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A Doctor of Pharmacy (Pharm.D.) degree is a four-year, licensed professional degree that teaches students how to fill prescription medications and how to educate patients about using prescriptions safely. Pharmacy school can be expensive, adding up to nearly $200,000 dollars on the high end.

With that price tag, it’s not a surprise that pharmacy students may have to rely on a few different sources of financing to pay for school, sometimes using a combination of savings, grants, scholarships, and student loans. This article will review the pharmacy school costs, the amount pharmacists can make, and nine tips for paying for pharmacy school.

How Much Does Pharmacy School Typically Cost?

The cost of pharmacy school can vary depending on where you enroll, the location, and the extent to which public dollars support the university you plan to attend. As mentioned, the complete cost of pharmacy school can add up to $200,000. The cost can swing higher for students who opt for an out-of-state institution. The American Association of Colleges of Pharmacy (AACP) lists the tuition and fees for pharmacy school l for the 2021-2022 academic year on its website, which can help you compare costs at the pharmacy schools you may be considering.

For example, the first school on the list, Auburn University, costs $22,392 for in-state pharmacy students and $42,552 for out-of-state students. Mandatory fees cost $404 for 33 credit hours for students in their first year. However, in the fourth year, it costs $26,733 for in-state students and $56,973 for out-of-state students, with $197 for mandatory fees for 46 credit hours.

It’s worthwhile to compare the costs of various institutions before you make a decision. However, remember that financial aid can potentially bring the costs down further, so don’t rely completely on the published tuition prices. A conversation with the financial aid office at each school may give you a more in-depth analysis of how much it will actually cost, taking your personal situation into account.

Is Pharmacy School Worth It?

For the right individual, pharmacy school can be worth it. The costs of pharmacy school may seem daunting, but the professional perks, ability to become a part of a healthcare team, job opportunities, and career stability can mean that pharmacy school is the right option for many individuals. The high salary of pharmacists may also make pharmacy school worth it.

How Much Can Pharmacists Make?

The 2020 median pay for pharmacists was $128,710 per year, or $61.88 per hour, according to the Bureau of Labor Statistics (BLS). It’s worth knowing that the job outlook for pharmacists will decline -2% from 2020 through 2030. However, that shouldn’t stop you from pursuing a pharmacy degree if it’s your true interest.

9 Tips for Paying for Pharmacy School

Think of paying for pharmacy school as a pie. There are many ways to pay for pharmacy school by dividing that pie. For example, various pieces of the pie might make up scholarships, grants, loans, and money out of your own pocket. No matter how you slice the pie, every dollar you contribute is an investment into your career and your future. We’ll discuss scholarships, including university, pharmacy, and private scholarships as well as grants in the next section.

Scholarships

Scholarships are funds that you don’t have to pay back. You can get scholarships as a pharmacy student from a number of different sources, including from the university that you plan to attend as well as through designated pharmacy scholarships and private scholarships.

It’s worth considering other interests beyond pharmacy. Scholarships may be awarded based on heritage, location, or even hobbies or special skills. Maybe you have talents in another area that qualify you for additional scholarships.

University Scholarships

Pharmacy colleges and schools traditionally offer direct financial assistance to pharmacy students through various sources, including alumni associations and local chapters of pharmaceutical organizations and fraternities.

Consider setting a meeting with the financial aid office at the university you plan to attend to learn more about specific scholarships from each pharmacy school you’re interested in attending.

Pharmacy Scholarships

Local and state pharmaceutical associations, practicing pharmacists, drug manufacturers, and wholesalers may offer pharmacy scholarships to promising pharmacists as well.

For example, 10 pharmacy students annually can receive a $5,000 Walmart Health Equity Scholarship. Students must be accepted or enrolled in the professional curriculum at a U.S. college or school of pharmacy, and show evidence of leadership skills, academic success, and must have a preference to serve rural or medically underserved patients.

Here’s another example: Five underrepresented minority students can receive the CVS Health Minority Scholarship for Pharmacy Students annually. Students must be African American, Hispanic or Latino, American Indian, Native Hawaiian, and/or Pacific Islander students, as well as U.S. citizens or permanent residents. Each successful candidate will receive a single $7,000 scholarship.

Private Scholarships

Private scholarships come from companies, service groups and organizations, foundations, and individuals. For example, Tylenol offers a scholarship for students pursuing careers in healthcare, including pharmacy. There may also be scholarships available from local or regional organizations.

2. Grants

Like scholarships, you do not have to repay the money you receive from grants. Grants, which are typically based on need, can also be awarded based on merit. Filling the Free Application for Federal Student Aid (FAFSA®) automatically considers you for federal grants based on need. You may also become eligible for state grants. Your college or university can give you more information about the types of grants you’re eligible for through your pharmacy program.

3. Federal Student Loans

You may be wondering how to pay for pharmacy school without loans. It’s possible to do it through a combination of scholarships, grants, and savings, though many people take advantage of federal student loans from the federal government through the U.S. Department of Education. Federal student loans have fixed interest rates and benefits such as income-driven repayment plans. Just like obtaining an auto loan or a mortgage, you must pay back loans with interest.

Federal student loans are a type of federal financial aid, and to apply, you must file the FAFSA. Learn more about the requirements for this application in SoFi’s comprehensive guide to the FAFSA.

You can qualify for two types of federal student loans for pharmacy school: Direct PLUS Loans and Direct Unsubsidized Loans.

Direct PLUS Loans

Pharmacy students can take advantage of Direct PLUS Loans, also called graduate PLUS loans or direct grad PLUS loans, to help finance graduate and professional school. The Graduate PLUS Loan comes from the U.S. Department of Education for graduate or professional students. In order to get one, your school must participate in the Direct Loan Program.

The Direct PLUS Loan is not need-based, which means you can get it no matter your income level. You can borrow up to the full cost of attendance and can use the money to pay for tuition, room and board, and fees. Your school will subtract other financial aid you receive (such as scholarships, grants, and fellowships) from the full cost of attendance and award you the difference with a Direct PLUS Loan.

The interest rate is 6.28% for Direct PLUS Loans first disbursed on or after July 1, 2021 and before July 1, 2022.

Direct Unsubsidized Loans

Similar to student loans for undergraduates, you can tap into Direct Unsubsidized Loans. You can borrow up to $20,500 per year with the Direct Unsubsidized Loan, and the interest rate is 5.28% if disbursed between July 1, 2021 and July 1, 2022. “Unsubsidized” means that the government doesn’t pay the interest while you’re in school and during the grace period.

It’s generally a good idea to first consider opting for the Direct Unsubsidized Loan, over a Graduate PLUS Loan. Why opt for the Direct Unsubsidized loan first?

You’ll pay more in interest for the Direct PLUS Loan (6.28% interest rate).

4. Private Student Loans

Private student loans do not come from the federal government. They can come from a bank, credit union, or another financial institution and can be used to help finance college or career school. The amount you can borrow depends on the costs of your degree, but also depends on personal financial factors (such as your credit score and income).

You may have gotten advice that suggested exhausting all of your federal grant and loan options before you consider private loans because interest rates are usually higher compared to federal student loans. Additionally, private student loans don’t qualify for the same borrower protections as federal student loans, like income-driven repayment plans or deferment options. However, private student loans can be an option to consider if you need additional funding to cover your pharmacy school expenses.

Recommended: Things to know before applying for private student loans

5. PSLF Programs

The Public Service Loan Forgiveness (PSLF) Program is a federal student loan forgiveness program. More specifically, you may qualify to have the remaining balance on your Direct Loans forgiven after you have made 120 qualifying monthly payments under a qualifying repayment plan. You must work full-time for a qualifying employer in order to qualify and your employer must be a qualifying organization such as a federal, state, local, or tribal government organization or other nonprofit organization.

You must have Direct Loans or consolidate other types of federal student loans into a Direct Loan, repay loans under an income-driven repayment plan, as well as make 120 qualifying payments toward your student loans. The requirements for PSLF can be quite strict, so be sure to read the requirements closely.

For more information about PSLF programs and to learn more about your eligibility, contact your loan servicer, which is the entity that services your loan.

6. Pharmacy Internships

Pharmacy internships can be instrumental in your budding career as a pharmacist in helping you understand how pharmacies operate, learning the ins and outs of customer service, helping you dive into inventory management, and learning the professional skills necessary to become a pharmacist. You may also learn more from pharmacist professionals about leading a pharmacy team and help you bring tangible professional experience back to the classroom.

You may also want to look into pharmacy fellowships, which provide financial support in an external or internal capacity (in or out of the university environment). Assistantships also provide financial support in an academic department through teaching, research, or administrative responsibilities.

7. Work Part Time

You may want to consider working a part-time job in conjunction with pharmacy school. For example, if you attend school from 8am to 4pm, you may want to seek a part-time job after hours.

However, it’s important to consider your time constraints and whether you can succeed in your coursework. Consider your ability to manage your time before you take on a part-time job. However, for the right student, taking on a job can help pay for college tuition and give you an additional source of income. Networking opportunities and skill development can come from a part-time job, even if it doesn’t relate to pharmacy.

8. Borrow From Family

Do you have a family member who really wants to give you money for your education? You may seriously consider borrowing from your parents or a sister or brother (or whoever else wants to lend you money).

Just remember that it could strain family relationships if you fail to pay back the loan. It’s a good idea to have a plan in place to repay your relative(s) as well as create boundaries, so both parties feel good about the arrangement.

9. HRSA Loans

The Health Resources and Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services, improves health care for geographically isolated and vulnerable individuals.

The Department of Health and Human Services (HHS), through the HRSA, also offers several loans for health services students. For example, Health Professions Student Loans are available to individuals who study pharmacy (as well as dentistry, optometry, podiatry, or veterinary medicine). Pharmacy students who show financial need may also be able to tap into Loans for Disadvantaged Students (LDS). Health professions student loans have fixed interest rates of 5%, lower than both Direct Unsubsidized Loans and PLUS loans. They also allow 12 months of grace periods, while most other loans only offer six months of grace periods. In addition, health professions loans are subsidized, which means you don’t pay interest on the loan while you’re in school, nor do you pay additional loan fees.

However, they come with a few downsides: Not all schools participate, and there are no set borrowing limits. You also can’t tap into income-driven repayment plans or PSLF.

Private Student Loans for Pharmacy School

If you’re looking for options to cover the remainder of your pharmacy school costs, consider private student loans with SoFi.

SoFi offers competitive rates, flexible repayment options, zero origination fees, late fees, or insufficient funds fees. You can check your interest rate in a few minutes.

Let SoFi help you with the details of paying for pharmacy school.

FAQ

Can you use FAFSA for pharmacy school?

Absolutely! It’s generally a smart idea to file the FAFSA for pharmacy school, no matter your financial situation. The FAFSA can give you access to a range of financial aid options, including scholarships (your school will consider your eligibility based on the FAFSA results), grants, loans, and work-study. You want to be able to put together the best financial aid options for your needs, and the best way to do that involves filing the FAFSA.

Does CVS or Walgreens pay for pharmacy school?

CVS and Walgreens both offer pharmacy scholarships, like the ones we listed above, the https://www.aacp.org/resource/walmart-health-equity-scholarship-pharmacy-students
Walmart Health Equity Scholarship and the CVS Health Minority Scholarship for Pharmacy Students . If you work for either company, you may also qualify through each company’s employee tuition reimbursement program. Check with the human resources department at each company for more details.

How much can pharmacists make after graduating?

The 2020 median pay for pharmacists was $128,710 per year, or $61.88 per hour, according to the Bureau of Labor Statistics (BLS). The job outlook for pharmacists will decline -2% from 2020 through 2030.

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Photo credit: iStock/cagkansayin

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.

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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The cost of attending college in the U.S. can be quite expensive. In addition to tuition and fees, students may need to cover the cost of room and board, and other expenses like books and lab fees. To help students going to college manage their budgets, it’s important that they carefully weigh their options when it comes to public and private schools. In-state tuition at public colleges can be far cheaper than out-of-state tuition or the price of attending private nonprofit schools.

College Tuition in the United States

The United States has some of the highest tuition costs, and prices have risen over time. Some of the factors that drive increasing prices are increased demand from students and increased availability of financial aid. Consider that in 2019, 16.6 million undergraduates enrolled in a degree program, compared to 13.2 million in 2000.

Colleges have also added amenities to their campuses to help attract higher-paying students. The cost of these amenities can account for as much as $3,000 per student per year. Schools are also spending more on administration.

Average College Tuition

The cost of colleges varies depending on whether students choose to attend public or private institutions. Public schools generally have different costs for in-state versus out-of-state tuition.

In the 2021–2022 school year, the average tuition and fees at a public, four-year school for in-state students was $10,740, $170 more than the year before. Students attending a public four-year program from out-of-state could expect to pay $27,560, $410 higher than the year before.

The cost of a public two-year college for students who are in district is $3,800, just $50 more than the year before.

Students who wished to attend a private nonprofit four-year college paid an average of $38,070. That’s $800 higher than in the 2020-21 school year.

Over the past 30 years, tuition and fees have increased from $4,160 to $10,740 at public four-year colleges and they’ve increased from $19,360 to $38,070 at private nonprofit four-year schools, adjusted for inflation.

In addition to tuition and fees, students have to cover other costs, such as the price of room and board, transportation, and other expenses. These additional expenses will vary depending on whether you’re living on or off-campus, but they can add more than $10,000 to the price of attending school. The average student budget for students attending a public four-years in-state program was $27,330 for the 2021–2022 school year. Out-of-state students had an average budget of $44,150. And students attending a private nonprofit four-year program had an average annual budget of $55,800.

Recommended: What is the Average Cost of College Tuition?

States With the Cheapest College Tuition

College tuition prices vary widely by state at public four-years institutions. Generally speaking, public colleges in the South and the West are the cheapest to attend. Colleges in the Northeast are the most expensive. Vermont has the most expensive in-state tuition and fees, topping out at $19,000. New Hampshire is a close second at $18,960. To learn more, take a look at the annual study published by the College Board that tracks trends in college pricing and financial aid.

Here’s a look at the states with the cheapest in-state tuition and fees at four-year flagship university programs over the 2021–2022 school year.

Wyoming

University of Wyoming
In-state tuition and fees: $6,100
2020–2021 tuition and fees: $5,790

Florida

University of Florida
In-state tuition and fees: $6,380
2020–2021 tuition and fees: $6,380

Montana

University of Montana
In-state tuition and fees: $7,490
2020–2021 tuition and fees: $7,430

Idaho

University of Idaho
In-state tuition and fees: $8,340
2020–2021 tuition and fees: $8,300

New Mexico

University of New Mexico
In-state tuition and fees: $8,510
2020–2021 tuition and fees: $8,860

Nevada

University of Nevada: Reno
In-state tuition and fees: $8,590
2020–2021 tuition and fees: $8,370

Mississippi

University of Mississippi
In-state tuition and fees: $8,930
2020–2021 tuition and fees: $8,830

North Carolina

University of North Carolina at Chapel Hill
In-state tuition and fees: $9,040
2020–2021 tuition and fees: $8,990

Alaska

University of Alaska Fairbanks
In-state tuition and fees: $9,070
2020–2021 tuition and fees: $8,980

West Virginia

West Virginia University
In-state tuition and fees: $9,140
2020–2021 tuition and fees: $8,980

Paying for College

Because the price of college tuition, fees, room and board can be so high, many students have to take out student loans, apply for grants and scholarships, or apply for student aid in order to make college affordable. Students may take out federal loans or private loans to help them pay for school. They will have to repay these loans through a series of monthly payments with interest.

College Board are offered by the U.S. Department of Education under the William D. Ford Federal Direct Loan Program. This program offers four types of federal loans:

•  Direct Subsidized Loans are available to undergrads who demonstrate financial need. Interest on these loans is covered by the Department of Education while the students are enrolled in school at least half-time.

•  Direct Unsubsidized Loans are available to undergrads, graduate students, and professional students and are not made based on need.

•  Direct PLUS Loans are for graduate and undergraduate students and parents of dependent undergrads. Eligibility is not based on financial need.

•  Direct Consolidation Loans allow students to combine federal loans into a single loan.

To apply for federal student loans, and other forms of federal aid, students are required to fill out the FAFSA®, or Free Application for Federal Student Aid, each year.

Recommended: FAFSA Guide

Private student loans may be available through private lenders, such as banks. These institutions set their own terms, interest rates, and loan amounts. When determining individual rates and terms, lenders will generally evaluate the applicants credit history, among other factors. Private student loans are typically considered a last resort when it comes to financing college because they aren’t required to offer the same borrower benefits or protections (like income-driven repayment options) as federal student loans.

There are also various sources of financial aid that can help students pay for school. It can come from federal, state, school and private sources.

•  Grants, such as federal Pell Grants, are a form of financial aid that doesn’t need to be paid back, unlike student loans.

•  Scholarships are funds offered to students often based on academic performance, an area of study, or special talents. Scholarships also do not generally need to be repaid.

•  Work-study programs allow students to earn money while they are in school. Students may qualify for the federal work-study program based on financial need.

•  Many schools offer financial aid or scholarships.

The Takeaway

College can be a huge expense, but there are also a lot of benefits of a college education. As you’re choosing schools, it’s important to evaluate all of your options and think seriously about choosing one that’s in your budget as well as finding manageable ways to pay for it. That may mean attending the public school in the state you live in. And if you live in one of the states with the cheapest in-state tuition, you may pay less than $10,000 a year to go to school.

If you have to borrow to pay for school, be sure to understand exactly how much you’re borrowing, when it needs to be paid back, and how your loans will affect your financial future.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

3 Student Loan Tips

1.   Can’t cover your school bills? If you’ve exhausted all federal aid options, private student loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.

2.   Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

3.   Federal student loans carry an origination or processing fee (1.057% for loans first disbursed from Oct. 1, 2020, through Oct. 1, 2022). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

FAQ

How much does college cost on average in the U.S.?

On average, annual college tuition and fees cost $10,740 for in-state students at public four-year programs, $27,560 for out-of-state students at public four-year schools, and $38,070 at private nonprofit schools.

What is the average cost of four years of college?

The estimated cost of four years of college tuition and fees is around $42,960 for in-state students at public four-year schools, $110,240 for out-of-state students at public four-year colleges, and $152,280 for students at private nonprofit schools.

What state has the cheapest tuition?

Wyoming’s in-state tuition and fees for the 2021–2022 school year are $6,100, the cheapest in the country.

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Photo credit: iStock/Bet_Noire

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. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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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When financial aid like scholarships and grants comes up short, federal student loans can help bridge the gap.

Unsubsidized Direct Loans may be offered to undergraduate and graduate students in a financial aid package.

Subsidized Direct Loans may be offered to undergrads only, and have benefits in terms of who pays the interest during certain periods.

When a college sends an aid offer, the student must indicate which financial aid to accept.

What Is an Unsubsidized Student Loan?

The Department of Education provides Federal Direct Unsubsidized Student Loans as one of four options under the William D. Ford Federal Direct Loan Program. (Direct Subsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are the other types.)

The unsubsidized loans provide undergraduate and graduate-level students with a fixed-rate financing option to help fund their college education.

Unlike Direct Subsidized Loans, unsubsidized student loans are not based on financial need. This means that any student may receive unsubsidized loan funding, as long as it meets the Department of Education’s general eligibility requirements.

How Do Unsubsidized Student Loans Work?

If you’re eligible for Direct Unsubsidized Student Loans, the amount you’re offered for the academic year is determined by your school, based on its cost of attendance minus other financial aid you’ve received (such as scholarships, grants, work-study, and subsidized loans).

You will need to complete entrance counseling to ensure you understand the terms and your obligation to repay the loan. Then you’ll sign a master promissory note stating that you agree to the loan terms.

The government will send the loan funds directly to your school. Your institution will then apply the money toward any unpaid charges on your school account, including tuition, fees, room, and board.

Any remaining money will then be sent to you. For example, if you were approved for $3,800 in unsubsidized loans but only $3,000 was applied to your education costs, the school will send the remaining $800 to you.

The Education Department’s Federal Student Aid office recommends accepting grants and scholarships first, then work-study, then loans. And it advises accepting a subsidized loan before an unsubsidized loan, and an unsubsidized loan before a PLUS loan.

A Matter of Interest

As soon as any student loan is disbursed, it starts accruing interest. For federal student loans and most private student loans, you can defer payments until after your grace period, which is the first six months of leaving school or dropping below half-time status.

Here’s the kicker: With a subsidized student loan, the government pays the interest while you’re in school and during your grace period and any hardship deferment.

With an unsubsidized federal student loan or private student loan, unpaid interest that accrues will be added into your loan’s principal balance when you start repayment.

Pros and Cons of Unsubsidized Student Loans

Although unsubsidized student loans offer many benefits, there are also some downsides to know.

Unsubsidized Loan Pros	Unsubsidized Loan Cons
Eligibility is not based on financial need	Interest accrues upon disbursement
Available to undergraduate and graduate students	You’re responsible for all interest charges
Can help cover educational expenses up to an annual limit	Graduate students pay a higher rate
No credit check or cosigner required	Interest capitalizes if payments are deferred
Can choose to defer repayment
Multiple payment plans are available

Applying for Unsubsidized Student Loans

Applying for federal financial aid starts with the FAFSA® — the Free Application for Federal Student Aid. Students seeking aid complete the FAFSA each year.

Where to Apply

Applying for the FAFSA can be done at studentaid.gov, or you can print out a paper FAFSA and mail it.

Based on the information you included in your FAFSA, each school that you listed will determine your financial aid offer, including whether you’re eligible for an unsubsidized loan.

Typical Application Requirements

You must have an enrollment status of at least half-time to be eligible for a Direct Loan. You must also be enrolled in a degree- or certificate-granting program at a school that participates in the Direct Loan Program.

The Department of Education has general requirements to be eligible for federal aid. Applicants must:

•   Be a U.S. citizen or eligible noncitizen

•   Have a Social Security number

•   Prove that they qualify for a college education

•   Maintain satisfactory academic progress

•   Sign a certification statement

In the certification statement, you’ll need to confirm that you aren’t currently in default on a federal student loan and don’t owe money on a federal grant, and affirm that you’ll only use aid funds toward educational costs.

How Long Will You Have to Wait?

After submitting your FAFSA, it can take the Department of Education three to five days to process your application. If you submitted your FAFSA by mail, processing can take up to 10 days.

Once you’ve told your school which financial aid you want to accept, loan disbursement timelines vary. Generally, first-time borrowers have up to a 30-day waiting period before they receive their funds. Other borrowers may receive funding up to 10 days before the start of the semester.

How Much Can You Borrow?

There are annual limits to how much in combined subsidized and unsubsidized loans you can borrow. These limits are defined based on the year you are in school and whether you’re a dependent or independent student.

Here’s an overview of combined subsidized and unsubsidized loan limits per year for undergraduate students:

Undergraduate Year	Dependent	Independent
First-year student	$5,500	$9,500
Second-year student	$6,500	$10,500
Third year and beyond	$7,500	$12,500

Graduate students are automatically considered independent and have an annual limit of $20,500 for unsubsidized loans (they cannot receive subsidized loans).

There are also student loan maximum lifetime amounts.

Subsidized vs Unsubsidized Student Loans

Another type of loan available through the Direct Loan Program is a subsidized loan. Here’s a quick comparison of subsidized vs. unsubsidized loans.

Subsidized Loans	Unsubsidized Loans
For undergraduate students	For undergraduate and graduate students
Borrowers aren’t responsible for interest that accrues during in-school deferment and grace period	Borrowers are responsible for interest that accrues at all times
Borrowers must demonstrate financial need	Financial need isn’t a requirement
Annual loan limits are typically lower	Annual loan limits are generally higher

Alternatives to Unsubsidized Student Loans

Unsubsidized student loans are just one type of financial support students can consider for their education. Here are some alternatives.

Subsidized Loans

Direct Subsidized Loans are fixed-rate loans available to undergraduate students. As discussed, borrowers are only responsible for the interest charges that accrue while the loan is actively in repayment.

Scholarships and Grants

In addition to accessing potential scholarships, grants, and loans through the FAFSA, students can seek financial aid from other entities.

Scholarships and grants for college may be found through your state or city. Businesses, nonprofits, community groups, and professional associations often sponsor scholarships or grants, too. The opportunities may be based on need or merit.

Private Student Loans

Private lenders like banks, credit unions, and other financial institutions offer private student loans. Some schools and states also have their own student loan programs.

Private student loan lenders require borrowers, or cosigners, to meet certain credit thresholds, and some offer fixed or variable interest rates. Many lenders offer pre-qualification without a hard credit inquiry.

Private student loans can be a convenient financing option for students who are either ineligible for federal aid or have maxed out their federal student loan options. One need-to-know: Private student loans are not eligible for federal programs like Public Service Loan Forgiveness and income-driven repayment.

SoFi Private Student Loan Rates

If your federal financial aid package doesn’t quite cover all the bases, or if you’re not eligible for federal aid, a private student loan from SoFi could be just the ticket.

You can borrow up to your school’s certified cost of attendance, at a low fixed or variable rate, and pay no loan fees.

Find your rate for a SoFi Private Student Loan in three minutes.

FAQ

What are unsubsidized loan eligibility requirements?

To be eligible for a Direct Unsubsidized Loan, undergraduate and graduate students must be enrolled at least half-time at a qualifying school. They must also meet the basic eligibility requirements for federal aid, including being a U.S. citizen or eligible noncitizen, have a Social Security number, and complete the FAFSA.

How long does it take to receive a Direct Unsubsidized Loan?

Loan disbursement for first-time borrowers can take up to 30 days after the first day of enrollment. For others, disbursement takes place within 10 days before classes start.

What is the maximum amount of unsubsidized loans you can borrow?

Dependent students can borrow a maximum of $5,500 and $6,500 per year during their first and second academic years, respectively. Students in their third year of school and beyond can borrow an annual maximum of $7,500. The aggregate loan limit for dependent students is $31,000 in combined subsidized and unsubsidized loans.

Graduate or professional students may receive up to $20,500 per year in unsubsidized loans. Their aggregate loan limit is $138,500 (which includes all federal student loans received for undergraduate study).

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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.

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

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Certified registered nurse anesthetists (CRNAs) are nurses with graduate-level education who provide anesthetics to patients in surgical and other procedures.

Currently, nurse anesthetists must have a registered nurse (RN) license and a master’s degree from a nurse anesthesia educational program accredited by the Council on Accreditation (COA) of Nurse Anesthesia Educational Programs or a Master of Science in Nursing (MSN) program. Nurse anesthesia programs typically range in length from 24 to 51 months. By 2025, all CRNAs must have a Doctorate in Nurse Anesthesia Practice (DNAP), according to the COA . It typically takes two years for a student with an MSN to earn a doctorate.

Continue reading for a look at nine tips that can help you learn how to pay for CRNA school.

How Much Does CRNA School Cost?

You may have already spent a few years paying for nursing school to get your registered nursing degree, but how much does it cost to further your education to become a nurse anesthetist?

The total cost of CRNA school (including tuition, clinical fees and other expenses) can vary widely, depending on whether you choose to attend an out-of-state institution, a private college, or an in-state university.

For example, the 2021-2022 tuition and fees at Loma Linda University in Loma Linda, California, are an estimated $138,666. In contrast, tuition and fees are approximately $45,000 for Arkansas State University’s. Note that there may be additional costs associated with a CRNA degree, such as books, supplies, or exam fees.

Note that the average nursing school cost can vary widely, ranging from $6,000 for an associate degree to over $100,000 for an advanced degree.

9 Tips to Help You Pay for CRNA School

Let’s take a look at nine tips you can use to pay for CRNA school, from choosing a less expensive school to answering the question, “Will financial aid pay for CRNA school?”

1. Choose a Less Expensive School

You can save money by choosing a less expensive school and/or by making sure that you have residency in the state of the university you want to attend. For example, the total cost of attending Georgetown University’s DNAP program for the first year is $126,730, $75,580 for the second year and $64,440 for the third year.

The cost to attend the University of Iowa is $80,756 if you’re an in-state resident or $154,406 if you’re an out-of-state resident.

It’s important to compare and contrast the costs of several programs before you decide which school will both meet your needs and help you save money.

2. Save Money

You may also want to consider saving money for college to limit the amount of money you’ll have to borrow for CRNA education. Knowing the costs of the schools on your shortlist can help you earmark a certain amount of money to set aside. However, remember that you may receive scholarships and grants that you don’t have to pay back. You might not need to save for the complete costs of a nurse anesthetist program. One way to understand your exact costs is to meet with the financial aid office of the schools you’re considering. They’ll give you an idea of the type of institutional financial aid you could qualify for.

There are a wide variety of ways to save, including through a general savings account, certificate of deposit (CD) or a 529 plan, which is a state tax-advantaged plan that will allow you to withdraw funds tax-free to cover nearly any type of college expense. 529 plans may also have additional state or federal tax benefits.

3. FAFSA and Financial Aid

The Free Application for Federal Student Aid (FAFSA®) refers to a form you can complete to determine your eligibility for student financial aid. Learn more about the FAFSA with SoFi’s comprehensive FAFSA guide.

You can qualify for federal student aid, including grants and federal student loans, through the FAFSA. You may also have to file the FAFSA in order to qualify for institutional scholarships.

4. Work More

If you’re already working as a nurse, you may want to consider picking up some more hours in order or prepare to save for your CRNA degree. It’s important to note that since nurse anesthesia programs are so labor intensive, most students find it difficult to work while attending CRNA school. However, you can certainly save up as much as possible prior to entering school in order to save as much as possible. If you must work, you may want to strictly limit your hours, but that’s a personal decision.

5. Getting an Employer to Pay for Your Education

Will a hospital pay for CRNA school?

Hospitals and groups often offer tuition reimbursement to offset loan debt. However, you may have to sign a tuition reimbursement payback agreement which means you may have to pay back your reimbursement if you leave the company within a specific amount of time, but not all companies require you to do this.

Ask your human resources office and read the fine print if your hospital has an agreement to see if you need to repay tuition if you get laid off or fired.

6. Grants

Grants are “free money” that you typically don’t generally have to pay back. The American Association of Nurse Anesthetists (AANA) offers nurse anesthesia grants to develop research for member CRNAs to develop healthcare policy, the science of anesthesia, education, practice/clinical or leadership opportunities. The Foundation will reimburse up to 15% indirect costs with proper documentation.

The AANA grants listed above are research grants, but you may be able to tackle state grants, school grants for graduate students and other types of grants by filing the FAFSA. The best way to learn more is to ask more questions through the financial aid offices of the schools you’re considering.

7. Scholarships

Like grants, you also do not have to pay back scholarships.

The AANA also offers scholarships. Students who are AANA members and currently enrolled in an accredited nurse anesthesia program may be eligible for scholarships as long as you’re in good standing in your program, meet the application requirements, and apply online. Last year, the AANA Foundation received 2,111 competitive student scholarship applications and 73 scholarships were awarded totaling over $217,250.

Take a look at the list of AANA scholarships and review the rules for 2022, which are divided up into merit-based and financial need awards.

In addition, the university you plan to attend may also offer merit-based scholarships. For example, the Duke University School of Nursing offers a scholarship to a newly admitted DNP student each year — an approximately $68,000 total scholarship ($9,800 per semester for the first year, $8,000 per semester in the second year and $5,000 per semester in the third year).

8. Private Student Loans

Private student loans originate with a bank, credit union, or online lender, not the federal government like in the case of federal student loans. Private student loans can fill in the gaps between tuition as well as your savings, grants, scholarships, and federal student loans.

It’s a good idea to explore the interest rates, fees, repayment terms, discharge and repayment options among private student loan lenders.

The application process usually involves submitting information about your personal information, school you plan to attend, graduation date, and loan amount you need. You must also agree to the lender’s terms and conditions.

Recommended: Private Student Loan Guide

It’s important to note that private student loans don’t offer the same borrower protections, like income-driven repayment plans, as federal student loans, so they are typically considered an option only after they have thoroughly reviewed all other financing opportunities.

9. Direct PLUS Loans

Similar to student loans for undergrads, you can also get student loans for graduate school. You do have to repay loans.

As a graduate student, you can become eligible for federal loans that come from the U.S. Department of Education, including Direct Unsubsidized Loans and Direct Plus Loans. You can borrow up to your cost of attendance. Direct Unsubsidized Loans have a lower interest rate and origination fee than the Direct PLUS loan, also called the Graduate PLUS Loan.

For Direct Unsubsidized Loans for graduate students disbursed on or after July 1, 2021 and before July 1, 2022, the fixed interest rate for Direct Unsubsidized loans is 5.28%. Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022, have a fixed interest rate of 6.28%.

The benefits of federal loans include a six-month grace period before beginning repayment as well as flexible repayment plans with Public Service Loan Forgiveness eligibility. This means that as long as you make 120 qualifying monthly payments under a qualifying repayment plan, you might get your loans forgiven as long as you work full-time for a qualifying employer.

How Much CRNAs Can Expect to Make?

Nurse anesthetists, nurse midwives, and nurse practitioners can expect to make a median salary of $123,780 per year or $59.51 per hour, according to the Bureau of Labor Statistics. The job outlook for these jobs will grow about 45% from 2020 to 2030.

The Takeaway

There are a lot of ways to make your dreams of becoming a CRNA a reality. You may want to consider filing the FAFSA to qualify for federal loans, grants, and other types of funds. The AANA may also offer scholarships that you qualify for, but don’t forget to check with your employer or other sources, such as local businesses, for other funds.

Paying for CRNA school may seem daunting, so if you need a way to cover tuition, fees, and other costs, look into private student loans with SoFi.

SoFi offers competitive private student loan rates combined with flexible repayment options. You won’t pay excess fees like origination fees, late fees, or insufficient fund fees.

Check your rate in just a few minutes with SoFi.

FAQ

Can you get paid for going to CRNA school?

Universities often offer a wide variety of financial aid options, through both merit-based and need-based aid. You may need to file the FAFSA in order to qualify for certain types of aid. Check with the financial aid office at the universities you’re considering for more information about your financial aid options.

The American Association of Nurse Anesthetists (AANA) also offers nurse anesthesia grants and scholarships to students who qualify.

How much does CRNA school cost?

The costs of CRNA school depends on a wide range of factors, including whether you plan to attend an in-state or out-of-state institution or plan to attend a private or public school.

For example, Georgetown University, a private institution, costs $126,730 for the first year, $75,580 for the second year and $64,440 for the third year. On the other hand, the full cost to attend the University of Iowa is $80,756 for three years as an in-state resident or $154,406 as an out-of-state resident.

How much do CRNAs typically make?

Does CRNA school pay off? As a nurse anesthetist, you can expect to make a median salary of $123,780 per year which translates to $59.51 per hour, according to the Bureau of Labor Statistics.

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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. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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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When a federal Direct PLUS Loan is made to a graduate or professional student, it’s commonly called a grad PLUS loan. A grad PLUS loan can help you pay for graduate school costs that aren’t covered by other types of financial aid.

Grad PLUS loans allow you to borrow up to the full cost of attendance from the U.S. Department of Education as long as you’re enrolled at least half-time at a school that participates in the Direct Loan Program, you don’t have an adverse credit history, and you meet the eligibility requirements for federal financial aid.

Here’s what to know about grad PLUS loans as well as other options that can help you pay for graduate or professional school.

What Is a Graduate PLUS Loan?

A graduate PLUS loan is a federal Direct PLUS Loan that’s made to a graduate or professional student. When a Direct PLUS Loan is made to a parent of an undergraduate student, it’s called a parent PLUS loan.

Unlike other types of federal student loans, Direct PLUS Loans take your credit history into account. You may still be able to qualify for a grad PLUS loan if you have an adverse credit history, but you’ll have to meet additional eligibility requirements, such as having an endorser on your loan.

Another way PLUS Loans differ from other federal loans: You can borrow up to the full cost of school attendance and use the money to pay for tuition, room, board, and fees. Grad PLUS loans are not based on financial need (the way Direct Subsidized Loans for undergraduate student loans are), which means students can apply for one regardless of income level.

Keep in mind that PLUS Loans have some of the highest interest rates of all federal loans. For this reason, it’s a good idea to start by considering a Direct Unsubsidized Loan, another federal student loan.

You can borrow up to $20,500 per year with a Direct Unsubsidized Loan and the interest rate for graduate students is 5.28% for loans disbursed on or after July 1, 2021, and before July 1, 2022. You’ll pay more in interest for a Direct PLUS Loan — a fixed 6.28% interest rate for loans disbursed on or after July 1, 2021, and before July 1, 2022).

How Do Grad PLUS Loans Work?

If you’re approved for a grad PLUS loan, the maximum amount of your student loan will be the cost of attendance minus any other financial aid you receive, such as scholarships, grants, or fellowships. Your school will apply the funds to cover fees such as tuition, room and board, and any other school charges. If there are funds left over, you can use them for other educational expenses, such as books for classes.

You’ll also pay an origination fee with graduate PLUS loan, which covers the U.S. Department of Education’s cost of issuing your loan. The loan fee for the 2021 to 2022 academic year is 4.228% (higher than the 1.057% origination fee on a federal Direct Unsubsidized Loan); this amount will be deducted from the funds you receive.

With a federal grad PLUS loan, you won’t have to make any loan payments if you are enrolled at least half-time in school and for six months after graduation, but interest will begin to accrue as soon as the loan is issued.

You can opt to pay the interest while you’re in school or allow the interest to be capitalized and added to the principal balance of your loan. You’ll likely have between 10 and 25 years to repay your loan, depending on the loan repayment plan that you choose.

Requirements for a Direct Grad PLUS Loan

In order to get a grad PLUS loan you must be enrolled at least half-time at an eligible university or program that participates in the federal student loan program (known as the William D. Ford Direct Loan Program), have a good credit history, and meet the general eligibility requirements for federal student aid.

Again, to be eligible for a Direct PLUS Loan, you must not have an adverse credit history. If you do, you may still be able to receive a grad PLUS loan if you have an endorser on your loan (someone who agrees to be responsible for your loan and pay it if you’re not able to) who doesn’t have an adverse credit history. Another option is to explain the extenuating circumstances for your adverse credit history to the U.S. Department of Education. Both of these options require PLUS credit counseling.

Applying for a Federal Grad PLUS Loan

Before applying for a grad PLUS loan, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA) form on the Federal Student Aid website. And while most schools require you to fill out the grad PLUS loan application on the Student Aid site, some schools have different application processes, so check with your school’s financial aid office before you begin.

You’ll undergo a credit check to verify that you don’t have an adverse credit history. You may also need to undergo credit counseling if this is your first PLUS loan. If approved, you’ll sign a Master Promissory Note (MPN) agreeing to repay the loan according to its terms, along with interest and fees.

What Does a Graduate PLUS Loan Cover?

While a graduate PLUS loan can only be used to cover education expenses, those expenses can include:

•   Tuition

•   Room and board (including off-campus housing)

•   Fees

•   Other expenses required by the school

As mentioned earlier, the maximum amount of a graduate PLUS loan amount is based on the costs of your school for that academic year.

Pros and Cons of Graduate PLUS Loans

Grad PLUS loans are not for everyone. Here are some of the pros and cons to consider as you decide whether this type of loan is right for you.

Pros of the Graduate PLUS Loan	Cons of the Graduate PLUS Loan
The interest rate is fixed and stays the same for the life of the loan.	You may not receive the loan if you have a negative credit history.
You can take advantage of Public Service Loan Forgiveness (PSLF) by working at a nonprofit, in a government role, or at another qualifying organization.	Grad PLUS loans are not easily forgiven, except in the event of death.
You can borrow up to the full cost of school attendance (minus any other financial aid you receive).	Grad PLUS loans generally have higher interest rates than other types of federal loans.

Alternative Financing Options

Before taking out a grad PLUS loan, it’s helpful to consider other ways to finance the cost of graduate or professional school. Alternative options include the Federal Work-Study program, getting a job or teaching fellowship, applying for grants and scholarships, and looking into other types of federal or private loans.

Work-Study

The Federal Work-Study Program provides part-time employment to help undergraduate and graduate students with financial need pay for the cost of school. To qualify for Work-Study, you must file the FAFSA (which opens on October 1 each year), and it’s a good idea to apply early because each school has limited funds.

The amount you can earn depends on the type of work you get, how much your school can offer, as well as your application date, level of financial need, and FAFSA application date. And you cannot earn over the amount of money awarded to you in your financial aid award.

Assistantship Positions

Many universities offer teaching- or research-based assistantships. In return for doing work or research for the school, the school may offer you free or reduced tuition, a monthly stipend, and/or health insurance.

Through an assistantship, you are often considered an employee of the school and you may do a range of work from teaching undergraduate classes or proctoring exams to helping with research projects or collaborating on publishing scholarly articles.

Fellowships

While the terms of a graduate fellowship can vary depending on your school or field, they are often merit-based awards of financial aid to support students pursuing advanced study.

Your school may offer them internally or they may come from an external source.

Fellowships may include a stipend or cost-of-education allowance in addition to support for other educational expenses. Types of fellowships include predoctoral fellowships, dissertation fellowships, and traineeships. Check with your school for more details about these opportunities and to learn more about how to apply.

Job Opportunities

Even if you don’t qualify for any of the above employment options, getting a job can help offset the amount you have to borrow for graduate school. Some companies may even offer tuition reimbursement.

While you’ll have to balance a job with your class schedule and workload, getting a job while you attend graduate school can offer benefits beyond just a paycheck including: gaining real-world skills, employee benefits, and the ability to add some professional experience to your resume.

Scholarships and Grants

There are a range of graduate school scholarships and grants you can apply for to help finance the cost of advanced studies. Scholarships are typically merit-based and grants are often need-based.

This type of funding is ideal because you don’t need to pay it back. You can find both federal and state grants as well as scholarships from schools or independent organizations, such as nonprofits or companies. The key is to do your research (one place to start: the U.S. Department of Labor’s scholarship search tool ) to track down opportunities and apply to a range of options.

Direct Unsubsidized Loans

As mentioned earlier, PLUS Loans have some of the highest interest rates of all federal loans. So it’s worth applying for a federal Direct Unsubsidized Loan before opting for a PLUS loan since it has a lower interest rate.

You can borrow up to $20,500 per year with a Direct Unsubsidized Loan, up to the aggregate federal loan limit of $138,500. Keep in mind that any outstanding undergraduate federal loans that you have will count toward this total amount.

Private Loans

A private student loan — from a bank, online lender, college, credit union, or other private institution — can help make up the difference between what a student can borrow in federal loans for the cost of graduate school and the remaining education expenses after other sources of income from grants, scholarships, work-study, or jobs are taken into account.

Keep in mind that private loans differ from federal loans and they don’t offer the same benefits and protections, such as income-driven repayment, deferment and forbearance and forgiveness programs like Public Service Loan Forgiveness (PSLF).

It’s important to do your research, shop around, and find the best loan options for your personal financial situation. You’ll also need to have strong credit (or have a cosigner who does) and meet eligibility criteria to qualify with a private lender.

If you’re considering a private loan, SoFi offers graduate school loans for with flexible terms, no fees, and no prepayment penalties.

The Takeaway

A grad PLUS loan is a federal Direct PLUS Loan made to a graduate or professional student to help cover the cost of graduate school. Unlike other federal student loans, grad PLUS loans take your credit history into account so if you have an adverse credit history, you’ll need to meet additional eligibility requirements to qualify.

Grad PLUS loans allow you to borrow up to the full cost of attendance for graduate school minus the amount of financial aid you receive from other sources. These loans have some of the highest interest rates of all federal loans and a higher origination fee, so you will likely want to pursue a federal Direct Unsubsidized Loan first.

It’s also a good idea to explore alternative financing options to help cover the cost of graduate school, such as federal Work-Study opportunities, assistantships and fellowships, scholarships and grants, getting a job, as well as federal and private loans.

If you have a high interest rate on existing loans or need to lower your monthly payment before grad school or after you graduate, student loan refinancing is one option to consider. SoFi offers flexible terms, no fees, no prepayment penalties — and you can view your rate in two minutes.

Learn more about a SoFi student loan refinance today.

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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.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

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.

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