pretest.

A general bare minimum baseline is around 120 hours. Those that are interested in a significant score boost or other factors may require more time.

Kaplan Test Prep generally recommends that students spend between 150 and 300 hours, spread out in 20 to 25 hour weekly increments, preparing and studying for the LSAT.

Many LSAT takers are also juggling other responsibilities, like finishing an undergraduate degree, working, and taking care of family.

Consider all of your responsibilities and demands on your time as you build your study schedule. The goal is to set a schedule that will help you prepare effectively and prevent burnout.

Bridging a narrower gap between your initial score and target score may require less study time to achieve, but individuals with higher LSAT scores may be more likely to secure scholarships to help pay for school.

If you’re still in undergrad, think about taking an elective course that is geared towards the LSAT, such as logic, to simultaneously help stay on track for graduation and preparing for the LSAT.

Simulating Actual LSAT Testing Conditions

While day-to-day studying can be broken down into shorter segments to work on logic games, vocabulary, and mastering concepts, it may be helpful to take several LSAT PrepTests in full.

Creating realistic testing conditions is as simple as following the 35-minute time limit per section, sitting at a desk, and getting up on a Saturday morning to take it. Not only could this approach provide a more accurate LSAT score sampling, but also build endurance and time management skills in a test environment.

In between practice tests, allowing time for review and doing more practice problems can also help gauge growth and identify which section needs the most improvement.

LSAT Test-Taking Tips

As much as the LSAT is about mastering logic and thinking analytically, test takers can also benefit from an in-depth understanding of the LSAT itself. On top of studying and completing practice tests, these test-taking tips could be helpful.

Answering Every Question

Unlike the SAT, the LSAT does not deduct points for incorrect answers. Since leaving questions blank could potentially result in losing out on coveted points, it may be worth allotting the last 30 seconds of the section to fill in an answer bubble for remaining questions.

If you’re stumped by a difficult question, you might benefit from scribbling in your best guess and moving on to dedicate time and effort to questions you feel more confident answering.

Keep in mind that once a section ends, you are not permitted to go back and answer questions or correct responses.

Using Process of Elimination

Multiple-choice questions on the LSAT can contain similar answers that can trip up test takers, especially when rushing.

Given the test’s emphasis on logic and analytical thinking, employing a process of elimination strategy can help get rid of flawed answers one-by-one and avoid choosing a well-crafted, misleading answer.

Relax… It’s Okay to Retake the LSAT

Given the importance the LSAT plays in law school acceptance, it may come as no surprise that many people retake the test.

Of the 133,178 LSATs administered during the 2019-2020 testing year (June 2019 – May 2020), just 53.9% represented first-time test takers.

If you’re worried about your nerves getting the best of you, planning to take the LSAT well-ahead of admission deadlines could help alleviate some stress since you’ll have another chance or two to retest if needed.

There are limits to the number of times the LSAT can be taken within certain timeframes, including three times in a single testing year, five times in a five-year window, and seven tests in a lifetime.

Important LSAT Dates

When figuring out how to start studying for the LSAT, it might be helpful to map out a timeline of test dates and law school admission schedules. There are multiple options and locations for testing dates, as well as application deadlines to be aware of.

If you’re hoping to pursue your J.D. within a year or two, it may be easier to work backwards from when you actually need to apply to law school. For the most part, law schools have rolling admissions starting sometime between late August and early October.

The application period at some schools can run into late February, but law schools will often start admitting students and building waitlists prior to the end of the application period. Applying in the fall, before the holiday season, is generally recommended.

Some students may choose to apply for early decision at their top choice law school to improve their likelihood of acceptance.

Deadlines for early decision are generally in November or December, but depending on the school may be later. Applicants may be notified of the decision in the next month or so.

Some test takers may decide to take the exam in June to allow time for retesting on the September/October test date, if desired. Scores are generally sent a few weeks after the exam on a pre-specified release date.

Keep in mind that the number of times the LSAT is offered has changed in recent years. In 2018 and 2019, the LSAT was offered six and seven times, respectively.

Also, take note that there may be different schedules for testing regions outside the United States.

Paying for Law School

Education is an investment—both in time and money. Typically, law school spans three academic years, and the rigorous schedule can make it challenging to work outside of summer internships.

While the payoff can be considerable for legal professionals, the upfront cost can be a heavy lift. For the 2019-2020 academic year, the average in-state tuition for public universities was $28,264, while the average for private universities reached $49,548.

When scholarships and financial aid are not enough, students can take out federal or private student loans to help pay the difference for law school.

Although private student loans may not have loan forbearance or other borrower protections like federal loans, they may still have customized repayment plans and low interest rates, depending on the potential borrower’s qualifications.

Coming up with a plan to pay for law school early could help put you on track to tackling law school debt and focusing on your budding law career.

Students or graduates still paying for their law school (and potentially undergraduate) student loans could opt to refinance and combine payment under one loan.

If you’re putting your degree to work and earning a steady income, refinancing student loans with SoFi could be an option. Refinancing federal student loans eliminates them from federal borrower protections, so it won’t be the right choice for everyone.

Refinancing has the potential to simplify repayment, and lower interest rates for qualifying borrowers.

Ready to get a handle on your law school debt? Check out how refinancing with SoFi could help.

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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.
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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.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.

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Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

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The Invesco QQQ ETF, formerly known as the PowerShares ETF, is an exchange-traded fund that tracks the Nasdaq 100 index.

The QQQ is widely considered to be one of the safer ETFs on the market and has received positive performance rankings from analysts. The fund enjoys high liquidity, being the second-most-traded ETF in the United States as of mid-2020.

The QQQ only holds companies that are included in the Nasdaq 100 and have been listed on the Nasdaq exchange for a minimum of two years. As of August 2020, the ETF contained 104 holdings.

The QQQ exists as a unit investment trust. A UIT is an investment company offering a fixed portfolio through a single security that can be bought and sold by investors as individual shares.

An investment company of this type doesn’t actively trade stocks, meaning shares of its investments aren’t bought or sold unless there’s an extraordinary event like a bankruptcy or corporate merger.

So investors can know that when they own shares in a holding offered by this type of investment company, the underlying assets will mostly stay the same. Not all funds are like this; in fact, some ETFs are actively traded and sometimes have portfolio managers altering the underlying assets daily.

In many ways, the QQQ might be an attractive option for inclusion in a long-term investment portfolio for some investors. The ETF provides cost-efficient exposure to many large companies with high levels of innovation. Investors don’t have to be burdened with picking specific stocks or being limited to a technology-only fund (although the QQQ is heavily weighted toward tech, but it also invests in other sectors).

What is the QQQ? To answer that question, first we must look at the Nasdaq 100.

What Is the Nasdaq 100?

The Nasdaq exchange is the second-largest stock exchange in the world, based on market cap.

In addition to hosting the stocks of some of the world’s largest companies, the exchange has had several notable accomplishments over the years. It was the first to offer electronic trading, the first to keep records in cloud storage, and the first to launch a website.

The Nasdaq 100 consists of the 100 largest companies (by market capitalization) listed on the Nasdaq exchange, except for financial companies.

Part of what makes the Nasdaq 100 index unique is that it uses something called a modified capitalization methodology. The goal of this method is to stop the index from becoming too heavily influenced by any of its super large companies.

That way, if a tech giant like Apple, for example, were to see a big selloff one day, the Nasdaq 100 shouldn’t see as steep a decline, assuming the other 99 companies aren’t also going down.

Stocks in the Nasdaq can be more volatile and riskier than average. But the returns can also be above average.

As of July 2020, the Nasdaq 100 index had achieved a 426% return on investment over a 10-year period. (Note: This refers to the cumulative return of all 100 companies in the index over that amount of time. The index itself has no single way for investors to purchase it, which is why things like the QQQ exist.)

Each quarter, Nasdaq looks at the composition of the index and adjusts weightings as needed to try to achieve this goal of a more equitable performance.

According to the Nasdaq website, there are over 490 investment products tied to the Nasdaq 100. The Invesco QQQ ETF is included.

What Is in the QQQ ETF?

The Invesco QQQ ETF is one of the many ways for investors to gain exposure to the Nasdaq 100.

Most of the QQQ involves large international and United States-based companies in sectors like telecommunications, health care, industrial matters, and technology.

Tech giants like Tesla, Intel, Apple, and Google make up a large portion of the ETF, as the Nasdaq tends to include many tech and growth-oriented stocks.

In fact, as of October 2020, stocks in the technology sector made up almost half of the QQQ ETF, at 48.2%. Other notable sectors included communications services at 19.1%, consumer discretionary at 18.9%, health care at 6.7%, and consumer staples at 4.7%.

The QQQ is rebalanced each quarter (every three months), meaning its managers try to balance the investments in a way that will not give too much influence to any one stock. The ETF is also reconstituted annually, meaning its managers consider which securities to buy, sell, or hold throughout the coming year.

Now that we’ve looked at what is in the QQQ ETF, let’s look at some pros and cons of investing in it.

Pros and Cons of the QQQ ETF

The QQQ has its benefits and drawbacks like any other investment choice.

ETFs come with something called an expense ratio, which represents the amount of fees paid to the company that manages the fund. The fees cover the expenses of operating and maintaining the fund.

Expense ratios are expressed as percentages that will be taken from the fund’s assets before paying investors. If a fund has an expense ratio of 0.5% and the fund sees a return of 4.5% on the year, investors will see a return of 4% after expenses.

Expense ratios are important to consider for any ETF because they can have a big influence on returns, especially for long-term investors.

Pros

One of the pros of the QQQ is that it comes with a very low expense ratio, coming in at just 0.2%, or 20 cents for every $100 invested. This low cost of holding the fund only amplifies its returns over time.

Outsized returns are another pro for this ETF. Though past performance doesn’t always indicate future results, the QQQ has provided higher returns than the S&P 500 for much of recent history. Ten of the last 12 years have seen the QQQ outperform the S&P 500.

Cons

One of the negatives of the QQQ is a relative lack of diversification. While the fund may be more diversified than an ETF that invests exclusively in technology, it’s still less diversified than many similar securities.

The Nasdaq 100 has stocks from eight sectors, but as we saw earlier, the tech sector alone makes up more than 60% of the entire index.

Due in part to this lack of diversification and focus on tech and communications, the QQQ can see above-average volatility. This can make it riskier in the short term, although the fund is still seen as a relatively safe investment.

While the QQQ could see wild swings from time to time, those swings will likely be much less severe than holding the individual stocks in the fund.

How to Invest in the QQQ ETF

Let’s review all this briefly.

The Nasdaq is one of the largest stock exchanges in the world.

The Nasdaq 100 is an index that tracks the top 100 largest stocks in the Nasdaq.

The QQQ ETF is a popular fund that tracks the Nasdaq 100.

After understanding some of the basics about what is in the QQQ ETF, let’s assume an investor wants to gain exposure.

What’s the best way to invest in the QQQ?

Investors will have to answer this question for themselves, but here are a few potential ways to go about it.

•  Search for the ticker “QQQ” and buy shares of the ETF directly in a brokerage account. When wanting to invest large sums, consider dollar-cost averaging.
•  Look into leveraged ETFs that track indexes on a 2:1 or 3:1 basis. These are riskier. Leveraged funds might be more for short-term traders. Examples are QLD or TQQQ.

The Takeaway

The Invesco QQQ ETF is a popular exchange-traded fund that tracks the Nasdaq 100 index. Like any investment choice, the QQQ has pros and cons. One of the easiest ways to invest in an ETF like the QQQ might be to buy shares on an exchange like SoFi’s.

SoFi offers all the tools that both beginning and experienced investors need to accomplish their monetary goals. SoFi Invest® offers educational content as well as access to financial planners. The Active Investing platform lets investors choose from an array of stocks, ETFs or fractional shares. For a limited time, funding an account gives you the opportunity to win up to $1,000 in the stock of your choice. All you have to do is open and fund a SoFi Invest account.

Download the SoFi Invest mobile app today.

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