Jul
01
2025
woman on laptop

10 Top Career Training Programs

By | Building Your Career, Life & Career, Student Loans, student_loan | Comments Off on 10 Top Career Training Programs

When it comes to getting a secure, well-paying job, it’s not always necessary to get a college degree first.

Some students may choose a career training program to learn skills for a specific job, often more quickly and for less money than a four-year college degree. These programs may also be referred to as career certificate programs, usually certifying the students to work in a particular role once the course is completed.

Recent high school graduates or those who have attained their GED can often attend career training programs and get started on their careers after receiving their certificate.

Key Points

•   Career training programs can offer a faster, more cost-effective route to employment than traditional college degrees.

•   On average, career certificate programs cost about $100 per credit hour, and some programs can be completed in less than a year.

•   Accreditation guarantees that training programs meet quality standards and are recognized by employers.

•   High-demand roles like web designers, paralegals, and solar photovoltaic installers earn competitive median salaries.

•   Multiple financing options, such as federal financial aid, scholarships, and private loans, are available for career training.

Why Do People Choose Career Training Programs?

Two big factors in choosing to go through a career training program before or instead of going to college are time and money.

Career training programs typically can be completed in less time than it generally takes to complete an undergraduate degree. Some programs can be finished in as little as four months.

They’re also less expensive, which may mean that students have less student loan debt. On average, a career certificate program may cost around $100 per credit. By comparison, the average annual cost of in-state tuition at a public two-year institution is $4,050, and at a public four-year college, the in-state tuition averages $11,610 a year.

For instance, at Minnesota State University, certificate programs consist of nine to 30 credits, which can be completed in one year or less of full-time study. If these programs cost the average $100 per credit, they would cost between $900 and $3,000. This is fairly affordable compared to the cost of tuition at either a two-year or a four-year institution.

Another reason some people choose a career training program is that they need to, or would like to, start earning money relatively soon after graduating high school. And that way, if they borrowed money to help pay for their certificate program, they can put more money toward student loans to pay them off.

A career training program could be a more direct route to employment than getting an associate or bachelor’s degree for people who are sure about their career path. This could also be a beneficial route for students who want to save money to attend college later in life.

Choosing a Program

The most important thing to look for when choosing a career training program, whether it’s in-person or an online career training program, is accreditation. Accreditation verifies that an institution is meeting a certain level of quality. Usually, a certificate will need to come from an accredited institution for it to be considered legitimate.

Accreditation is done by private agencies, and most programs or institutions will list accreditations on their website.

The most up-to-date accreditation information can be found in the database of postsecondary institutions and programs compiled by the U.S. Department of Education or with the specific accrediting agency’s website.

Once it’s clear that the potential programs are accredited, students can begin to narrow down which one will be best for them. This will be a highly personal choice, but there are a few factors worthy of attention, including cost, course length, and type of instruction (online vs. in-person).

Job search assistance—which might include resume writing workshops, job fairs, or interview prep—is another element that may help set students up for success.

Top-Paying Jobs For Certificate Holders

In addition to career training programs having the potential to save students time and money, people want to know that they’ll be able to make a good living with those jobs. They also want jobs that can help pay off any money borrowed for school.

These are some of the highest paying jobs for those opting to go through a career training program:

1. Web Designer

According to the U.S. Bureau of Labor Statistics, the average annual income for a web developer and digital designer is $95,380, with the educational requirements ranging from a high school diploma to a bachelor’s degree. This job is growing faster than average, so it has a promising future.

2. Paralegals and Legal Assistants

Paralegals and legal assistants make, on average, $61,010 per year. The required education for an entry-level job as a paralegal is a certificate or an associate degree. This job’s growth rate has slowed in the past couple of years, but an average of 37,300 openings are projected each year.

3. Solar Photovoltaic Installer

Solar panel installation is a growing field with decent pay and a lot of projected growth for the future. The median annual pay is $51,860, with only a high school degree or a certificate required to begin working.

4. Licensed Practical and Licensed Vocational Nurses

Training to become a licensed practical or licensed vocational nurse typically takes only one year of full-time study, and the median annual salary is $62,340. This job is growing as fast as average and is in a field that will almost certainly always exist. This could be a good choice for someone who wants to be in the medical field without the time and financial commitment it takes to become a doctor.

5. Medical Records Specialist

Working as a medical records specialist usually only requires a certificate, and sometimes an associate degree. This job has a median annual pay of $50,250 and the potential to work from home.

6. Pharmacy Technician

The median pay for a pharmacy technician is $43,460 per year. This job is growing faster than the average rate and typically requires on-the-job training or a formal training program, most of which last one year. Some longer pharmacy tech training programs culminate in an associate degree.

7. Computer Support Specialist

The role of a computer support specialist can vary widely, which means the educational requirements may also vary. Some jobs in this field may require a bachelor’s degree, but others only require an associate degree or a certificate. The median annual pay for a computer support specialist is $61,550, and the field is growing faster than average.

8. Phlebotomists

Phlebotomists draw blood and may work in hospitals, labs, or doctors’ offices. Professional certification, which can be gained after completing a phlebotomy training program, is the credential generally preferred by employers. This job has a median annual pay of $43,660, and it’s growing faster than average.

9. Medical Assistants

Medical assistants have a median annual pay of $44,200, and the job only requires a certificate or on-the-job training. This job is growing much faster than average.

10. Wind Turbine Technician

The median pay for this job is $62,580 per year, and the only education required is a training certificate through a technical program. This job is growing at a rate much faster than average, which could make it a great choice for students who are ready to start their career shortly after graduating high school.

Paying for a Career Training Program

Just because career training programs are typically less expensive than college doesn’t mean they’ll be easy to pay for. Some programs last longer than others and could end up costing a fair chunk of money. Here are some ways to help cover the costs.

Pay for it. One way to pay for a career training program is to save up the amount of money needed before starting it, especially if the program is short or has a lower cost. Paying in full with cash means no debt to worry about.

Financial aid. Another potential way to pay for a career training program is to apply for federal student financial aid, which may be available to students enrolled in eligible degree or certificate programs and who meet other eligibility requirements. Completing the Free Application for Free Application for Federal Student Aid (FAFSA®) is the first step. After submitting the FAFSA, students will find out if they’re eligible for federal student aid, which could include federal student loans and/or work-study.

Scholarships. Students who aren’t eligible for financial aid or those who can’t cover tuition costs may want to look for scholarships or grants. There may be fewer scholarships available for certificate programs than there are for degree programs, but they’re out there.

The best place to start looking for scholarships is with the school the student is attending. Some schools set up their own scholarships. Alternatively, students can search for scholarships offered by professional organizations in their related fields.

Private student loans. A private student loan may be another option to cover the cost of a career training program.

One of the basics of student loans is that loan terms will vary from lender to lender, and applicants are encouraged to shop around. It also makes sense for students to exhaust all federal student aid options before considering private student loans.

Learn more about how private student loans work with this private student loans guide.

Student loan refinancing. If you took out student loans and the payments are difficult to manage, or you’d like to get a lower interest rate if you qualify, you can look into refinancing student loans.

One of the ways that student loan refinancing works is that you may be able to qualify for more favorable terms or a lower rate, which could help you save money.

Just be aware that when you refinance federal student loans, you lose access to federal protections and programs like income-driven repayment plans and deferment. Be sure you won’t need those benefits if you choose to refinance.

The Takeaway

Students can be under a lot of pressure to go right into a four-year college or university after graduating high school, but career training programs provide an alternative that can also set them up for success, typically in less time and for less money.

There are a number of options to help pay for a certificate training program, including saving up for it, applying for federal student financial aid, looking for scholarships, and taking out a private student loan.

And if you have student loans and you’d like to get a more favorable rate or better terms, consider student loan refinancing. SoFi offers loans with flexible terms and no origination and prepayment fees.

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

FAQ

What is the best type of career training program?

The best type of career training program depends on your personal interests and goals. Some career training programs to consider are those for web designer, paralegal, licensed practical nurse, and wind turbine technician. Each job generally pays well and is typically easy to get certified for.

What is the easiest career certification to get that pays well?

Becoming a solar photovoltaic installer requires only a high school degree or a certificate to begin working. The median annual pay for the job is $51,860, and the field is projected to grow.

How much do career training programs cost?

On average, a career certificate program may cost around $100 per credit. Some programs can be completed in one year or less, which can help keep costs down.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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


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.

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

SOSLR-Q225-040

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Jul
01
2025
How Rising Inflation Affects Student Loan Interest Rates

How Rising Inflation Affects Student Loan Interest Rates

By | Fresh Out of School, Going to College, Student Loans, student_loan | Comments Off on How Rising Inflation Affects Student Loan Interest Rates

Inflation indirectly causes student loan interest rates to rise. That’s because the government tends to increase interest rates to combat rising prices, which typically raises the cost of borrowing.

Student loan interest rates did in fact rise when the Federal Reserve began raising interest rates to combat inflation during the Covid-19 economic recovery. The fixed interest rate on newly disbursed federal student loans for undergraduates went from 2.75% in July 2020 to 6.93% for the 2025-26 academic year.

The fixed interest rate on newly disbursed federal student loans is largely determined by the high yield of the final 10-year Treasury note auction held each year in May. Bond yields are typically higher when interest rates go up.

High inflation is bad news for people seeking new student loans and those with variable interest rate loans, though people with fixed-rate loans won’t see their rates go up.

Key Points

•   Inflation can indirectly cause student loan interest rates by raising the cost of goods and services, which can cause interest rates on loans to rise.

•   The federal government sets the rates on federal student loans, and private lenders set the rates on private student loans.

•   Federal student loans maintain fixed interest rates over the life of the loan, unaffected by inflation changes.

•   Student loans with variable interest rates may fluctuate with changes in the market, including inflation.

•   Refinancing student loans at a lower rate can reduce borrowing costs and monthly payments.

What Exactly Is Inflation?

Inflation — the rising cost of everyday items — is an important economic factor to everyone from investors to policymakers to borrowers. The reason it matters to borrowers is that inflation can lead to higher interest rates on every kind of debt, including student loans.

Put simply, inflation means that the price of bread will be higher tomorrow than it is today and that here is Consumer Price Index (CPI) growth. So lenders may increase their interest rates during times of high inflation, given that borrowers will be paying the money back when those dollars will buy less. That’s one reason inflation and many interest rates have typically risen or fallen in step with each other.

The Federal Reserve is another reason. The country’s central bank plays a major role in managing the economy, especially with factors like interest rates and inflation.

The Fed began its rate-hiking campaign in March 2022 to combat high inflation and continued raising rates into 2023. Increases to the federal funds rate have prompted commercial banks to raise the price of consumer loans and other financial products, including private student loans. In 2024, as inflation cooled, the Fed began lowering rates.

What Does Inflation Mean for Student Loans?

To someone with student loan debt, inflation may not always be bad news. That’s because price inflation may influence wage inflation.

Inflation typically drives up the price of everything, including wages. As a result, some borrowers are paying back certain fixed-rate loans, for example, with dollars that have less value than the ones they borrowed.

There are exceptions. If a borrower took out a variable rate private student loan, it’s likely that inflation will lead to higher interest rates, which will translate into higher interest rates that the borrower has to pay. But if the borrower has a fixed-rate private student loan and their salary keeps up with the pace of inflation, then inflation can be helpful.

With the Federal Reserve holding steady on interest rates as of June 2025 to help keep inflation down, but the possibility that there may be a rate change later in the year, it’s worth checking to see whether your private student loan has a fixed or variable rate.

As a quick primer, fixed-rate loans have the same interest rate from when borrowers take out the loan to when they pay it off. Variable-rate loans change the interest they charge, which is influenced by Federal Reserve rate changes.

All federal student loans disbursed since July 2006 have fixed interest rates. Meanwhile, banks and other private lenders may offer fixed-rate and variable-rate private student loans.

When Does Refinancing Make Sense?

Student loan refinancing may be right for you if you qualify for a lower interest rate. The first step is to check the interest rates on your existing student loans against the rates offered by other lenders. If they offer a better rate, then it may be possible to pay off that student loan debt faster or reduce your monthly payments with refinancing.

A student loan refinancing calculator may come in handy as you weigh your options.

Some lenders refinance both federal student loans and private student loans. However, if you choose to refinance federal student loans with a private lender, you will give up federal benefits and protections like federal income-driven repayment (IDR) plans and Public Service Loan Forgiveness (PSLF).

If you qualify for a lower interest rate, student loan refinancing may reduce your borrowing costs. Refinancing for a longer term, however, may increase your total interest costs.

The Takeaway

Borrowers with variable-rate student loans may see their borrowing costs go up during times of rising inflation. Whether your student loans have a fixed or variable interest rate, the impact of consumer price inflation across the economy may impact your ability to make ends meet.

If you find student loan refinancing is right for you, SoFi can help. SoFi refinances federal student loans, parent PLUS loans, and private student loans with no origination or prepayment fees.

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

FAQ

How does inflation affect student loans?

Inflation affects student loans because the government typically raises interest rates in an attempt to help tame rising inflation. That, in turn, raises the cost of borrowing money — including for student loans. The interest rate on federal student loans has climbed from 3.73% in 2021 to 6.93% for the 2025-26 academic year.

How does inflation affect interest rates on loans?

When inflation rises, the cost of goods and services rises as well. Because borrowers are then repaying their loans with dollars that buy less, lenders may increase their interest rates on loans. In addition, the Federal Reserve typically raises the federal funds rate to help tame rising inflation, which can lead to an increase in interest rates for loans.

Why is my student loan interest rate going up?

Federal student loan interest rates are determined by federal law. On July 1 each year, the fixed interest rate for each type of loan resets. The interest rate is determined based on the high yield of 10-year Treasury notes plus a fixed interest rate increase. The interest rate on federal student loans are fixed, so they will remain the same over the life of your loan.

With private student loans, lenders set the interest rates and they may raise them if inflation is rising. Lenders typically offer a range of rates, and the rate a borrower gets generally depends on their credit history.

Photo credit: iStock/MicroStockHub

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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


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.

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

SOSLR-Q225-045

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Jun
27
2025
woman at desk

How Much Do I Owe in Student Loans?

By | Debt Payoff, Student Loans, student_loan | No Comments

If you already have a semester or two of college under your belt, you might be asking yourself, “How much do I owe in student loans?” It’s hard to keep track of your student loan balance, especially if you haven’t started repayment yet.

The amount might startle you. According to the Education Data Initiative, the average student loan balance, including federal and private student loans, is $41,618. The sooner you find out your student loan amounts, the sooner you can make a plan to pay them off.

The sooner you find out your student loan amounts, the sooner you could make a plan to pay them off. Here’s how to check your student loan balance.

Key Points

•   Check federal loan balances at StudentAid.gov using your FSA ID.

•   Private loan balances must be verified through each lender or by reviewing your credit report.

•   Knowing your total balance helps you create a payoff strategy, such as using income-driven repayment plans or Public Service Loan Forgiveness.

•   Making extra payments or using debt payoff methods like the debt avalanche can speed up repayment.

•   Refinancing may reduce interest or monthly payments, but eliminates federal loan benefits.

How to Find Out How Much You Owe in Federal Student Loans

Federal student loans typically come in two types: unsubsidized loans and subsidized loans. If you’re a graduate student, you might also have a Graduate PLUS federal student loan. So then, how to check a student loan balance? Fortunately, information on all your federal student loans can be found in one spot. You can look up your balance on the Federal Student Aid (FSA) website.

To check your student loan balance, simply log into your account at StudentAid.gov with your FSA ID and password. There, you’ll find your current student loan balance, the interest that has accrued on your account, payment status, and your loan servicer. If your loan servicer has changed, that information will be there as well.

How to Find Out How Much You Owe in Private Student Loans

There’s no one central website to check your balance for private student loans. One method to figure out how much you owe in private loans would be to contact each loan servicer individually.

If your loans have new servicers and you’re having trouble tracking them down, call your original lenders and ask who the new servicers are. Your school’s financial aid office should also have this information.

Another way to find your loan servicers is to check your credit report. You can get a free copy of your credit report from the three main credit bureaus (Equifax, Experian, and TransUnion) and also from AnnualCreditReport.com.

Your report will list your student loans, the loan servicers, and how much you borrowed. From there you can call each server to find out how much you currently owe. Keep in mind, private student loan providers set their own terms, including loan term length, interest rates, and repayment plans.

It might be a good idea to organize your private student loans and determine when the repayment phase kicks in for each, as it could be different from the federal student loan repayment plan.

Keeping Student Loan Debt Manageable

If this is your first time looking up how much you owe in student loans, you might be feeling major sticker shock. Take a deep breath. Keeping track of student loans can be a big undertaking, so don’t panic.

One way to help manage your student loan debt while you’re in college is to get a part-time job. You could look for opportunities to become a paid tutor, intern, or residence assistant. If working part-time during school isn’t possible, you could plan on getting a full-time job in the summer and live off the savings throughout the school year.

In addition to picking up paying jobs, you could also explore scholarships. These help pay for your education and you don’t have to pay them back. All it takes is some dedicated time looking for the right match. You could check with your university and any organizations you’re involved with to see if you can help fund your tuition this way.

Paying Off Your Student Loans

Once you’ve learned how to check your student loan balance and then determine how much you owe, it’s time to develop a master plan to pay your loans off. This is important, especially since the average monthly student loan payment is $536, according to EducationData.org, which is no small change.

These are some of the ways you could pay off what you owe.

Using a Government Repayment Plan

If you have federal student loans, you’ll likely repay your loans using a government repayment plan. This includes income-driven repayment plans where the minimum payment is based upon factors like your discretionary income and family size, and the repayment term can be stretched out to 25 years in some cases.

One downside of these options is that they typically increase the total amount you pay back when compared to the standard 10-year repayment plan.

You could also look into Public Service Loan Forgiveness (PSLF), as long as you meet the requirements. To qualify, you must work for a government agency or certain types of nonprofit organizations.

Making an Extra Payment Each Month

If you want to pay off your student loans more quickly, there are a few ways to go about it. First, you could make extra payments. You want to make sure the bulk of your extra payment goes toward your principal, not the interest, so it might make sense to contact your servicers or lenders to let them know if you want to do that.

It will be helpful to see all of your expenses and income together to determine how much extra cash you can put toward your loans. Drawing up a budget can help you determine how much extra money you can put toward your student loan balance.

DIY Student Loan Debt Payoff Ideas

You could organize your student loan debt by either the highest interest rate or by the lowest total outstanding balance. These methods are commonly referred to as the debt avalanche and debt snowball, respectively.

Paying off the debt with the highest interest rate could help save you money in the long run, whereas paying off the smallest loan balance could give you a quick win.

Once you select a method, you might want to make sure you’re actually making a dent in the balance. One way to do that is to regularly check your balances and see what kind of progress you’ve made. If that method isn’t decreasing your student loan debt as quickly as you’d like, you could switch to a different one.

Refinancing Your Student Loans

Alternatively, you may want to work on ways to reduce your student loan payments. In that case, you could explore student loan refinancing.

When you refinance with a private lender, you replace your old loans with a new private loan, ideally one with a lower interest rate and better terms. Using a student loan refinance calculator can help you figure out how much you might save by doing this.

Once you know the potential savings involved, consider this critical question: Should you refinance your student loans? If it could save you money, refinancing might be worth pursuing. However, it’s important to know that if you refinance federal student loans, they will no longer be eligible for federal deferment or forbearance, loan forgiveness programs, or income-driven repayment. If you’re certain you won’t need access to these programs, refinancing may make sense.

Still not sure? This student loan refinancing guide is full of useful information that could help you decide whether refinancing is the right choice.

SoFi Student Loan Refinancing

If you decide to move ahead, student loan refinancing with SoFi could help lower your monthly payments, shorten your student loan term, or save you money on interest. You can choose flexible terms, and there are no origination or prepayment fees. Plus, you can prequalify and get your rate in minutes.

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

FAQ

How do I find out how much I owe in student loans?

To find out how much you owe in federal student loan debt, log into your account at StudentAid.gov. There, you’ll find your loan amount, the amount of interest that has accrued, and your loan servicer information, among other things. You can contact your loan servicer directly if you have additional questions about your loans.

Do student loans go away after seven years?

No, student loans don’t go away after seven years. There is no student loan forgiveness or cancellation program that is seven years. However, if you default on your federal student loans after 270 days of missed payments, the default goes on your credit report where it remains for approximately seven years. But even once the default status is removed from your credit report, it is still your responsibility to repay your loans in full.

Is $40,000 in student loans a lot?

While $40,000 is a lot of money, in terms of student loan debt, it’s about average. According to the Education Data Initiative, the average student loan borrower owes $41,618 in federal and private student loans.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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


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.

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

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How to Pay for Coding Bootcamps: couple looking into coding bootcamp

How to Pay for Coding Bootcamps

By | Building Your Career, Student Loans, student_loan | Comments Off on How to Pay for Coding Bootcamps

According to the US Bureau of Labor Statistics, the job outlook for software developers is going to increase by 17% from 2023 to 2033. This represents a significantly higher projected growth than the average for all occupations. Median annual pay for software developers was $131,450 as of May 2023 (the most recent government statistic available.)

According to CourseReport, the average cost of code school is $13,584. Not all students have enough cash on hand to cover the cost. Fortunately, there are ways to make coding bootcamp more affordable. Read on for a closer look at how these programs work, including average costs and payment options.

Key Points

•   Coding bootcamps offer comprehensive training in multiple programming languages and skills.

•   The average cost is $13,584, with financing options like loans and deferred tuition.

•   Free bootcamps typically support specific demographics and underrepresented groups.

•   Graduates can secure jobs as software engineers, data scientists, and mobile developers.

•   Median starting salary for bootcamp graduates is $70K, increasing to $99K by the third job.

What Do Students Learn in Coding Bootcamp?

Students will learn a variety of programming languages, rather than focusing on just one, to be equipped for a dynamic job market. When students graduate, they may have a portfolio, a website, profiles on programming websites, as well as interviewing and job hunting skills.

These programs teach frameworks and programming languages like JavaScript, CSS, HTML, Ruby on Rails, Python on Django, and PHP. According to a Course Report study, 79% of bootcamp graduates find jobs as programmers.

Coding bootcamps are intensive programs that teach skills like data science, cybersecurity, full-stack web development, and technical sales, among others. Typically, the average bootcamp is around 14 weeks long but can range anywhere from one week to a year or two. Courses are offered online or in-person and at dedicated coding bootcamp facilities or at universities a bootcamp program might partner with.

How Much Does Coding Bootcamp Cost?

The coding bootcamp cost varies depending on the program. While the average full-time coding bootcamp in the US costs $13,584, but there’s a wide range to bootcamp tuition. It’s a good idea to ask about costs for the programs you are interested in so you’ll have adequate information to compare programs. The cost of coding bootcamp might seem high, but paying for a college degree can be a much costlier investment.

If the cost seems out of reach, looking into free coding bootcamps might be an alternative. Some free programs are open to anyone, while others require passing one or more tests. There are also free coding programs targeted to women, girls, and residents of underserved neighborhoods. Some of the free programs offer just basic instruction in coding, while others are more comprehensive.

Recommended: Are Coding Bootcamps Worth the Money?

Paying for Coding Bootcamp

There are a variety of options to pay for coding bootcamp.

Loans

One option might be taking out a coding bootcamp loan. Some coding bootcamps partner with lenders that offer various terms and interest rates depending on a variety of the student’s financial factors. Bootcamps might also offer their own financing, or students might choose to apply for a loan through a bank or credit union. It’s important, however, to read the fine print of any loan agreement to be sure you’re aware of any fees, such as an origination fee or early repayment fee, that could add to the cost of the financing.

Another popular option is a personal loan. This is typically an unsecured loan available from banks, credit unions, and online lenders. The interest rate is usually less than what your credit card charges, and the repayment term is often between one and seven years.

Alternative Ways to Pay Tuition

Coding bootcamps may also offer an income sharing agreement (ISA) or deferred tuition. Students who choose an ISA agree to pay a percentage of their income to the school for a certain period of time after they graduate and find a job. With deferred tuition, students will either pay no upfront tuition or they’ll pay a small deposit, and then begin paying tuition once they graduate and secure a job.

The terms of each ISA or deferred tuition program differ by program. Some courses may not require students to pay tuition if they don’t secure a job within a certain timeframe of graduating at a certain salary, so read the fine print to learn details.

Recommended: Ways to Pay for Your Child’s Tuition

Employer Funding

If students are already working, they might consider asking their employer to fund part of or all of their boot camp education. By demonstrating to their employer that by increasing their skill set they’ll be able to contribute more to the company and boost their productivity, their employer might be willing to pay for some of the program cost.

Recommended: How Does Tuition Reimbursement Work?

Military Benefits

US military veterans may be able to pay for approved coding bootcamps using their GI Bill benefits.

Paying Out-of-Pocket

Using personal savings to pay for a coding bootcamp program is an option some students might have. While it may be difficult to part with the money, the return might be worth it. The median starting salary for a coding bootcamp grad is around $70K for their first job, rising to $99K by their third job as of mid-2025.

Recommended: Jobs that Pay for Your College Degree

Coding Bootcamp Scholarships

Students seeking scholarship funds won’t have far to look. Like scholarships for any other education program, these are available to students who meet a variety of qualifications, for instance, residence in certain geographic locations, students of diverse genders and cultural backgrounds, veterans, and military spouses, among many others.

Some scholarships might be need-based, while others will be based on merit. The amount of tuition and other costs that are covered will vary by scholarship. An internet search should reveal multiple scholarship options.

Types of Jobs for Coders

After graduating from coding bootcamp, students will be qualified to work in a variety of jobs, including:

•   Software engineer: working with Ruby, HTML, CSS, and JavaScript.
•   Data scientist: discovering insights from massive amounts of data.
•   Back-end web developer: using PHP, Sql, Ruby, Python, or Java.
•   Front-end web developer: utilizing HTML, CSS, and JavaScript to design websites.
•   Full-stack developer: troubleshooting website design on the front and back end.
•   Mobile developer: building mobile apps.

There are many options, and students can look for a job that best suits their skills.

The Takeaway

If you want to be a part of the growing technology field, a coding bootcamp might be a route you can take to learn programming skills. While the average cost of $13K can be a deterrent, there are a number of ways to make the tuition more manageable, including scholarships, deferred tuition programs, tuition financing, and/or personal loans.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

How can you afford coding bootcamps?

Many students afford the average $13K cost of coding bootcamps by applying for scholarships and/or loans. Using savings or employer funding are other options.

How much does coding bootcamp cost?

As of mid-2025, the average cost of coding bootcamp is $13,584.

How can I get a loan for a computer bootcamp?

You can explore what the business offering the bootcamp may provide in terms of financing options or see what personal loans are available from banks, credit unions, and online lenders. Compare rates and terms to find the best fit.

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.


*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®


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Your Parent PLUS Loan Was Denied. Now What?

By | Student Loans, student_loan | No Comments

If your application for a federal Parent PLUS Loan was denied, you and your child still have options to help pay for their college. Below, we’ll explain some reasons why a Parent PLUS loan application might be denied, what you can do if yours is rejected, and alternatives to consider.

Key Points

•   Parent PLUS Loans may be denied if borrowers have an adverse credit history, overdue payments, or recent bankruptcy.

•   Parents can appeal a Parent PLUS loan denial with the Department of Education by proving extenuating circumstances caused the credit issues.

•   An endorser without adverse credit can help secure a denied Parent PLUS Loan — the endorser assumes responsibility for repaying the loan if the parent cannot.

•   Additional financial aid options to explore include more federal aid, scholarships, and private loans.

•   Considering less expensive school options such as local or community colleges can also help manage college costs.

What Is the Parent PLUS Loan Program?

Parent PLUS Loans are federally funded Direct PLUS Loans taken out by parents to help their child pay for college. To apply, students or their parents must first fill out the Free Application for Federal Student Aid, or FAFSA®. Then a parent applies for a Parent PLUS Loan on the Federal Student Aid site. Most schools require this to be done online, though some have a different application process. Unlike other types of federal student loans, Parent PLUS loans require a credit check.

Why a Parent PLUS Loan Might Be Denied

If your Parent PLUS Loan was rejected, it may be because you don’t meet the credit requirements. PLUS borrowers can’t have an adverse credit history, such as being at least 90 days overdue in making a debt payment or in bankruptcy in the last five years.

Your application may also be denied if you or your child don’t meet other PLUS loan requirements. For instance, your child must be enrolled at least half-time at an eligible school, and you must meet the general eligibility criteria for federal student aid.

What Parents Can Do

In the event that your application for a Parent PLUS Loan is rejected, you may want to consider these options.

Appeal the Decision

If you had extenuating circumstances that led to an adverse credit event, you can ask the U.S. Department of Education (ED) to reconsider your application. You’ll need to provide documentation that proves that extenuating circumstances led to the adverse credit. The ED will decide whether to approve the appeal. Check the Federal Student Aid website for a list of potentially acceptable appeals and the supporting documentation needed.

If your appeal is approved, you’ll be required to complete PLUS Credit Counseling before your loan is disbursed. Counseling takes between 20 and 30 minutes and can be done online.

Find an Endorser

You may want to consider having someone else endorse the Parent PLUS loan. An endorser is essentially a cosigner without an adverse credit history. In the event that you are unable to repay the loan, the endorser would be responsible.

An endorser must complete an addendum online. They should be prepared to provide personal information such as their mailing address and phone number and their employer’s information, plus two references.

Your Child May Qualify for More Aid

If your Parent PLUS loan is rejected, there’s a chance your child may qualify for more federal student aid. They can contact their school’s financial aid office to see what can be done given that their parental contribution is now reduced.

It’s important to talk to your child about student loans so they understand how the loans work and how much they will cost upon graduation. It may be helpful to speak in terms of the expected monthly payment, so your student can compare that to their expected annual salary.

Scholarships

It’s likely not too late for your child to apply for scholarships. In fact, students should be searching for scholarships each and every year they’re in school.

While some types of scholarships may be limited to incoming freshmen, this is not always the case. In addition to looking at scholarships offered by your child’s school and the state, other local organizations may offer scholarships.

If your student is still in high school, their guidance counselor may be able to provide advice on ways to search for scholarships, including finding opportunities in your area.

Consider Other School Options

Depending on where you live, you may want to reconsider where your child goes to school. Switching to a state school or local community college could save thousands in tuition, room and board, and travel costs. Some community colleges even have transfer programs for getting students into four-year schools. Consider meeting with a counselor at the community college to see what the transfer process is like.

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Company by U.S. News & World Report.

Private Student Loans After a Parent PLUS Loan

Private student loans are another way to close the funding gap. Commercial banks, credit unions, online lenders, and other lending institutions offer these loans with varying terms and rates.

Private student loans and private parent student loans are not backed by the federal government and therefore not subject to its qualification rules. They may also lack the borrower protections available to federal loans, such as deferment. Private student loans are often considered once all federal aid options have been explored.

Rates on private student loans are generally determined by your credit score and personal financial situation. Borrowers who did not qualify for a Parent PLUS loan may also have trouble qualifying for a private loan at a competitive rate. Still, it’s worth shopping around. In addition to comparing rates between lenders, you’ll want to factor in the costs associated with taking out a loan, such as origination fees, prepayment penalties, and more.

Also, keep in mind that you can always choose to refinance student loans in the future if and when you may be able to qualify for a lower interest rate or more favorable loan terms. When you refinance, you replace your current loans with a new loan from a private lender. If you do get a lower interest rate, you could save money over the life of the loan.

You can refinance both private and federal student loans. However, refinancing federal loans makes them ineligible for such federal programs and protections as income-driven repayment and federal deferment. If you think you might need those benefits, think twice about refinancing federal loans.

The Takeaway

Parent PLUS Loans are federal loans available to parents of students. There are credit-related requirements in order to qualify for a PLUS loan, so in some cases, it is possible to be denied for a Parent PLUS Loan. If your application is rejected, you still have options, including appealing the decision, adding an endorser to the loan, exploring scholarships, or looking into alternate schools.

If you’ve exhausted all your options, private parent student loans are another alternative to consider. And if you can’t get a competitive rate, you can explore refinancing in the future.

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

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

FAQ

How often can I take out a Parent PLUS Loan?

You can apply each year you’d like to receive a Parent PLUS loan. To do so, you must fill out a Direct PLUS Loan Application.

When do Parent PLUS Loans need to be paid back?

Repayment begins 60 days after the final loan disbursement for that academic year. If you’re approved for deferments each year, you may not need to begin repaying the loan until six months after your child graduates.

If I’m approved for a Parent PLUS Loan, where will the funds go?

Funds from Parent PLUS Loans are sent directly to your child’s school. If there’s money left over, the school will send the remaining amount to you or, if you authorize it, to the student.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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


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.

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 Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

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