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Deciding to pursue a master’s degree during a recession can be a strategic move or a financial risk, depending on your circumstances. While economic downturns often reduce job opportunities, they can also provide a chance to invest in education, build new skills, and enhance career prospects.

Historically, times of economic turmoil have seen big upticks in graduate school enrollment. But is this the right move for you now?

This guide explores the pros and cons of pursuing a master’s degree during uncertain economic times to help you make an informed decision.

Why People Go Back To School During Recessions

Periods of decline in economic activity (aka recessions) are commonly accompanied by corporate layoffs, rising unemployment, and dwindling wage growth. Because there are fewer employment opportunities, job hunting and career advancement become more competitive. Many workers decide a return to school, often to earn a master’s degree, makes sense in a tough employment market.

Earning an advanced degree can boost your earning power in your chosen field or provide an opportunity to change fields. Career changers may gravitate to growing, “recession-proof” industries and fields that they are passionate about.

Recommended: 12 High Income Skills to Learn

Who Should Get a Master’s Degree?

Whether you should get a master’s degree depends on your professional and academic goals. A master’s degree indicates a high level of knowledge in a profession or research area. It takes anywhere from one to three years of full-time study to complete a master’s. A bachelor’s degree is required to apply for a master’s program.

For academics, a master’s is usually a stepping stone to a Ph.D. or other doctoral degree. Professional master’s degrees can also be the first step toward advanced degrees required for doctors, pharmacists, and lawyers, and are a necessary part of education for those careers.

Master’s degrees can also be required or particularly helpful in education, social service, health care, business, and STEM fields (science, technology, engineering, and mathematics).

Recommended: What Should I Do After My Master’s Degree?

Pros of Getting a Master’s Degree in a Recession

For many people, a recession is a good time to go back to school, either full- or part-time. Here’s why.

Potential Salary Boost

In many careers, a master’s degree will command a higher salary and increase job security. According to the Bureau of Labor Statistics (BLS), workers with graduate degrees (master’s, professional, and doctoral) have the highest earnings.

The median weekly earnings for full-time workers over 25 with a master’s degree is $1,737, compared to $1,493 for employees with a bachelor’s degree only.

Increased Job Security

Workers with graduate degrees also experience lower levels of unemployment, according to BLS data. The unemployment rate in 2023 for people with a master’s was 2.0%, compared to 2.2% for workers with bachelor’s degrees.

People who have been negatively affected by a recession — either laid off or unemployed for an extended period — often find that an advanced degree can lead to more job security and advancement. As mentioned above, recessions can also be a good time for workers in hard-hit industries to gain skills and knowledge through a master’s in a fast-growing field.

Many grad school students find that networking with other students, faculty, and alumni helps them find new opportunities, especially in a competitive job market.

Easy Access To High Quality Programs

Hundreds of high-quality, in-demand graduate degree programs are now available online from prestigious colleges and universities. Remote learning makes these programs accessible to students anywhere in the country. Online programs often cost less than in-person learning and can offer more flexibility for students who need to continue working full- or part-time.

Recommended: 10 Most Affordable Online Colleges in the United States

Cons of Getting a Master’s Degree in a Recession

Grad school isn’t right for everyone, and making this move demands careful consideration. Potential cons of going to grad school in a recession include:

Costs and Potential Debt

The average cost of a master’s degree is $62,820, according to a 2024 report from the Education Data Initiative. That does not include living expenses or lost wages from taking time off work. And people with a master’s degree carry an average of $69,140 in student loan debt.

Determining whether taking on federal or private student loan debt is worth the increased earning potential or career satisfaction is an important step in your decision-making process.

Increased Competition for Admissions

You’re not the only one debating whether to ride out tough economic times by going back to grad school. That can mean increased competition for the best programs. If a degree from a particular college or university is part of your career plan, carefully consider your timing.

Missed Work Experience

If you’re considering leaving a job to attend grad school, keep in mind that you may miss valuable work experience that can put you in a better position when the recession ends. Working part-time can help pay for grad school and sometimes alleviates missed work experience, but not always. That’s because part-time employees don’t always encounter the same opportunities to gain valuable experience as full-time staffers.

Recommended: Undergraduate vs. Graduate Student Loans: How They Differ

How Much Does a Master’s Degree Cost?

Depending on the field of study and institution, master’s programs range from $18,000 to $47,000 per year. Unlike many doctorate programs that waive tuition and fees and even offer a stipend, master’s degrees are not fully funded.

Ways To Pay for a Master’s Degree

Most students rely on a combination of savings, scholarships, grants, federal loans, private loans, and help from employers to pay for graduate school.

Federal Grants

Federal grant programs include the Pell Grant, which is generally available only to undergrads who demonstrate exceptional financial need. However, it may be possible to receive some grant funding to help you pay for grad school during a recession. Remember, this time around you’re an independent student, and you won’t be tied to your family’s income to determine need.

Another federal grant that may be available to graduate students is the Teacher Education Assistance for College and Higher Education, or TEACH Grant. This grant has relatively stringent requirements and is available for students pursuing a teaching career who are willing to fulfill a service obligation after graduation.

Filling out the Federal Application for Student Aid (FAFSA) is the first step to determining whether you’re eligible for federal grants.

Scholarships

The FAFSA also gives you access to many scholarships. There are scholarships offered in every field imaginable. Start your search with these online tools:

•   Graduate School Scholarship Search at Sallie Mae

•   Scholarship Search Engine at CollegeScholarship.org

•   SoFi’s State Scholarship Search

Federal Student Loans

Grad students may be offered loans as part of their financial aid offer. A loan is money you borrow and must pay back with interest. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources.

The lifetime limit for Direct Subsidized and Unsubsidized student loans is $138,500 for graduate or professional students. Of this amount, no more than $65,500 can be in subsidized loans. This includes student loans borrowed during undergraduate study.

Private Student Loans

Many students also rely on private student loans to help pay for graduate school. The maximum amount that students can borrow with a private student loan varies by lender, but can’t exceed the cost of attendance.

The cost of attendance is the combined total of tuition and fees, books and supplies, living expenses, transportation, and miscellaneous expenses. This estimate may also include dependent care, study-abroad, and costs related to disabilities.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

Pursuing a master’s degree can be a great way to enhance your skills and career opportunities. Taking advantage of a slow or troubled economic time to do so can help ensure your job security in the future. That said, it’s important to consider the tuition costs associated with a graduate degree, the potential for taking on debt, and the effects of missed earnings and opportunities if you take time off work to go back to school.

Ways to pay for graduate school include cash savings, tuition assistance from your employer, scholarships, grants, and federal and private student loans.

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

FAQ

Is grad school a good place to ride out a recession?

It can be. Recessions are usually accompanied by high unemployment and layoffs. For many people, gaining new skills and expertise in a graduate program can be a good way to make yourself recession-proof in the future.

Do more people head for grad school during a recession?

Yes, more people often pursue graduate school during a recession as job opportunities shrink and individuals look to enhance skills or change careers. Higher education can provide a competitive edge, but it’s crucial to weigh the costs, especially when taking on debt during uncertain economic times.

What are worthwhile master’s degrees to get during a recession?

Master’s degrees in fields with strong job stability and growth potential are worthwhile during a recession. Examples include health care, data science, cybersecurity, education, and business administration (MBA). These fields often offer consistent demand, diverse career opportunities, and higher earning potential, making them strategic choices in uncertain economic times.

Photo credit: iStock/izusek

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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

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.

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.

SOISL-Q424-046

A trade school, often called a vocational or technical school, provides specific job skills to start a career quickly in a given trade, with the requisite certifications and licenses. That career can range from being an electrician to a physician’s assistant to a cook. As opposed to a four-year college, a trade school education is generally completed in just two years and focuses on getting students hands-on experience and securing the job they want.

Trade school costs an average of $12,000 to $20,000+ per year. While trade school can be significantly less costly and require less time than a four year degree, there are still expenses to consider. Continue reading for more information on how expensive trade school is and planning for trade school costs.

What Is Trade School?

College is not for everyone. Trade school can provide a path to a rewarding career, without the time and money required to pursue a four-year degree.

Trade school is a type of education that provides training in a specific job or skill set to allow students to start a given trade or career with the requisite certifications and appropriate licenses. Also known as vocational or technical schools, trade school can be a stepping stone into a career as a plumber, electrician, dental hygienist, pharmacy technician, paralegal, and more.

Trade schools may be private or public institutions, and it can take as little as a few months to two plus years to complete a trade school program. Community colleges may offer vocational programs or more general education classes for students planning to transfer to a four-year institution.

How Much Does Trade School Cost

The cost of trade school varies widely based on factors including the school, the program you are pursuing, and your location. According to the Integrated Postsecondary Education Data System (IPEDs), the average cost of trade school was $15,070 for the 2022-23 school year.

Tuition

The cost of tuition for trade school can range dramatically, from $4,200 to $25,000+ per year. Here is the average cost of tuition and fees for popular trade school programs, according to IPEDs:

•   Patient Care Assistant/Aide: $4,280

•   Welder: $11,230

•   HVAC Tech: $11,630

•   Licensed Practical Nurse: $14,700

•   Cosmetologist: $16,230

•   Auto Tech: $25,870

Books and Supplies

The cost of books and supplies will vary based on the vocational program or trade school. According to data from IPEDs, the average cost of books at a two-year public institution was $1,720 for the 2022-23 school year.

Living Expenses

Unsurprisingly, the cost of living expenses can also vary quite dramatically from student to student. Some students who are attending trade school may be able to live at home with family members. This could help them reduce costs because they may have little to no rent, and share meals with family members.

Trade school students who are living on their own may need to budget for more expensive living costs.

Recommended: What Is the Cost of Attendance in College?

Paying for Trade School

When it comes to paying for college, or trade school, there are a few options available to students, including loans, federal aid, grants, and more.

Trade School Loans

The term “trade school loan” is just a way to refer to a student loan, personal loan, or outside funding measure used to pay one’s way through a training or vocational school.

Many trade and vocational schools may qualify for federal student loans and other forms of federal financial aid. To apply for federal loans, students will need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

There are limits for federal student loans, and some students may consider a private student loan to supplement the cost of tuition and living expenses. Private student loans are available from private institutions, but they may not offer the same benefits or protections as federal student loans.

Working Part-Time

Trade schools generally offer flexible programming — for example, night classes — so students may be able to work part-time to fund their education. Students may consider getting a part-time job in the field they are studying, or working at a gig that is willing to accommodate their school schedule so they have enough time to take classes and study.

Financial Aid for Trade School

As already mentioned, trade schools may qualify for federal financial aid — including student loans, grants, and scholarships. Federal aid can be used for technical schools and some certificate programs as long as the schools are accredited and eligible for federal funds. You can check the Department of Education’s database of qualifying schools to confirm your chosen trade school program qualifies.

Grants

Students at eligible trade schools may qualify for a Pell Grant. A Pell Grant is a type of federal grant that is awarded to students who demonstrate exceptional financial need. The maximum amount for the 2024-25 school year is $7,395.

Scholarships

There may also be scholarships available for trade school students. Certain trade schools may offer scholarships, and there are vocational school scholarships available from private organizations, as well. To find trade school scholarships, check with your school’s financial aid office or search online scholarship databases.

Recommended: SoFi’s Scholarship Search Tool

Tips on Selecting a Worthwhile Program

Trade school can make sense for students who are interested in pursuing a specific vocation and are not interested in attending a more traditional four-year school. To evaluate trade schools, consider the following factors:

•   Program accreditation: This can give you an idea of a program’s reputation. Accredited schools may qualify for federal financial aid, as well.

•   Time to complete: This will tell you how long it will take you to complete the program, along with the total cost of the program.

•   Opportunities for paid, on-the-job training: Some programs may offer a combination of in-classroom learning and paid job training. Gaining this real world experience can be valuable.

•   Employment assistance or support: Some trade schools have close connections with local businesses or industries. Find out if there is a career connections office or any job placement assistance from your school.

Private Student Loans for Trade School

SoFi doesn’t offer student loans for trade school programs, but does offer private student loans for eligible graduate certificate programs. If you’re a college student interested in pursuing a certificate program, a SoFi private loan could be a tool to help you finance the program.

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

FAQ

Are trade schools more affordable than four-year universities?

Trade schools are generally more affordable than a college or university. In addition to having a more affordable annual tuition, typically trade school programs can be completed in less than four years.

What are the most high-paying trade jobs?

Some of the highest-paying trade jobs include elevator and escalator installers, radiation therapists, dental hygienists, aircraft mechanics, and construction managers. These roles typically require specialized training or certification from trade schools and offer competitive salaries, job stability, and opportunities for career growth in high-demand industries.

How long is trade school?

The length of trade school can vary based on the program. Some trade school programs can be completed in a few months while others may take two years to complete.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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

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.

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.

SOISL-Q424-043

Student loan scams are widespread, costing Americans billions of dollars annually. They range from student loan forgiveness scams to outright theft of your hard-earned money. Since President Biden announced his plan for student loan forgiveness in August 2022, there has been an increase in student loan scams promising loan forgiveness or relying on borrower confusion around loan forgiveness.

There are plenty of authentic student loan lenders, though, that might help you in the long run. Continue reading for more information on common student loan scams, how to protect yourself from scams, and government resources you can turn to.

Types of Student Loan Scams

Those under stress from student loan debt can feel compelled to go to extreme measures to get rid of their debt, which can make them more susceptible to predatory tactics. Below are the most common types of student loan scams.

Phishing Scams

A student loan phishing scam is a fraudulent attempt to steal personal or financial information by pretending to be a legitimate lender, loan servicer, or government agency. Scammers typically use emails, phone calls, or text messages to lure victims into providing sensitive details such as Social Security numbers, bank account information, or login credentials, often under the guise of offering loan forgiveness, lower payments, or other benefits.

Always verify communication through official channels, avoid sharing sensitive details, and be cautious of unsolicited offers to protect against identity theft and financial loss.

Deceptive Loan Forgiveness Scams

Deceptive loan forgiveness scams are when a student loan assistance company advertises loan forgiveness or lower payments in exchange for an upfront fee, personal information, or recurring payments.

Unsuspecting people pay and then six months later, the firm may shut down. These scams exploit confusion around genuine forgiveness programs and target borrowers seeking financial relief.

Identity Theft and Fraudulent Loan Consolidation Schemes

Identity theft and fraudulent loan consolidation schemes target borrowers by posing as legitimate loan service providers. Scammers steal personal information to take out loans or charge fees for nonexistent consolidation services. Victims face financial loss, damaged credit, and legal issues.

To protect yourself, verify lenders through official sources, never share sensitive details over unsolicited calls or emails, and monitor your credit report regularly. Reporting suspicious activity promptly can help minimize damage and prevent future fraud.

Recommended: 7 Financial Aid Secrets You Should Know

How to Protect Yourself from Scams

Student loan scams prey on borrowers seeking financial relief, often promising quick fixes or forgiveness that seems too good to be true. Protecting yourself requires awareness, diligence, and a cautious approach to offers related to your student loans. By recognizing scam tactics and implementing safeguards, you can protect your finances and personal information.

Recognizing Red Flags and Warning Signs of Scams

Red flags and warning signs of student loan scams to look out for include:

•   Upfront fees: Scammers demand payment before providing any services, which is illegal for legitimate debt relief companies.

•   Guaranteed loan forgiveness: Promises of instant or guaranteed forgiveness are false, as genuine programs have strict qualifications and timelines.

•   Pressure tactics: High-pressure tactics urging immediate action or claiming limited-time offers signal a scam.

•   Requests for personal details: Asking for sensitive information, such as your FSA ID, Social Security number, or bank account details, is a major warning sign.

•   Unsolicited contact: Receiving unexpected calls, emails, or messages about loan forgiveness or repayment assistance may indicate a scam.

•   Suspicious company names: Fraudulent entities often use names resembling legitimate organizations to create confusion.

•   Unsecure websites: Look for HTTPS and official government URLs; unsecured sites may collect data for scams.

•   Promises to “negotiate” debt: Claims to negotiate or reduce your debt beyond legal limits are misleading.

•   Lack of written documentation: Refusing to provide detailed agreements or contracts is a red flag.

•   False government affiliation: Fraudsters often pretend to be associated with the Department of Education or other federal programs.

Verifying the Legitimacy of Loan Forgiveness Programs

Legitimate loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF), are only available through official channels like the U.S. Department of Education. Always research the organization or program offering assistance. Cross-reference their details with official government websites, or contact your loan servicer directly for verification.

Safeguarding Personal Information from Scammers

Never share sensitive information like your FSA ID, Social Security number, or banking details with unverified entities. Regularly monitor your credit report for unauthorized activity and use secure communication channels when discussing your loan details. Stay vigilant to keep your financial and personal data safe.
Taking these steps ensures you stay informed and protected, reducing the risk of falling victim to scams.

Recommended: How to Live With Student Loan Debt

Government Resources for Loan Borrowers

The government provides essential resources to help student loan borrowers manage their debt and protect their rights. Understanding your rights as a borrower is crucial; federal loans offer protections such as income-driven repayment plans, deferment, and forbearance. Borrowers are also entitled to clear communication from loan servicers regarding their repayment options.

Accessing reliable information about loan repayment options is easy through official websites like StudentAid.gov, which offers tools to compare repayment plans and check eligibility for loan forgiveness programs. For direct assistance, borrowers can contact their loan servicer or the Federal Student Aid Information Center.

If you encounter scams, report them to the Federal Trade Commission (FTC) or file complaints with the Consumer Financial Protection Bureau (CFPB). These organizations investigate fraudulent activities and ensure borrowers are treated fairly. Staying informed and utilizing government resources can help you manage loans securely and effectively.

Choosing a Trustworthy Student Loan Provider

Selecting a trustworthy student loan provider is essential for managing your education finances responsibly. Start by researching and comparing reputable lenders. Look for established institutions with positive reviews and transparent lending practices. Check interest rates, repayment terms, and any additional fees to ensure you find the best fit for your needs.

Understanding the terms and conditions of loan agreements is critical. Read all documents carefully to grasp key details, such as the interest rate type (fixed or variable), repayment schedule, and penalties for missed payments. Avoid lenders with vague terms or hidden charges, as these may lead to financial difficulties later.

Seeking guidance from financial advisors or loan counselors can help you make informed decisions. These professionals can explain loan specifics, evaluate your financial situation, and recommend trustworthy lenders. Taking these steps will ensure you choose a provider that supports your educational journey without unnecessary risks.

Recommended: How to Pay for College Without Financial Aid

The Takeaway

Student loan scammers take advantage of borrowers who are trying to pay off student loan debt. These scams often appeal to borrowers looking for quick student loan relief and offer their service in exchange for a fee. To protect yourself, avoid offering personal information via requests on the phone, and make sure you choose a reputable lender when taking out student loans.

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

FAQ

How do common student loan scams work?

Common student loan scams often promise instant debt relief, loan forgiveness, or reduced payments in exchange for upfront fees. Scammers may impersonate legitimate organizations, demand sensitive personal information, or use high-pressure tactics. They exploit borrowers’ anxiety about student debt to steal money or commit identity theft.

Is there a way to stop student loan scam calls?

To stop student loan scam calls, register your number with the National Do Not Call Registry and use call-blocking tools or apps. Avoid sharing personal information with unknown callers, and report suspicious calls to the Federal Trade Commission (FTC).

What is student loan forgiveness fraud?

Student loan forgiveness fraud involves scammers pretending to offer legitimate debt relief programs to steal personal information or money. They often charge upfront fees, promise guaranteed forgiveness, or impersonate government agencies. Protect yourself by verifying offers with trusted sources like the Federal Student Aid website and avoiding unsolicited requests.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

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.

SOISL-Q424-039