The Top Gifts for College Students

The Top Gifts for College Students

When someone heads off to college, they are often setting up a whole new household. They want and need items that help them get their new lifestyle up and running. If you are buying gifts for a student, you can help them achieve that by giving them items that are convenient, practical, and a little bit fun.

That’s where this list can come in handy. It identifies some of the most useful, in-demand gifts you could give a recent high-school grad or current college student. Plus there are clever ideas that may well elicit an “I love it!” from the recipient, such as a subscription to a favorite streaming service.

Read on for smart, inspiring ideas for presents for the students in your life.

Apparel and Accessory Gifts for College Students

College students need to be prepared for any situation on campus, whether that’s a winter storm, a job interview, or a trip to the school’s gym to workout. Clothing and accessories are college gifts that are likely to be appreciated. They’re practical, of course, and can help the recipient save money on clothes.

1. Backpack

A good-quality and versatile backpack is a college staple. Your college student may want a waterproof bag with plenty of compartments with room for books, a laptop, and other personal items. The backpack should also be comfortable to carry around throughout the day and durable enough to last for several semesters.

2. Messenger Bag or Tote Bag

An office-ready tote or messenger bag can be great for internships or interviews. Plus, it can be used beyond college.

3. Activewear

Whether they’re playing on a college team, a regular at the gym, or just like the style and comfort, activewear can be a useful gift for most college students. There are many different styles and brands at various price points.

4. Gym Bag

For college students who may use the school’s gym facilities or participate in a sport, a gym bag is essential. Make sure to get an appropriate size bag depending on how much they need to carry.

5. Outdoor Winter Gear

This may not be as important if they’re attending school in a warm location, but students need warm winter clothing when they’re walking back and forth between classes. Your college student may need warm winter boots for the snow, a heavy coat, thick socks, a hat, and gloves. And those can be pricey, so they make a great gift.

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6. Waterproof Gear

The last thing a college student wants is a wet bag while they’re carrying their textbooks and laptop. A waterproof backpack and an umbrella should help protect expensive gear and a raincoat and boots should keep your college student dry between classes.

7. College Hoodies/Sweatshirts

One popular gift for college students is a hoodie or sweatshirt with the school’s team logo. This can typically be found through the college’s website or they may sell them on campus as well.

This type of gear can be especially fun for students to wear when getting involved in on-campus activities and showing their school spirit.

8. Loungewear

The dorm will be home for the next couple of semesters so it’s important to be comfortable. Loungewear can be found online or in stores and come in a variety of styles and prices.

9. Professional Attire

A professional outfit is a must for the college student going on interviews or for any formal gathering. If you don’t feel comfortable picking out an office-ready outfit, there are subscription services available with styles based on the information filled out by the recipient, or a gift card to a specific store may work as well.

Another great idea for a present for a college student: a gift card to a specific store.

Recommended: What Is College Like?

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Dorm Room Gifts for College Students

There are too many dorm room college essentials to list. The little things go a long way and can help make college life more comfortable and enjoyable.

10. Bedding/Blankets

Most colleges only supply a mattress, so students must bring their own sheets, blankets, and pillows. Colleges typically have dorm beds with a twin XL mattress, but it should be confirmed with the school before buying bedding. Make sure to buy an extra set of sheets so that they always have a clean set.

11. Basic Kitchenware

Whether your college student has a dorm room kitchen or will mostly be eating in the dining hall, basic kitchenware is a necessity for a quick meal or a late-night snack. Basic kitchenware includes utensils, knives, plates and bowls, cups, and food storage containers.

12. Laundry Basket

Dorms typically don’t provide a washer and dryer in the dorm room so students will need to bring their laundry to the communal laundry room.

13. Alarm Clock

Getting up on time for classes can sometimes be a struggle so your college student may need a little help. A digital alarm clock should do the trick even for the heaviest of sleepers.

14. Bathrobe

Aside from the comfort and luxury that bathrobes may bring, they’re a necessity for college. A bathrobe will give a little bit of extra security when your college student goes to take a shower.

15. Storage

Dorm rooms are usually small, so your student will want to maximize every inch they have. There are tons of great storage solutions from under-bed bags and bins, over-the-door storage racks, and hanging strips or hooks.

16. Desk Supplies

Desk supplies are a must-have and make great gifts for college students. Consider desktop organizers, pens and pencils, a lamp, and also a comfortable desk chair.

17. Lap Desk

A lap desk can make a convenient gift for college students to make studying around campus more comfortable. They’re portable and perfect for taking notes or setting a laptop.

18. Streaming Service

It’s easy to spend a lot of money on streaming services, and college students are typically on a tight budget. Get a gift card for one or a couple of streaming services to gift your college student.

19. Personal Safe

If your student has expensive or important items, it’s important they’re kept in a safe location. A small personal safe to protect valuables can give your college student some peace of mind when living with roommates. Plus, if they work a cash job and want to save the money for tuition, they will have a safe place to stash it.

20. Games

Board games or card games are perfect for a relaxing night with roommates and friends.

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Food and Drink Gifts for College Students

College cuisine doesn’t have to be instant ramen or dining hall meals. You might help your student get set up to cook meals for themselves, which can be a way to 33 Ideas for Saving Money While Dorm Shopping

Tech Gifts for College Students

When picking out a tech gift, choose something that will make school life a little easier and maybe add some fun in between classes. The right gadgets will make workloads more seamless and save your student a lot of time and energy.

26. Laptop

A laptop is an essential school supply. While there’s always the library, laptops give students the freedom and flexibility to work on academic assignments anytime and anywhere. Laptop quality, functions, features, and prices vary widely, so make sure you know what your college student is looking for in a laptop.

Bonus: A laptop can be a way a student can earn money at home (or at their dorm room), whether selling things online or perhaps tele-tutoring in a subject they love.

27. Portable Charger

A portable charger ensures your college student can study, take notes, and work on assignments without worrying about their battery dying. Portable chargers come in a variety of forms with a range of features.

28. Noise-Canceling Headphones

Dorm rooms and other areas around campus sometimes don’t make the best environment for studying. Noise-canceling headphones give your college-bound student a distraction from the surrounding noise.

29. Power Strip

You can never have too many power outlets. Your college student’s dorm room may not have enough outlets for their needs.

30. USB Flash Drive

College students may need a reliable USB flash drive to use when going to the library to work on a project, when a printer isn’t working, or when moving large files. Flash drives come in a range of storage capacities and prices.

31. Portable Bluetooth Speaker

It may not be a must-have, but a portable bluetooth speaker is a fun gift for college students. There are even waterproof models for a little extra protection.

The Takeaway

Still, stumped when it comes to finding gifts for college students? Cash or gift cards go a long way and it allows your college student to purchase exactly what they want or need. A gift card can be used for their favorite restaurant or store or some cash can go towards college books, saving for college tuition, or anything else they may need.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.


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

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

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What Is College Like?

Whether you’re leaving home for the first time or enrolling in your local community college, you might have a lot of misconceptions about the college experience.

So, what is college really like? Keep reading to learn about some of the myths and realities of being a college student.

Common College Myths

Pop culture has altered how we view the quintessential college experience, and though some of these myths are rooted in some level of truth, many don’t hold up nowadays.

College myths can stoke anxiety for incoming students. So let’s look for truths.

Myth 1: Most Students Graduate in 4 Years

Although traditionally students head to college for a “four-year degree,” many of them take more than four years to graduate. In reality, only about 33.3% of students attending public colleges and universities earn a bachelor’s degree within four years.

Nearly 60% of students at public universities and colleges take six years to graduate.

There are lots of legitimate reasons it can take students more than four years to get a degree. Some may change their major and need extra classes to meet their new major requirements. Others may take on a minor or a double major that requires extra classes. Adventurous students might take time to study abroad, which could potentially slow their progress.

Others may decide to transfer schools or might have to work to pay their way through school, which could lead to finishing required classes at a slower pace.

A student may simply need more time to master the coursework. Taking your time to make sure you get the most value from your education and accomplish everything you want matters more than following a strict timeline.


💡 Quick Tip: Some lenders help you pay down your student loans sooner with reward points you earn along the way.

Myth 2: Your Major Will Determine Your Career Path

Some students know exactly what career path they want to take and choose a major accordingly. Others may need more time to discover their passions and interests.

There is a misconception that you have to major in a subject that relates to your career path. Many degrees teach skills that can transfer to a variety of fields.

Philosophy and history degrees can teach perspective. English literature degrees can enhance the art of critical thinking. Majoring in graphic design may lead to a career in marketing.

The bottom line is, if you focus on the skills you learn while earning your degree more than the specific subject matter, you can apply those skills to many different career paths.

Myth 3: You Have to Live on Campus to Have the Full Experience

Here’s a fun fact for students who are debating whether or not they have to live on campus to get the full college experience: Only around 22% of university students live in on-campus dormitories. Living on campus can be convenient, but can also be expensive and a big step for students fresh out of high school.

Even if students don’t live on campus, they will still have access to on-campus resources and perks such as clubs, events, libraries, and gyms.

Choosing to live on campus is a personal decision and needs to be one made based on a student’s particular financial, social, and educational needs.

Recommended: How to Find Affordable Student Housing in Your College Town

Myth 4: No One Transfers From Community College

Around 30% of community college students end up transferring to a four-year school. Attending community college has multiple benefits worth considering. Students can receive a high-quality education for a fraction of the price by taking their general education classes at a community college. Taking these classes at a cheaper tuition price can give students more time and leeway to experiment with subject matter they are interested in.

Attending community college has multiple benefits worth considering. Students can receive a high-quality education for a fraction of the price by taking their general education classes at a community college. Taking these classes at a cheaper tuition price can give students more time and leeway to experiment with subject matter they are interested in.

For those who have their hearts set on prestigious universities, it can be easier to transfer to one of those schools from community college than it is to be accepted straight out of high school.

Some community colleges have deals with local universities that can guarantee admission to your dream school if you meet certain qualifications. It’s known as a transfer admission guarantee, or TAG.

In California, six University of California campuses offer guaranteed admission to students from all California community colleges who have completed at least 30 semester UC-transferable units.

And in Florida, state community college graduates with an associate degree are guaranteed admission to one of the 11 state universities (except to limited access programs, which call for additional admission requirements).

Major College Realities

If you’re looking for a dose of reality before you start college, consider these tidbits. Knowledge is power, after all, so it can’t hurt to know what to expect.

Reality 1: Anyone Can Get Help Paying for School

Let’s start with some good news. Almost any student can find help paying for college, no matter what their financial background is.

While students from more privileged economic backgrounds may qualify for less federal student aid such as grants, both colleges and private businesses offer a variety of merit-based scholarships and grants that students can apply for.

It’s worth considering all of your aid options before you foot your entire college bill by yourself.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Reality 2: Follow Your Passions

You’ve heard it from your teachers, you’ve heard it from your parents, and chances are you’ve heard it from countless other adults who like to reminisce about the good ol’ days: Your time spent in college will be some of the best years of your life.

College is a unique time when young adults can follow their passions. Even if you choose a major that doesn’t align with all of your interests, there are many elective classes you can take and clubs you can join that will help you foster your passions.

Learn Portuguese, take a class in 3D printing, hit the stage for some dramatic arts, or simply explore the library archives. Take advantage of this special time in your life to learn more about what interests you.

Recommended: How to Get Involved on Campus in College

Reality 3: You Can Change Your Mind

You’ve known your whole life that you want to be a doctor. Or a lawyer. Or a beekeeper. Or so you thought. One of the many joys of college is that you have the time and space to learn and grow.

You may discover after two years of being a psychology major that the statistics classes you had to take were more interesting than your clinical psychology classes.

It’s never too late to switch majors (that extra year of sticking around campus will be worth it) or start interning in a new career field.

Some students may find that the college they chose while they were still in high school isn’t a good fit. Guess what? You can transfer to a new school if you wish. You can change your mind about what you want to study and what career path you want to take, too.

Reality 4: Partying Can Take a Toll

For some, college parties are a rite of passage. For others, they are stressful and distracting. If the party lifestyle is something you’re not interested in or is something you know you’ll get swept up in, it’s OK to stay home on a Friday night.

Focusing on your studies is why you’re at college, so don’t let peer pressure or societal expectations make you feel bad for prioritizing that.

Another Reality: Financing College

As mentioned, students can apply for scholarships and grants to help pay for their college education. But if a student needs a little more help in the funding department to supplement their college savings, grants or scholarships, chances are either they or their parents will consider student loans.

Students can apply for federal and private student loans. Federal student loans often have lower interest rates than private student loans do and don’t have to be paid back until a student graduates or leaves school. If you qualify for a subsidized federal loan, you won’t have to pay any interest on the loan while you are in school and for six months after you graduate.

Private student loan lenders may require the borrower to begin paying back the loans before graduation day. That said, private student loans can help with college costs that federal student loans may not completely cover.

If students consider private student loans, they should research each lender and review the terms and rates offered. Also keep in mind that private loans may not offer the same protections, such as income-based repayment plans, that come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

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



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.

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A Guide to Making Friends in College

College is a great place to make lifelong friends. In college, students bond over shared interests, have fun times together, and help each other through some challenging times, cementing bonds that can last for years after graduation.

When you first arrive on campus, however, making friends in college can seem intimidating. Exactly where and how do you meet people? It can feel especially challenging if you go to a large school or you’re in unfamiliar territory, like a college that’s far away from home.

Don’t stress. Making friends in college can be easy. The key is to get involved early on, put yourself out there, and always try to be your true self.

Here are some ways you can go about making friends in college.

Hang Out With Your Roommates

Whether you chose your roommate or went with a random pairing, you may or may not have a lot in common with this individual, at least from the outside. Nevertheless, it can be a good idea to try to forge a connection with your roommate. This will not only make your living situation more enjoyable, but you’ll be able to turn to your roommate when you need support.

You can bond with your roommate by cooking meals, watching favorite shows, and studying together. It can also help to be considerate and respectful of your roommate by not making too much noise late at night or early in the morning, cleaning up after yourself, and chipping in for shared supplies. By respecting your roommate’s boundaries and establishing ground rules for the room, you’ll be more likely to have a good relationship, and perhaps even become good friends, with your roommate.


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

Join a Fraternity or Sorority

If you join a fraternity or a sorority, you’ll have the opportunity to make a lot of new friends. While some fraternities and sororities may have bad reputations because of their hazing practices and emphasis on parties, many focus on philanthropy and building friendships instead.

Just keep in mind that joining Greek life can cost $100 to $1,000 per semester, since you are generally required to pay fees or dues. The cost will vary depending on the school and chapter you join, and there may also be additional fees for first-year membership.

You’ll also need to apply to get into a sorority or fraternity and go through a recruitment process to ensure it’s going to be a good fit. Then, if you’re accepted, you will typically live with your fraternity or sorority in a house on campus and socialize and volunteer with them on a regular basis.

Recommended: 11 Strategies for Paying for College and Other Expenses

Get Involved in Clubs

Another easy way to make friends in college is to join a club. At the beginning of the school year, colleges will typically have club fairs, where club leaders set up booths and give information about their clubs to incoming freshmen and transfer students. This is where you can learn more and sign up for an initial meeting.

Some of the various types of clubs you can join include religious, political, academic, cultural, media, and community service clubs. For instance, students can join the school paper, radio or TV station, participate in math and science groups, join an on-campus religious group, find the school’s Republican and Democrat clubs, and volunteer at local animal rescue organizations or homeless shelters.

If you can’t find clubs you’re interested in, you may be able to start one of your own. You’ll likely have to go to the proper office on campus and follow the guidelines for establishing a new club.

Recommended: How to Get Involved on Campus in College

Find Study Buddies in Your Classes

Another avenue for making friends in college is through your classes. You might start or sign up for a study group, which allows students in the same class to do homework and study for tests together. If you make a connection with another student in a study group, you might suggest hanging out after the group is over or meeting up for a coffee or meal on campus another time.

Sign Up for Sports

One of the ways that many students go about making friends in college is by joining a sports team or an intramural sports club on campus. The sports teams are for athletes who are interested in playing on schools’ official teams, while intramural sports clubs are just for fun. Schools offer a variety of different sports like basketball, football, soccer, golf, tennis, and swimming. You can check out the campus life and sports section of your school’s website and look into the options.

Audition for the School Play

Theater clubs or the theater department on campus may hold auditions for school plays. You might consider auditioning for a part and making friends with the cast and crew members during rehearsal. Putting on a play can be a strong bonding experience, allowing you to cultivate lasting friendships.

Recommended: 10 Ways to Prepare for College

Go to Campus Events

Schools are always putting on events. This might include concerts, talent shows, guest speaker series, music festivals, stand-up comedy, and more. You might ask acquaintances to go to an event and/or meet new friends there. If the event is crowded, you might need to be a little more outgoing and start up conversations with the people nearby in order to (hopefully) make friends.

Connect With Other Student Workers

If you have a job or internship on campus, you might try to strike up conversations with your colleagues, as long as it doesn’t interfere with your work. Some places students may work on campus include the college’s admissions office, the endowment office, the dining hall, the coffee shop, the art museum, and the library.

Recommended: Am I Eligible for Work-Study?

Go to Social Gatherings

If your roommates or friends are holding a social gathering or going off campus to check out a local movie theater or restaurant, consider tagging along. This can be a great way to strengthen the bonds you already have, as well as meet new people. Just keep in mind that while parties can be fun, they can also distract from schoolwork and you could end up with lower grades if you are partying too often.

Recommended: The Ultimate Guide to Studying in College

Ask People to Hang Out One-on-One

Whenever you meet potential new friends in classes or through clubs, consider inviting them to hang out one-on-one to get to know them better. For example, you might ask them out for coffee or a meal, to an on-campus concert or show, to work out at the gym, or to a sports game. While this involves putting yourself out there, the rewards of making a new friend can be well worth the risk that they’ll say “no.”

The Importance of Being Yourself When Making Friends in College

Although you may be worried about making new friends in college, you generally don’t want to change your personality or hide who you really are in order to fit in. It may be a little tough at first, but by joining clubs you’re interested in and finding people who accept you for who you are, you could make lifelong friends. It can take some time and might not always happen within the first semester. However, you’ll want to keep trying to meet and connect with new people throughout your four years at college.


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

Affording College

College is where you can set yourself up for professional success as well as make wonderful new friends. However, if you don’t know how you’ll pay for it, you might feel even more anxiety before embarking on this exciting next step in your life.

Fortunately, there are a number of ways to cover the cost of attending college, including grants, scholarships, work-study programs (which are also great for making friends), and subsidized and unsubsidized federal loans. If you get your financial aid letter and still have gaps in funding, you might also consider a private student loan.

Private loans are available through banks, credit unions, and online lenders. Unlike federal student loans, they require a credit check. However, if you have solid credit (or can recruit a cosigner who does), you may be able to qualify for a competitive interest rate. Just keep in mind that private loans may not offer the same protections that come with federal loans, such as income-driven repayment plans and forgiveness programs.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.


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


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.

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Early Action vs Early Decision

If you have your heart set on going to a certain college, you may want to consider applying to that school either early decision or early action. What’s the difference?

Both early action and early decision let an admission’s office know you are interested in attending that school (over its competitors). However, there are some key differences.

If you apply early decision and are accepted, you must attend that college. If you apply early action, on the other hand, you’ll get an early response to your application but your acceptance is nonbinding — and you have until May 1 to decide whether or not you want to go.

Three are pros and cons to each option. Here’s what you need to know about early decision vs. early action.

Understanding Early Action and Early Decision

Early action and early decision are college application options that allow you to find out earlier than usual whether or not you’ve been accepted to the school.

Early action simply means that you apply and receive a decision well in advance of the institution’s regular response date, while early decision means you are making a commitment to a first-choice school and, if admitted, you will definitely enroll and withdraw all other applications.

Translated into simpler terms, early decision binds a student to attend a specific school while early action lets applicants know earlier if they’ve been admitted. While you can only apply to one school early decision, you can apply to multiple schools early action.

It’s worth noting that not all schools offer both options. Also, the rules regarding early action may vary from one school to another. At some universities, applicants who apply via the early action method are also expected not to apply early action at other schools, too.


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Pros and Cons of Applying Early to College

Early decision and early action admissions both offer benefits. One reason some students opt to apply early is to firm up admission before the usual deadlines. If accepted early to the school of your choice, you can relax and focus on enjoying your last year of high school. You also have time to prepare well in advance to move to a specific area or attend that specific school.

Other advantages include being able to fill out fewer college applications and having time to apply elsewhere if you are not granted admission to your top school.

Also, if you apply early decision and don’t get accepted to your chosen school, that school may defer your application and reconsider it as part of the general application process. This gives you another shot at getting in.

On the downside, applying to a school early decision comes with a lot of pressure, since the decision will be binding. And, if accepted, you won’t be able to compare financial aid offers with other schools and select the one that works best with your budget. You will simply have to accept the aid package offered by that school.

Although early decision is generally binding, it’s possible — though not usually advisable — to break that agreement if your financial circumstances change and you need to rethink attending a specific school.

Applicants who back out of an early decision acceptance for non-financial reasons may need to pay a fine, and also run the risk of ruining their reputation at that school and potentially at other colleges.

Recommended: How Many Colleges Should I Apply To?

Making a Decision about Early Decision

There are some critical distinctions between early action and early decision. While not all schools have early action and early decision options when applying, those that do will typically let you choose between one or the other.

Early decision is, typically, binding. If an applicant gets accepted via this method, they’re committing to attending that specific school (and, by extension, committing to withdrawing their name from consideration at other schools).

Early action is, typically, nonbinding. Students may be able apply early action to multiple colleges, but some schools have more restrictive early action policies.

Early admission, when nonbinding and non-exclusive, allows students to compare financial aid offers from multiple schools. After all, in many early action applications, a final decision to commit need not be made until spring (and students can still apply regularly to other universities).

With early decision, however, you won’t have the opportunity to compare financial aid offers from competing schools.

Early decision is generally recommended for students who are:

•   Informed about the colleges they’re applying to

•   Crystal-clear about their first choice school

•   Able to demonstrate a solid academic record before senior year.

Recommended: Ultimate College Application Checklist

Paying for College

Regardless of whether you apply early action, early decision, or regular decision, paying for college is likely front of mind. While some families are able to cover the cost of college through existing funds and assets, numerous applicants (and their parents) also seek out financial aid.

The term “financial aid” refers to funding that doesn’t come from the applicant’s (or their family’s) savings and income. Financial aid is available from federal and state governments, educational institutions, and private groups. It can be awarded in the form of loans, grants, scholarships, and work-study programs.

To apply for financial aid, you simply need to fill out the Free Application for Federal Student Aid (FAFSA). This information is sent to schools you apply to. If accepted, you will receive a financial aid award letter from that school, which will provide information on the cost of attendance for the academic year and detail any grants, scholarships, work-study opportunities, and federal loans you are eligible to receive.

If your financial award isn’t enough to cover the full cost of college, you also have the option to apply for private student loans. These are offered through private lenders, including banks, credit unions, and online lenders.

It’s important to note that government loans come with certain built-in federal benefits that private loans do not guarantee — including income-driven repayment plans and, when eligible, public service student loan forgiveness.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.


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


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.

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How Do University Endowments Work?

While applying to college, students and parents may consider a variety of factors before enrolling. Those factors could include a school’s academic programs, location, sports programs, tuition, and potential financial aid.

But there is one more thing families may want to think about: A college or university’s endowment. Not familiar with the term?

Here’s helpful information about university endowments, how they work, how they are managed, which schools have the largest ones, and how those university endowments could potentially benefit students.

What Is an Endowment?

A university endowment refers to the amount of money a college or university receives via donations from its alumni or other interested parties. This money is then invested by the academic institution to help grow its savings and to provide funding for the future.

Some schools can have endowments well into the billions made up of potentially hundreds or thousands of individual gifts.


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Types of Endowments

Not every university uses the same endowment system. Typically, a university has one of four types of endowments. Those include unrestricted endowments as well as term, quasi, and restricted endowments.

An unrestricted endowment means the university may choose to spend or distribute the donations it receives however it wishes. With a restricted endowment, the academic institution must hold the principal of the invested donation in perpetuity.

The earnings from the invested assets can be used, but only at the donor’s specifications at the time of giving. For example, if a donor gives a $25,000 donation specifically earmarked for a scholarship, any principal earnings must be used on the scholarship.

A term endowment means a university can use the principal after a period of time has passed or if a specific event occurs, while a quasi-endowment generally allows academic institutions to use both the principal as well as income at their discretion from the donation.

Recommended: Finding Free Money for College

How Does University Endowment Giving Work?

If a person wants to donate to their alma mater, or just give to the academic institution of their choice, they can do so at any time. With a standard donation, however, the donor typically does not have much, if any, control over how the funds are spent.

So, if a person does want control, they may prefer to give via endowment. Colleges and universities typically set a minimum when it comes to endowment gifts, and those minimums can be quite hefty.

For example, Michigan State University’s law program endowments begin at $50,000. Other universities set different minimum funding levels for different types of endowments.

At the University of Illinois, a person can give $25,000 for a named scholarship that provides financial support for a student or student’s tuition and fees. A donor could even provide the university with $5 million for a named deanship, which will be used for unrestricted support for the department at the discretion of the Dean.

Recommended: How to Pay for College With No Money Saved

Who Manages a University Endowment?

Every school decides how to best manage its own endowment. Some colleges and universities hire internal staff to manage their endowments while others hire outside firms and professional investors to oversee the money.

There may be an endowment manager or a committee or team that works to manage the funds. They will generally work with the university to decide its goals for the endowment, such as making as much income as quickly as possible, or going for more long term sustainable growth. Then, decisions about how and where to invest the money are made to help the endowment meet its goals.


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Which Universities Have the Largest Endowments?

According to US News and World Report, Harvard University in Massachusetts has the largest endowment at around $53 billion. Yale University in Connecticut comes in a distant second with roughly $42 billion, and Stanford University comes in third with $32.8 billion.

Princeton University in New Jersey comes in at number four with $37 billion and Massachusetts Institute of Technology in Massachusetts rounds out the top five with $27.4 billion.

University of Pennsylvania, Texas A&M University, University of Michigan—Ann Arbor, University of Notre Dame, and Washington University in St. Louis, make up the remaining top 10 with endowments ranging from $13.7 to $20.5 billion.

However, these schools can be considered major outliers on the endowment scale. In 2022, the National Association of College and University Business Officers analyzed 678 university endowments and found the average fund balance was $1.2 million.

Recommended: 11 Strategies for Paying for College and Other Expenses

How Are University Endowments Used and Why do They Matter?

University endowments can be used for a variety of financial needs including hiring new professors, building new buildings or upgrading new ones, and can even be used for fellowships or scholarships.

Many schools also use their endowments to distribute financial aid. Beyond these uses, endowments also allow colleges and universities to look ahead into the future. It helps schools plan for faculty hiring, help to stave off tuition increases, plan for new facilities, and more.

Recommended: What Is the Average Cost of College Tuition in 2023?

Taking Advantage of Endowments

While students will never have direct access to a college or university’s endowment, they could still reap the benefits of any and all donations. Those benefits could come in the form of having access to newer facilities and equipment, through research opportunities, or via learning from the highest skilled professors.

Of course, students can also take advantage of a university’s endowment by applying for specific scholarships funded by donors, or by applying for any and all available financial aid to help them pay for college.

However, sometimes, financial aid and scholarships can fail to stack up against the growing cost of tuition. And that’s where a private student loan could come in to help fill the gaps.

Private student loans are usually available via a bank or another private lender or financial institution. Different lenders will offer different terms, so students will likely want to shop around for one that fits their specific needs.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.


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



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.

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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