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Mar

2024

30 Tips for Joining the Real World

By Kaitlyn Farley | Fresh Out of School, Life & Career, student_loan | Comments Off

Woo-hoo! You have your degree, perhaps a job offer, a place to live with a chill roommate, and you’ve found your favorite cafe where the cold brew is just right. Life is great, right?

Yes, it is. Even if you don’t have all of the items above checked off. Starting your independent, post-school life is an exciting time, and it’s a moment to learn all sorts of adulting skills.

To help you with that, here are 30 things to consider, learn, or do to help you as you discover everything from how to speak up in meetings to how to find an in-network doctor. Just as you were probably on the receiving end of a lot of tips for college or freshman advice, now it’s time to level up on post-grad life.

30 Tips for Recent College Grads

Whether you’re just out of college or several years out, you’re hardly alone if you feel you have lots of questions about post-grad life and how to live it. Read on for tips for joining the real world and finessing your finances, career, and personal life.

1. Tackle Your Overall Financial Situation

Your finances can include a ton of stuff, especially as you get older and your investments and income become more complex. But at its most basic, understanding your financial situation means knowing your credit score, taking stock of your outstanding debts, figuring out ways to pay off student loans (if you haven’t already), and understanding what your monthly bills are.

💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

2. Embrace a Budget

Here’s another bit of advice for college grads: Once you know how much money you have, owe, and make, it’s time to figure out your budget. Even if you have one already, post-graduation is a perfect time to reconsider your budget and make updates as needed. Never made one before? The popular 50/30/20 budget can be a smart start.

3. Learn About Job Perks

No matter if your job is still shiny and new or an old hat at this point, it’s good to take time to review your employee handbook for perks you may have overlooked. Check out your company’s retirement plan types and health insurance plans. You’ll also want to review potential bonuses and perks, such as free gym memberships, commuting stipends, and the like.

4. Start Saving for Retirement

Seriously? Yes! This may not be the most fun thing to review (and likely wasn’t part of your college advice), but your future self will thank you. Take time to learn about a 401(k) plan that may be available at work and hopefully enroll. You want to at least contribute enough to get any company match, which is like free money.

No job yet or retirement plan you qualify for? Spend a bit of time learning about the different kinds of IRAs.

5. Evaluate Your Housing Costs

Location, local, location, right? Depending on said location, it can be hard to find affordable housing or even a job if your industry isn’t hot in your market. Before signing on the dotted line, consider how much home you can afford to rent. It can be expensive to live alone; having roommates can be a great way to save money.

6. Check Your Social Media

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing about hiring you. Those wild nights out with friends definitely don’t need to be broadcast via an account that’s public.

7. Network

Networking is crucial to helping you achieve your career goals. Whether through industry conferences or social media sites like LinkedIn, it’s smart to stay connected with professionals in your industry to get career advice and learn about job openings you may be the perfect fit for.

8. Schedule Some “You” Time

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing hiring you.

9. Start an Emergency Fund

Life is full of the unexpected, and that’s why it’s smart to have an emergency fund. Once you have a steady income, it’s wise to start an emergency fund, perhaps by a recurring automatic transfer into savings. Start slow and steady, and aim to build up to at least three to six months’ worth of living expenses in the bank. This will help protect you if you have an unexpected major car repair bill or job loss.

10. Find Your Medical Team

This tip is especially important if you’ve moved to a different state or city. Out-of-network bills can be costly, so having a doctor and knowing which hospitals are in-network can help you save money and stress in the long run. Ask coworkers, do online research, and don’t forget to explore where the nearest and best urgent care centers are.

11. Snag a First-Aid Kit and Emergency Bag

This may sound like your parents or grandparents talking, but no one sees an accident or disaster coming. You could get burned cooking brunch one Saturday, or a major storm could sweep through and leave you without power.

Store-bought first aid kits may be good starting points, but extra bandages, allergy relief pills, antacids, and other over-the-counter medicines will take your kit to the next level.

If you’re inclined to ready an emergency go-bag, consider packing at least three days’ worth of clothes, a mini first aid kit, cash, a flashlight, and other provisions you think you (and your pets or loved ones) may need if you need to leave your home in a rush.

12. Consider Life Insurance

Yes, you are young. But if your employer offers life insurance as a benefit, you may be wondering what it is — and whether you need it or should even pay more to increase the amount. So, how about a little research? Understanding life insurance policies can help you make the right decision for you. Even if you decide you don’t need it right now, you’ll be better prepared to sign up when the time is right.

💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.

13.Dive into Hobbies

Not everything you do has to relate to your career. In fact, it’s likely healthier if you have interests outside of your career. You can learn to play instruments, sing, run, join a local soccer team, play games online, or enjoy any other hobby that helps you unwind and relax. Or maybe you’ll want to give back and spend some time planting at a local park or prepping meals at a soup kitchen. Find some passions, and pursue them.

14. Tackle Your Taxes

Welcome to the world of taxes, which likely wasn’t part of your college advice. But now, if you’re employed (full-time, part-time, seasonally, side hustle, or whatever), it’s time to learn how to prepare for tax season, which can help you avoid filing them late. Whenever you get an important piece of paperwork that’ll affect your taxes (such as W2s, charitable contribution receipts, or even home office receipts), you can put these in a safe place so you’re ready to go come tax time.

Then, determine if you’ll do your taxes yourself (say, with tax software) or work with a income tax preparer to get your return in on time.

15. Find Your Work-Life Balance

Each person has their own idea for work-life balance. If you’re not sure what yours is, consider taking the first few months on the job to figure that out. Being a good employee, for instance, doesn’t have to mean being the first person at the office in the morning and the last one out at night. If you feel tired or overwhelmed, it may be time to dig into and renegotiate those work-life boundaries.

16. Master Basic Home Repairs

Home repair costs can add up (especially as the years unfurl). You could save a lot by doing them yourself, especially if or when you own your own place and don’t have a landlord to pay for those costs. Such problems as a clogged sink, broken light switch, and dripping shower head may be easier than you think to fix.

If you do have a landlord, you might even get a discount on your rent by making simple repairs yourself. Just be sure to get a signed agreement from your landlord outlining how that will work.

17. Be Smart About Subscriptions

Monthly subscriptions can be so appealing, whether that means Japanese snack of the month club, exercise gear, or language lessons via a fun app. But these add up over time, and it’s easy to forget how many you have going at a given moment. Consider looking at what you’re actually subscribed to. Do you really need Max, Hulu, Peacock, and Netflix, or could you save on streaming services by dropping one (or two)? And do you really need so many gym passes and coffee clubs? Take a closer look, and spend less.

18. Learn to Cook

Takeout is great, but you could save money on food and healthy up your meals if you cook at home. It’s also helpful to plan your groceries ahead of time to avoid overspending and food waste. Plus, it’s a fun pursuit with loads of free recipes and cooking videos available online. Invite a friend over and make it a social occasion.

19. Speaking up in Meetings

If you think you don’t have much to add to the conversation, agreeing with what someone has said — and tacking on an extra thought — can be a way to participate and not feel like a wallflower.

20. Tweak Your Sleep Hygiene

Getting enough high-quality sleep can be a key contributor to your wellness. Going to sleep around the same time every night can help to ensure you get enough zzz’s so you can make good decisions and keep healthy habits. And here’s a reminder that taking your mobile device to bed with you is likely to lead to an hour or more of rabbit holes that rob you of your rest.

21. Invest Some Money

The idea of investing may sound intimidating, but you don’t have to be a Wall Street wolf to invest. Many rookies start small. Learn more about investing in your 20s and perhaps open an account.

22. Find a Mentor

If there’s someone higher up the ladder at your workplace with whom you click and who offers great guidance, ask them out for coffee to learn more about how their career progressed and see what advice they might share. You might wind up under their wing. You can also look for guidance via a professional group; you might find a mentor at a summit or similar event.

Mentors can often help you navigate your workplace, offer advice, and keep you motivated and sane when things get stressful. They also have contacts that may be helpful for you to know.

23. Change Your Mind

You’ve probably heard that tons of people end up with jobs outside of what they studied, even after getting a master’s or MBA. It could be that there aren’t a lot of jobs in that field –or maybe they realized that what’s interesting in theory is not in practice. If this turns out to be the case for you, just remember that fulfillment can be found outside of work. And people can change their minds.

24. Get Help

Unemployment, Medicaid, and other social nets exist for a reason. There are going to be choppy waters, and these services are meant to help. Using them because you got laid off or furloughed isn’t shameful. And if you can’t find employment, that’s another reason to get support vs. staying silent and toughing it out.

25. Put Home Maintenance on Your Calendar

When was the last time you cleaned your dryer vents? Do you know how to change the filter in your HVAC? Avoiding these kinds of things for too long can result in big maintenance bills — and potentially be a safety hazard. Not sure what to clean? Check out a house maintenance list and put reminders in your mobile device’s calendar.

26. Travel

Hopping on a plane and traveling to far-flung places can get a lot harder to do the more “adult” you become. It can be harder to take time off work, and perhaps you’ll have a family, meaning you will need a bigger travel budget. Now, when you’re young and probably okay with “roughing it,” it’s possible to travel cheap!

27. Learn to Say No

When you were younger, you probably didn’t have a lot of say in things; you did what your parents or professors said you had to. How times have changed! Don’t want to go out for drinks? Can’t finish that report by Monday? Your best bet may be to just be honest. Taking on too much may only backfire, so learning to say no without feeling guilty can be important for your mental health and work-life balance.

28. Avoid Lifestyle Creep

As time passes, you may well get raises and bonuses. And lifestyle creep can become a problem. What’s that? It’s the situation in which the more your income increases, the more you spend. While a pay raise may mean you can splurge a bit, if you wind up renting a bigger house, leasing a luxury car, and treating yourself to a week in Tulum, you could wind up in the hole. Instead, treat yourself within reason, and plow more money into savings, such as for a down payment on a future home.

29. Outfit Your Home Office

Are you going to be working from home for some or all of your week? Having ergonomic, comfortable, and functional furniture can help keep your back and neck from hurting and your mind from getting distracted. Don’t just perch on the couch or in bed with your laptop. Scan home office ideas if you’re in need of some inspiration.

30. Give Back

You’re joining the ranks of adults, so do the right thing and find a way to contribute and help others. Maybe you can spend some time on the weekend at a Habitat for Humanity site or make a charitable donation to a favorite cause.

The Takeaway

Your post-college years can be exciting and fun but also a bit confusing and challenging at times. Start with a few items on this list, and work your way through to build your life skills, launch your career, and manage your money confidently.

And if your student loan payments are getting in the way of you living your best post-college life, you may want to consider refinancing your student loans.

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.

Photo credit: iStock/Rattankun Thongbun

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.

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.

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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Mar

2024

Are Student Loans Installment or Revolving?

By LeeMarie Kennedy | Credit, Going to College, Student Loans, student_loan | Comments Off

Student loans are considered installment loans, or loans that are repaid through regularly scheduled payments or installments.

Revolving options, like credit cards, let borrowers take out varying amounts of money each month, repay it, and take out more money as they go. Learn more about installment loans and revolving credit below.

Learn more about installment loans and revolving credit below.

What Is Revolving Credit?

Revolving credit is an agreement between a lender and an account holder that allows you to borrow money up to a set maximum amount. The account holder can choose to pay off the balance in full or make minimum monthly payments on the account.

As the account holder makes repayments, the amount available to borrow is renewed. Account holders can continue to borrow up to the maximum amount through the term of the agreement. Examples of revolving credit include credit cards and home equity lines of credit (HELOCs).

What Is Installment Credit?

Installment is a type of credit that allows a borrower to make fixed payments on a loan over a set period of time. Before the borrower signs the installment loan agreement, the lender will decide on the interest rate, fees, and repayment terms, which will determine how much the borrower pays each month.

Common examples of installment loans include student loans, mortgages, auto loans, and personal loans.

💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Revolving Credit vs Installment Credit

Here’s a high level overview on the differences between revolving credit and installment credit.

Revolving Credit	Installment Credit
Account holders can use the borrowed money at any time, repay it, and borrow more as needed.	Account holders borrow one lump sum, the sole amount of money they have access to, and repay it over a set time period.
May come with higher interest rates than installment credit.	May have stricter lending requirements than some revolving credit options, such as credit cards.
Account holders owe interest on the amount they spend, and possibly additional fees.	Account holders owe a fixed number of payments over a predetermined time frame.

Revolving Credit

Revolving credit is a more open-ended form of credit obligation. Let’s use the example of a credit card:

1. The cardholder uses the card to make purchases as they please, pays them off either in-full or partially each month, and continues to make charges on the line of credit.

2. The amount of money the cardholder spends is their decision (up to their credit limit), and the amount of money they repay each month isn’t set in advance by the lender.

3. The cardholder can pay off the account balance in full each month, or they can opt to pay the minimum and “revolve” the balance over to the next month (though this will accrue interest on the account).

An important note: To avoid any late fees or potential dings to their credit score, people who are borrowing from revolving credit are advised to pay their monthly bill on time. Revolving credit can play a major role in calculating a person’s credit utilization rate, which is considered the second biggest factor in determining their credit score. For FICO® scores, it is generally suggested that borrowers use no more than 30% of their available credit.

Installment Credit

Installment credit is less open-ended than revolving credit. Installment credit is a loan that offers a borrower a fixed amount of money over a predetermined period of time. When a borrower signs the loan agreement, they know exactly what the monthly payments will be.

Let’s use the example of a student loan:

1. The student borrows a specific dollar amount. The lender specifies the interest rate and repayment terms. In the case of federal student loans, interest rates and terms are set by federal law.

2. The predetermined funds are released to the borrower. Typically, the funds are released in a single lump sum payment.

3. The borrower repays the loan based on the agreed upon terms. Terms will be set by the lender, for private student loans, or by law for federal student loans.

An important note: Having an installment loan on their credit report can help some borrowers diversify their credit mix, which is a factor in determining an individual’s credit score. The amount of the installment loan, however, won’t play a major role in the borrower’s credit utilization rate (versus with revolving credit).

Is a Student Loan an Installment Loan?

Student loans for undergraduate school are considered installment loans, which means they come with a starting balance, are disbursed to the qualifying borrower, and are repaid over a set amount of time through a fixed number of payments.

💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Pros and Cons of Installment Credit

There are advantages and disadvantages to taking out an installment loan:

Pros of Installment Loans	Cons of Installment Loans
Can be used to finance a major purchase like a house, car, or college education.	Can come with hefty fees.
Is repaid with a set number of payments of the same amount, which can make it easier for budgeting purposes.	Missed or late payments may negatively impact the borrower’s credit score.
For some installment loans, it is possible to reduce interest charges by paying the loan off early.	Depending on the type of installment loan and the lender, there may be penalties or fees for paying off the loan early.
Offers the perk of paying the loan off over a longer period of time.	Longer terms typically mean you’re paying more in interest over the life of the loan.

Pros of Installment Credit

Here’s a brief breakdown of a few installment credit pros:

Payments

Installment credit payments are made on a set schedule that’s determined by the lender. This makes them a predictable, long-term strategy for paying off debt, and also makes it easier to factor them into your budget, especially if the installment loan has fixed interest rates.

The monthly payment for an installment loan with a variable interest rate may change from month to month, depending on how the variable interest rate changes.

Borrowing Cost

In terms of the loan amount and length of the loan, installment loans can be tailored to the borrower’s specific financial circumstances. This means the cost of the installment loan is fairly flexible based on what the borrower needs. Additionally, interest rates are generally lower on installment loans than with revolving credit, so borrowers may find that borrowing an installment loan with a competitive interest rate is a more affordable option.

Cons of Installment Credit

And here’s more info on the cons of installment credit:

Expensive

If the borrower takes out an installment loan over a longer period of time, they may end up making payments at an interest rate that’s higher than the current market rate, unless they’re able to refinance the loan.

Either way, the borrower is locked into a long-term financial contract with an installment loan. If they encounter a financial pitfall, they may be unable to make the scheduled payments or risk defaulting on the loan and damaging their credit.

Prepayment Penalty

Some loans impose prepayment penalties if a borrower pays their loan off early. This isn’t necessarily the case for all installment loans, but it’s important to read the fine print in the loan agreement to determine whether a prepayment fee will be triggered if the loan is paid off early.

Ways to Pay for School

When looking for ways to pay for school, undergrads and grad students often look to installment loans. Tuition and living expenses may also be covered by savings and scholarships and grants.

Recommended: How to Pay for College

Federal Student Loans

Federal student loans are installment loans available to students. To apply, students fill out the Free Application for Federal Student Aid (FAFSA®) each year. Federal student loans have fixed interest rates that are set annually by Congress, offer flexible repayment options, and have some borrower protections and benefits such as deferment and the option to pursue Public Service Loan Forgiveness.

However, there are borrowing limits for federal student loans, so students may need to review other sources of financing when determining how they’ll pay for college.

Recommended: FAFSA 101: How to Complete the FAFSA

Private Student Loans

Private student loans are installment loans you can use to pay for a college education. Private student loans are not funded by the federal government. To apply for them, borrowers can browse the offerings of individual lenders like banks, credit unions, and online lenders and decide which private student loan works best for their finances. As a part of the application process, lenders will generally review the applicant’s credit history and credit score among other factors.

Private student loans can help fill the gap between the cost of college and their total financial aid, like federal loans, grants, and scholarships. However, private loans are generally considered only after all other options have been depleted. This is because private lenders are not required to offer the same borrower protections as federal student loans. If you think private student loans are an option for you, shop around to find competitive terms and interest rates, and be sure to read the terms and fine print closely.

Personal Savings

Using personal savings to pay for college means less debt and more flexibility. Not only that, but it costs significantly more to borrow money to pay for college than it does to use personal savings.

Still, this isn’t financially feasible for everyone, as evidenced by the fact that there are 43.2 million student loan borrowers in the U.S. as of the first quarter of 2024. Sometimes, going into debt is the only reasonable option.

Grants

Unlike student loans, which require repayment, and work-study programs, which allow students to work on campus, grants are a type of financial aid that doesn’t require repayment.

Grants may be awarded by the federal government, states, or colleges. The amount of aid a student receives depends on a number of factors, such as the student’s financial needs and the type of school they’re attending.

Scholarships

A scholarship is a lump sum of funds that can be used to help someone pay for school. The key stipulations with scholarships are that a) they’re contingent on a particular qualification, i.e. a grade point average (GPA), act of service, or athletic performance, and b) they never have to be repaid.

Scholarships are usually awarded by colleges, universities, corporations or organizations.

The Takeaway

Student loans are installment loans, meaning borrowers receive a set amount of money from a lender and are required to repay the loan over a fixed period of time.

For those looking for ways to pay for college, there are other alternatives to installment student loans — such as scholarships, grants, personal savings, 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

Is a student loan an installment loan?

Yes, a student loan is a type of installment loan, which means you pay it back in set amounts, over a fixed period of time, and it shows up on your credit report.

Is a student loan a revolving loan?

No, a student loan is not a revolving loan. It is considered an installment loan.

What are the benefits of an installment student loan?

A few of the benefits of installment student loans include being able to easily factor the loan into your monthly budget, the same payment terms for the life of the loan, and a longer period of time to pay off the loan.

Photo credit: iStock/SDI Productions

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.

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

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

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

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Mar

2024

How To Become a Veterinarian: 6 Steps

By Diana Kelly Levey | Student Loans, student_loan | Comments Off

If you’re considering pursuing a career as a veterinarian, you probably have tremendous affection and compassion for animals and want to help them via medical training. That probably means you’re considering attending veterinary school. Among the questions you may be wondering about are, How long is vet school? How do I apply? How much will vet school cost, and how can I afford it?

This guide will help you understand the process for how to become a vet and how you might afford this fulfilling career.

How Much Does It Cost to Become a Veterinarian?

The cost for a four-year veterinary school for in-state residents is over $200,000 while students with out-of-state tuition may pay more than $275,000, depending on the school, according to the VIN Foundation Student Debt Center.

While that’s a lot of money, getting a doctorate in veterinary medicine (DVM) can lead to a median salary of $103,260 a year according to the Bureau of Labor Statistics. A vet’s salary depends on what kind of practice they go into and where they are located.

How Long Does It Take to Become a Veterinarian?

The path to becoming a vet can vary, and the length of time it takes to become a vet can vary as well. In general, most vet schools are four-year programs for a DVM. Some, however, have accelerated programs and semesters and get the work done in three years.

Those pursuing a veterinary career path might also want to factor in how long it takes to complete the prerequisites. In general, that will require students to have a bachelor’s degree, which also takes around four years to complete. If you have already completed your bachelor’s degree but didn’t take the courses required for vet school, then you may need to pick up those credits as well before you start your applications.

That said, what follows are six key steps if you are wondering how to be a veterinarian.

💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.

6 Steps to Become a Veterinarian

The steps to becoming a veterinarian are often as follows:

Step 1: Check Off The Prerequisites

These points can help you move towards your degree as a veterinarian:

• The Veterinary Medical College Application Service resource will show you the list of prerequisite college courses that are generally required for students applying for veterinary school. Required courses for most veterinary schools include biology, chemistry, animal sciences, and advanced math.

• Students interested in pursuing vet school who are currently enrolled in undergrad may want to review their current course of study to be sure they are on track for vet school prerequisites.

• Another tip is to volunteer, get an internship, or do part-time work with an animal hospital, local business, or charitable organization that helps animals. See if your college has a prevet extracurricular club that could broaden your experience and help you learn more about the field.

Getting a lot of hands-on animal experience can help build your resume and help you make sure that you’re pursuing a career path that appeals to you.

Also, know that to file your vet school application, you’ll most likely be required to submit your undergraduate transcripts and provide a reference from a college professor or professional in the animal sciences.

Step 2: Determine How to Pay for School

Before you decide on which veterinary school you want to attend, consider evaluating what savings you have to put toward vet school and estimate what you may need to borrow in student loans or fund with grants and scholarships.

It’s important to think about veterinary school costs as you begin researching schools so you have a good idea of what your veterinary school debts may look like.

According to the most recent data from the American Veterinary Medical Association, the average educational debt among the 82% of US veterinary college graduates who take on debt was $179,505. While vets do earn a good salary once they find employment, that is a significant sum to consider.

Working a part-time job while attending school might help offset some of the vet school costs or the amount you have to take out in loans in order to cover living expenses, but it might be challenging to balance work and school, especially as your schoolwork increases.

Step 3: Research Veterinary Schools

Once you have an idea of how much money you have to pay for vet school, research the veterinary schools in the country. You’ll likely consider the location, costs, and the types of programs offered if you’re pursuing a specialty veterinary degree.

This step can be an important part of the journey on how to become a veterinarian. As you read above, it may be more affordable to attend a vet school in your state.

Also, check that the vet school(s) you are applying to are suited to the type of vet medicine you want to practice. For example, if you’d like to pursue a career working with horses, research schools that offer equine programs.

If you plan to pursue a general DVM degree, find an accredited veterinary program that fits the criteria most important to you, such as your budget or where you want to live.

Step 4: Apply to Veterinary Schools

Check out the schools’ admissions website to determine the specific graduate school application requirements. Some pointers:

• Most vet schools require students to submit scores for either the Graduate Record Examination (GRE) or the Medical College Admission Test (MCAT). Some schools may also require applicants to take the Biology GRE.

• You also might need a letter of recommendation or two, as noted above.

• Some applications may also require a personal essay.

• Once your application is received, there may also be an in-person interview.

Yes, the vet school application process can be involved and long. It can get expensive, too. Vet schools often charge a non-refundable application fee; many schools follow the fee structure set by the American Association of Veterinary Medical Colleges, which sets the first application fee at $227, and then each additional application fee is $124.

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Step 5: Attend Veterinary School

A three- to four-year vet med school degree often involves a few semesters of coursework, followed by clinical training and intense clinical training to gain hands-on training at one of the college’s affiliates.

Students can apply for scholarships and grants to help alleviate some of the costs of a veterinary degree. By managing your budget and minimizing extraneous expenses, you may also lower the amount of student debt you end up borrowing.

In order to practice veterinary medicine and become a veterinary, students will also need to study for and pass the North American Veterinary Licensing Examination (NAVLE). Generally, vet students take the exam during their senior year.

Step 6: Begin The Job Search

The experiences you had during clinical rotations can help you determine which area of veterinary medicine you want to go in. Options include private veterinary practice, vet hospital, research, education, diagnostics, or even public health with a DVM degree.

In general, it can be helpful to start looking for a job in veterinary medicine before graduating from vet school. After passing the NAVLE and graduating from school, you’ll be ready to hit the ground running if you have a job in place.

Having a job secured before you graduate may also provide peace of mind as you start thinking about student loan repayment.

The Takeaway

A career in veterinary medicine can be a rewarding one. You’re helping sick or injured animals heal, providing preventative care, and getting to interact with animals all day long. When it comes to discovering how to become a veterinarian, the process takes planning, dedication, and hard work.

Attending veterinary school can be a challenging but fulfilling journey. It’s also typically an expensive one. After graduating, refinancing student loans may be an option that can lower the loan’s interest rate, and potentially reduce the cost of borrowing in the long term. However, you may pay more interest over the life of the loan if you refinance with an extended term. Also, refinancing federal student loans means you forfeit some borrower protections, such as loan forgiveness and deferment.

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

FAQ

Where do veterinarians work?

Veterinarians work across the country and around the world in a variety of settings, such a s private clinics, animal hospitals, and zoos, or they may operate out of an office and then visit homes or ranches.

What does a veterinarian do?

A veterinarian cares for the health of animals, whether pets, livestock, or other animals. They diagnose and work to heal issues animals endure and may protect public health by doing so.

What’s the salary and job outlook for a veterinarian?

The median salary for a veterinarian is currently $103,260 a year according to the Bureau of Labor Statistics. The need for vets is seen as increasing, with a projected growth of 19.4% between 2021 and 2031.

What hours do vets work?

The hours a vet will work can vary tremendously depending on a specific job, type of employment, and location. Most vets work four to five days a week, eight to 10 hours a day.

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.

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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Mar

2024

How to Study for the LSATs

By Janet Siroto | Building Your Career, Life & Career, student_loan | Comments Off

No doubt, law school is a major undertaking requiring a lot of hard work as you train for a challenging and rewarding career. And a key part of getting accepted into law school can be scoring well on the Law School Admission Test (LSAT). What’s more, a high LSAT score can potentially increase a student’s scholarship and other funding opportunities to pay for law school.

But getting an LSAT score you’re proud of can take some planning and preparation. To help with that, this guide will break down how to study for the LSATs. In addition, you’ll learn some helpful study tips, test-taking strategies, and important dates to remember.

What Is the LSAT?

The LSAT is a standardized test that many law schools require. It is considered to be a good predictor of how well a student will perform in law school.

The test contains four sections, and test takers typically have about three hours to complete it. The LSAT score range goes from 120 to 180, with the average score currently being approximately 152.

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What Does the LSAT Cover?

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

There is also a writing section that is administered separately from the multiple choice portion of the LSAT. Test takers are allotted 35 minutes for each of the four sections required for the exam, and there’s a 10-minute break between sections two and three. These sections are:

• Logical reasoning, 24 – 26 questions

• Logic games (aka analytical reasoning), 22 – 24 questions

• Reading comprehension, 26 – 28 questions

• Experimental section (typically used to develop questions for future LSATs), 22 – 28 questions

• Writing. This section is administered separately from the multiple choice portion of the exam, but test takers will still be limited to 35 minutes.

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

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

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

The LSAT can be taken in person or remotely via a proctored online portal.

What Is a Good Score on the LSAT?

As mentioned above, the LSAT scoring system ranges from 120 to 180, with a current average of 152.

What qualifies as a good score will vary depending on your outlook and how competitive the law schools are that you plan on applying to. For instance, if you want to attend one of the top-tier law schools in America (that is, one of the top five programs), you will likely need at least a 170 on the LSAT.

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How Do I Prepare for the LSAT?

Preparing for the LSAT can involve time and energy. There are a variety of methods. Some people choose just one and stick with it. Others combine a couple of techniques. There’s not one best way to study for the LSAT; it’s a personal choice.

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

• LSAT preptests

• LSAT prep books

• Test prep companies and tutoring

• Official LSAT Prep on Khan Academy

• Study groups with other students/prospective test takers (such as prelaw students at your college).

Read on to learn more about a couple of the methods.

Taking Official LSAT Prep Tests

How to study for the LSAT? Get organized before you start planning your applications for postgrad education. One popular option to consider is signing up for the LSAT Prep® on LSAC’s LawHub.

LSAC stands for the Law School Admission Council, a nonprofit that supports access, equity, and fairness in law school admissions.

By signing up, you can get access to four full practice tests. If you want further practice, you can purchase a service known as LawHub Advantage. This provides one year of access to more than 75 full Official LSAT PrepTests® for $115.

Tailoring a Study Plan To Your Needs and Goals

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

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

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

As noted above, you have an array of options in terms of how to prepare for the LSAT. For some prospective test-takers, paying a tutor or for a prep class can help keep them accountable. For others, the social aspect of joining a study group at their college can be the right fit. And still others may prefer online learning as they work towards law school admission.

Making a LSAT Study Schedule That Works For You

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

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

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

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

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

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

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

Simulating Actual LSAT Testing Conditions

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

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

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

LSAT Test-Taking Tips

As much as the LSAT is about mastering logic and thinking analytically, test takers can also benefit from an in-depth understanding of the LSAT itself. On top of finding and adopting the best ideas for how to prepare for the LSAT, these test-taking tips could be helpful.

Answering Every Question

Unlike the SAT, the LSAT does not deduct points for incorrect answers. That’s right: You’re not penalized for getting something wrong. Since leaving questions blank could potentially result in losing out on coveted points, it may be worth allotting the last 30 seconds of the section to fill in an answer bubble for remaining questions.

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

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

Using Process of Elimination

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

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

Relax… It’s Okay to Retake the LSAT

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

One benchmark study found that, at a given test administration, about 26% were second-time test takers. Another finding was that second-timers in a given year typically raise their score by two or three points. (Keep in mind that law school admission committees will likely receive all of your test scores.)

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

There are limits to the number of times the LSAT can be taken within certain timeframes, including five times since 2018 and seven tests in a lifetime. It’s possible to cancel test scores if you are unhappy with how you did, but canceled scores will count towards the totals mentioned here.

Important LSAT Dates

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

If you’re hoping to pursue your J.D. within a year or two, it may be easier to work backwards from when you actually need to apply to law school. Deadlines for law school applications can vary, with many regular-decision dates falling between February and March and early-decision ones in November or December.

Many experts recommend taking the LSAT in June so there’s time to retake it in the fall, if needed. Scores are generally sent three weeks after the exam on a pre-specified release date. The current schedule of 2024 test dates runs from January through June; for updates, visit LSAC’s site.

Paying for Law School

Education is an investment — both in time and money. Typically, law school spans three full-time academic years, and the rigorous schedule can make it challenging to work outside of summer internships. Here’s some important information about paying for law school:

• While the payoff can be considerable for legal professionals, the upfront cost can be a heavy lift. When thinking about how to pay for law school, know this: Using the most recent data, the average total cost of law school is $220,335, according to the Education Data Initiative. The average in-state tuition for public universities was $9,610, while the average for private universities reached $53,034.

• When law school scholarships and financial aid are not enough, students can take out federal or private student loans to help pay the difference for law school. Coming up with a plan to pay for law school early could help put you on track to tackling law school debt and focusing on your budding law career.

• Students or graduates still paying for their law school (and potentially undergraduate) student loans could opt to refinance and combine payment under one loan. This may make payments simpler and/or more affordable, but it’s important to note that if you refinance for an extended term, you may pay more interest over the life of the loan. In addition, refinancing federal student loans means forfeiting federal borrower benefits and protections, so it won’t be the right choice for everyone.

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

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Mar

2024

How Does Student Loan Interest Work While You’re in School?

By Janet Siroto | Student Loans, student_loan | No Comments

If you, like many students, have taken out loans, it’s important to know the answer to, “Do student loans accrue interest while you are still in school?” The answer is often yes. The main exception to this rule is for those who hold Federal Direct Unsubsidized Loans. While a student is taking classes, the interest on these loans is covered by the US government.

It can be important to understand exactly what type of student loan you have to make sure you understand the terms of the loan and when interest accrues. This, as you might guess, impacts how much you will be paying back.

Read on for a guide to how student loan interest works while you are still in school.

Understanding How Federal Student Loan Interest Works

Do federal student loans accrue interest in school? In many, but not all, cases, the answer is yes. The first step of understanding how student loan interest works is to know what type of student loan you have exactly, because interest may accrue differently, depending on the type of loan it is.

Subsidized vs. Unsubsidized Loans

Federal student loans may be subsidized or unsubsidized. The accrued interest on Direct Subsidized loans is covered by the government while a student is enrolled at least half-time. Direct Subsidized loans are only available to undergraduate students.

For Direct Unsubsidized Loans, students are responsible for paying the interest that accrues on their student loans. Interest begins accruing as soon as the loan is disbursed, or paid out to the borrower.

You won’t be required to make payments while in-school, but be aware that if you don’t, you may graduate with a higher balance than when you started. That’s because the accrued interest is capitalized on the original balance of the loan. Direct Unsubsidized Loans are available to undergraduate and graduate students.

Direct PLUS Loans are available for graduate students or their parents. The interest on these loans begins accruing when the loan is disbursed and continues accruing while the student is enrolled in school.

How Does the Grace Period Impact Interest Accrual?

Both Direct Unsubsidized and Subsidized Loans have a six-month grace period after the borrower graduates. On subsidized loans, the borrower is not responsible for paying interest during the grace period. On an unsubsidized loan, interest continues to accrue during the six-month grace period.

Direct PLUS Loans do not have a grace period. Graduate students do receive an automatic deferment after graduation and interest does accrue during this time period.

How Does Capitalized Interest Work?

While payments are not required on most federal student loans while the student is enrolled in school, students with Direct Unsubsidized or PLUS loans have the option of making interest-only payments. This can be helpful because, as mentioned previously, after the grace period, and at the end of periods of deferment or forbearance, the accrued interest is capitalized on the loan.

Capitalized interest on student loans occurs when the accrued interest is added to the principal balance of the loan (the amount that was originally borrowed). This becomes the new balance of the loan, and interest will continue to accrue based on that new balance.

Think of all that accumulating interest like a snowball rolling down a mountain. You might be able to stay ahead of it for a while, but it also might catch up with you.

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Understanding How Private Student Loan Interest Works

When thinking about private vs. federal student loans, know that private loans are not subject to the same rules as federal student loans. They’re offered by private companies, and each lender will likely have its own terms and conditions.

Wondering, “Do private student loans accrue interest while still in school?” Yes, the majority of private student loans will accrue interest while the student is enrolled in school. Some lenders may allow borrowers to defer payments until after they graduate. In this case, the accrued interest from while the borrower was in school will likely be capitalized on the loan. To be sure of the terms on your loan, review the loan agreement or check in with the lender directly.

Keep in mind that, as mentioned, private student loans don’t always offer the same benefits or borrower protections (things like income-driven repayment options) that federal loans do. Because of this, they are generally considered after all other sources of financing, including federal student loans, have been exhausted.

This table provides an overview of how interest accrues on the various types of loans discussed in this article.

Type of Loan	Does Interest Accrue While In School?	Grace Period and Interest
Federal Direct Subsidized Loans	Interest does not accrue while the borrower is enrolled in school at least half-time	Interest does not accrue during the six month grace period
Federal Direct Unsubsidized Loans	Interest accrues while the borrower is in school	Interest does accrue during the six month grace period
Federal Direct PLUS Loans	Interest accrues while the borrower is in school	Do not have a grace period
Private Student Loans	Varies by lender. It is likely that interest will accrue	Varies by lender. Some lenders may offer a grace period and interest may accrue

Can You Minimize Student Loan Interest Accrual While in School?

One way to limit accrued interest is to limit what you borrow in the first place. When it comes to student loans, aim to borrow only what you really need.

Work-Study or a Part-Time Job

A work-study, for those eligible, or part-time job in another way to help take the sting out of student loan payments. You may have the best intentions when it comes to getting a job to help make those loan payments, but it can be tough to manage when you’re busy with academics, extracurriculars, internships, and more.

Make Interest Only Payments

Do you need to pay student loans while in school? That isn’t likely to be a requirement, but as mentioned earlier, many loans allow borrowers to make interest-only payments while they’re in school. While this won’t really eliminate accrued interest, it may help minimize the amount of interest paid over the life of the loan, because the interest is paid as it accrues instead of being capitalized onto the loan.

Recommended: Are Student Loans Tax-Deductible?

The Takeaway

Interest on many types of student loans accrues while the student is in school. Federal Direct Subsidized Loans are an exception, as the accrued interest is paid for by the government while the student is enrolled in school and during the grace period.

Generally speaking, interest other types of student loans, including Direct Unsubsidized and PLUS Loans, begin accruing interest when they are disbursed, and continue accruing interest while the student is enrolled. For private student loans, each lender will likely have its own terms and conditions. The surest way to confirm how interest accrues on a private student loan is to check directly with the lender.

Depending on your situation, student loan refinancing might lower your monthly payment. However, it’s important to note that if you refinance for an extended term, you may pay more interest over the life of the loan. Also, when you refinance federal loans, you forfeit federal loan protections. Refinancing may not be the right decision depending on your particular needs.

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

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.

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