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Even for healthy individuals, medical expenses are a fact of life. Whether costs are associated with routine care or an unexpected health problem, health care can be expensive—especially for people who are self-employed and don’t have health insurance through their employers. Opening a medical savings account is one way to help cover these necessary costs.

What Is a Medical Savings Account?

Because they sound similar, many people may be confused between medical savings accounts (MSAs; also called an Archer MSA) and health savings accounts (HSAs).

The two are somewhat similar in that they allow individuals to put money into a tax-free savings account that is dedicated exclusively to paying off certain health care costs.

While HSAs are designed to help employees who are covered by their employers under High Deductible Health Plans pay for certain health care expenses, medical savings accounts are designed to help a more specific group of individuals—those who are either self-employed or work for small businesses.

Medical Savings Plan Contributions

Contributions to a medical savings plan can be made by an individual or their employer to a dedicated account set up through a US financial institution, such as a bank or insurance company. Individuals may claim a tax deduction for any money they contribute to their account through the year, and any contributions made on their behalf by an employer do not count as income. Interest or other earnings on funds within an individual’s medical savings account are not taxed, nor are distributions from that account that are used to pay for qualifying medical expenses.

Also good to note: Money deposited into a medical savings account belongs to that individual. The funds do not expire, even if unused, and such accounts are “portable,” meaning they still belong to the individual even if they switch employers or stop working.

Who Is Eligible for a Medical Savings Account?

To qualify for a medical savings account, individuals must meet one of the following criteria:

•   They must be self-employed (or be married to a self-employed individual), with coverage under a self-only or family high deductible health plan.
•   They must work for a small employer, defined by the IRS as a company with 50 or fewer employees over the last two years, that maintains a high deductible health plan or family plan on the employee’s behalf.
•   They must not have other health coverage beyond the qualifying high deductible health plan, with a few exceptions. These include insurance that covers workplace-related liabilities, fixed coverage for hospitalization, or a specific disease or illness. Additional coverage for accidents, disability, dental, vision, or long-term care would also not exclude an individual from qualifying for a medical savings plan, and those whose spouses are covered under insurance plans that do not meet the high deductible thresholds can still qualify so long as they are not covered under their spouse’s plan.

Individuals who work for companies defined as a “growing employer,” which is a company that started medical savings plans for employees when the business was small enough to qualify and then grew to an average of no more than 200 employees each year, may also qualify for medical savings accounts.

What qualifies as a high deductible health plan? According to the IRS , that’s health care coverage with a higher annual deductible than typical health plans, as well as a maximum limit on annual out-of-pocket expenses.

These limits vary depending on whether the savings account holder has self-only or family coverage. For those with self-only coverage, the annual deductible must fall between $2,350 and $3,500, with out-of-pocket expenses totalling no more than $4,650. For those with family coverage, the limits are slightly higher: deductibles between $4,650 and $7,000 per year are permitted, and annual out-of-pocket expenses cannot exceed $8,550.

There are some additional restrictions on qualifying for a medical savings account people should also be aware of. In order to be eligible, an individual must have either already held a medical spending account in any tax year prior to 2008, or, after that date, they must have entered the program via a qualifying employer.

What Do Medical Savings Accounts Cover?

As anyone with a health care plan is likely aware, individuals are generally responsible for paying for any medical expenses until they reach their annual deductible. Medical savings account holders are able to withdraw money from their accounts in order to cover these non-reimbursable expenses. After an individual pays such an expense, they simply request a reimbursement from their plan administrator.

Such distributions are tax free, so long as they fall under the qualifying medical expenses allowed by the IRS. Withdrawals for other reasons are subject to both income tax and an additional 20% levy.

What does and doesn’t qualify as tax-exempt medical expenses that can be paid for by a medical savings account? A good rule of thumb is that acceptable expenses are similar to those that are considered allowable income tax deductions. IRS Publication 502: Medical and Dental Expenses defines these expenses as “costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body” including equipment, supplies, and diagnostic devices. Non-prescription medications, other than insulin, also generally do not fit the bill unless they are prescribed by a health care practitioner.

One exception to the tax-deductible guideline is health insurance premiums. Though such fees are legally tax deductible, they generally do not qualify as acceptable medical savings account distributions with a few exceptions. These include long-term care coverage and health care coverage while on unemployment.

Medical savings account holders may also be able to claim distributions for others, such as:

•   A spouse.
•   Dependants claimed on the account holder’s tax return or who could have been claimed on the account holder’s tax return (children of parents who are divorced, separated, or living apart are treated as dependents of both parents).

Must-Know Medical Savings Account Rules

To make the most of a medical savings account—and to avoid tax penalties—it’s important to be familiar with the ins and outs of these types of accounts.

Medical Savings Accounts Have Annual Contribution Limits

While the idea of putting aside money for health care costs and potentially reducing one’s tax bill at the same time may sound appealing, there are limits to how much one can contribute to a medical savings account in a single tax year. Go above these caps, and the excess is no longer tax-deductible and, generally, is also subject to a 6% excise tax.

There are two limits to know about:

•   An individual or their employer may only contribute up to 75% of their annual health plan deductible for families and just 65% of the deductible for self-only plans. If the deductible on a family plan was $5,000, that would cap the annual medical savings account contribution at $3,750. For an individual with a self-only plan with a $3,000 deductible, the annual contribution limit would be $1,950.
•   The contribution can’t exceed the account holder’s net self-employment income (income minus tax-deductible expenses) or income from the employer through which they have the medical savings account.

What happens if someone does accidentally contribute too much? If they catch the excess before their tax return is due, they can simply withdraw the overpayment to avoid the excise tax. Medical savings account holders may also withdraw excess contributions in later tax years, though there are limits to such withdrawals and doing so would not reverse any taxes already paid.

Only an Individual or Their Employer Can Make a Contribution in a Single Year

While either an individual or their employer can contribute to a medical savings account, only one party can do so in a single year—even if the contribution is below the allowable limits.

Medical Savings Account Contributions and Distributions Need to Be Reported in Income Tax Returns

Individuals and their employers have until the tax filing deadline, usually April 15 of each year, to make a contribution, and any amounts contributed up to that date must be reported on an individual’s annual income tax return. Any excess contributions should be included as gross income or reported as “other income.”

Any money withdrawn from a medical savings account must also be reported, and if a distribution is used for a non-qualifying expense, it is subject to tax.

Medical Savings Accounts Must Be Funded in Cash

Unlike some other types of accounts, contributions made to a medical savings account must be made in cash. Deposits of stocks or other investments are not allowed.

The Takeaway

Whether for routine medical expenses or an unexpected emergency, a medical savings account may help some individuals cover the cost of care, while also providing some potential tax advantages. But it’s always good to plan ahead—and health care is just one example of areas where it’s helpful to have some money set aside.

With no account fees and tools that can help you plan for savings, SoFi Checking and Savings® is a partner in saving—both for health care and other important needs.

Learn more about SoFi Checking and Savings®.

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For soon-to-be-grads, the senior year of college is both an end and a new start. Finishing up a university degree can mark the beginning of a career or diving into grad school.

Senior year in college can mean the start of mapping out a more independent adulthood. While each college senior has a unique situation, there’s one constant: life after college involves change.

Here are some tips on navigating the senior year of college—from polishing up that resume to hunting for a job, from understanding student loan obligations to creating a more professional presence on social media channels.

Preparing for Life Beyond College

Post-secondary education in the U.S. has been on the rise for decades. There’s a growing number of seniors preparing to wrap up their college educations and move to the next stage in life—whatever form that takes.

In the year 1900, just 27,420 Bachelor’s degrees were awarded nationwide (back then, the vast majority of graduates—80.9%—were male). Those numbers look a quite different today, with 3.9-million students a year graduating with a college degree.

For US college students, graduation rates for four-year degrees were 60.4%, while completion rates for two-year programs was 31.6%. And, although college is often the last stop before pursuing a full-time job, a lot of college seniors feel ill-prepared for the changes to come after graduation.

According to one annual survey of college students , only four in 10 students say they feel “very” or “extremely” prepared for their future careers. Some college seniors may be searching for tips on how to position themselves for life after graduation.

The above-mentioned study also found that students feel they’re lacking in key areas of preparation for life beyond college. Fewer than half of students say college has imparted critical skills for transitioning to the workforce—including solving complex problems, resume writing, interviewing, and job searching. And while 77% of students felt good about their professionalism and work ethic, there’s a significant gap in how employers see new grads on these key areas.

Global forces haven’t made it easy on new grads, either. As the novel Coronavirus pandemic drives high unemployment rates and shutters businesses, some data shows that college seniors have access to fewer entry-level positions—with openings paying less than in recent years. As such, it’s never been more important for college seniors to plan in advance for life after college. Here are some tips for turning that senior year in college into a lily pad for post-grad life:

Confirm degree requirements

For students embarking on their senior year of college, it can be a good idea to confirm that they’ve met all the prerequisites for graduating.

Whether it’s a forgotten phys-ed requirement, general education credits, or a class required to complete a specific degree, it’s helpful to double-check that all required courses have been completed—while there’s still time to make up for any missed credits or must-complete classes. This can be especially important for students who have transferred schools during college.

According to one study, of the one-third of students who change schools during their post-secondary education, nearly 40% get no credit at all for the courses completed before the move. On average, students who transfer lose 27 credits, the equivalent of a year in school.

Even for those who confirmed their credits at the time they transferred, it’s smart to double-check to avoid any unpleasant (and costly) surprises during senior year in college. While they’re at it, outgoing students may also want to confirm there’s nothing else standing in the way of collecting their degree on graduation day.

Depending on school policy, outstanding library fines and overdue books or other penalties may prevent a student from graduating on time.

Brush up on skills

Each year, the Graduate Management Admission Council, which administers the GMAT exam, surveys recruiters to better understand what hiring companies want to see in new graduates. Communication skills, including oral communication, listening skills, written communication, and presentation skills are among those that top the list.

These skills are values across industries—with employers in healthcare and pharmaceuticals, technology, products/services and government/non-profit all ranking oral communication as tops. Skills tied to teamwork also ranked highly.

Even if it’s not possible to gain on-the-job experience during your senior year in college, future grads may want to hone these important skills during their final years in college.

Extra-curricular activities, whether a team sport or debate club, can help to deepen core competencies, provide demonstrable experience to prospective employers—and even help to deepen one’s connections to their fellow students (ahem, networking, ahem).

Start a resume

An up-to-date resume is needed throughout one’s career. Generally, a resume lists things like:

•   Work and educational history
•   Professional skills and capabilities
•   Accomplishments and successes

It can be helpful to understand the resume format that companies expect from job applicants. At some larger companies, resumes are initially filtered by AI software—not a living person in the human resources department. So, it may be a good idea to seek out model resumes online—as seemingly small things, like the choice font, can impact how the resume is (or is not) processed.

For some college seniors, applying for a post-graduation job will be one of the first times they’ve needed a professional resume. But, without formal work experience or a job history related to one’s desired field, it can also be difficult to know what to include.

Even in the absence of formal work experience, college seniors can write a resume that highlights what they offer to a prospective employer. College seniors could take some time to think about jobs and activities they’ve participated in to date. What does this documented experience demonstrate about them as a worker or team member?

Part-time jobs (even roles like a camp counselor or on-campus tutor) can show a proven history of increasing responsibility, leadership and teamwork abilities—all things that recruiters may look out for.

Foreign language skills and extracurricular activities can also demonstrate cultural competency and drive. Listing academic achievements, including a high GPA and/or awards won, may help college seniors to stand out in the crowded job-applicant pool.

Time for a social media cleanse

For many college seniors, social media profiles are a proud record of good times with friends over the last four years. But, social media can also be a career liability.

According to one survey, 70% of hiring managers look at an applicant’s social media when deciding whether to offer employment. And, for those that think fun times in college won’t come back to haunt them: 57% of HR managers who looked at a candidate’s social media profile found that it contained content that caused the applicant not to get the job.

As such, senior year in college can be a good time to “professionalize” one’s social media presence. Seniors don’t need to delete their profiles—in fact, nearly half of recruiters say they’ll ignore an applicant if they can’t find them online—but they could pay closer attention to how they are representing themselves.

Among the types of things recruiters say could disqualify an applicant are some obvious inclusions—for example, photos that display drinking and drug use or discriminatory comments about race, gender, and religion. But, less obvious infractions, such as that now-embarrassing profile handle that was set up years ago and never changed, bad-mouthing employers or teachers, or even posting overly frequently, are all things that can potentially make an employer think twice.

A social media cleanse is also an opportunity for college seniors to stand out. While new grads’ resumes may be thin compared to those who have been in the workforce for years, a dynamic, creative social media profile that highlights one’s interests and hobbies, positive college relationships, and achievements, can help bring a candidate’s application to life.

In addition to crafting a resume, college seniors may also want to set up an up-to-date profile on a social network used by both job seekers, recruiters and employers—sites such as LinkedIn or GlassDoor. This is one more space to display accomplishments and self-presentation skills.

Get finances in order

For some college seniors, transitioning from college to work life can present new financial obligations.

For students with financial aid, senior year is a good time to start thinking about how they will pay off student loans—once they’re due. Because student loans are subject to interest, which compounds over time, the sooner they can be paid off, the less their education will cost in the long run.

To start, students may want to make a list of all of their educational loans along with the interest rate and repayment terms for each. Because some student loans are not subject to interest during school, seniors with extra money from part-time employment or other sources may want to pay down a portion of their principal while still enrolled.

Doing so can reduce the amount that will be subject to interest later on. (It’s worth noting that some student loans do accrue interest while a student is enrolled, so doing your fine-print homework is key here).

Some college seniors may want to research different ways to repay their educational debt. For federal student loan borrowers , there are specific repayment programs that some seniors may be eligible for—including income-driven repayment, public service loan cancellation, and forbearance.

After exhausting all federal repayment options, some students may want to research refinancing a student loan with a private lender. It’s important to note that private lenders do not guarantee the same repayment options as federally backed student loans.

Replacing a federal loan with a private loan can cause the borrower to forfeit federal repayment options.

Positioning Seniors for Success

Senior year in college is a bittersweet time. For many it marks the end of carefree school days, and the start of exciting new adult responsibilities. But, more than just a time of impending transition, senior year means undertaking some next-step preparations.

From learning how to position oneself for employment opportunities to mitigating the long-term burden of a student loan, what a college senior does now can help them to get ready for the life ahead.

The Takeaway

For some seniors in college, the conclusion of classes doesn’t truly mean the end. It’s the start of a time of change—ripe for further honing one’s professional skills and mapping out a plan for the years that lie beyond college.

Student loan debt is one long-term obligation for millions of recent college graduates. Refinancing educational debt to a lower interest rate can reduce monthly repayments ( lengthening the loan term can do this even more). A lower rate can also mean paying less interest over the life of the loan (shortening the loan term will further cut the interest paid).

Refinancing student loans with SoFi can be done all online—with no prepayment, origination or application fees.

Curious to learn more about refinancing student loans? Check your rate.

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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.

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.

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 TO DEC. 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. CLICK HERE FOR MORE INFORMATION.
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.

Student Loan Refinancing
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. (You may pay more interest over the life of the loan if you refinance with an extended term.) 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, such as the SAVE Plan, or extended repayment plans.

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It’s no secret, the MCAT is notoriously difficult. Thankfully, by learning how to study for the MCATs, medical school hopefuls may be able to improve their scores come testing day, which could bring them one step closer to fulfilling their dreams.

Here are a few ways in which prospective medical school students can study for the MCATs and go the distance with their goals.

What Are the MCATs?

MCAT stands for Medical College Admission Test® (MCAT®) . The test, which the Association of American Medical Colleges (AAMC) creates and administers every year, is multiple-choice and standardized. Medical schools have been utilizing it for more than 90 years to determine which students should gain admission.

Most medical schools in the United States and some in Canada will require that students take the MCATs. Every year, more than 85,000 prospective medical school students take it.

There are four sections to the MCATs, including critical analysis and reasoning skills, biological and biochemical functions of living systems, chemical and physical foundations of biological systems, and psychological, social, and biological foundations of behavior.

Students will receive five scores: one for each section, and then one total score. In each section, they can get a score ranging from 118 to 132, and the total score ranges from 472 to 528. Generally, a competitive MCAT score is a total of 509 or above, which would place a student in the 80th percentile.

The average MCAT score for all medical school applicants is between a 500 and 508. Usually, students will receive scores 30 to 35 days after they take the exam.

Keep in mind that MCAT scores, while important, are just one part of a medical school application. Medical schools often review other factors, including things like a student’s:

•  GPA
•  Undergraduate coursework
•  Experience related to the medical field, including research and volunteer work
•  Letters of recommendation
•  Extracurricular activities
•  Personal statement

If a student has a high GPA from a competitive undergraduate school, for instance, and they don’t score very high on the MCATs, they may still have a chance of getting into a medical school.

Getting a competitive score on the MCAT can give applicants an edge, especially when applying to ultra-competitive medical schools. One way students can help improve their chances of getting a desirable score on the MCAT is to learn how to study for the unique demands of the test.

Studying for the MCAT

One of the first things a student can do when determining how to study for the MCAT is to create a study plan. A well-crafted study plan will review what materials the student should review in order to prepare for the exam.

The AAMC Website

One jumping off point – review the material covered on the MCAT. The AAMC provides an in-depth outline on their website . Obviously, the same questions students will see on the actual exam won’t be listed, but sample questions that are similar to the real questions are.

The website allows students to download the entire exam content in a PDF and watch tutorial videos. For instance, according to the AAMC’s guide , the Biological and Biochemical Foundations of Living Systems section of the MCAT “tests processes that are unique to living organisms, such as growing and reproducing, maintaining a constant internal environment, acquiring materials and energy, sensing and responding to environmental changes, and adapting.”

The section has 59 questions, and students get 95 minutes to complete them.

Online Resources

There are a variety of other online resources students can explore to help them review. For example, the AAMC currently recommends students take a look at Khan Academy’s MCAT Video Collection , where there are more than 900 videos and 3,000 questions that students can use to review. This content will be available for students to access until September 2021.

There are also MCAT study apps like MCAT Prep from Varsity Tutors LLC and MCAT Prep by Magoosh that students can download and use to study.

Books, Textbooks, and Class Resources

It may also help to buy or borrow books from the library that go into detail on the MCAT. Students should just make sure that the books they’re reading are up to date.

It can also be helpful to review class notes and study guides from courses you’ve taken that are related to MCAT materials. Some schools have study groups and other academic support resources for students who are studying for the MCAT. If you’re currently enrolled in classes, take a look to see what might be offered at your campus.

Practice Tests

AAMC offers official sample MCAT practice exams online , and they cost $35 each. Taking practice tests can help students familiarize themselves with the exam. Taking practice tests can also be important in helping students understand the timing of each section.

Study Groups and Tutors

Getting an MCAT tutor who has taken the test could also be helpful. A tutor will generally be able to provide guidance on what kind of questions a student can expect and effective methods and tips for studying. Additionally, a tutor could help a student stay motivated and hold them accountable.

Students can find tutors by asking friends and family members who have taken the MCATs recently for recommendations. There are also test preparation companies that provide resources for students to find tutors online or in person.

A search on an independent website like Google or Yelp can help students be sure that the test prep company they are looking into is legitimate.

Study groups can also be a tool to help students who are preparing for the MCAT. Students can find others who are on the same trajectory and plan to take the test and go to medical school around the same time as them. If possible, find a group where each student has a different strength and weakness, this way each student can learn from one another.

It may help to use a shared calendar or another tool to make sure everyone is on the same page for dates, times, and locations for when the study group will meet. Students can find MCAT study groups by looking on Google and/or signing up for virtual groups on Facebook.

Important Dates to Keep in Mind

Students can take the MCATs several times throughout the year, from late January through September. There are hundreds of test locations around the U.S. and Canada as well as select locations around the globe.

If a student’s preferred MCAT test date or location is not available, they can sign up for email notifications to see if it becomes available down the line.

If students are ready to take the test in 2021, they can see the full schedule of testing dates on the AAMC’s website. In light of the COVID-19 pandemic, the AAMC has released protocols for in-person testing in the coming year. While they currently plan to offer in-person testing, they acknowledge that this may change. Learn more about the AAMC’s approach here .

Paying for the MCATs and Medical School

The registration fee for the MCAT exam is $320, and that includes distribution of scores. There may be additional fees for changes to a registration, a late registration, and for taking the test at international sites.

The AAMC does offer a Fee Assistance Program to students who are struggling to pay for the test and/or medical school applications. To be eligible for the Fee Assistance Program, students must meet the following eligibility requirements:

•   Be a US Citizen or Lawful Permanent Resident of the US.
•   Must have a total family income that is 400% or less than the 2019 national poverty level for their family size.

Note that the Fee Assistance Program will review financial information of the student and the student’s parents, even if the student is considered independent.

Keep in mind that along with the MCAT fee, applying to medical school can be quite expensive. Most medical schools in the US utilize the AAMC’s American Medical College Application Service® (AMCAS®). To apply to schools in 2021, students will generally pay a first-time application fee of $170, as well as $41 for each additional school.

Some medical schools may require a secondary application, and those fees range depending on the school. Students may also need additional money to travel to and tour schools.

The application process is just one portion of the cost of med school. After being accepted, there’s the cost of tuition, books, and more. The average cost of the first year of medical school at a public school with in-state tuition is $37,556, which includes tuition, fees, and health insurance.

The average cost for the first-year at a private medical school is $60,665. According to the AAMC, the median debt for medical school graduates is $200,000.

Paying for School with the Help of SoFi

Paying for the MCATs and medical school can be a challenge. SoFi understands this, which is why they offer students no-fee private student loans and the opportunity to refinance their current student loans.

Note that refinancing federal student loans eliminates them from any borrower protections like Public Service Loan Forgiveness, income-driven repayment, and deferment options, so it may not be the right choice for everyone.

Applications for a private student loan or refinancing loan with SoFi can be completed entirely online. SoFi members gain access to career coaching, special events, and more.

Worried about the cost of medical school? Learn more about options available with SoFi, like private student loans to help pay for medical school or refinancing existing student loans—either of which could help you make your med school dreams a reality.

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

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

Student Loan Refinancing
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. (You may pay more interest over the life of the loan if you refinance with an extended term.) 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, such as the SAVE Plan, or extended repayment plans.

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

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

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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Writing a good thesis statement can be extremely difficult, but it usually signals the end of a long road. Most theses are turned in at the end of undergraduate or graduate school.

It’s an accomplishment to celebrate, and for students who are just beginning to write theirs, this article could help make the thesis process a little less stressful.

Undergraduate Thesis

Some undergraduate programs do not require students to do a thesis. Other programs may require an undergraduate thesis to be completed as part of an Honors program, and other schools may offer the thesis as a voluntary option for students.

Doing a thesis gives students the opportunity to delve deeper into a topic they’re interested in and gain research and writing skills that may assist them later in life.

Students who are considering doing a thesis during undergrad should be aware of the time commitment. An undergraduate thesis is usually 40 to 60 pages long and takes about a year to complete. Typically, this is done during a student’s senior year.

Another difference between an undergraduate and graduate thesis is that an undergraduate thesis isn’t expected to reach the same level of originality as a graduate thesis is.

An undergrad thesis is less about presenting new ideas, and more about displaying critical thinking skills and an ability to conduct thorough research, bringing together ideas from many sources.

The requirements for completing an undergraduate thesis may vary depending on the school and program that a student is enrolled in.

Completing a thesis during undergrad can potentially be helpful for students who are interested in going to graduate school.

Successfully completing a thesis can highlight a student’s ability to tackle a large research project and potentially even illustrate how committed the student is to attending graduate school.

Graduate Thesis

The terminology of post-graduate work can be confusing, with both thesis and dissertations being used for different programs. Generally, in the U.S., we refer to a thesis for the project completed at the end of a Master’s program, and a dissertation is the completion of a Ph.D. program.

Not every Master’s program requires a thesis to graduate, some students may not want to focus on research, and instead they may have the opportunity to do some real-world work during their Master’s program.

For students who choose to do a thesis, this will be an intensive research project that focuses on a specific topic. A Master’s thesis typically ranges from 60 to 100 pages in length, and requires the student to research both primary and secondary sources to support their argument.

All this work may seem like a heavy burden for a student to complete on their own, but they’ll usually have an advisor to assist them throughout the entire process.

Each school and individual program may have different thesis requirements, so students who are just getting started may consider reviewing requirements with a program administrator or their thesis advisor.

Tips on Writing a Thesis

Whether the thesis is for undergrad or a Master’s program, there are some general tips that can be followed that might help make this monumental task a bit easier.

1. Understanding the Why

Writing a thesis, whether for undergrad or graduate school, is a big undertaking.

It can help students to cope better with the amount of work when they understand why they’re doing it, what the purpose of the thesis is. This is different from selecting the topic, this is about how the thesis will benefit them in the long-run.

Writing a thesis can help show that the student has developed professional research and writing skills as well as a refined knowledge of their topic of study. These skills will stay with students for life and may be of use in their career.

Should the student choose to pursue a doctoral program, these skills will almost certainly come in handy as they work on their dissertation.

2. Researching How to Write a Thesis

Research both how to research and how to write before getting started on the thesis itself.
Students may want to consider reading up on how to write a thesis even before they start the program, some recommendations suggest exploring this topic about six to 12 months before starting the actual thesis research.

Getting your bearings on the process could help make it feel a little less overwhelming. Students may want to checkin in with their thesis advisor when looking for resources as they may have helpful recommendations for sources or suggest reading that is specific to your field of study.

3. Choosing a Topic Carefully

This step can be stressful for students. A thesis topic has to be specific, but not so much so that students can’t find any research on it to support their argument. If their topic is too broad, it won’t be original enough.

Students can get help from their advisors and look into the most recent research that’s being done on their potential topic to help them narrow down exactly what they’d like to work on.

4. Reading Often

Another tip for writing a successful thesis is to read often. Reading often can help students cultivate ideas and develop more creative thinking. Even if the topics aren’t always within the students core area of research, they can still contribute to helping the student branch out and come up with a creative thesis topic.

5. Creating Citations Over Time

Writing a thesis means using primary and secondary sources to support an argument. Students will need to cite their sources and include a bibliography or works cited with their thesis.

It could save students a headache if they build their citations over time, taking notes and organizing their sources as they go instead of doing this all at the end.

Also make note of the format required for your citations, depending on the field of study students may be required to use American Psychological Associate (APA), Modern Language Associate (MLA) or Chicago, which has two styles; notes and bibliography or author-date.

There are digital services available to students that can help streamlining the citation process. Check in with your advisor to see if they have any insight to share. Some citation managers to consider might be EndNote, Mendeley, or Zotero.

6. Building a Relationship with Your Advisor

Students can benefit from building a strong relationship with their thesis advisor. The advisor will generally be overseeing the process, answering questions, and giving feedback and constructive criticism to the student.

It may be more comfortable receiving this feedback if students have developed a positive relationship with their advisor.

7. Writing and Rewriting

Writing a little bit every day can help turn this big project into more manageable pieces. Students should get in the habit of writing every day, and also rewriting and editing their work regularly.

Making improvements constantly will be easier than having to make improvements to the whole thesis at the end.

It may also be helpful to create an outline for the thesis, consider including the topics of interest and organizing them into sections. This could be a helpful tool to help you stay on task with writing and researching.

8. Staying Healthy, Mentally and Physically

Coping with the stress of writing a Master’s or undergraduate thesis can be difficult, but if physical and mental health are neglected for the sake of getting work done, the work will suffer in the long run.

While students can be hyper-focused on their thesis work, it is helpful to also prioritize their physical and mental health by getting adequate sleep, staying active, and eating well.

If the stress becomes unmanageable, students may consider seeing a counselor. Some universities offer health services and counseling on-site.

Refinancing Student Loans

For undergraduates who are completing their thesis, or graduate student’s who are beginning theirs, they may have more in common than just a heavy workload.

Both students may have taken out student loans, and maybe they’ve already begun the process of trying to pay them off.

After college, students often turn their sights to be looking for work—hoping to make enough money to make their loan payments. But aside from trying to snag a well-paying job, students who are eligible may want to consider refinancing their student loans as a strategy to streamline their loan repayment.

Refinancing a student loan means paying it off with another loan, ideally the new loan has a lower interest rate or better repayment terms.

The benefits of refinancing private student loans will depend on a variety of factors, like interest rates and income.

It’s usually not recommended to refinance federal student loans because these come with benefits like income-driven repayments and loan forgiveness, that won’t be available if they’re refinanced by a private lender.

SoFi can’t write that thesis for you, but we can help you learn more about your finances. Learn more about student loan refinancing with SoFi.

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

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

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

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.

Student Loan Refinancing
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. (You may pay more interest over the life of the loan if you refinance with an extended term.) 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, such as the SAVE Plan, or extended repayment plans.

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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.

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.

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.

Student Loan Refinancing
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. (You may pay more interest over the life of the loan if you refinance with an extended term.) 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, such as the SAVE Plan, or extended repayment plans.

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