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Mar

2024

What Not to Write About in a College Essay

By Austin Kilham | Going to College, Student Loans, student_loan | Comments Off

To help boost the chances that you’ll get into the college of your dreams, it’s important to write a great college essay. The big question is, what should you write about?

When brainstorming ideas for topics, keep in mind that you want your college essay to make you look good and also help you stand out from other applicants. Toward that end, it helps to know what not to write about in a college essay.

Themes that consistently make the “worst college essay topics” list include cliches, stories that college admissions officers have read some version of countless times before, and any topic that reflects negatively on your personality.

Here’s a closer look at the college essay topics you’ll want to avoid, plus insights into the type of writing that can give you a leg up in the admissions process.

What Do Colleges Look for in Essays?

Colleges are looking for several things in your admissions essay. They want you to demonstrate strong writing, authenticity, and a unique perspective. Admissions officers are also looking to get a sense of who you are as an individual so they can better determine whether you’re a good fit for the rigors of academic life and school culture.

A good essay demonstrates this through vivid storytelling that illustrates your points rather than simply telling the reader what you want them to think and how you want them to feel.

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Why Should You Avoid Certain Topics for College Entrance Essays?

Generally, you want to avoid essay topics that could give admissions readers the wrong impression of who you are. It’s also wise to steer clear of essay topics that are cliches. A cliche is an idea (or phrase) that is overused and, as a result, has lost its meaning and potency. At best, cliche college essays can make you look unoriginal, and at worst they can make you look lazy.

Rather than lean on cliches, you’ll want to dig deep into what makes you and your thoughts original. Ideally, you want to choose an essay topic that demonstrates vulnerability and reveals your unique perspective and voice.

College Essay Topics to Avoid

What follows are some topics you may want to avoid when choosing what to write about in your college essay.

Restating Your Resume

Your college application already includes school transcripts and information about your activities and awards. Rehashing this information is unlikely to translate into a compelling narrative, and it doesn’t teach college admissions officers anything new about you.

If you want to write about a specific extracurricular activity, consider choosing just one, and exploring it in depth to give your reader a better sense of who you are as a person.

Sports Challenges

Sports challenge stories tend to fall into the cliche category of college essay topics. They’re overused, and they tend to be predictable. For example, you may have scored a goal at the last moment, pulling ahead against all odds.

That’s not to say you can’t write about sports in your essay. Original and authentic sports stories that steer clear of cliches can be highly successful. For example, you could focus on how the skills you learned as part of a team translated to another unrelated challenge.

Your Big Performance

As with sports challenges, stories about big performances — music solos, starring roles in plays, speeches — often follow similar plots. The performance goes well, or poorly, and the writer discovers the value of preparation or how they had the inner strength to move past a major disappointment. However, you can use a performance story to tell an original and engaging tale.

Your Hero

It may be tempting to write about a person who has inspired you. But college essays are short. And if you’re not careful, you may spend too much time writing about someone other than the person who should be the star of the essay — you. Remember admissions officers want to know what makes you stand out, not what makes your heroes special.

Romantic Heartbreak

Breaking up is hard to do — even more so when it’s young love. Yet the trials and tribulations of teen romance may not be the best topic for a college essay. Much like writing about your heroes, you may pay too much lip service to someone else, while neglecting to convey enough of your own story.

Illegal or Unethical Activities

If you’ve ever gotten tangled in ethically questionable or illegal activities, your college essay is generally not the right time to mention them, even if it makes for a great story. If you do, even in passing, admissions may worry about the types of behavior you’ll engage in once on campus.

Service Trips

A trip to help serve others in the U.S. or abroad might seem like a great topic for a college essay. Unfortunately, that means a lot of students write about these opportunities, making it one of the most common essay topics. What’s more, these essays tend to follow the same beats. As a result, choosing this topic doesn’t always help you stand apart from the crowd.

Recommended: How Many Colleges Should I Apply To?

Things That Happened Before High School

Writing about events that took place before high school may not give admissions a good sense of what you are like now. The kid who won a spelling bee in seventh grade may bear little resemblance to the high school senior applying for schools. Consider writing about recent events, or be careful to relate events from your past to high school and your current self.

Moving to a Different Part of the Country

Moving is always challenging. But countless students move across the country and switch schools each year. As a result, essays that focus on moves are relatively common. If you decide to write about a move, shift the focus of the essay to how it changed you as a person, pushing you to pursue new interests. It could work if it’s not a story college admissions officers haven’t heard many times before.

Recommended: Important College Application Deadlines

Immigrant Stories

If you’ve moved from abroad, be aware that many students in the U.S. have immigrant stories. As a result, stories about making the move, struggling to learn new languages, and trying to fit into a new culture are common essay topics. If you choose to write about this topic, consider narrowing your focus on one aspect of your story that illustrates how you’ve grown and changed.

How You Were Challenged by a Bad Grade

How you overcame a challenge is often one of the essay prompts on the Common App. You might think that writing about what you did after getting a low grade fits the bill, but it’s generally not a good idea to delve into this topic. For one, it highlights the fact that you got a bad grade to admissions’ officers. Another problem is that other applicants will likely have more serious hardships and challenges they have had to overcome, which could make your essay topic appear less consequential.

Tragedies

In and of themselves, tragedies are not necessarily a bad topic for college essays. However, it can be easy to fall into cliched writing as you tell these stories. Hackneyed themes and phrases include “life is short,” “time heals all wounds,” and “seize the day.” If you write about a tragedy you have known or experienced, be sure to make it personal, honest, and specific to you.

Sensitive Topics

Generally speaking, if a topic is one you would avoid bringing up at the holiday dinner table, you’ll likely want to avoid it in your essay as well. It can be tricky to discuss things like politics or religion in a way that is original and personal to your experience. What’s more, essays on these topics may trigger unconscious bias in the admissions staff reading your essay, which can color how they view you and your fit at the school.

Your Privilege

If you’ve been lucky enough to grow up with a lot of resources at your disposal, discussing them may not be a strong strategy. It can make it seem like you haven’t had to work through any challenges. Instead you might consider essay topics that demonstrate vulnerability and grit in the face of adversity.

Attempts to Break the Essay Mold

You may be tempted to try to make yourself stand out with a creative essay that breaks traditional forms. For example, you might try to write a poem instead. You’re likely not the only one who has had this idea, and you may rob yourself of the chance to demonstrate your creativity through prose. The traditional essay is what admissions has asked for, and it may give you the most opportunity to demonstrate who you really are.

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The Takeaway

The best college essays tend to focus on specific moments when a student has learned something important, changed, and grown as a person. Ideally, you want your college essay to give readers a sense of your character, and how you may continue to change as you pursue your academic career. Avoiding cliches and other tricky topics can help you successfully reveal your true self.

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FAQ

What are the most common essay topics?

Some of the most common essay topics include:

• A meaningful interest or talent

• Something meaningful in your background/identity

• Lessons you’ve learned from obstacles you’ve encountered

• Times when your beliefs have been challenged

• Something someone has done for you that’s made you grateful in a surprising way

What Do College Essays Look for?

Admissions offers are looking for essays that demonstrate strong writing skills, original thinking, and a unique perspective that sets you apart from other applicants.

How Much Does Your College Essay Matter?

Your college essay generally accounts for about 25% of your application. In terms of weight, it’s less important than your extracurriculars (30%) but more important than your grades and coursework (20%), test scores (15%), and recommendations/interviews (10%).

Photo credit: iStock/Delmaine Donson

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.

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.

SOIS0124013

Mar

2024

2024 Top Game Design Schools and Colleges in the U.S

By Susan Guillory | Going to College, Student Loans, student_loan | Comments Off

Turn your passion for playing video games into a career by attending one of the top game design colleges in the country.

Game design is an in-demand industry, with new video games for gaming systems, tablets, and phones continually being developed and released. Here, we’re exploring 20 of the best gaming development programs you might want to consider.

What to Look for in a Game Design School

If you’re looking into colleges for video game design, you’ll quickly realize that not all programs are created equally. Some schools only offer a class or two in game design, while others go deep into the field, offering internships and hands-on experiences.

If you’re interested in attending a game design school, it’s important to research schools and programs prior to making your decision. Make sure to look into the specific type of degree you want (undergraduate degree or certificate, for example), the length and commitment of the program, what current and former students have to say about the program, the helpfulness of the faculty and staff, and more.

Luckily, we’ve done the work for you and have narrowed down the top colleges offering game design programs.

The Top 20 Best Colleges for Game Design

There are several video game design colleges and programs in the United States. Here, we’ve created a list starting with the most affordable game design colleges all the way up to those with higher tuition expenses.

1. Shawnee State University

Shawnee’s Game Design School has made it on The Princeton Review’s Top Undergraduate Schools for Game Design list for 13 consecutive years, and with such low tuition, it might be a great bargain. Located in Portsmouth, OH, you can elect to study Game Programming or Game & Simulation Arts.

• 1 year of tuition: In-state $9,621.52; Out-of-state $16,156

2. University of Silicon Valley

USV is available on-campus in the heart of Silicon Valley or 100% online. The university offers Bachelor of Arts degrees in both Game Design and Game Art, as well as a Bachelor of Science in Game Engineering. After graduating, students are qualified for roles including animator, modeler, game writer, computer programmer, and more.

• 1 year of tuition: $27,850 for both in-state and out-of-state students

3. Arizona State University

ASU’s Bachelor of Arts in Interdisciplinary Studies offers a concentration in Computer Gaming with three tracks to choose from: Programming, Art, or Education. Located in stunning Tempe, AZ, courses in the program include Introduction to Graphics and Game Development, Fundamentals of Game Art, Game Engine Architecture, and 3D Modeling and Texturing.

• 1 year of tuition: In-state $12,051; Out-of-state $32,193

4. University of Utah

The Utah Division of Games, located in Salt Lake City, is a college for game designing that combines art, humanities, social science, and computational research and practice to prepare students for careers in the field. Students can choose from multiple gaming bachelor’s degrees, a master’s degree, and even a minor in gaming. The Bachelor of Science in Games includes courses like Survey of Games, Ethics in Games, and Alternative Game Development.

• 1 year of tuition: In-state $9400; Out-of-state $31,104

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5. University of Southern California

USC’s Interactive Media & Games program offers three undergraduate options: a BFA in Themed Entertainment, a BFA in Game Development and Interaction, and a BFA in Game Art. Located in sunny Los Angeles, the program also offers four graduate degrees and nine minors.

• 1 year of tuition: $33,320 for both in-state and out-of-state students

6. Laguna College of Art and Design

Laguna College of Art and Design Game Art program, located in Laguna Beach, CA, prepares students for employment in any studio or software environment. Students learn the fundamentals of storytelling at every phase of the creation process, how to use a workflow methodology, and how to solve problems in concept challenges.

• 1 year of tuition: $37,500 for both in-state and out-of-state students

7. Full Sail University

Full Sail’s Interactive Technology Bachelor of Science Completion Program in Winter Park, FL offers a Game Design concentration that includes high-level game design and production courses that prepare students to work in game studios after graduation. Recognized as a Top Game Designs Schools by The Princeton Review, the program offers multiple start dates throughout the year and has an accelerated schedule for students looking to finish early.

• 1 year of tuition: $38,750 for both in-state and out-of-state students

8. Drexel University

Drexel University in Philadelphia offers a Bachelor of Science in Game Design & Production, and is recognized as one of the country’s top undergraduate game design programs. Students learn skills like scripting and storytelling, computer programming, computer graphics, animation, motion capture, and more.

• 1 year of tuition: $38,862 for both in-state and out-of-state students

9. Bradley University

Bradley University in Peoria, IL offers both a BA and a BS in Game Design. During your studies, you’ll have the opportunity to intern for a design company, participate in competitions, and show your work at an annual exhibit.

• 1 year of tuition: $39,248 for both in-state and out-of-state students

10. Savannah College of Art and Design

SCAD’s Interactive Design and Game Development degrees offer locations in Atlanta and Savannah, GA with the option to study abroad in Lacoste, France. Students can study at any of the three locations each semester, with the option to switch locations during their time in the program. Courses in the program include Digital Communication, Visual Culture in Context: Pre-Modern Global Perspectives, Aesthetics, and Core Principles: Game Art.

• 1 year of tuition: $41,130 for both in-state and out-of-state students

11. Michigan State University

MSU offers a Game Design and Development Program, a Top 10 Ranked program by The Princeton Review, that was founded in 2005. Students can choose from a Bachelor of Arts in Games and Interactive Media, a Minor in Game Design and Development, or a Serious Games Graduate Certificate. All students get the opportunity to design prototypes and conduct research on the effects of gaming.

• 1 year of tuition: In-state $16,051; Out-of-state $43,435

Recommended: How to Complete the FAFSA Application

12. University of California – Irvine

The Bachelor of Science degree in Game Design & Interactive Media at UC Irvine includes coursework in game programming, game design and development, visual design, interactive storytelling, data science, and game studies. Students graduate the program well-prepared for a career as a designer, developer, and industry leader. Students also get access to well-respected industry mentors.

• 1 year of tuition: In-state $17.205.74; Out-of-state $32,574

13. Champlain College

Champlain’s Bachelor of Science in Game Programming provides hands-on experience, with students collaborating to create and complete game projects. Located in gorgeous Burlington, VT, Champlain was named a “Most Innovative School” by U.S. News & World Report in 2022. Upon graduation, students are well-prepared to work in gaming studios.

• 1 year of tuition: $47,400

14. Quinnipiac University

Level up your creativity with Quinnipiac University’s Game Design & Development Program. Ranked as one of The Princeton Review’s Top Game Design Programs, students can choose a concentration to focus on, including programming, technology, design process, art, game studies, and more. Located in Hamden, CT, the program also gives students the chance to collaborate with partners both within and outside the community.

• 1 year of tuition: $50,400

Recommended: Financial Benefits of Community College

15. Rochester Institute of Technology

The Game Design, Development, and Arts program at RIT has been rated one of the best programs in this field of study by many organizations, including U.S. News & World Report. Degree options include 3D Digital Design, Film & Animation, Illustration, New Media Interactive Development, and more.

• 1 year of tuition: $56,136

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16. Worcester Polytechnic Institute

The Interactive Media and Game Development (IMGD) program at WPI dives into different aspects of gaming design, including digital painting, 3D modeling, writing for games, game audio, artificial intelligence, and virtual reality. Located in Worcester, MA, the program is recognized as one of the oldest gaming programs in the country.

• 1 year of tuition: $57,960

17. New York University

New York University’s BFA in Game Design has three primary areas of study: Game Studies, Game Design, and Game Development. You can also choose from one the following Production Areas: Programming, Video Design, Audio Design, and Game Business. Though tuition here is a bit higher than at some of the other schools, you can pay for it with a federal or private student loan.

• 1 year of tuition: $60,438

18. Carnegie Mellon

The Game Design undergraduate program at Carnegie Mellon in Pittsburgh, PA will give you a solid foundation in game systems and mechanics design, interactive narrative and character development, visual and audio asset creation, game programming, interface design and user testing, and collaboration and the iterative design process.

• 1 year of tuition: $62,260

19. University of California – Santa Cruz

In USC Santa Cruz’s Bachelor of Science in Computer Science: Computer Game Design, you’ll learn about the construction and design of interactive computer games. In your final year of study, you’ll be immersed in an intensive year-long game project sequence.

• 1 year of tuition: In-state: $30,567; Out-of-state: $65,148

Recommended: Student Debt Guide

20. Cornell University

Cornell, another of the best game design colleges located in Ithaca, NY, offers a minor in Game Design that includes classes like Intro to Computer Game Architecture, Advanced Computer Game Architecture, Analytics-Driven Game Design, Graphics and Art, the Psychology of Gaming, and Human-Computer Interaction.

• 1 year of tuition: $65,204

The Takeaway

With so many game design colleges available, it might be hard to make a decision. Factors to keep in mind include the type of program, the location, the faculty and staff, and the cost.

However, don’t let cost deter you from going to the school of your choice. To pay for school, you can look into federal student loans, scholarships, and grants.

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’s the most affordable game design program?

Shawnee State University offers a nationally acclaimed game design program with low tuition. Tuition for in-state residents is $16,156 per year.

What’s the most expensive game design program?

Cornell University has one of the most expensive game design programs in the U.S. at over $65,000 per year.

How much does game design school cost?

Game design schools can range from $16,000 per year all the way up to more than $65,000 per year.

Photo credit: iStock/fizkes

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

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

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.

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

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

7 Tips for Acing a Video Interview

By David Wolinsky | Life & Career, Student Loans, student_loan | Comments Off

Whether you recently graduated school or are just seeking a new job, work interviews are increasingly conducted online, via video. This can be especially true as more companies take on remote hires and millions are working from home.

With this rapid rise in digital job interviews, you may wonder, What are some ways to ace a video interview? Do I need a fancy lighting set-up? What should I wear?

To help you make a good impression, read on for seven video interview tips, from practicing ahead of time to tweaking your background. They can help you make a great impression.

Get the Details Right

Video interviews could lead to a rewarding job. So it can be a smart first step to confirm the logistics of the video interview in advance to make sure there’s not a last-minute panic. Some questions to wrangle could include:

• Will you get a calendar invite or event link for the interview?

• What time zone will the interviewer be calling in from?

• Which video conferencing platform will be used?

• Will you need to download software to be able join the interview?
Knowing the answers to logistics can help bring more confidence to the video interview.

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Dress for the Video Interview

Whether you are applying for an on-premises, fully remote, or part-time remote job, certain interview expectations stay the same — namely, presenting yourself with professionalism and dressing for the job. Even when (especially when) you’re interviewing from home.

Even if you’re applying for a fully remote job and you’d likely wear a hoodie and leggings every day, this is a moment to look professional. Business casual is a good bet, and remember the adage to dress for the job you want, not the role you have. Going a notch more formal is typically better than too relaxed.

Do check out how you look on camera in your interview outfit in advance. A shirt that looks fine in real life could wind up looking odd when cropped on camera.

Now, the seven tips to help you ace a video interview as you move forward with job applications.

1. Practice to Make Perfect

Different companies or organizations may use different platforms to host the interview — from Zoom to Google Hangouts to other programs. Don’t worry: You don’t need to become a pro at all the expert features. Still, it’s a good idea to become comfortable with:

• Dialing into scheduled calls

• Checking the audio and the camera

• Understanding what the interviewer can see

• Ensuring the WiFi signal is strong enough for the video interview and doesn’t lead to lag.

If you’re scheduled for a video job interview via a program you’ve never used, it’s advisable to download and try it out well before the actual call. Opening up an unfamiliar program just before the interview only to realize it’s not compatible with your technology might not create a positive first impression. Also make sure you double-check that you have all logins or passwords for the call.

2. Set the Surroundings

Here’s the next video interview tip: Generally, it’s a good idea to do a test call on the planned video-interview platform. This could help you assess how you and your surroundings appear via video. You may even want an extra set of eyes and ears: Ask a friend or family member to do a “mock” call to ensure the audio and visuals are clear.

When prepping for a video interview, put yourself in the position of whoever will be interviewing you. Some questions to chew on:

• What can the interviewer see of your space? Are you too far from or close to the camera?

• Are you easily visible or is more light needed? Or is the setting too bright and full of glare?

• Are there any distractions in the camera frame? Are you able to make eye contact as you talk, or are you looking sideways into the camera?

Some digital platforms allow users to record sessions. So, interviewees may want to record themselves talking and then watch and listen. You could run through the main things you want to say in the real video interview. Talking aloud on camera can help some people to become more aware of their own body language and improve it, if needed.

These steps can be a good way to finetune your online interviewing skills and hopefully get you on your way to accepting a job offer.

3. Take Brief Notes Beforehand

With job interviews, researching the company beforehand could give you ideas of how to connect previous work experience with the brand’s values or role’s responsibilities. One of the benefits of a video interview is that you can make these research notes quite literal.

Write out key points on a big piece of paper near your computer. Or, jot down a couple of accomplishments (say, an in-demand internship) on a sticky note next to your camera. It’s likely that the employer conducting the video interview will have no idea you’re looking at those pre-prepared notes. Just make sure you keep your notes short, so you can naturally weave in key points while maintaining good eye contact with your interviewer.

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4. Minimize Off-Screen Distractions

Another important online video tip is to keep your on-screen image distraction-free. It’s worth remembering that the only person the interviewer wants to interact with is you…not your adorable pets, lovely roommates, or kid sister. You ask the folks you share a living space with to keep quiet or stay in their rooms during your interview. Plan ahead so the conversation isn’t distractingly interrupted by unexpected visitors. (If your dog does somehow come bounding in and sits on your lap, own the situation, apologize, and remedy it as quickly and calmly as you can.)

And, on this topic, it’s a smart idea to turn off notifications for texts and emails during the interview time slot. Otherwise, a funny group chat could make your phone blow up with the distracting sound of alerts flooding in.

Also, as part of how to prepare for a video interview, check your background. Not everyone has a camera-ready home office. Do you have a messy shelf behind your head? Or your roommate’s horror-movie poster hanging there? Style your space so it doesn’t distract your interviewer from you and all you can offer a company.

5. Show up Early

Just as with an in-person interview, it’s wise to show up early. This can communicate that, yes, you’re punctual, but also that you are organized, dependable, and eager for the job.

Also remember that with video calls, there can be issues. Perhaps your passcode doesn’t work, or your video camera won’t turn on (despite having tested it the day before). If you aim to be online and logged in early, you can troubleshoot as needed. Just keep your posture and demeanor professional while you are in any digital waiting rooms before the call starts.

6. Go Outside for a Breather

It’s hard to feel energetic and friendly if you’re cooped inside all day. A good way to minimize nerves is to get fresh air. Don’t just open up a window. Take a quick walk around the block to get a jolt of sunlight and catch a breeze. They can help reset the mind. It can also be a great idea to do these between video interviews, if you have more than one scheduled on a given day.

7. Remember to Be Yourself

After preparing for the logistics of video job interviews, it can be easy to forget one simple thing: Be yourself. While a strong WiFi signal and well-lit space won’t hurt your chances during a video interview, it’s helpful to recall that interviews are conversations between two or more people. You’re not being grilled on a TV news report. Sure, you want to be prepared, but also relax, and share who you are.

Ways to help communicate across the digital divide: Aim to make good eye contact, have your voice show energy, and try out a signal to show that you are done speaking and ready for the next question. A nod might work well in this case.

Getting to Work

How to prepare for a video interview and ace it is just one part of navigating life after college. Being ready for a video interview is just one new way to get noticed these days.

On top of looking for a full-time or better-paying job, some grads also want to find ways to reduce their outstanding debt balances. That can include long-term bills, like student loan repayments. Some borrowers decide to refinance their student loans with a private lender.

Refinancing student loans could reduce monthly bill payments, though it’s important to note that you may pay more interest over the life of the loan if you refinance with an extended term. In addition, if you refinance federal student loans, you will forfeit certain federal benefits and protections. If you are curious to learn more about refinancing student loans, it can be a good idea to research different offers.

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.

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.

SOSL1123007

Mar

2024

What Types of Scholarships Are There?

By Jennifer Calonia | Going to College, Student Loans, student_loan | Comments Off

There are many types of scholarships, from academic to athletic and need-based to identity-specific scholarship programs. Recipients typically don’t need to repay the funds they receive in the form of scholarships, which makes this type of funding particularly appealing.

In a 2023 Sallie Mae survey, How America Pays for College, it found that 61% of U.S. families used scholarship funds to partly pay for college. The average scholarship award amount across school, state, and company or nonprofit sources was $8,005.

Despite this available aid, 29% of students who didn’t use scholarship funding said they didn’t apply because winning didn’t seem plausible. However, with so many different types of scholarships available, you might find one that can help you pay for school.

1. Academic Scholarships

Academic scholarships, also referred to as merit scholarships, are awarded to students who’ve demonstrated academic excellence or exceptional skill in an area. For example, a merit-based scholarship might be based on an applicant’s cumulative GPA.

This kind of scholarship is provided by numerous sources, including:

Schools

Some high schools provide academic scholarships to their top graduating seniors. Additionally, the college you’re attending might have scholarships available.

Federal

Nationally recognized organizations offer federal academic scholarships based on different criteria and specifications.

Local

Students might also find scholarships sponsored by their state, county, city, or local associations.

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2. Athletic Scholarships

Athletic scholarships are offered to student-athletes by their college. These full- and partial-scholarship programs are offered to a select few students who have shown exceptional skill in their sport.

Typically, when participating in an athletic scholarship you’re expected to maintain satisfactory academic performance to continue receiving funding. Note that fewer than 2% of high school athletes are awarded athletics scholarships to compete in college.

3. Scholarships for Extracurriculars

Students who participate in extracurricular activities might be able to find scholarship opportunities for their unique interests. For example, scholarships for students who dance, act, draw, or participate in Boy Scouts, Key Club, and more exist.

4. Student Specific Scholarships

There are many types of scholarships that are based on the student’s personal situation or affiliation. Some of these kinds of scholarships include:

Religious Scholarships

For example, your specific religious denomination. These scholarships are generally available to students who are actively involved in a faith-based community, or who are pursuing religion-based college courses.

First-Generation Scholarships

Students who are the first in their family to attend college may qualify for specific scholarships.

Legacy Scholarships

These scholarships are exclusively for students whose parents or close family members are alumni of the same institution.

Identity-Based Scholarships

In addition to the student-specific scholarships discussed above, scholarship programs are also available based on a student’s personal identity. Some identity-based categories include BIPOC, Women, and LGBTQIA+.

Hispanic Heritage

Scholarships are available based on heritage. Students of Hispanic or Latinx heritage may be able to qualify for specific heritage-based scholarships like those offered by the Hispanic Scholarship Fund.

African American

Specific scholarships are available for African American students as well.

Women

Scholarships for women are another subset of options.

LGBTQIA+

LGBTQIA+ identifying students may be eligible for scholarships as well.

Learning Disabilities

These scholarships are available to select students who have diagnosed learning and attention issues. For example, the National Center for Learning Disabilities offers scholarships.

5. Need-Based Scholarships

One of the most popular types of scholarships for college are need-based. These scholarships are accessible to applicants who have a demonstrated financial need, and a program might ask for proof, such as income documentation or FAFSA® information.

You can find need-based scholarships from national organizations, as well as within your state, local community, and even through your own school.

Recommended: What is Need-Based Financial Aid?

6. Employer Scholarships

Employer scholarships are offered to employees of a company or an employee’s college bound student. Aside from having an affiliation with the employer, students might need to meet other eligibility criteria to be selected for an award.

7. Military Scholarships

Private and public entities sponsor military scholarships for students who currently serve or have served in the U.S. armed forces. If you’re a first-time freshman and participated in Reserve Officer Training Corps, consider reaching out to your school’s ROTC officer to learn about your options.

8. STEM Scholarships

STEM scholarships are accessible to students who are pursuing a college education in a science, technology, engineering, or math discipline. Some scholarships programs are offered specifically to students who identify with a particular group; for example, STEM scholarships for minority students.

9. Scholarships Based on Major

Regardless of what you’ve chosen as your college major, there’s likely a scholarship suited for you. These scholarships are provided by some college departments, the school itself, or private organizations who want to encourage students to pursue a particular area of study.

10. No Essay Scholarships

This kind of scholarship explicitly doesn’t include a written essay or personal statement component. You might prefer this type of scholarship if writing isn’t your forte, but there might be another required component in its place, such as a video or other creative submission.

Applying for Scholarships

There are various types of scholarships for college, which means there are just as many different requirements and deadlines to stay on top of. When applying to a scholarship, double check that you meet the basic eligibility criteria as a student.

Depending on the type of scholarship, it might require a minimum GPA, or it might ask for proof that you have financial needs, for example. After confirming that you meet the applicant requirements, review the steps needed to apply.

Some scholarship programs might ask for a personal statement or other academic or creative submissions. Similarly, some might request additional paperwork as part of your application, like a copy of your school transcripts.

Finally, make sure you note each scholarship’s deadline and submit your application on time. The last thing you want is to have done all of the work only to be denied because of a missed deadline.

Alternatives to Scholarships

If you’d like to diversify your financial aid sources, there are alternative aid options, like loans for undergraduates and graduate students, as well as grants. To apply for federal financial aid, fill out the Free Application for Federal Student Aid (FAFSA) each year. Schools may also use the information provided on the FAFSA to award school-specific scholarships. Here are a few other options for paying for college.

Grants

Grants are provided by federal, state, school, and private sources. Like scholarships, they typically don’t need to be repaid.

Federal Student Loans

Federal student loans are available to undergraduate and graduate students, as well as parents of dependent undergrads. They’re funded by the U.S. government, and most federal loans don’t require a credit check. In addition to offering fixed rates, they provide access to income-driven repayment plans and loan forgiveness programs.

Private Student Loans

When scholarships, grants, and federal student loans aren’t enough to cover the total cost of college, a private student loan could help. These loans are funded by private lenders, and offer fixed- or variable-rate loans at different terms. These loans typically require a credit check or the addition of a creditworthy cosigner. Keep in mind that private student loans aren’t required to offer the same benefits, like income-driven repayment plans, as federal student loans.

The Takeaway

If you’re short on aid for your upcoming academic year, consider searching for unclaimed scholarships. There are a variety of scholarship types to consider, so you’ll likely come across at least a handful that you’re eligible for.

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

FAQ

What are the three most common types of scholarships?

Common types of scholarships for college are merit-based scholarships, need-based scholarships, and athletic scholarships. However, within these categories are sub-categories of scholarships based on specific eligibility factors.

How many different scholarships are there?

There are millions of scholarships being offered each year. According to Educationdata.org, more than 1.7 million scholarships are awarded annually.

What are competitive scholarships?

Competitive scholarships are prestigious national scholarship programs. They are often merit-based and are awarded to exceptional students who’ve demonstrated academic excellence, leadership, and who are considered the nation’s top students.

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.

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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.

Photo credit: iStock/Edwin Tan
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Mar

2024

How to Manage Student Loan Debt: 9 Tips

By Jennifer Calonia | Student Loans, student_loan | Comments Off

More than half of college students graduate with some debt. The average federal student loan debt balance is $37,718, while the total average balance (including private loan debt) may be as high as $40,499, according to the Education Data Initiative.

While those numbers may look daunting, keep in mind that you typically don’t need to start repaying your student loans until six months after you graduate. What’s more, lenders (both federal and private) generally offer a number of repayment options that can make managing student loan debt easier.

Here’s a look at nine tips and strategies that can make repaying your student loans as stress-free as possible.

1. Understand Your Total Debt

Before you can determine the best way to manage student loan debt, you’ll want to get a full picture of what you owe. You may graduate with several loans, both federal and private, and the interest rate may be different depending on when you took out the loan.

You can find your federal student loan balances by logging into your account at StudentAid.gov. For private student loan balances, you can contact your loan servicer or check your credit report (you can request a free credit report from AnnualCreditReport.com ).

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2. Know Your Repayment Terms

Know Your Student Loan Repayment Terms

In addition to your unpaid balances for each student loan, there are other repayment factors that impact your payoff strategy. This includes each loan’s:

• Term Your repayment term is the amount of time until you get out of student loan debt, if you follow your original repayment plan.

• Interest rates This is the cost of financing. While federal student loan rates are the same for every borrower, private student loan rates range based on the lender, the type of interest rate (fixed or variable), and the borrower’s credit score.

• Grace period Many student loans offer a grace period, which is the length of time that you have after graduation before you need to start paying back your loans. Often the grace period is six months after you graduate or drop below half-time attendance.

Recommended: Average Student Loan Debt

3. Determine if You Qualify for Loan Forgiveness

If you have federal student loans, you could be eligible for certain debt forgiveness programs. These programs can wipe away all or a portion of your student debt after you’ve satisfied certain repayment and eligibility criteria. Some pathways to forgiveness include:

• Public Service Loan Forgiveness (PSLF) Under PSLF, government and nonprofit workers may be eligible to see the remaining balance of their federal student loan debt forgiven after making 120 qualifying payments. You can use the government’s PSLF help tool to see whether you work for a qualifying employer and generate your PSLF form.

• Income-driven repayment (IDR) An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income. If your federal student loans aren’t fully repaid at the end of the repayment period (which may be 20 or 25 years), any remaining loan balance is forgiven.

• Teacher Loan Forgiveness Teachers who work full time for five consecutive academic years at a low-income school may be eligible for up to $17,500 in loan forgiveness. To qualify, you must meet the FSA’s requirements as a highly qualified teacher.

4. Select a Repayment Plan That Works for You

Depending on the type of student loan you have, you may be able to choose from a variety of different repayment plans. Loans in the federal system offer access to a set list of repayment options, while private loan repayment plans vary. Choosing a payment plan that works with your budget can make it much easier to deal with student loan debt.

Private Student Loan Repayment Options

Student Loan Repayment Options

When you take out a private student loan, you may be able to choose between several different repayment plans. These may include:

• Immediate repayment This means you’ll make full monthly payments while you’re still in school.

• Interest-only repayment Here, you’ll pay only the interest on your loan while you’re still in school.

• Partial interest repayment With this plan, you’ll make a fixed monthly payment while you’re in school that only covers part of the interest you owe.

• Full deferment If you go this route, you pay nothing while you’re enrolled in school. However, your loan balance will grow during that time due to accruing interest.

You may also be able to choose your loan repayment term, such as five, 10, or 15 years. Picking a shorter repayment term can help you save on interest (it may also help you qualify for a lower interest rate), but may mean a higher monthly payment.

Once you pick a repayment plan, you generally can’t change it after the fact. However, if you experience a financial hardship, the lender may agree to temporarily lower your payments, waive a payment, or shift to interest-only payments.

Federal Loan Repayment Options

All federal student loans are on the Standard Repayment Plan (which is a 10-year fixed payment repayment plan) by default. However, you can request to enroll in other plans, such as:

• IDR Plan Income-driven repayment (IDR) plans base your monthly payment amount on how much money you make and your family size. The four IDR options are: Saving on a Valuable Education (SAVE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR). Depending on the plan, your payment is reduced to 10% to 20% of your discretionary income. After satisfying a certain number of months of qualifying payments on an IDR plan, you can get the remaining balance of your loan forgiven.

• Graduated Repayment Plan With this option, payments are lower at first and then increase, usually every two years. Payment amounts are designed to ensure your loans are paid off within 10 years (or within 10 to 30 years for Consolidation Loans).

• Extended Repayment Plan With this plan, your payments can be fixed or graduated and your loan term is stretched to 25 years.

5. Consider Consolidating or Refinancing Your Loans

If you have multiple federal student loans, even if they are with different loan servicers, you may be able to combine them into one loan with a single monthly payment through a Direct Consolidation Loan. This can simplify loan repayment and make it easier to manage student loan debt by giving you a single loan with one monthly bill.

Whether you have federal, private, or both types of loans, you might consider refinancing your student loans with one private student loan, ideally with a lower interest rate and/or better repayment terms. This can simplify repayment and could also help you save money. Just keep in mind that if you opt for a longer long term, you can end up paying more in total interest. Also be aware that if you refinance federal loans to private, you may lose some benefits, such as student loan forgiveness and IDR plans.

6. Ask Your Employer About Student Loan Assistance

Many employers are now offering student loan repayment assistance or tuition reimbursement as a way to recruit and retain top employees.

And starting in 2024, employers will be able to pair student loan repayment with contributions to a traditional 401(k) plan. With this benefit, an employer matches a worker’s student loan payments as if they were payments to a qualified retirement plan, even if they don’t contribute to the company’s retirement plan.

The upshot: It can be worth asking your employer if they have any repayment assistance — or are planning to offer it in the future.

Recommended: Jobs that Pay for Your College Degree

7. Explore Payoff Strategies

Whatever type of student loan repayment plan you have, there are steps you can take on your own to help manage your student loan debt, and even speed up repayment. Here are two effective strategies to consider:

• Making extra payments toward principal If you have any extra cash to spare after you make your minimum monthly loan payment(s), consider putting it directly toward lowering your principal balance. Doing this can help you reduce the amount of debt you owe, pay off your loans faster, and save you money on interest over time. Just be sure to tell your lender in writing that your extra payment should go toward the principal and not toward future payments.

• Avalanche repayment method This can be useful if you have multiple student loans. With this approach, you make minimum student loan payments on all your loans and then direct any extra money toward the loan with the highest interest rate. Once that loan is paid off, you funnel your extra funds to the loan with the next-highest rate until that debt is paid off, and so on until all your student debts are gone. This payoff method can speed up loan repayment and also save you money.

8. Take Advantage of Lender-Specific Benefits

Some student loan lenders offer certain benefits to their borrowers. For example, federal, as well as many private, lenders offer a discount on the interest rate if you agree to set up your payments to be automatically withdrawn from your checking account each month.

In addition, some private lenders offer specific borrower perks, such as a one-time cash reward if you get above a certain GPA or the ability to earn reward points that you can then use to lower your monthly payments. It’s a good idea to learn about — and take advantage of — any repayment benefits your lender offers. This can make it easier to handle your student loan debt after you graduate.

💡 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.

9. Budget Your Finances Accordingly

No matter the amount or type of student debt you have, a key way to manage repayment is to set up a basic budget. While that may sound complicated, it’s actually a relatively simple process.

The first step is to figure out how much money you have coming in each month (like your income after taxes and any help you may receive from your parents). Next, make a list of all your fixed monthly expenses, such as rent, utilities, phone/cable bill, food, and minimum payments due on loans, including your student loans.

You then subtract your fixed costs from your total income. Whatever is left is your disposable income — the money you have to spend on things like eating out, movies, other entertainment, and clothing.

Going through this exercise can help ensure you have enough funds to make your loan payments each month and avoid getting hit with late fees or, worse, defaulting on your student loans.

The Takeaway

There’s no one right way to handle student loan debt. Federal student loan borrowers have access to many student loan repayment strategies that can make paying off your debt more manageable. Private lenders typically also offer several different repayment options and sometimes even forbearance or deferment for borrowers who run into financial difficulty making payments.

No matter what type of student debt you have, you can utilize smart repayment strategies (such as making extra payments towards principal or using the avalanche repayment method) to pay off your loans faster and save money on interest.

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 to pay off 70K in student loans?

There are many ways to pay off $70,000 in student loans, depending on the type of loans you have and repayment goals.

If you have federal student loans, you might sign up for an income-driven repayment (IDR) plan. With these plans, your payments are based on your income — typically 10% to 20% of your discretionary income. In addition, you could have any remaining balance forgiven after 20 to 25 years, depending on the plan.

For any type of student loan (federal or private), you might consider refinancing. This involves taking out a new private student loan and using it to pay off your existing student loans. Depending on your credit, you might get a lower interest rate, which could save you money on interest. You might also be able to shorten your loan term, and pay off your loans faster.

What is the best student loan repayment method?

The best repayment method for you depends on the type of student loans you have, your repayment goals, and your current financial situation.

If you’re looking to repay your loans as quickly as possible, you might consider paying interest while you’re in school and then, after you graduate, making extra payments toward the principal whenever you can. Another way to potentially pay off your loans faster is to refinance. This may allow you to lower your interest rate and/or shorten your repayment term.

What age group holds the most student loan debt?

Borrowers between age 30 and 39 hold the most student debt, with an average student loan balance of $42,748, according to the Education Data Initiative.