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

Currently, nurse anesthetists must have an RN license and a master’s degree from a nurse anesthesia educational program accredited by the Council on Accreditation of Nurse Anesthesia Educational Programs (COA) or a Master of Science in Nursing (MSN). Nurse anesthesia programs typically range in length 36 to 51 months. Starting in 2025, all CRNAs must have a Doctor in Nurse Anesthesia Practice (DNAP) or a Doctor of Nursing Practice (DNP), according to the COA. It typically takes two years for a student with an MSN to earn a doctorate.

Continue reading for six 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 RN 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 2026-2027 tuition and fees at Loma Linda University in Loma Linda, California, are an estimated $170,243. In contrast, if you are already an RN with an MSN, the tuition and fees are approximately $45,030 at Arkansas State University. There are additional costs associated with a CRNA degree, such as books, supplies, licensing, insurance, and exam fees.

Note that the average nursing school cost can vary widely, ranging from $10,000 for an associate degree to over $200,000 for an advanced degree.

Recommended: Important FAFSA Deadlines to Know

6 Tips to Help You Pay for CRNA School

Let’s 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 or by having residency in the state where you want to attend school. For example, the total cost of attending Georgetown University’s DNAP program for the first year is $150,426, $92,561 for the second year, and $78,784 for the third year, regardless of residency.

The cost to attend the University of Iowa is $85,690 if you’re an in-state resident or $163,805 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 reduce the amount of money you’ll have to borrow for CRNA education. Knowing the costs of the schools on your shortlist can help you set aside a certain amount of money. 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 full cost of a nurse anesthetist program. One way to understand your exact costs is to meet with the financial aid offices of the schools you’re considering. They can 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, or a 529 plan — 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 FAFSA is a form you can complete to determine your eligibility for student financial aid, which can include scholarships, grants and federal student loans.

College grants are “free money” that you typically don’t have to pay back. The AANA offers members grants to develop health care policy, anesthesia science, education, clinical practice, and leadership opportunities. With the proper documentation, the Foundation will reimburse up to 15% of indirect costs. The best way to learn more is to ask questions through the financial aid offices of the schools you’re considering.

Like grants, you do not have to pay back scholarships and other aid awards. 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 they are in good standing in their program, meet the application requirements, and apply online. In addition, the university you plan to attend may also offer merit-based scholarships. Contact your school’s financial aid office to see what they offer and how to apply.

Similar to student loans for undergrads, you can get student loans for graduate school, which must be repaid. As a graduate student, you may be eligible for federal Direct Unsubsidized loans that come from the U.S. Education Department. The benefits of federal loans include a six-month grace period before repayment and flexible repayment plans if you’re eligible for Public Service Loan Forgiveness. This means that if you make 120 monthly payments under such a repayment plan, you might get your loans forgiven as long as you work full-time for a qualifying employer.

Note that Direct PLUS loans, also called Graduate PLUS loans, will no longer be available to grad students beginning July 1, 2026.

Learn more about the FAFSA with SoFi’s comprehensive FAFSA guide.

4. Work More

If you’re already working as a nurse, you may want to pick up more hours before you start your CRNA degree. Nurse anesthesia programs are labor-intensive, so most students find it difficult to work while attending CRNA school. However, you can save up as much as possible before starting school.

If you must work during your degree, you may want to limit your hours.

5. Get an Employer to Pay for Your Education

Will a hospital pay you to go to 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 period of time.

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

6. Private Student Loans

Private student loans originate with a bank, credit union, or online lender, unlike government-offered federal student loans. Private student loans can fill in the gaps between tuition and 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 involves submitting your personal information, the school you plan to attend, your graduation date, and the loan amount you need. You must also agree to the lender’s terms and conditions.

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

Recommended: Guide to Nursing Student Loans

How Much Can CRNAs Expect to Make?

Nurse anesthetists can expect to earn an average salary of $231,700, or $111.39 per hour. The job outlook for CRNAs will grow about 35% from 2022 to 2034 according to the Bureau of Labor Statistics.

The Takeaway

There are many ways to make your dreams of becoming a CRNA a reality. Everyone should file the FAFSA to qualify for federal loans, grants, and other types of funds. The AANA also offers scholarships that you may qualify for. Don’t forget to check with your employer and local businesses for other funds.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can you get paid for going to CRNA school?

You typically cannot get paid to attend Certified Registered Nurse Anesthetist (CRNA) school, but universities often offer a wide variety of merit-based and need-based financial aid options. You may need to file the Free Application for Federal Student Aid (FAFSA) to qualify for certain types of aid. Check with the financial aid offices at the universities you’re considering for more information about your financial aid options.

How much does CRNA school cost?

The cost of Certified Registered Nurse Anesthetist (CRNA) school depends on a wide range of factors, including whether you plan to attend an in-state or out-of-state institution or a private or public school. For example, the three-year program at Georgetown University, a private institution, costs $321,771. On the other hand, the three-year program at the University of Iowa for an in-state resident costs $85,690 or $163,805 for an out-of-state resident.

How much do CRNAs typically make?

As a nurse anesthetist, you can expect to make a median salary of $231,700 per year. That’s the equivalent of $111.39 per hour.

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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., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Not all repayment options may be available for all loans. 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 current as of 3/2/2026 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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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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There are many different types of financial aid available to college-bound students, with student loans being an option that many consider. Nearly 43 million students have federal student loan debt, making this a common route to financing their education.

Students who need additional financial aid can choose between federal student loans or private student loans. However, there are many benefits of federal student loans that private loans don’t always guarantee.

10 Benefits of Federal Student Loans

1. No Credit History Required

A significant advantage of federal student loans is that many government-owned student loans don’t require a credit history or credit check. The only federal student loan that requires a credit check to determine eligibility is a Direct PLUS Loan.

To see if you’re eligible for federal student loans, you’ll need to submit a completed Free Application for Federal Student Aid, which is also known as FAFSA®.

Recommended: Can You Get a Student Loan With No Credit History?

2. No Cosigner Required

Private student loan lenders might require a cosigner for student borrowers who don’t have a credit history or credit score. However, students who haven’t established their credit history are still eligible to apply for a federal loan without a cosigner.

Having no cosigner requirement is an additional step to lending that can help federal student loan borrowers.

3. Fixed Interest Rates

Fixed interest rates are among the notable benefits of student loans owned by the Department of Education.

Generally, private student loans allow borrowers to choose between fixed or variable interest rates. A fixed rate doesn’t increase or decrease throughout the loan term, making monthly payment amounts easier to anticipate.

Variable student loan rates can seem advantageous during a low-rate environment, but borrowers risk their interest rate changing at any point during the repayment term. This variable feature can make it more challenging to predict how much money to budget toward monthly payments during the repayment term.

4. Low Interest Rates

Generally, federal student loan rates are lower than private student loans or the cost of using high-interest credit cards to pay for college expenses. These higher interest rates increase how much you’ll pay toward your college education overall.

5. Interest Doesn’t Accrue During College

Federal Direct Subsidized Loans are designed so that borrowers aren’t responsible for paying back interest that accrues while they are still in school.

Interest that accrues on loans from this federal program is paid by the government while the student is enrolled at an eligible school at least half-time. When you leave school, any interest that accrues on your Direct Subsidized Loans is your responsibility to repay.

Students who borrow Direct Unsubsidized Loans or PLUS Loans are responsible for repaying interest that accrues while they are still in school. Subsidized federal loans are only available to undergraduates.

6. Forbearance and Deferment Options

Some private loan lenders offer forbearance and deferment options to borrowers who need to temporarily pause their student debt repayment. However, these options vary between lenders and some might not offer forbearance and deferment at all.

An advantage of federal student loans is that these loans offer extensive forbearance and deferment options for different situations. For example, eligible borrowers can request deferment while undergoing cancer treatment, during economic hardship, while enrolled in school, during unemployment, and more.

Federal student loans offer general or mandatory forbearance, depending on your situation. Borrowers who are eligible for forbearance can request it if they need to pause or reduce their monthly payment for a short period.

7. Repayment Grace Period

Another benefit of federal student loans is that they come with an automatic six-month grace period. The grace period kicks in when the student graduates, leaves school, or drops below half-time enrollment.

This time frame gives federal student loan borrowers some additional time to get their financial situation ready, such as by securing a job, in preparation for repayment.

8. Income-Driven Repayment Options

Borrowers who are unable to afford their monthly student loan payment may be able to enroll in an income-driven repayment plan.

Income-driven repayment plans offer 20- or 25-year terms. Payment amounts are limited to 10%-20% of a borrower’s discretionary income. Depending on a borrower’s situation, their payments might be as low as $0 per month.

9. Discharge of Student Loans

Borrowers of federal student loans might not be required to repay their federal student loans in certain circumstances. A federal student loan discharge might apply when:

•   The school closes while the borrower is enrolled

•   A borrower experiences total and permanent disability

•   The borrower dies

•   The borrower of a Perkins Loan works as a teacher or other eligible professional

•   The borrower’s school affected the loan or the borrower’s education in some way

•   A school falsely certifies the borrower’s loan eligibility

•   The borrower who has withdrawn from school doesn’t receive a refund of the student loan funds from their servicer

10. Student Loan Forgiveness

Access to student loan forgiveness is another advantage of federal student loans. Unlike student loan discharge, which requires borrowers to have experienced an extraneous situation to qualify, student loan forgiveness has requirements that you can meet through work that may make it more accessible to borrowers.

The Department of Education offers loan forgiveness through Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and loan forgiveness under an income-driven repayment plan.

For example, PSLF requires participants with Direct Loans to first make 120 qualifying monthly payments under an income-driven repayment plan. Borrowers must be working full-time at a qualifying employer, which can include nonprofit organizations or government entities, during the time the required payments were made.

After the required payments are made, the student’s remaining Direct Loan balance can be forgiven. Note that the forgiven balance may be considered taxable income by the IRS under certain situations.

Alternatives to Student Loans

Although federal loans offer borrowers many benefits, there are limits, which means not all students are able to finance their education entirely with student loans. Student loans are one type of financial aid, but there are other ways students can finance their education. These include:

Grants

Grants can be based on need or merit. Grants can be provided through the federal or state government, by the student’s school, or via third-party organizations. Pell Grants and Teacher Education Assistance for College and Higher Education Grants are a couple of types of federal grants.

Unlike student loans, recipients aren’t generally required to pay back grants for college.

Scholarships

Similar to grants, scholarships do not need to be repaid by the student after leaving school. Scholarships can be found through schools, private and nonprofit organizations, community groups, employers, or professional associations.

This option might be available based on students’ merit or need.

Private Student Loans

Federal student loans offer many benefits, but as briefly mentioned, there are annual and aggregate borrowing limits. For students who either don’t qualify for federal loans or have reached the maximum limit, applying for private student loans is another option to consider.

Private student loans are available from state organizations, banks, credit unions, or online lenders. Borrowers must have qualifying credit, and loan features and terms of private student loans vary by lender. Again, it’s important to note that private student loans are not required to offer the same borrower benefits as federal student loans.

The Takeaway

Federal student loans offer a variety of benefits for the borrower, including no credit score requirements, fixed interest rates, and deferment and forbearance options if borrowers face financial difficulty during their repayment terms. However, students may need to rely on a variety of different funding sources to pay for their entire college education.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What is the average student loan debt amount?

In 2026, the Education Data Initiative reported that the average student loan debt is over $40,000. This includes both federal and private student loans.

Are student loans bad for your credit score?

The student loan payment status for borrowers is reported to credit bureaus. Student loans can be advantageous toward building a credit history when payments are made on time and in full.

However, making late payments or missing payments entirely can adversely affect a borrower’s credit score.

What are the key advantages of federal over private student loans?

There are numerous benefits to student loans from the federal government compared to private student loans. The main advantage is that federal student loans offer multiple repayment options, including income-driven plans that can bring monthly payments down to $0, and most federal student loans do not have a credit score or credit history requirement.

Additionally, federal borrowers receive automatic deferment while they are still in school and an automatic grace period after leaving school.

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Photo credit: iStock/AndreaObzerova

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., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Not all repayment options may be available for all loans. 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 current as of 3/2/2026 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Divorce brings about many challenges, one of which is figuring out how to finance your child’s college education. College tuition is a significant expense, averaging $11,950 for a public four-year in-state college and $31,880 for a public four-year out-of-state college in 2025-26. The financial dynamics between divorced parents can add complexity to an already difficult decision-making process.

Understanding your options, obligations, and available resources is crucial for ensuring your child’s educational future is secure. Here, we’ll explore how divorced parents can approach paying for college tuition, including understanding legal obligations, navigating financial aid, and collaborating to achieve the best outcome for their child.

Understanding Legal Obligations for College Payment

It’s important to understand your legal obligations when it comes to paying for college, particularly in connection with child support and divorce decrees. It’s also important to note that the Free Application for Federal Student Aid (FAFSA®) guidelines for divorced parents have changed. Rather than use the financial information of who the child lived with the most, the FAFSA will use the information from the parent who provided the most financial support. Let’s take a look.

Child Support and College Expenses

Divorce settlement agreements often address who’ll pay for college, which is separate from child support.

What exactly is child support? When parents get divorced, it’s common for the parent who doesn’t have custody to pay child support, which usually translates to financial support for minor children. Parents can stop making child support payments when a child turns 18 and graduates from high school (unless the child is still in school and can’t support themselves).

In some cases, one parent may also be required to pay for college. Educational expenses typically get addressed during the divorce process, so you’ll know your exact responsibilities regarding your child’s college education. However, your obligation will depend on your state’s laws.

Some states may order divorced parents to help pay for college-related expenses, while others view them as conditional expenses. The following states allow courts to order non-custodial parents to help pay for college:

•   Alabama

•   Arizona

•   Colorado

•   Connecticut

•   Florida

•   Georgia

•   Hawaii

•   Illinois

•   Indiana

•   Iowa

•   Maryland

•   Massachusetts

•   Mississippi

•   Missouri

•   Montana

•   New Jersey

•   New York

•   North Dakota

•   Oregon

•   South Carolina

•   South Dakota

•   Utah

•   West Virginia

•   Washington

•   Washington, D.C.

Divorce Decrees and Education Provisions

A divorce decree is the legal paperwork that formalizes the end of a marriage and outlines the binding terms of the divorce. It outlines child support and other factors, including education provisions. A divorce decree should also identify who’ll pay for college preparation and college itself, which can include:

•   Standardized tests

•   Admission applications

•   College visits

•   Tuition

•   Room and board

•   Required college fees

For example, one parent may be required to pay for room and board, while the other parent may pay tuition. You may also want to consider an appropriate cap on these expenses, considering the rising costs of college and the length of time it can take students to complete their degrees.

Keep in mind, too, that parents aren’t required to pay for their child’s college education. College students can rely on cash savings, scholarships, and both federal and private student loans to cover the cost of college.

Recommended: Examining the Different Types of Student Loans

Strategies for Tuition Cost-Sharing Between Parents

Let’s take a look at some strategies for how to pay for college for divorced parents, from negotiating contributions to making proportional payments based on income.

Negotiating Contributions

It’s important to review your financial situation together, consider the resources each parent can draw from, and figure out which types of expenses to cover. It’s best to create a written plan using an attorney or mediator to outline how you’ll manage college costs. The financial situation of each party should dictate a customized plan.

It’s important to note that when splitting costs, you may not be able to divide costs right down the middle (though splitting them 50/50 might make sense if both parents have a similar income and educational values). For example, your ex may not agree on the necessity of studying abroad or expensive curtains for a dorm room. Since those expenses aren’t “necessary,” either the parent who wants to pay for them can, or the student can be responsible for paying for nonessential expenses on their own.

Proportional Payments Based on Income

Those undergoing divorce often agree to split college expenses based on income. If one partner has a significantly smaller income than the other, the income disparity may be taken into account. For example, if one parent makes 80% of the combined income, that parent would be responsible for 80% of college costs and expenses.

Maximizing Financial Aid Eligibility

To qualify for financial aid, students must fill out the FAFSA. For divorced or separated parents, the FAFSA process may differ from that of married parents.

Reporting Divorced Parent Information

The FAFSA is a free application that students can use to apply for federal, state, and institutional aid. Every family should file the FAFSA, and how you fill it out depends on whether you and your ex live together or not.

You answer questions on the FAFSA about the parent who provided more financial support that year. If that parent has remarried, the stepparent’s financial information will also be required.

The parent’s income and assets are used to calculate the Student Aid Index (SAI) — formerly the Expected Family Contribution, which determines the student’s eligibility for federal financial aid. The parent who provided the least financial support isn’t required to put their financial information on the FAFSA, but it may be needed for other financial aid applications, such as the College Scholarship Service Profile, which some private colleges require.

If you’re divorced and live together, you’ll add “unmarried and both legal parents living together” and answer questions about both of them on the FAFSA. Note that if you’re separated from your spouse but still live together, you’ll indicate your marital status as “married or remarried,” not “divorced or separated.”

Special Circumstances Considerations

If you get divorced during the middle of a school year, you may want to submit a special circumstances form through the financial aid office of the school your child attends. The financial aid office may take a divorce into consideration and readjust your child’s aid award due to your financial situation. Anytime you experience a change in income or assets, notify the admissions office immediately.

Loans and Financing Options for Divorced Parents

Even with financial aid, scholarships, and savings, many families find they still need additional funds to cover college costs. Several financing options are available to help bridge the gap, including:

•   Federal Parent PLUS Loans: Parent PLUS Loans are available to parents of dependent undergraduate students. They offer a fixed interest rate and flexible repayment options. However, they require a credit check, and parents are responsible for repayment. From July 1, 2026, parents can borrow $20,000 per student per year with a maximum lifetime limit of $65,000.

•   Private Student Loans: These loans are offered by private lenders and can be used to pay for college costs not covered by financial aid. Interest rates and terms vary, and a cosigner may be required.

•   Home Equity Loans or Lines of Credit: If you own a home, you may be able to tap into your home’s equity to help pay for college. These loans often have lower interest rates than other types of loans, but they put your home at risk if you can’t repay.

•   Payment Plans: Many colleges offer payment plans that allow you to spread tuition payments over the course of the year. This can make payments more manageable without accruing interest.

Tax Implications and Benefits

Fortunately, there are tax benefits to paying for college, beginning with claiming your student as a dependent.

Claiming the Student as a Dependent

Claiming a student as a dependent can save you thousands on your taxes. You can claim a college student as a dependent on your tax return as long as the student is younger than you, under age 24, and a full-time student for at least five months of the year.

Education Tax Credits and Deductions

Worried you can’t afford a child’s college bills? Don’t forget that tax credits and other tax benefits can offset the qualified costs of college or career school (tuition, fees, books, supplies, and equipment). These benefits include:

•   American Opportunity Credit: The American Opportunity Credit allows you to claim up to $2,500 per student per year for the first four years that your child is in school.

•   Lifetime Learning Credit: The Lifetime Learning Credit allows you to claim up to $2,000 per student per year for tuition and fees, books, supplies, and equipment.

•   QTP/529 Plan: If you contribute to a QTP/529 plan to prepay or save for education expenses, you can withdraw the money you put in tax-free.

•   IRA Withdrawals: If you take money from an individual retirement account (IRA), you owe federal income tax on the amount you withdraw but not the withdrawal penalty.

Communicating and Collaborating with Your Ex-Spouse

Effective communication with your ex-spouse is key to successfully navigating college financing. Even if your divorce was contentious, it’s important to set aside differences and focus on what’s best for your child. This includes discussing financial responsibilities, coordinating on financial aid applications, and agreeing on a plan for covering any remaining costs.

It’s also important to involve your child in discussions about financing their education. Be open about the costs, what you and your ex-spouse can contribute, and what they may need to cover through scholarships, work-study programs, or student loans. This helps set realistic expectations and encourages your child to take an active role in their financial future.

The Takeaway

Paying for college can be a daunting task for divorced parents, but with careful planning, communication, and collaboration, it’s possible to navigate the challenges successfully.

You should start by understanding the legal obligations and exploring all available financial aid options. Work together with your ex-spouse to create a plan that works for both of you, and involve your child in discussions about financing their education.

Options for paying for college as a divorced parent include splitting the cost with your ex based on each of your incomes, having your student apply for scholarships, and relying on both 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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

How is the expected family contribution calculated for divorced parents?

The expected family contribution (EFC) has been revamped to become the Student Aid Index (SAI) through the FAFSA Simplification Act. The SAI evaluates the financial resources that a student may contribute toward educational expenses. Because of the FAFSA Simplification Act, the income of the parent who provided the most financial support during the year will be used to determine the SAI.

What if one parent refuses to pay for college?

Parents — married or divorced — aren’t obligated to pay for college. Child support could terminate when the child reaches the age of majority (such as 18 or 21), and students enrolled in a postsecondary educational institution might have to access financial support through college. Check with a family law attorney licensed in your state to give you guidance about who may be obligated to pay for college.

Can stepparents be required to pay for college tuition?

Stepparents are usually not required to financially support stepchildren, but in a few instances, family court may require a stepparent to pay financial support for a stepchild. Various factors may come into play, including the length of the marriage, the relationship between stepparent and stepchild, existing financial support, and more.

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It’s possible to refinance student loans before graduation, but many lenders require that students complete their degree first. Even if a lender allows you to refinance student loans in school, you’ll need to meet their credit and income requirements — or apply with a creditworthy cosigner — to get approved.

For many students, it often makes sense to work on building credit and securing a steady income before refinancing. Here’s what to know about refinancing student loans before graduation, plus steps you can take now as a student borrower to start preparing for repayment.

What Is Student Loan Refinancing?

The way student loan refinancing works is that borrowers exchange one or more of their existing student loans for one new private loan from a private lender, such as a bank, credit union, or online lender. Ideally, the new loan will have a lower interest rate or more favorable repayment terms.

Reducing the interest rate through refinancing — for those who qualify — could potentially save hundreds or even thousands of dollars over the life of the loan. For example, going from a 7.00% rate to a 4.50% rate on a $25,000 loan through refinancing saves approximately $3,740 in interest charges over 10 years.

Borrowers can also choose new repayment terms through refinancing, which typically range from 5 to 20 years. Longer repayment terms can lower your monthly payments, but you’ll pay more interest over the life of the loan. Shorter terms mean your monthly payments will be higher, but you’ll save money on interest and the cost of the loan overall.

For students considering refinancing, there are some caveats to be aware of. For one thing, if you refinance federal student loans into a private student loan, you forfeit access to federal repayment plans, forgiveness programs, and other borrower protections.

In addition, once you refinance student loans, you’ll need to start making loan payments. That can be challenging when you’re still in school.

When Student Loan Refinancing Typically Becomes Available

The requirements for student loan refinance eligibility timing vary by lender. These are some of the conditions borrowers generally need to meet.

Graduation Requirements

Many lenders only allow student loan refinancing after graduation. However, some lenders don’t have a graduation requirement, and others allow refinancing when students are within six months of graduation. Borrowers considering refinancing while in school will have a smaller list of lenders to choose from, but refinancing may still be possible.

Employment and Income Considerations

Lenders look at income and employment status when deciding whether to approve borrowers for a student loan refinance. They want to make sure individuals have steady and sufficient income to cover the monthly loan payments.

Credit Profile Expectations

A borrower’s credit profile plays a major role in whether they get approved for refinancing, as well as the interest rate they qualify for. Credit requirements vary by lender, but typically, the credit score needed to refinance student loans is at least 670 on the FICO® scoring model. In general, the higher a borrower’s score, the lower the interest rate they may be eligible for. Qualifying for a low interest rate can help maximize savings and lower the costs of borrowing.

Those without strong credit may be able to qualify for refinancing by applying with a creditworthy cosigner. A refinancing cosigner will be responsible for paying back the loan if the borrower can’t. Their credit will be impacted by how well the borrower manages and repays the loan.

Why Students Think About Refinancing Early

Students may consider refinancing before graduation for a variety of reasons, including:

Interest Rate Concerns

It can be challenging to pay back student loans, especially if the loans have high interest rates. Students may be interested in trying to get a lower rate through options like refinancing.

Borrowers might think about refinancing while in school if current interest rates are low but expected to rise in the future. However, be aware that it is possible to refinance multiple times if rates drop in the future.

Managing Multiple Loans

With several different student loans, it can be tricky and time consuming to track multiple payments, due dates, and loan servicer accounts.

Refinancing lets borrowers combine their loans into one loan with a single monthly payment. This approach can streamline and simplify payment and help prevent missed due dates.

Planning for Repayment

Federal student loans don’t require borrowers to make payments while they’re in school. There’s also a six-month grace period after graduation before payments are due. If the loans are subsidized, the government will cover the interest charges while the borrower is in school and during the grace period.

But with unsubsidized federal loans, the interest accrues during a student’s school years and the grace period afterward, which can add significantly to the amount they owe. For borrowers with private loans, payments typically start once the loans are disbursed. It’s no wonder then that students may start planning for repayment before graduation.

Making payments on student loans while in school can help chip away at the balance and the interest. Refinancing could potentially do the same if a borrower qualifies for a lower rate. Just remember that once student loans are refinanced, loan payments become due.

What Students Can Do Before Graduation to Prepare

If a student is considering refinancing after they graduate, there are several steps they can take now to help get ready.

Building Credit History

Focusing on building credit could help make a borrower a stronger candidate for refinancing when they apply. Credit history plays an important role in getting approved and qualifying for a low interest rate.

A borrower’s credit score is based on several factors, including payment history, credit utilization, and credit mix. Taking proactive steps while still in school, such as paying bills on-time and reducing credit card balances, may positively impact a borrower’s credit.

Understanding Loan Types

It’s important for students to know the types of loans they have — whether they’re federal, private, or a mix of both. Refinancing federal loans with a private lender means giving up access to federal repayment plans, such as income-driven repayment, and protections like forgiveness programs and federal deferment and forbearance.

If a borrower believes they may use these federal benefits at some point, refinancing their federal student loans won’t make sense. However, they might choose to consider refinancing private student loans if they could qualify for a lower interest rate or more favorable terms.

Tracking Repayment Timelines

Student borrowers can use the months before graduation to review and organize their loans to prepare for refinancing. Things to look at include loan balances, interest rates, and interest charges that have accrued so far. They can also take note of repayment terms, grace periods, and payment start dates.

Getting a clear picture of their loans, how much they owe, and when they need to start making payments can help a borrower determine whether to refinance, which loans to possibly refinance, and when. For example, they might want to wait until a loan’s grace period is about to end.

Plus, a borrower can consider a new repayment term that makes sense for their situation.

A longer timeline, for instance, could lower monthly payments but means spending more time in debt and paying more interest over the life of the loan. A shorter timeline will have higher monthly payments but could save on interest charges overall.

Common Misconceptions About Refinancing While in School

There are a number of common misbeliefs about refinancing student loans before graduation. Some of the most common misconceptions include the following.

•  It’s not possible to refinance as a student. While many lenders require proof of graduation and a stable income or offer of employment, some lenders do allow borrowers to refinance while they’re in school, often with a cosigner on the loan.

•  Refinancing lowers interest rates. Getting a lower interest rate through refinancing depends largely on a borrower’s credit and financial profile. Lenders typically offer their best rates to applicants with a strong credit history, a stable income, and a low debt-to-income ratio.

•  Refinancing is a one-time process. False. It’s possible to refinance student loans multiple times.

•  All student loans must be refinanced together. Borrowers can opt to refinance just one student loan, several loans, or however many loans they choose. It is not necessary to refinance all of the loans together unless a borrower wants to do so.

•  Student loan refinancing and consolidation are the same. Although the terms are often used interchangeably, student loan refinancing and student loan consolidation are two separate processes. While they both involve replacing current student loans with one new loan, they work differently.

Federal Direct Loan Consolidation typically doesn’t lower a borrower’s interest rate (the interest rate on the consolidated loan is the weighted average of the rates of the current loans rounded up to the nearest one-eighth of a percent). However, consolidation does simplify loan repayment. And it preserves a borrower’s access to federal programs and protections. Conversely, refinancing may lower a borrower’s interest rate if they qualify, but refinancing federal student loans makes them ineligible for federal benefits.

Alternatives to Consider Before Graduation

If refinancing while in school isn’t the right option for your situation, there are other repayment methods to explore before you graduate.

In-School Payment Strategies

Borrowers can make payments on their loans while they’re in school to help cut down on interest charges and start reducing the balance. Options include making interest-only payments, small flat payments of whatever amount you can afford, or even full payments, if possible. Paying even a little now can help lower the long-term costs of borrowing.

Budget Planning

Creating a budget can be helpful as you prepare to pay back your student loans. To get started, make a list of your monthly expenses and any monthly income you have to get a sense of your cash flow. You might even estimate your expected future salary and consider how your student loan payments will fit into it.

If money is tight, strategies like income-driven repayment plans for federal loans and refinancing for private loans could be worth exploring. You can also look for ways to increase your income, cut back on discretionary spending, or do a mix of both to create more room in your budget.

The Takeaway

While it’s possible to refinance student loans while you’re in school, many lenders require borrowers to have a bachelor’s degree to be eligible. In addition, refinancing may not make sense for your situation, especially if you have federal student loans and believe you may need the federal benefits they offer.

That said, there are some lenders that permit refinancing before graduation. If you have private student loans, or you don’t need the benefits of your federal loans and think you may qualify for a lower interest rate, refinancing may be worth considering. Explore the different student loan repayment options available to help determine the best method for you.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can you refinance student loans while still enrolled?

Some lenders may allow you to refinance student loans while still in school as long as you can meet their requirements. Eligibility requirements typically include having a credit score of at least 670, a steady income, and a low debt-to-income ratio — or having a creditworthy cosigner for the loan.

Do student loan refinance lenders require graduation?

Many lenders require borrowers to be graduates in order to be eligible for refinancing. However, some lenders allow refinancing before graduation. Either way, borrowers will need to meet specific financial requirements, such as a strong credit profile, a stable job, and a steady income — or having a creditworthy cosigner.

Does refinancing remove federal protections?

Refinancing federal student loans makes them ineligible for federal protections. Refinancing is not reversible, so it wouldn’t be the right move if a borrower thinks they might need access to benefits like income-driven repayment plans, federal forgiveness programs, or deferment or forbearance.

How early should you prepare for refinancing?

If you’re considering refinancing, you could prepare for it while you’re still in school by reviewing your loans, including the type of loans you have, the loan balances, interest rates and repayment terms. You might also work on building your credit by paying bills on time and reducing debt like credit card balances. Also, familiarize yourself with how refinancing works. This is especially important if you have federal loans, since refinancing makes them ineligible for federal benefits.

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SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance 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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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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